In a move that could see pensioners save up to $300 a year, Sunsuper has cut administration fees on all of its pension products.
The fee reduction, effective from 1 May this year, will apply to Sunsuper's Retirement and Workforce pensions.
The cut will see the fee reduced from 0.35 per cent to 0.25 per cent on the first $300,000 a member has in their account.
The fee reduction affirmed Sunsuper's commitment to keeping costs low for its members, Sunsuper chief executive Tony Lally said.
"In this challenging economic climate, we're putting money back into the pockets of our pensioners," he said.
"Our aim is to help our pension members maximise the size of their retirement nest egg and as a profit-for-members fund we will pass on any cost savings in the form of lower fees."
Sunsuper members would have access to top quality pension products for some of the lowest fees in the market, Lally said.
"It's all part of Sunsuper's commitment to keeping our fees among the lowest and fairest in the industry," he said.
The announcement follows a decision by various other industry superannuation funds over the last three months to lower member fees.
Hostplus has placed a moratorium on raising its member fees for core and personal products for at least two years, while the Labour Union Co-operative Retirement Fund (LUCRF) recently cut the fees of its pension products.
