Nobody likes fees. Which is why we like to keep ours low. In fact, our administration and investment management fees are amongst the lowest of any super fund in Australia1. It’s also worth pointing out that we don’t charge any entry or exit fees either, and we never pay commissions.
It’s all good news for your super account. Lower fees means more money in your account, accumulating over time to build a bigger fund for your retirement.
Accumulation and Income accounts
The cost of managing your account is split into administration fees and investment fees. We take the fees out of the unit price every day, before we declare the unit price.
Here’s a little more detail about each fee.
1. Investment fee
This fee is used to cover costs that relate to investing your super into assets. It’s made up of:
a) Investment base fee – to pay the investment managers who manage the assets within each investment option
b) Investment performance fee – to pay those same investment managers when they deliver an investment return over and above an agreed return rate (a performance bonus in other words).
2. Administration fee
This fee is used to cover all the costs of managing your super. We’ve put an annual cap on this fee of $1,0002, so it never gets out of hand. If you do pay administration fees above this amount, they’ll be refunded to your account in July of the following financial year. To be eligible to receive the rebate you must be a member at the time it is paid.
There are no other account management fees
Ok, so it’s probably a little cheeky putting in a list of fees that don’t actually exist. But the truth is, some other superannuation funds do charge these fees and we think it’s important to understand what you won’t be paying (as well as what you will) when you have your super with us.
The fee on each amount you take out of your investment
The fee to close your investment
|Investment switching fee
The fee for changing investment options