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Our fees
Fees are something that you come across everyday in some shape or form. And in the case of superannuation it’s no different. What is important is to understand:
- the type of fees, and
- how they are charged.
With Asset, you will not pay an establishment fee, or a contribution fee. Your first investment switch each year is free but after that attracts a fee. A fee applies when withdrawing from the fund. You may also be charged when moving money around to different investment options within your account. This fee is called a buy/sell fee. A fee is also charged to cover the costs of administration and the investment managment of your account.
Fees apply to the product you are invested in or are considering.
Example of annual fees and costs for a Super balanced investment option
The table below gives you 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 this table to compare this product with other superannuation products.
EXAMPLE -
The Balanced Investment Option# |
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Balance of $50,000 with total contributions of $5,000 during the year |
Contribution Fee |
Nil |
$0 |
PLUS
Management Costs
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0.61%* + $78 ($1.50 per week)
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And, for every $50,000 you have in the fund you will be charged $305 each year plus $78 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 of $383**.
What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial adviser.
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# Medium Growth option
* Investment-related charge of 0.56% plus member protection cost of 0.05%, as calculated for the 12 month period ended 30 June 2011.
** Additional fees may apply. For example, if you leave the fund or make a withdrawal from your account a withdrawal fee of $44 will be deducted.
Note: This example is illustrative only and is based on the factors stated. It should not be taken to contain or provide an estimate of the fees and costs you will pay. |
Example of annual fees and costs for a Pension balanced investment option
This table gives you 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 this table to compare this product with other superannuation products.
EXAMPLE -
The Balanced Investment Option# |
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Balance of $50,000 |
Management Costs |
0.88%** + $78
($1.50 per week)
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For every $50,000 you have in the fund you will be charged $440 each year plus $78 in administration fees regardless of your account balance. |
EQUALS
Cost of Fund |
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If your balance is $50,000 throughout the year, then for that year you will be charged fees of $518**.
What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial adviser.
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# Medium Growth option
* Additional fees may apply. For example, if you leave the fund or make a lump sum withdrawal from your account a withdrawal fee of $44 will be deducted.
** Management fee of 0.30% plus investment-related charge of 0.58%, as calculated for the 12 months ended 30 June 2011 = 0.88%
Note: This example is illustrative only and is based on the factors stated. It should not be taken to contain or provide an estimate of the fees and costs you will pay. |
For full details of the fees that you will pay you should review the appropriate product disclosure statement
Super Members Product Disclosure Statement
Flexible Pension Product Disclosure Statement
How are the fees charged?
Fees and costs that you may be charged can be deducted from your account such as for the withdrawal or switching fee, or from the returns on your investments or from the fund assets as whole such as management fees or investment related charges.
Need more help to understand fees?
There are a number of ways you can find out more.
MemberAccess
Asset members have access to their account via MemberAccess. MemberAccess provides online access to your account 24 hours a day, 7 days a week, so you can find out what your current superannuation position is at any time. Accessing your account online allows you to:
- view your account balance and latest statement
- update your personal details
- review and change your investment mix
- review your nominated beneficiaries
- make personal contributions
- view the fees deducted from your account
- send a message to Client Services
If you don’t have access, you can register right now.
FIDO Superannuation Calculator
This is the website of the Government’s superannuation regulator, the Australian Securities and Investments Commission.
With the ASIC super calculator you can see the long term effects of:
- the most common fees charged by various funds
- making extra contributions
- receiving Government co-contributions if you are eligible
- breaking or reducing contributions as a result of time out of the workforce
- switching your investment strategy or changing funds.
FIDO Pension Calculators
This is the website of the Government’s superannuation regulator, the Australian Securities and Investments Commission.
The FIDO allocated pension and term allocated pension calculators shows the affect on your account and income of choices you may be able to make about fees and switching your investment strategy. Fees and investment strategies will usually have the greatest impact on how much you can draw out and how long your pension lasts.
Still not sure? Contact Us
You can contact our client service team by email anytime on asset@assetsuper.com.au or by phone on 1800 805 981.
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