POWERED BY MOMENTUM MEDIA
LGIAsuper reduces admin fees
LGIAsuper will reduce its weekly member fixed administration fee by a third this month as a result of the fund’s admin partnership with Tech Mahindra that has reduced the cost of operation.
The reduction would be from $1.50 per week to $1 per week.
LGIAsuper chief executive, Kate Farrar, said: “We introduced a weekly fee in July 2019, at the same time as we reduced our variable administration fee, to make our structure for administration costs fairer for members.
“This is the result of the fund setting in place a very robust strategy to reduce costs, our team successfully delivering on the strategy, and us passing those savings straight through to members at a time when they really need it.
“As a members-first fund, we want to ensure members benefit from our lower costs and we recognise that any reduction in fees could make a big difference over the long-term.”
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
