MLC Super Fund has announced that administration fees will be greatly reduced for members in its superannuation and pension products.
Starting from 1 October 2024, headline administration fees for members in accumulation products will decrease from 0.30 per cent to 0.15 per cent per annum.
Admin fees for Plum Retirement Income and MLC MasterKey Pension Fundamentals members will decrease from 0.30 per cent to 0.10 per cent per annum.
Fee caps for Plum members will be reduced from $2500 to $800 per annum.
Furthermore, fee caps for MLC MasterKey Pension Fundamentals members will decrease to $800 with MLC MasterKey Super Fundamentals decreasing from $2500 to $1000 per annum. This will begin on 1 April 2025.
An additional flat fee of $78 per annum will also be applied across all products.
The purpose of this significant reduction is to simplify fees and ensure consistency and greater value for members.