Commonwealth Bank of Australia’s pension arm plans to cut annual fees by about $68 million, in a move which follows calls from the country’s banking regulator for reduced fees.
Colonial First State, which CBA plans to sell, said the fee cuts will likely pull down net profit after tax by about $45 million in the 2020 financial year.
Colonial said the move will lower costs for members across its FirstChoice Wholesale platform, FirstChoice Employer Super and its FirstWrap Plus platform and will come into effect from early June 2019 in line with updates to the relevant product disclosure statements.
AAP
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