Industry super fund HOSTPLUS freezes fees

HOSTPLUS superannuation fund has pledged not to raise its fees for two years in an effort to provide greater certainty to its members in a time of global financial market volatility.

HOSTPLUS superannuation fund has pledged not to raise its fees for two years in an effort to provide greater certainty to its members in a time of global financial market volatility.

Super funds have been savagely hit by the global financial market crisis, wiping billions of dollars off the value of accounts.

Super funds have posted their worst returns in the 16-year history of compulsory super, down an average of 6.4 per cent last financial year.

Industry fund HOSTPLUS said it will freeze its fees until 2011, the first time a super fund has made such a pledge.

HOSTPLUS chief executive David Elia said the fund wants to give its members some certainty.

"While share market performance is beyond our control, one thing investors can control is the amount of fees they pay to their superannuation fund,'' Mr Elia told AAP.

HOSTPLUS is the national super fund for hospitality, tourism, recreation and sport industries.