At AustSafe Super, our fees are among the lowest^ and fairest you will find which is just another reason why we’re the country’s top dog in super. We don't charge entry fees or exit fees or pay commissions, and our profits go back to our members through lower fees and improved services. The fees below are based on AustSafe Super Industry. Click the links for information about fees for AustSafe Super Personal or AustSafe Super Pensions.
Fees and other costs - AustSafe Super Industry
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Type of fee or costs
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Amount
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How and when paid
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Fees when your money moves in and out of the fund
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Establishment Fee
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The fee to open your investment
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Nil
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Not applicable
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Contribution Fee
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The fee on each amount contributed to your investment either by you or your employer.
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Nil
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Not applicable
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Withdrawal Fee
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The fee on each amount you take out of your investment
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$55
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Deducted from your benefit at time of payment. This fee is applied to all payments from your account balance.
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Termination Fee
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The fee to close your investment
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Nil
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Not applicable
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Management Costs1
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The fees and costs for managing your investment. The amount you pay for a specific investment option is shown below under the heading Investment Fees.
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$1.50 per week ($78.00 pa)
+
0.22% - 1.18% of your account balance
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Calculated weekly and deducted monthly from your account.
Deducted from the Fund's investment earnings before the earnings are allocated to your account. The rate deducted depends on your investment choice and includes the coast of the member benefit protection.
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Service Fees2
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Investment Switching Fee
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The fee for changing investment options.
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Nil
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Not applicable.
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1 Please see the Additional Explanation of Fees and Costs for an explanation of the Management Costs
2 Please see the Additional Explanation of Fees and Costs for additional fees which you may pay
Additional Explanation of Fees and Costs
Management Costs
Management Costs are the fees and costs for managing your superannuation account. The Management Costs section of the fee template can be broken down into two components: the fees directly deducted from your account (Account Keeping Fee) and the fees deducted indirectly or from the Fund or investment earnings (Investment Management Fee and Member Benefit Protection costs).
The Investment Management Fee may change due to several factors including timing, cashflow, changes in the investment manager line up, changes in asset allocation and other factors. The Investment Management Fee has been calculated using fee information for the 12 months to 30 June 2010 relative to the strategic asset allocation of the Fund.
The Management Costs include performance fees paid to individual investment managers who meet pre determined investment objectives. These objectives may include performance relative to a benchmark or indices or in some cases may be expressed in terms of absolute performance.
For the year ended 30 June 2010, performance fees represented 0.19% of the Fund’s average net assets. The below table details the gross investment management fee.
Increase or changes to fees and charges
The Trustee may increase or change fees at its discretion. The Trustee will notify you at least 30 days before a fee change or increase, except in the case of transaction costs associated with the daily management of the Fund’s investments. The fees and charges detailed in this section have been calculated based on information contained in the 30 June 2010 Financial Statement. Actual costs may vary from year to year.
Investment Fees
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Investment Option
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Base investment management fee
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Estimated performance fee*
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Total investment management fee
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Balanced
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0.82%
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0.11%
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0.93%
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Capital Stable
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0.59%
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0.06%
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0.65%
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Super Growth
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0.89%
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0.11%
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1.00%
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Australian Equities
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0.62%
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0.17%
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0.79%
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International Equities
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1.08%
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0.05%
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1.13%
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Property
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0.95%
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0.00%
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0.95%
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Fixed Interest
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0.48%
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0.00%
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0.48%
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Cash
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0.17%
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0.00%
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0.17%
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Bank Cash
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0.47%*
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0.00%
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0.47%
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*Estimated based on average fees paid for the last four years.
Incidental fees
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Type of fee or cost
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Fee Details
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Location Fee is charged if your address is incorrect and the Trustee needs to request an agency to locate you.
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The fee of $40 is deducted from your account balance at the time your address is updated.
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Family Law Enquiry Fee is charged to process requests for information about your spouse.
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The fee of $110 is payable by cheque by your spouse at the time of processing requests for information.
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Family Law Enquiry Fee is charged for splitting an account under the Family Law Act.
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The fee of $100 is divided and deducted from you and your spouse’s account balances at the time of processing the split.
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Member Benefit Protection
The Fund protects small accounts from being eaten away by administration fees. If your account balance is less than $1,000 at 30 June each year (or at the time you leave the Fund) your administration fees cannot be higher than your investment earnings for that year. You will receive a rebate on any fees and charges greater than the earnings allocated to your account.
This is known as ‘member benefit protection rebate’. To assist in the funding of the member benefit protection rebate, AustSafe Super deducts a small percentage (0.05%) from the overall investment earnings of the Fund to prevent these small accounts from being eaten away by fees.
However, if the Fund’s total administration expense for the year is greater than the total investment earnings for that period, members with an account balance below $1,000 may be charged a fee up to the maximum of $10 for that year. Government taxes and insurance premiums (if applicable)
will still be deducted.
Example of annual fees and costs for a balanced investment option
This table gives an example of how the fees and costs in the Balanced investment option for this product can affect your superannuation investment over a 1 year period. You should use the table to compare this product with other superannuation products.
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Example – the Balanced Investment Option
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Balance of $50,000 with total contributions of $5,000 during the year
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Contribution fees
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Nil
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For every $5,000 you put in, you will be charged $0.
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PLUS
Management Costs
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0.90% (a) plus $78.00 per annum ($1.50 per week)
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AND, for every $50,000 you have in the Fund you will be charged $450 each year plus $78.00 in administration fees regardless of your balance.
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EQUALS Cost of fund
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If you put in $5,000 during a year and your balance was $50,000, then for that year you will be charged fees from $528*. What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial adviser (b).
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* Additional fees may apply. See the Additional Explanation of Fees and Costs.
Establishment fee - $Nil.
AND, if you leave the Fund early, you may be charged a withdrawal fee of $55.
a) Management Costs are calculated using the 0.85% investment management costs for the balanced option plus 0.05% member benefit protection levy. The management costs have been calculated using the information contained in the 30 June 2009 Financial Statements, actual costs will vary from year to year.
b) The wording in this table is prescribed by law. The fees charged by the Fund are not negotiable.
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