Cbus aligns super and retirement fees with first account keeping fee move in a decade
Cbus Super, Australia’s leading building and construction industry super fund, will align its account keeping fees across its super and retirement income products. The weekly fee for super members will move from $1.50 to $2 from February 2020.
Cbus Super CEO David Atkin said the move was the first account keeping fee increase in a decade and would make sure fund services kept pace with member expectations and regulatory requirements.
“We work hard to keep fees as low as possible and this is the first increase to the weekly flat fee in ten years,” Mr Atkin said.
“The superannuation industry has changed significantly in a decade and members expect the same seamless service interactions they experience with their banks.
“Our fund is investing significantly to keep ahead of pace of change and to keep trust with our members.”
Mr Atkin said the fund had made a concerted effort to reduce investment fees for members.
“We saved over $70 million in investment fees for members last year and will be saving over $100 million a year in the years to come,” he said.
“We continue to build on our 35-year track record of low fees and strong investment returns for our members.”
The increase to the account keeping fee takes effect from 1 February 2020.