Freedom of Choice announces fee reductions for MySuper members
We are pleased to announce that from 1 October 2020 we will be introducing fee changes for members invested in the AMG MySuper option.
As part of these changes the Administration Fee will reduce from 0.56% of assets per year (estimated) to 0.41% of assets per year (estimated). The Investment Fee will increase from 0.03% of assets per year (estimated) to 0.12% of assets per year (estimated).
As a result of these changes, members will receive a total fee decrease of 0.06% of assets per year (estimated).
These changes are on top of the reduction in the MySuper Indirect Cost Ratio from 0.32% to 0.00%, which was enabled in June 2020, which you can read more about here.
What does this mean?
If your balance was $50,000 you will now be charged $330 per annum for the MySuper product. Fees and costs may not necessarily be the same in future financial years. Refer to the MySuper dashboard and the Product Disclosure Statement for more information on product fees, performance and risk.
Prior to these changes, if your balance was $50,000 you would be charged $360 per annum for the MySuper product.
What do I need to do?
No action is required. These changes will take effect automatically.
If you have any queries or would like more information please contact us on 1800 806 013 or email enquiries@freedomofchoice.com.au
