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Hostplus guarantees member fees for two years
Hostplus has announced it is placing a moratorium on raising its member fees for its core and personal products for at least two years.
Hostplus chief executive David Elia said the Hostplus board unanimously approved the decision in an effort to boost investor confidence in their long-term investments.
“The softening of share markets domestically and internationally over the past six months has affected all superannuation funds. While share market performance is beyond investor control, one thing they can control is the amount of fees they pay to their superannuation funds.”
Hostplus said it currently charges fees below the industry average and its decision to guarantee against fee increases bucks the trend among superannuation funds, which have shown steady increases in recent years.
“If we look at fee comparison reports such as the one Chant West released in May this year, we see that there has been a clear upward trend in fees among industry funds, which have increased by 12 basis points in total over the past three years. While retail master trust fees have remained stable, they tend to be higher than industry fund fees overall,” Elia said.
The last time Hostplus increased its fees was in December 2004, which means that by the end of the moratorium, member fees would have remained unchanged for six consecutive years, Elia said.
AUTHOR
Corrina Jack
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