As an Industry Super Fund, we're run only to benefit you, our members. It means more money in your account to enjoy your retirement.
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Fees and costs summary
The table below shows fees and other costs you may be charged from 1 February 2023. These may be deducted from your money, from the returns on your investments or from the assets of the Fund as a whole.
Taxes are set out in How Super Works.
Fees for TransPension members
| Type of fee |
Amount |
When and how paid |
| Ongoing annual fees and costs1 |
| Administration fees and costs |
Pre-retirement Super Pension |
| $6.50 per month (or $78 pa), plus 0.25% direct expense recovery fee (capped at $750 pa) |
Calculated monthly and deducted directly from your account |
| Retirement Super Pension |
| $6.50 per month (or $78 pa), plus 0.20% direct expense recovery fee (capped at $750 pa) |
Calculated monthly and deducted directly from your account |
| Investment fees and costs2 |
Pre-retirement Super Pension |
Cash Plus: 0.10% pa of your account balance
Conservative: 0.47% pa of your account balance
Moderate: 0.56% pa of your account balance
Balanced: 0.69% pa of your account balance
High Growth: 0.60% pa of your account balance |
Deducted daily from the investment option before unit prices are determined |
| Retirement Super Pension |
Cash Plus: 0.06% pa of your account balance
Conservative: 0.43% pa of your account balance
Moderate: 0.52% pa of your account balance
Balanced: 0.65% pa of your account balance
High Growth: 0.56% pa of your account balance |
Deducted daily from the investment option before unit prices are determined |
| Transaction costs |
Cash Plus: 0.00% pa of your account balance
Conservative: 0.09% pa of your account balance
Moderate: 0.10% pa of your account balance
Balanced: 0.09% pa of your account balance
High Growth: 0.09% pa of your account balance |
Deducted daily from the investment option before unit prices are determined |
| Member activity related fees and costs |
| Buy-sell spread |
Nil |
Not applicable |
| Switching fee |
Nil |
Not applicable |
| Other fees and costs3 |
Activity fees relating to personal advice (if requested) and Family Law may also be charged to your account. |
1 If your account balance is less than $6,000 on the last day of the financial year or on leaving the Fund, certain fees and costs are capped at 3% of your account balance. Any amount charged in excess of that cap must be refunded.
2 Investment fees and costs includes an amount for performance fees. The calculation basis for these fees is set out under ‘Additional explanation of fees and costs’.
3 See the ‘Additional explanation of fees and costs’ for further details. If you choose to see a financial adviser they may charge additional fees – these will be detailed in the Statement of Advice they provide to you.
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Example of annual fees and costs
The tables below give an example of how the fees and costs for the Balanced option for this retirement income product can affect your super investment over a 1 year period. You should use this table to compare this super product with other super products.
Pre-retirement Super Pension
| Example – Balanced |
Balance of $50,000 |
| Administration fees and costs |
$6.50 per month (or $78 pa), plus 0.25% direct expense recovery fee (capped $750 pa) |
For every $50,000 you have in the superannuation product, you will be charged or have deducted from your investment $78 in administration fees and costs, plus $125 regardless of your balance |
PLUS
Investment fees and costs |
0.69% pa of your account balance |
And, you will be charged or have deducted from your investment $345 in investment fees and costs |
PLUS
Transaction costs |
0.09% pa of your account balance |
And, you will be charged or have deducted from your investment $45 in transaction costs |
EQUALS
Cost of product |
|
If your balance was $50,000, then for that year you will be charged fees of $593 for the superannuation product |
Note: Additional fees may apply, including an insurance administration fee for insured members.
Retirement Super Pension
| Example – Balanced |
Balance of $50,000 |
| Administration fees and costs |
$6.50 per month (or $78 pa), plus 0.20% direct expense recovery fee (capped $750 pa) |
For every $50,000 you have in the superannuation product, you will be charged or have deducted from your investment $78 in administration fees and costs, plus $100 regardless of your balance |
PLUS
Investment fees and costs |
0.65% pa of your account balance |
And, you will be charged or have deducted from your investment $325 in investment fees and costs |
PLUS
Transaction costs |
0.09% pa of your account balance |
And, you will be charged or have deducted from your investment $45 in transaction costs |
EQUALS
Cost of product |
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If your balance was $50,000, then for that year you will be charged fees of $548 for the superannuation product |
Note: Additional fees may apply, including an insurance administration fee for insured members.
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Cost of product for 1 year
The cost of product gives a summary calculation about how ongoing annual fees and costs can affect your superannuation investment over a one-year period for all superannuation products and investment options. It is calculated in the manner shown in the ‘Example of annual fees and costs’ (above).
