Our fees

Our fees are 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 below shows fees and other costs you may be charged from 28 September 2020. These may be deducted from your super, from the returns on your investments or from the assets of the Fund as a whole.

    Taxes and insurance costs are set out in How Super Works and the Insurance Guide.

    Management costs

    Type of fee Amount When and how paid
    Investment fee* Cash Plus: 0.06%
    Balanced (MySuper): 0.18%
    Equity Plus: 0.23%
    Not deducted from your account. Deducted from total Fund assets before unit prices are determined.
    Administration fee* $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
      Nil Not applicable
    Switching fee (the fee for changing investment options) Nil Not applicable
    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 personal advice (if requested), contribution splitting, Family Law and insurance fees (in the form of premiums) may also be charged to your account.
    Indirect cost ratio* Cash Plus: 0.07%
    Balanced (MySuper): 0.67%
    Performance related fees: 0.05% 
    Equity Plus: 0.61%
    Not deducted from your account. Deducted from total Fund assets before unit prices are determined.

    * If your account balance is less than $6,000 on the last day of the financial year or on 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. Any amount charged in excess of the cap must be refunded.

    See Investment detail for further information on the above fees (including other fees and costs). The investment fees and indirect cost ratios (including any performance related fees) are estimated based on information for the financial year ended 30 June 2020. Actual amounts may vary.

  • Example of annual fees and costs

    This table gives 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 should use this table to compare this super product with other super products.

    Example – Balanced (MySuper) Balance of $50,000
    Investment fees 0.18% (estimated) For every $50,000 you have in the Balanced (MySuper) option you will be charged $90 each year.
    PLUS
    Administration fees
    Administration fee: $78*



    Direct expense recovery fee: 0.25%**
    And, you will be charged $78 in administration fees regardless of your balance

    plus $125 in administration fees based on your account balance.
    PLUS
    Indirect costs for the Balanced (MySuper) option
    0.72%*** (comprising 0.67% estimated investment cost plus 0.05% estimated performance related fee) And, indirect costs of $360 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 $653 for the Balanced (MySuper) option.

    Note: Additional fees may apply.

    * Based on a monthly fee of $6.50.  ** Capped at $62.50 per month ($750 per annum).  *** Gross of tax, but net of reduced input tax credits.

  • Other fees and costs

    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 the cap will be made within three months.

    Insurance fees

    If you have insurance cover with TWUSUPER, the fees (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 premiums or your insurance will lapse on the last day of the month in which there is an insufficient account balance to deduct the previous month’s premiums in full.

    Government rules mean that if your account doesn’t receive a contribution or rollover for at least 16 months, insurance cover must be removed from your account (unless you let us know you wish to keep it). If the balance in your account is less than $6,000, we may also be required to transfer the account to the ATO – if we do so, you will no longer be a member of TWUSUPER and any insurance cover attached to the account will be turned off.

    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.

  • 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.

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 fee

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.

Indirect cost ratio

The indirect cost ratio (ICR) for a MySuper product or an investment option offered by the superannuation entity, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option.

Note: A fee deducted directly from a member’s account or paid out of the superannuation entity is not an indirect cost.

Insurance fee

A fee is an insurance fee if:

a) the fee relates directly to either or both of the following:

i) insurance premiums paid by the trustee of the superannuation entity in relation to a member or members of the entity;

ii) costs incurred by the trustee of the superannuation entity in relation to the provision of insurance for a member or members of the entity; and

b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and

c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an advice fee.

Investment fee

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 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 class of beneficial interest to another.

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.

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