The following table shows the fees and other costs you may be charged for investing in the Good Super investment option and can be used to compare costs between different superannuation products. The fees and costs may be deducted from your account or from investment returns regardless if there are positive investment returns on the funds. More detailed information about the Good Super Plan can be found in the Product Disclosure Statement and Reference Guide.
|TYPE OF FEE OR COST||EXAMPLE: THE BALANCED OPTION||EXAMPLE: BALANCE OF $50,000|
|Investment fee||0.20%||For every $50,000 you have in the Balanced Option you will be charged $100 each year.|
|PLUS Administration fees||$1.50 per week plus 1.40%||And you will be charged $778 in administration fees each year.|
|PLUS Indirect costs for the Balanced Option||Nil||And, indirect costs of $0 each year will be deducted from your investment.|
|EQUALS Cost of product||If your balance was $50,000, then for that year you will be charged fees of $878 for the Balanced Option.|
You may also incur a buy-sell spread cost when your money moves in or out of the Plan or when you switch between different investment options. And if you leave the Plan, you will also be charged an exit fee of $50.00. See the Reference Guide for more information about the buy-sell spread, adviser and other service fees. The IVR incorporates GST after taking into account any expected input tax credits.
A fee is an activity fee if:
An administration fee is a fee that relates to the administration or operation of the Fund and includes costs that relate to that administration or operation, other than:
A fee is an advice fee if:
A buy-sell spread is a fee to recover transaction costs incurred by the Trustee in relation to the sale and purchase of assets of the Fund.
An exit fee is a fee to recover the costs of disposing of all or part of members’ interests in the Fund.
The Indirect Cost Ratio (ICR) for an investment option offered by the Fund is the ratio of the total of the indirect costs for the investment option, to the total average net assets of the superannuation entity attributed to the investment option.
Note: a fee deducted from a member’s account or paid out of the superannuation entity is not an indirect cost.
An investment fee is a fee that relates to the investment of the assets of the Fund and includes:
(a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
(b) costs that relate to the investment of assets of the entity, other than:
(i) borrowing costs; and
(ii) indirect costs that are not paid out of the Fund that the Trustee has elected in writing will be treated as indirect costs and not fees incurred by the Trustee or in an interposed vehicle or derivative financial product; and
(iii) costs that are otherwise changed as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.
A switching fee is a fee to recover the costs of switching all or part of a member’s interest in the Fund from one investment option or product in the Fund to another.
Under the Plan’s trust deed, the Trustee is permitted to charge a range of fees and can change the amount of existing fees without members’ consent. At least 30 days prior notice will be given to members before any management costs increase or the introduction of any new fee or cost takes effect.
If you would like to find out more or see the impact of fees based on individual circumstances, the Australian Securities and Investments Commission website (www.moneysmart.gov.au) has a superannuation fee calculator to help you check out different fee options.
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