The cost of product information assumes a balance of $50,000 at the beginning of the year, which is invested in a single investment option (additional fees may apply – refer to the ‘Fees and costs summary’ above for the relevant superannuation product or investment option.)
You should use this figure to help compare superannuation products and investment options.
| Investment option |
Cost of product |
| Pre-retirement Super Pension |
Retirement Super Pension |
| Cash Plus |
$253 |
$208 |
| Conservative |
$483 |
$438 |
| Moderate |
$533 |
$488 |
| Balanced |
$593 |
$548 |
| High Growth |
$548 |
$503 |
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Additional explanation of fees and costs
Administration fees and costs
The administration fees and costs relate to the administration and operation of the Fund and are made up of two components:
- a flat dollar fee of $6.50 per month ($78 pa), and
- for Pre-retirement Super Pensions an expense recovery fee of 0.25% of your account balance, or for Retirement Super Pensions an expense recovery fee of 0.20% of your account balance.
This includes certain operational costs such as administration charges, legal fees and office expenses estimated to be incurred for the financial year ending 30 June 2023. If it becomes apparent that actual costs will vary in a materially adverse fashion, this fee will be updated.
Administration fees and costs are calculated monthly and deducted directly from your account.
Investment fees and costs
Investment fees and costs relate to the investment management of the Fund’s assets, such as base and performance related fees paid to investment managers and advisers, management fees charged in investment vehicles, asset consulting fees, bank fees, custodian fees and internal costs related to the management of the Fund’s assets.
Included in the investment fees and costs are performance fees – see ‘Performance fees’ below for more information.
Investment fees and costs are estimated, based on information for the financial year ending 30 June 2023 and the Fund’s strategic asset allocation as at 30 June 2022. If it becomes apparent that actual costs will vary in a materially adverse fashion, this fee will be updated.
Investment fees and costs are calculated and deducted daily from the relevant investment option before unit prices are determined.
Estimated investment fees and costs for each investment option are shown in the table below:
| Investment option |
Investment fees and costs (% pa) |
| Pre-retirement Super Pension |
Retirement Super Pension |
| Cash Plus |
0.10% pa of your account balance |
0.06% pa of your account balance |
| Conservative |
0.47% pa of your account balance |
0.43% pa of your account balance |
| Moderate |
0.56% pa of your account balance |
0.52% pa of your account balance |
| Balanced |
0.69% pa of your account balance |
0.65% pa of your account balance |
| High Growth |
0.60% pa of your account balance |
0.56% pa of your account balance |
Transaction costs
Transaction costs include explicit transaction costs such as brokerage, settlement costs and stamp duty. They do not include a buy/sell spread, which the Fund does not charge.
Transaction costs are an estimate based on the explicit transaction costs incurred by the Fund and underlying investment vehicles over the year ended 30 June 2023. These estimates are based on information provided by our investment managers and custodian and reflect actual amounts for the year ended 30 June 2022 where available and some estimated components. If it becomes apparent that actual costs will vary in a materially adverse fashion, this fee will be updated.
Transaction costs are calculated and deducted daily from the relevant investment option before unit prices are determined.
Estimated transaction costs for each investment option are shown in the table below:
| Investment option |
Transaction costs (% pa) |
| Cash Plus |
0.00% pa of your account balance |
| Conservative |
0.09% pa of your account balance |
| Moderate |
0.10% pa of your account balance |
| Balanced (MySuper) |
0.09% pa of your account balance |
| High Growth |
0.09% pa of your account balance |
Performance fees
For the Conservative, Moderate, Balanced and High Growth investment options, investment fees and costs include performance fees that may be payable where investment managers exceed agreed performance targets.
Performance fees are included in the investment fees and costs calculations, where applicable (see 'Investment fees and costs’ above for more information).
We are required to disclose performance fees calculated on the basis of accrued performance fees averaged over the five financial years ended 30 June 2022 or since inception, except in certain circumstances (eg. where an average over five years is not available).
We have estimated performance fees for all investment options based on information provided by our investment managers for the five years to 30 June 2022 or since inception. These estimated performance fees are shown in the table below.
The amount of performance fees paid by the Fund each year will vary depending on the level of performance by each investment manager. If a performance fee becomes payable, it is passed onto members as an adjustment to the relevant investment option’s unit price. Note, a performance related fee will not always be payable.
Estimated performance fees for each investment option are shown in the table below:
| Investment option |
Investment fees and costs (% pa) |
| Pre-retirement Super Pension |
Retirement Super Pension |
| Cash Plus |
0.00% pa of your account balance |
0.00% pa of your account balance |
| Conservative |
0.0547% pa of your account balance |
0.0547% pa of your account balance |
| Moderate |
0.0889% pa of your account balance |
0.0886% pa of your account balance |
| Balanced |
0.1577% pa of your account balance |
0.1574% pa of your account balance |
| High Growth |
0.0921% pa of your account balance |
0.0918% pa of your account balance |
Note: Past performance is not indicative of future results.
