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LUCRF lowers pension fees
In a move aimed at increasing the appeal of its pension products, big industry fund LUCRF has cut its fees, aligning them with those applying to its superannuation accounts.
Explaining the move, LUCRF chief executive Greg Sword said the new fee structure placed the pension products as among the most cost-effective retirement income products available.
The management fee has been reduced from 0.9 per cent a year of member balances to between 0.2 and 0.69 per cent, with an administration fee of $1.25 a week.
Sword said the new fee structure became effective on January 1.
AUTHOR
Mike Taylor
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