Telstra Super has announced it will reduce fees on its retail product Telstra Super Personal Plus from 1 July, 2011.
Members of the fund’s retail divisions will have their administration fee cut from 0.6 per cent to 0.2 per cent, with the addition of a member fee of $1.50 per week.
Members with higher balances will benefit most from the cuts. For example, a member with $50,000 in the fund’s Balanced option will have their fees reduced from $300 to $178, while someone with $100,000 will see a drop from $600 to $278.
Board of Telstra Super chief executive Martin Crowe said the fee reduction was driven by the key principles of equity and sustainability.
Crowe said in the past eighteen months, the fund had broadened its services, benefits and tools available to members, including providing free-of-charge financial advice, discounted health insurance and online calculators.
