The industry super fund for real estate employees has just cut its death and disablement insurance premiums and the fee on its pension accounts.
Effective 1 October 2018, REI Super has reduced death and disablement insurance premiums for the large majority of its superannuation account members and cut administration fees for its pension account members.
The new group cover deal REI Super has successfully negotiated with its insurer, Metlife, has enabled the Fund to pass on savings of 5 to 6% on premiums to most of its members.
"Lower insurance premiums translate into more money in our members’ superannuation savings," said Mal Smith, REI Super’s Chief Executive Officer.
REI Super also announced it has slashed the administration fee on its pension account from $182 to $85.80 per annum. (This fee is in addition to the percentage-based fees on members’ chosen investment option or options.)
"We’ve achieved some great efficiencies and we’re delighted to be able to pass on the resulting fee savings to our pension members," said Mal Smith.
"As Australia’s real estate industry super fund, REI Super’s sole purpose is to maximise our members’ retirement savings. This is in contrast to bank-owned super funds, which pass on profits to their shareholders," said Mal Smith.
