12 Jun Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee.
From 1 June, the superannuation fund will reduce the annual administration fee for retirement income and retirement transition members from 0.23 per cent to 0.17 per cent of a member’s balance.
It has also cut the maximum annual administration fee on a retirement account from $1500 to $1300.
The reduction could cut the annual administration fee for a retired member by up to 25 per cent, or about $225 in the first year for the average Aware Super retiree member.
Aware Super members who open a retirement income account may also be eligible for a tax-free bonus of up to $12,350, added to their balance.
The fund said its retired members would now pay some of the most competitive fees in the market, with the average member now paying $600 less per year in total fees than the market average.
Aware Super group executive member growth Steve Travis said the $190 billion profit-for-member fund was determined to keep fees low and deliver the benefits of the fund’s increasing size and efficiency gains to its members.
“Aware Super is dedicated to helping our members reach their retirement goals and keeping fees low is one of the key ways we can do that,” Mr Travis said.
“We’re now the third biggest superannuation fund in Australia and we invest $190 billion on behalf of our 1.2 million members.”
“We want to share the benefit of our size and scale by passing fee reductions on to our members. In the first year alone, this cut will save our retired members a collective $18 million in fees.”
Mr Travis said projects such as the fund’s three-year digital transformation program, completed in 2023, were delivering real benefits for all members.
“Projects such as our three-year digital transformation program, completed in 2023, are delivering real benefits for all our members, including lower costs, better services, more personalised advice and a stronger fund overall,” he said.
Aware Super was crowned the 2025 Pension Fund of the Year by Chant West for the second year running last week.
The fund manages investments for 1.2 million members and is one of Australia’s largest profit-to-member superannuation funds.
Your circumstances and retirement goals will play a big part in what you both decide to do. Give us a call at 08 8231 4709 or send us an email at info@centrawealth.com.au to find out how we can help you achieve your financial goals.
Article courtesy of Nestegg.
