February 26th, 2020
From 1 April 2020, two of the fees we charge for administering your super account are changing.
The administration fee for accumulation members only will rise on 1 April from $1.50 to $2.25 per week. The asset fee is also increasing from 0.05% a year to 0.18% a year.
This is the first rise in Fund administration fees in more than six years – the last time was back on 18 December 2013.
Unfortunately, we have been forced to apply these increases as we have extra costs to meet the regulatory requirements imposed on super funds that have come into effect since the recent Financial Services Royal Commission. We also want to maintain our high level of service to our members and not let standards slip.
Please be assured that even with the fee increase, our fees compare very well against most other superannuation funds.
First Super CEO Bill Watson said: “It is ironic that even though banks and retail super funds were the ones found wanting in the Financial Services Royal Commission, new laws and regulations to address their bad behaviour has imposed new costs on industry super funds, who got a clean bill of health.
“While we would have preferred to keep our fees at the current level, please also remember that fees are only one part of the superannuation equation; performance is the real key to building a nest egg for retirement. On that front we are on very strong ground. First Super delivers strong long-term investment returns for members, outperforming most of our competitors over every time period measured.”
The new fees will automatically apply to your account from 1 April 2020 and will be shown on your 2019/20 annual member statement.