MIESF unbundles administration fees
The Meat Industry Employees' Superannuation Fund (MIESF) is introducing a new withdrawal fee for members which could significantly increase the cost of rollovers and cash withdrawals.
It will deduct $35 per withdrawal from member accounts from 1 July 2013 including cash withdrawals, payments to the Australian Taxation Office (ATO), rollovers to other super funds and any other outgoing funds.
The fee was previously deducted from across the member base through an administration fee of $1.30 per week.
It announced the changes in a significant event notice, also informing members of changes to its insurance arrangements which replaced the "self-insured" death benefit which drew on member accounts with insurance cover provided by TAL. The new arrangements increase the cost of cover from $260 per year to two payments of $145.60 per member paid in December and June of each year.
Additionally, any partial cash withdrawal or rollover of more than $20,000 annually would annul a member's insurance cover.
