Real estate industry fund REI Super has cut its death and disablement insurance premiums and administrative fees on pensions accounts, after a negotiation with its insurer, Metlife.
Effective from the start of this month, the agreement would see savings of five to six per cent on premiums for most members. The pension admin fees would go from $182 to $85.80, in addition to percentage-based fees on investment options.
“We’ve achieved some great efficiencies and we’re delighted to be able to pass on the resulting fee savings to our pension members,” REI Super chief executive, Mal Smith, said.
