The industry fund for coal miners has lowered investment and administration fees on pension products effective July 1.
Mine Super’s account-based pensions lowered the investment fees on four premixed options: aggressive (0.45% to 0.37%), growth (0.40% to 0.37%), balanced (0.35% to 0.31%), stable (0.28% to 0.26%) and capital guarded (0.28% to 0.26%).
Four asset class options in account based pensions also lowered their fees: Australian Shares (0.29% to 0.15%), international shares (0.34% to 0.15%) and cash (0.10% to 0.08%).
“As a profit to member fund we are always looking for ways to improve member outcomes. Through a strong cost discipline we have been able to reduce fees and costs across the majority of our investment structure, which in turn contributes to stronger retirement outcomes,” Mine Super chief investment Seamus Collins said.
Account-based pension investment fee for bond options increased from 0.18% to 0.19% while term deposits and property option fees were held steady at 0% and 0.08% respectively.
Mine Super’s pre-retirement pension options will also drop investment fees on its pre-mixed options from between 2bps to 9bps.
Indirect cost ratios will also reduce across both account-based pension offering and pre-retirement pension offering. For example, aggressive ABP option will go from 0.41% to the new 0.23%.
The fund has held its monthly admin fee steady at $15 month.
