AustralianSuper regularly reviews the products and services we offer, including how much they cost members, to ensure they are competitive, equitable and sustainable, and comply with all regulations.
Following a recent review, we changed and simplified our fee structure for the Member Direct investment option from 1 April 2023.
Investment fees and costs
The tables below compare the previous (up to 31 March 2023) Investment fees and costs for our Member Direct investment option and the new fees and costs you pay from 1 April 2023:
|Option||Up to 31 March 2023|
|(Assets you can invest in using this option)||Cash account fee||Portfolio administration fee|
|Cash Account (Cash only)||0.12% pa of your Cash account balance||Nil|
|Term Deposits (Cash and Term Deposits)||$150 pa|
|Shares, ETFs & LICs (Cash and Term Deposits and ASX 300 shares, ETFs & LICs)||$395 pa|
How you’re impacted
If you’ve already joined Member Direct, the impact of the fee changes by option are set out below.
Cash Account option
The Cash account fee of 0.12% pa of your Cash account balance has been removed and a new Portfolio administration fee of $30 pa on the Cash Account option now applies. This means that if you are currently in the Cash Account option and you hold a balance of less than $25,000, your fees may have increased by up to $30 pa.
However, if you are currently in the Cash Account option and you hold a balance of $25,000 or more, then your fees either stayed the same (balance of $25,000) or decreased from 1 April 2023 (balances above $25,000) as a result of these changes.
If you are in the Cash Account option, we recommend that you refer to the relevant Product Disclosure Statement and Member Direct investment option guide, review your own situation, including the impact of fees on your investment returns, and decide what’s best for you.
Term Deposits option and Shares, ETFs and LICs option
If you are currently in the Term Deposits option or the Shares, ETFs and LICs option, then your overall fees for the Member Direct investment option decreased from 1 April 2023 as a result of these changes.