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Super giant promises a fee cut but warns of short-term cost hikes

Business

The promised fee cut for members from the merger of QSuper and Sunsuper will be .01 per cent and take effect from July 1, the companies have announced.

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But they have also warned that unit prices were likely to have a short-term impacts as the merger takes place to create the Australian Retirement Trust.

“Following the merger, we expect to have the size and scale to ensure our administration fees remain among the lowest in the industry,” QSuper said.

“QSuper and Sunsuper have agreed that the administration fees members pay from their QSuper Accumulation account(s) and Income account(s), and those that are deducted from the Lifetime Pension pool, will be reduced from 0.16 per cent to 0.15 per cent per annum from 1 July 2022.

“This decision to reduce fees is subject to confirmation by the trustee of Australian Retirement Trust after 28 February 2022.

“In the short term, as we are moving assets, investment transaction costs will be incurred that will be reflected in the unit price for some investment options.”

The merged fund will have funds of more than $200 billion.

 

 

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