Fees are changing

From 1 April 2020 a new fee will apply to your super (accumulation) account. This fee is being introduced to offset the impacts of the Federal Government’s Protecting Your Super changes, which came into effect on 1 July 2019.   

How the new fee will be charged

The new Administration fee – Protecting Your Super is calculated based on the value of your account balance. The fee is variable, up to a maximum of 0.04% per year of your account balance. The fee will be deducted from investment returns daily, before returns are added to your account. This fee is in addition to the administration fee of $2.25 per week and investment fees.*

For the 2019/20 financial year, the total annual amount will be charged over a 3-month period from 1 April 2020 to 30 June 2020. From 1 July 2020 the amount will be charged over the financial year. 

For example, if you have an account balance of $50,000, you’ll be charged up to $20 between 1 April 2020 and 30 June 2020 and up to $20 per year from 1 July 2020 onwards. 

+Insurance and other fees and costs may apply.

The new fee does not apply to Choice Income or Transition to Retirement Income accounts.

You don't need to do anything

The fee will automatically apply to your account from 1 April 2020. It will be shown on your 2019/20 Annual Statement. 

Find out more about the changes

See the Significant Event Notice and FAQs for more information about the fee changes.

How the new fee compares 

Current amount Amount after 1 April 2020 How and when paid
Type of Fee
Investment fee*  0.60% 
0.60%  Deducted from before-tax investment returns on 30 June each year (earlier if you close your account), before the returns are applied to your account.
Administration fee $2.25 $2.25

The administration fee of $2.25 per week is calculated weekly and deducted monthly from your account.

Administration fee - Protecting Your Super*   Nil Up to 0.04% pa of your account balance The Administration fee – protecting your super is deducted daily from investment returns, before the returns are applied to your account.^
Buy sell spread Nil Nil  
Switching fee Nil Nil  
Advice fees relating to all members investing in a particular MySuper product or investment option. $0-$295   $0-$295 This is the cost for over-the-phone advice. For face-to-face advice, a higher fee applies which may be deducted directly from your account.
Other fees and costs     Go to australiansuper.com/RefFees for information on insurance fees, family law fees and contribution splitting fees.
Indirect cost ratio* Nil Nil  

^For the 2019/20 financial year, the total annual amount will be charged over a 3-month period from 1 April 2020 to 30 June 2020. From 1 July 2020 the amount will be charged over an annual period.

* From 1 July 2019, if your account balance for a product offered by the superannuation entity is less than $6,000 at the end of the entity’s income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded.

Example of annual fees and costs

This table gives an example of how the fees and costs for the Balanced option for this superannuation product can affect your superannuation investment over a one year period. You should use this table to compare this superannuation product with other superannuation products.

Example: Balanced option  Balance of $50,000
Investment fee^ 0.60% For every $50,000 you have in the MySuper product you will be charged $300 each year.
Plus Administration fees $117 pa ($2.25 a week) plus up to $20 pa (0.04% pa of your account balance)   And you will be charged $117 in administration fees regardless of your balance, plus a $20 pa Administration Fee - Protecting Your Super. 
Plus Indirect costs for the MySuper product Nil
And indirect costs of $0 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 $437 for the MySuper product.

*The investment fee is for the 2018/19 financial year and is likely to change from year to year. 

Note: Additional fees may apply.

FAQs

Read the Frequently Asked Questions for more detail about these changes.

Learn more
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