Reserves
The Fund maintains four reserves:
- The Operational Risk Reserve (ORR) is designed to protect members’ investments against adverse events resulting from failed processes or systems and external events such as fraud. The ORR’s target level is 0.25% of net Fund assets and was fully funded as at 1 July 2022.
- The Strategic Risk Reserve (SRR) is designed to protect members’ investments against losses resulting from strategic and reputational risk events. The SRR’s target level is 0.10% with a tolerance level of 0.07% of net Fund assets. The funding as at 1 July 2022 was 0.08%.
- The Trustee Reserve (TR) is designed to set aside funds for the payment of financial penalties that regulators may subject the Fund to, exposing it to the risk of insolvency. The TR’s target level is $6 million and was funded to an amount of approximately $4.87 million as at 1 July 2022. The TR is expected to be fully funded by no later than 30 June 2026.
- The purpose of the General Reserve (GR) is to provide protection in the way of a buffer to additional working capital for the Trustee’s business operations. In general terms, the GR is to carry additional working capital of between $6 million to $7 million (target amount) and tolerance level of $4 million. The GR was fully funded as at 1 July 2022.
Fee cap
If your account balance is less than $6,000 on the last day of the financial year or upon leaving the Fund, the total amount of administration fees, investment fees and indirect costs charged for that year will be capped at no more than 3% of your account balance.
Refunds of any amount charged in excess of that cap will be made within three months.
Fee changes
All fees may be revised or adjusted from time to time without your consent, and we may also introduce new fees. However, we will give you at least 30 days’ notice of any material increase in fees, unless the increase arises only from an increase in costs.
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Other fees and costs
Family Law account splitting fee
If your account must be split to effect a Family Law splitting order or arrangement, a fee of $50 applies. The fee will be divided evenly and deducted from your account and your former spouse’s entitlement when the account split is processed.
Personal advice fee
This fee is agreed between you and our preferred financial advice provider for personal advice. Generally, if the financial advice is about super, you can have this fee deducted from your account. We don't pay commissions to financial advisers.
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Tax and fees
Goods and Services Tax (GST)
GST applies to most fees charged to the Fund (but is not payable on investments purchased by the Fund). Generally, we cannot claim full input tax credits for these fees, but may be entitled to reduced input tax credits for part of these fees. All the fees and costs shown in the 'Fees and costs summary' above are inclusive of GST and any applicable reduced input tax credits.
Tax deductions
Pre-retirement Super Pension (Transition to Retirement) accounts
Investment earnings for Pre-retirement Super Pension accounts became taxable from 1 July 2017. The Fund may be entitled to claim a tax deduction against its taxable income for expenses. In relation to investment expense recovery fees, deductions claimed are applied against the Fund’s taxable investment income before net investment earnings are credited to members’ accounts.
Retirement Super Pension accounts
Investments earnings are tax-free and if you’re over 60, pension payments are also tax-free.
For more information about tax please refer to How super works.
Fee terms
By law, super funds have to use specific terms to describe fees and costs. Those terms are explained below.
Activity fee
A fee is an activity fee if:
a) the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:
i) that is engaged in at the request, or with the consent, of a member; or
ii) that relates to a member and is required by law; and
b) those costs are not otherwise charged as an administration fee, an investment fee, a buy‑sell spread, a switching fee, an advice fee or an insurance fee.
Administration fees and costs
An administration fee is a fee that relates to the administration or operation of the superannuation entity and includes costs that relate to that administration or operation, other than:
a) borrowing costs; and
b) indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
c) costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.
Advice fee
A fee is an advice fee if:
a) the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product advice to a member by:
i) a trustee of the entity; or
ii) another person acting as an employee of, or under an arrangement with, the trustee of the entity; and
b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an insurance fee.
Buy-sell spread fee
A buy-sell spread is a fee to recover transaction costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assets of the entity.
Exit fee
An exit fee is a fee, other than a buy-sell spread, to recover the costs of disposing of all or part of members' interests in the superannuation entity.
Investment fees and costs
An investment fee is a fee that relates to the investment of the assets of the superannuation entity 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;
(ii) indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
(iii) costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee,
but does not include property operating costs.
Switching fee
A switching fee for a superannuation product, other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the superannuation entity from one investment option or product in the entity to another.
Transaction costs
Transaction costs are costs associated with the sale and purchase of assets of the superannuation entity other than costs that are recovered by the superannuation entity charging buy-sell spreads.
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