Your admin fee is changing

In September 2022, the administration (admin) fee structure is changing for all super (accumulation) accounts, Choice Income and TTR Income accounts, to keep fees low* for members.

Why the admin fee is changing

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 competitive, equitable and sustainable, while complying with all regulations.

As Australia’s largest super fund, we’re focused on delivering top, long-term investment performance and low fees* to help you achieve your best financial position in retirement.

All current members will receive a Significant Event Notice via email or post from early June to early August 2022, about this coming admin fee change in early September 2022.

What’s changing?

A new admin fee structure will come 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 comes into effect.

To keep fees and costs low, we’re also removing contribution split fee (for super accounts only), the family law request for information fee and family law split fee.

 

If you have a super account, this table compares the admin fee you pay now and the new admin fee you’ll pay from 3 September 2022.

Admin fee breakdown Current admin fee  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% 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 is changing 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

Enter your account balance

Log into your account to find 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.

Question 1 of 2

Select your account type

Question 2 of 2

Enter your account balance#

$

Minimum $6,000

Question 2 of 2

Enter your account balance#

$

Minimum $6,000

Based on the account balance you entered,
your new admin fee will be

$

per annum††

Based on the account balance you entered,
your new admin fee will be

$

per annum††

# 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.

What you're paying for

Your admin fee pays for all the non-investment related costs of running the Fund including the administration of your account, general advice and education resources, the mobile app, the secure member portal giving you access to investment option switching, along with help from our contact centre over the phone, via email or chat.

What happens next

The current admin fee will be charged for the remainder of this financial year (ending 30 June 2022) and will then 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 will come into effect on 1 September 2022 for Choice Income and TTR Income accounts and 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 current admin fee and not the new admin fee.

FAQs

View frequently asked questions about this new admin fee structure.

Learn more

*Chant West Super and Pension Fund Fee Survey at 31 December 2021. Based on $50,000 invested in the AustralianSuper MySuper Balanced option and $250,000 invested in the AustralianSuper Balanced Pension option.

AustralianSuper Balanced investment option (for super and TTR Income) compared to the SuperRatings Fund Crediting Rate Survey – SR50 Balanced (60-76) Index to 31 March 2022. AustralianSuper Balanced investment option (for Choice Income) compared to the SuperRatings Pension Fund Crediting Rate Survey - SRP50 Balanced (60–76) Index to 31 March 2022. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns. 

The $2.25 admin fee amount you currently pay is net of tax. The Fund’s estimated cost to run your account is approximately $2.65 a week which is gross of tax. The Fund claims a tax deduction for its administration costs each year which is 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 will be 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 (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 currently pay is net of tax.

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