MTAA Super, the industry super fund that has proudly served the motor trades and allied industries for almost 30 years, announces fee reductions for all members from 1 February 2019. The fee reductions will lower the cost of superannuation for the fund’s 230,000 members.
The administration fee for all members will drop from $1.60 per week to $1.50 per week, a 6% annual saving.
In addition, MTAA Super will remove the exit fee payable on amounts rolled out of the Fund.
A further significant fee reduction will also come into play for pension members. MTAA Super will reduce the asset-based administration fee for pension accounts from 0.15% to 0.10%, a 33% fee reduction. As well, the fee cap on pension accounts will be changed from $300,000 to $450,000. Pension account members with lower balances will be substantially better off with this change.
CEO of MTAA Super Leeanne Turner said today, “Our members are at the centre of everything we do, and we are kicking off 2019 with a fee reduction for all fund members. Raising the fee cap on pension accounts also ensures pension members with lower balances receive great value, and in some cases will be up to $150 a year better off. Keeping fees low for our members is a key priority.”