members
Fees and costs
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The fees for your Defined Benefit Division account are not deducted directly from your account balance because they are allowed for in the formula used to calculate your benefit. Similarly, the defined benefit component value of your benefit is determined by the formula and is generally not related to investment returns.
Fees from 1 July 2010
| Type of fee or cost | Amount | How and when paid |
|---|---|---|
Fees when your money moves in or out of the fund |
||
| Establishment fee: The fee to open your investment |
Nil | Not applicable |
| Contribution fee: The fee for each amount contributed to your investment - either by you or your employer |
Nil | Not applicable |
| Withdrawal fee: The fee on each amount you take out of your investment |
$37 each lump sum withdrawal, partial rollover or contribution split application. | The fee is deducted from your accumulation component/account when you make a lump sum withdrawal, partial rollover or contribution split application. |
| Termination fee: The fee to close your investment |
Nil | Not applicable |
| Management costs The fees and costs for managing your investment |
Administration fee $204 per annum |
The administration fee is allowed for in the formula used to calculate your benefit. |
| Indirect cost ratio (ICR) The estimated amount you pay for each investment option is shown on page 35 of the Super for Defined Benefit Division and Accumulation 2 members product disclosure statement.
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The ICR is already allowed for in the formula for your defined benefit component. The applicable ICR is deducted from investment earnings on your accumulation component on a quarterly basis before the calculation of investment returns. | |
Service fees |
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| Investment switching fee The fee for changing investment options |
The first switch per account in each financial year is free of charge. All subsequent switches will be charged a fee of $26 per switch. | This is deducted from your accumulation component/account when you make an investment switch. |
|
Self-Select investment fee |
$30 per six-monthly statement period | Deducted from the accumulation component of your Defined Benefit Division account at the end of each statement period. |
| Family law transaction fee The fee charged when a request is made for information about a member's superannuation interest, or when the following actions take place: a payment split, a payment flag, lifting a payment flag where it does not result in a payment split or terminating a payment flag. |
$77 per application $64 per transaction |
Payable when a member account information application is made. Splitting and flagging fees are deducted in equal proportions from both members' accounts. |
Insurance costs |
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| Inbuilt Death and Disablement benefits | As a member of the Defined Benefit Division the cost of the compulsory insurance is allowed for in the benefit formula, and is therefore not specifically charged to your account. | n/a |
| Optional insurance cover | Insurance cover costs $1.40 per unit per week for Death and Disablement cover and 80 cents per unit per week for Death-only cover. | If you purchase this insurance it is deducted from the accumulation component of your account each month. |
See the Fees and costs section of the Super for Defined Benefit Division and Accumulation 2 members product disclosure statement for additional information about fees and costs payable by members.
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