In September 2022, the administration (admin) fee structure changed for all super (accumulation) accounts, Choice Income and TTR Income accounts.
Why the admin fee changed
AustralianSuper regularly reviews the products and services we offer including how much they cost members. We modelled a wide range of options to make sure the new admin fee structure is equitable and sustainable, while complying with all regulations.
As Australia’s largest super fund, we’re focused on delivering top, long-term investment performance* to help you achieve your best financial position in retirement.
All current members will have received a Significant Event Notice via email or post from early June to early August 2022, about this admin fee change in September 2022.
What’s changing?
A new admin fee structure came into effect on
- 3 September 2022 for all super accounts, and
- 1 September 2022 for all Choice Income and TTR Income accounts.
This means, your new admin fee amount may decrease, increase or stay the same depending on your account balance when the new fee structure came into effect.
To keep fees and costs low, we’ve also removed the contribution split fee (for super accounts only), the family law request for information fee and family law split fee.
- For super accounts
- For Choice Income / TTR Income
If you have a super account, this table compares the previous admin fee (before 3 September 2022) and the new admin fee you pay from 3 September 2022.
| Admin fee breakdown | Previous admin fee before 3 September 2022 |
New admin fee for super accounts from 3 September 2022 |
|---|---|---|
| Flat fee deducted monthly from your account balance | $2.25 a week† | $1.00 a week |
| Percentage fee deducted from before-tax investment returns | up to 0.04% pa of your account balance | Nil |
| Asset-based fee deducted monthly from your account balance | Nil | 0.10% pa of your account balance capped at $350 pa |
Calculate your new admin fee amount
Calculate your new admin fee amount
The administration (admin) fee changed in September**. You can calculate what the new admin fee may be per annum based on the account balance you enter.
Enter your account balance
Your new admin fee amount
Your new admin fee amount
How much your new admin fee will be depends on the type of account you have, your account balance and how much your balance changes from month to month. The admin fee amount displayed is indicative and based on the account balance entered and may vary in future.
# The minimum account balance that can be entered to calculate your admin fee is $6,000. Balances below $6,000 are subject to the 3% Protecting Your Super (PYS) legislation fee cap that applies on total annual admin and investment fees and costs.
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Important information
** The new administration (admin) fee came into effect on 3 September 2022 for super members and 1 September 2022 for Choice Income and TTR Income members.
†† The widget calculates the admin fee only per annum. The fees are calculated and disclosed gross of tax to comply with the new government requirements (Regulatory Guidance 97 Disclosing fees and costs in Product Disclosure Statements (PDS) and periodic statements). The gross fees of $1 a week (flat fee) and 0.10% pa (asset-based fee) capped at $350 pa for super accounts and $600 pa for Choice Income and TTR Income accounts, are both charged and deducted monthly from your account balance. We pass on and credit the tax deduction the Fund claims for expenses it incurs to administer the Fund, which reduces your admin fee amount by 15%. This applies to super and TTR Income accounts only, not Choice Income accounts (because investment returns on Choice Income accounts are not subject to income tax and so the Trustee is unable to claim a tax deduction for the expenses incurred for the administration of the Fund for Choice Income accounts). The new admin fee will appear in your transaction history from October 2022 and you can view it by logging into your account or via the mobile app.
In financial year 22/23 the new admin fee is only applied for part of the financial year from 1 September 2022 for Choice Income and TTR Income accounts and 3 September 2022 for super accounts.
- For super accounts the previous net of tax admin fee of $2.25 per week plus up to 0.04% pa of your account balance applied from 1 July 2022 to 2 September 2022. This means that the new gross of tax admin fee of $1 a week plus 0.10% pa of your account balance (capped at $350 pa) is only applied for part of the financial year.
- For Choice income and TTR Income accounts the previous net of tax admin fee of $2.25 per week plus 0.11% pa of your account balance (capped at $750 pa) applied from 1 July 2022 to 31 August 2022. This means that the new gross of tax admin fee of $1 a week plus 0.10% pa of your account balance (capped at $600) is only applied for part of the financial year.
Refer to the current PDS for information on fees and costs.
The account balance you enter into the widget today may be different to your account balance when the new admin fee came into effect. The admin fee amount deducted monthly depends on your actual account balance at the end of each month and will be different to the yearly admin fee displayed on this widget today.
This widget calculates the new admin fee only. Indicative admin fees shown do not include investment fees, insurance costs and other fees that may apply. Refer to the PDS for all current applicable fees. The PDS released on 3 September 2022 for super accounts and 1 September 2022 for Choice Income and TTR Income accounts display all fees and costs gross of tax.
The Federal Government’s Protecting Your Super (PYS) Package legislation (introduced 1 July 2019) imposes a limit on admin and investment fees and costs to protect Australians’ super savings from unnecessary erosion by fees. This means that for super, TTR Income and Choice Income accounts with balances below $6,000 at the end of 30 June each year, there is a 3% cap on total annual admin and investment fees and costs. If your account balance is below $6,000 this widget does not take into account the 3% (PYS) fee cap that applies. Therefore, the widget cannot be used to calculate your new yearly admin fee amount.
What happens next
The previous admin fee would be charged for the remainder of the financial year (ending 30 June 2022) and would continue to be deducted from your account until 31 August 2022 for Choice Income and TTR Income accounts and 2 September for super accounts.
The fee changes came into effect on 1 September 2022 for Choice Income and TTR Income accounts and on 3 September for super accounts; and the new admin fee will be debited directly from your account at the end of every month. The new admin fee will appear in your transaction history from October 2022 and you can view it by logging into your account or via the mobile app. When you receive your 30 June 2022 annual statement later this year, it’ll reflect the previous admin fee and not the new admin fee.
*AustralianSuper Balanced investment option (for super and TTR Income) compared to the SuperRatings Fund Crediting Rate Survey – SR50 Balanced (60-76) Index to 30 June 2022. AustralianSuper Balanced investment option (for Choice Income) compared to the SuperRatings Pension Fund Crediting Rate Survey - SRP50 Balanced (60–76) Index to 30 June 2022. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
†The $2.25 admin fee amount you previously paid was net of tax. The Fund’s estimated cost to run your account was approximately $2.65 a week which is gross of tax. The Fund claimed a tax deduction for its administration costs each year which was paid into our administration reserve to benefit members. From 1 September for TTR Income accounts and from 3 September 2022 for super accounts, the new admin fee is disclosed gross of tax to comply with new government requirements (Regulatory Guidance 97 Disclosing fees and costs in PDSs and periodic statements) on how we disclose fees and costs. The gross fees of $1 a week (flat fee) and 0.10% pa capped at $350pa for super accounts and $600pa for TTR Income accounts and Choice Income accounts (asset-based fee) will both be charged and deducted monthly from your account balance. The 15% tax deduction the Fund claims on the new admin fee will be passed onto you and credited to your account. This tax deduction applies to super accounts and TTR Income accounts only.
‡The $2.25 Choice Income admin fee amount you previously paid was net of tax.