What's Changing?
From 1 June, we’re lowering the admin fees for our retirement members up to 25%.[F7]
Retirement Income and Retirement Transition members will have their asset-based admin fee decreased from 0.23% to 0.17%.
Also, the maximum admin fee will be lower. It will decrease from $1,500 to $1,300 for Retirement Income and Retirement Transition members.
Lowered fees
This reduction will make our fees even more competitive — in fact $600 lower than the industry average1. And that’s thanks in part to our continued growth and scale.
More savings
The reduction will see around $3,100 back in our retirees’ pockets over retirement.[F8]
More value
Coupled with our history of strong long-term returns[P1] and our expert
help and support1 ,we’re delivering more value for our members.
How are we lowering fees?
As more members join and retire with Aware Super, we’re able to spread costs more efficiently. That means we can return more value to our 1.1+ million members in the form of lower fees and more super helpful services like our popular My Retirement PlannerTM.
What is the administration fee?
The administration fee has two parts:
- an account keeping fee (fixed at $52 per year).
- an asset based fee.
Your asset-based fee is a percentage of your account balance with a capped maximum amount each year.
