Aware Super slashes admin fees for retirees by up to 25 per cent

Aware Super has slashed administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee as it unlocks savings from the fund’s growth and digital transformation to drive stronger retirement outcomes for its 1.2 million members.

From 1 June, Aware Super will reduce the annual administration fee for retirement income and retirement transition members from 0.23% to 0.17% of a member’s balance. It has also cut the maximum annual administration fee on a retirement account from $1,500 to $1,300.

This could cut the annual administration fee for a retired member by up to 25 per cent^[1] , or for the average Aware Super retiree member about $225 in the first year.^[2]

Aware Super members who open a Retirement Income account may also be eligible for a tax-free bonus of up to $12,350, added to their balance.^[3]

Aware Super’s retired members will now pay some of the most competitive fees in the market, and this reduction will further boost retirement outcomes, with the average member now paying $600 less per year in total fees (including investment fees) than the market average^[4.

Aware Super Group Executive Member Growth Steve Travis said the $190 billion profit-for-member fund was determined to keep fees low and deliver the benefits of the fund’s increasing size and efficiency gains to its members.

“Aware Super is dedicated to helping our members reach their retirement goals and keeping fees low is one of the key ways we can do that,” Mr Travis said.

“We’re now the third biggest superannuation fund in Australia and we invest $190 billion on behalf of our 1.2 million members. We want to share the benefit of our size and scale by passing fee reductions on to our members. In the first year alone, this cut will save our retired members a collective $18 million in fees.

“Projects such as our three-year digital transformation program, completed in 2023, are delivering real benefits for all our members, including lower costs, better services, more personalised advice and a stronger fund overall.”

Aware was last week crowned the 2025 Pension Fund of the Year by Chant West for the second year running.^[5]

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Notes:
[1] Amount of fee reduction will vary based on account balance.
[2] Based on the average balance of an Aware Super Retirement Income account member which is $375,000
[3] Eligibility criteria apply. The payment of the Retirement Bonus is at the discretion of Aware Super. We reserve the right to change or stop offering the Retirement Bonus at any time, without notice. The Retirement Bonus is calculated and applied at the time your Retirement Income account commences and may differ from any estimate you have previously obtained. If you withdraw 50% or more of your Retirement Income account starting balance within 12 months of opening the account, Aware Super reserves the right to deduct the Retirement Bonus from your Retirement Income account. Withdrawals include lump sum payments, rollovers, regular income payments, and one-off income payments.
[4] Savings is the difference between the (reduced) Aware Super Retirement Income Conservative Balanced option total fee at 1 June 2025; and the ‘Overall average’ total fee; as published in the Chant West Pension Fund Fee Survey March 2025: Balanced [41-60] Category based on a $250,000 balance. Fees may have changed since. Fees vary each year & include admin/investment fees and costs, & transaction costs. Fees differ for other investment options & account balances
[5] Visit aware.com.au/awards for awards information. Awards are only one factor to be considered when choosing a super fund.