BUSS(Q) to drop weekly admin fee for allocated pensions
From July 1, BUSS(Q) will drop the $1.50 weekly administration fee from its account based pensions and transition to retirement pensions (allocated pensions), a move believed to be the first of its kind amongst Australian superannuation funds.
The saving for BUSS(Q)’s pension fund recipients is $78 per year and over the life of the pension, brings an estimated gain of almost $8500 for the average member.
According to BUSS(Q), it was not aware of other funds offering a pension with no administration fee.
BUSS(Q)’s pension plan was already well priced, and is now an even more attractive option. Most funds have a higher fee structure.
They had a reputation as a low fee fund and they were in the Top 10 cost effective pension funds prior to its decision to drop the account based pension fund admin fee.
BUSS(Q) has also been named in the Top 10 funds for investment performance in Australia to May 31 this year.
With 90,000 members and $1.5bn funds under management, the superannuation fund was created for members of the building and construction industry, as well as anyone looking for a fund where the main focus is providing members with the means to save for a financially secure lifestyle.
As BUSS(Q) is a public offer fund anyone can purchase the fund’s pension products, even if they are not in the building and construction industry.
The dropping of the administration fee on BUSS(Q) pension products is one of a number of recent BUSS(Q) innovations.
18 months ago the fund began successfully providing financial advisory services to members as part of their standard fees. Several other industry funds have since tried to follow suit.
28-Jun-2007