At TWUSUPER, we keep our fees low so you have more super when it’s time to retire.
Our fees are only used to cover the costs of running TWUSUPER – not to make profits for shareholders. There are no hidden fees or charges and we don’t pay commissions to financial advisers.
Fees and costs to your account
The table shows fees and other costs you may be charged from 1 July 2016. These may be deducted from your super, from the returns on your investments or from the assets of the Fund as a whole.
Type of fee Amount When and how paid Investment fee Nil Not applicable Administration fee $1.50 per week ($1.275 per week net of tax) Deducted directly from your account monthly Buy-sell spread Nil Not applicable Switching fee (for changing investment options) Nil Not applicable Exit fee $50 for each withdrawal or rollover Deducted directly from your account when the transaction is processed (this fee does not apply if you transfer to another TWUSUPER division). Advice fee (relating to all members investing in a particular MySuper product or investment option) Nil Not applicable Other fees and costs Activity fees relating to contribution splitting, Family Law and personal advice (if these services are requested) and insurance fees (in the form of premiums) may also be charged to your account. Indirect cost ratio Cash Plus: 0.42% pa (comprising 0.08% pa investment cost plus 0.34% pa expense recovery fee)
Balanced (MySuper): 1.01% pa (comprising 0.67% pa investment cost plus 0.34% pa expense recovery fee) plus 0.07% pa estimated performance fee where payable
Equity Plus: 1.03% pa (comprising 0.69% pa investment cost plus 0.34% pa expense recovery fee) plus 0.06% pa estimated performance fee where payable
Deducted from total Fund assets before crediting rates are determined (not deducted directly from your account).
Example of annual fees and costs
Here is an example of how the fees and costs for the Balanced (MySuper) option for this super product can affect your super investment over a 1-year period. You can use this information to compare this super product with other super products.
Example – Balanced (MySuper) Balance of $50,000 Investment fees Nil For every $50,000 you have in the Balanced (MySuper) option you will be charged $0 each year. PLUS
$78 ($1.50* per week) And, you will be charged $78 in administration fees regardless of your balance. PLUS
Indirect costs for the Balanced (MySuper) option
1.01% (comprising 0.67% investment cost plus 0.34% expense recovery fee) plus 0.07% estimated performance fee where payable And, indirect costs of $540 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 $618* for the Balanced (MySuper) option.
Note: Additional fees may apply. And, if you leave the Fund, withdraw or rollover an amount out of the Fund, you will also be charged an exit fee of $50.
* As a result of tax rebates credited monthly to your account, the administration fee effectively reduces from $1.50 to $1.275 per week. This, in turn, effectively reduces the ‘Cost of product’ in the table above from $618 to $606.30.
Other fees and costs
If you have insurance cover with TWUSUPER, premiums are payable monthly in arrears from your account. At the end of each month, you must have enough money in your account to cover the next month’s insurance premiums or your insurance cover will lapse.
Family Law valuation fee
A fee of $50 applies for every request made by an eligible person for information about your account under family law legislation. The fee is charged to the person requesting the valuation when the request is made and is payable by cheque.
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.
Contribution splitting fee
If you split super contributions with your spouse, and your spouse’s account is held with TWUSUPER, no fee applies. However, if your spouse’s account is not held with us, a fee of $55 applies. This fee is deducted from your account when the 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.
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.