UniSuper is halving the asset-based administration fee on its Flexi Pension retirement product from 1 July 2026, in a move set to reduce costs for more than 42,000 retired members.
The $166 billion fund said the asset-based administration fee for members in its Flexi Pension retirement product will fall from 0.16 per cent to 0.08 per cent, with the change applying to Flexi Pension Retirement Phase, Beneficiary Income Stream and Term Allocated Pension accounts.
UniSuper said the change would save the average Flexi Pension member around $495 a year, while some members could save as much as $625 annually.
For members with a $500,000 Flexi Pension account balance, UniSuper said its total annual fees and costs would be $2,696 after the reduction, compared with an average pension fee of $4,900 based on Chant West’s December 2025 Pension Fee Survey for the Growth category.
Chief executive Peter Chun said the fee cut came as retirees continued to face cost-of-living pressure.
“With Australians facing increasing cost of living pressures, this is great news for members within our Flexi Pension product. Based on our modelling it means that they could have more than $5,000 extra in their accounts through their retirement thanks to this change.”
Chun said the fee reduction had been supported by growth in the fund’s pension offering and internal operational improvements.
“Our ability to offer this significant fee reduction reflects the ongoing growth of our pension products and efficiency improvements driven from within our in-house administrative team.”
The fund positioned the change as part of its broader retirement proposition, pointing to its investment offering, advice access and member service capabilities.
“We are incredibly proud of our retirement offer to our members – outstanding investments, access to quality, professional advice and industry leading member services and digital tools. It has always been a high-quality offer and now we can provide it at an even more compelling price.”
UniSuper noted that Transition to Retirement Flexi Pension administration fees will remain unchanged.
