Five ways we're reducing costs to give you more

August 2018

We mean it when we say we’re committed to providing you with value for money. Here’s an overview of some upcoming changes we’re making to our fees—helping you save more for the future you want.

1. Around 100,000 members to pay less in admin fees

From 1 October 2018, we’ll be replacing our Accumulation 1, Accumulation 2 and Personal Account fixed administration fee to help casual staff and new members build their account balance.

No accumulation members will pay more in fees than they do today. In fact, over 100,000 members with balances of less than $4,800 will pay less, making us one of the lowest cost funds in the industry.

Administration fees: old and new

The below table illustrates the fee savings members with low balances can expect from 1 October 2018.

¹ It's important to remember that investment fees and indirect costs also apply. Those fees and costs, for each UniSuper investment option, are provided within the relevant product disclosure statement.

2. We’re ahead of the eight-ball

The 2018 Budget had many fee related reforms—particularly protecting those with low balances—but we wanted to do something now.

We already don’t charge exit fees, pay advisers commissions or shareholder dividends. When we deduct admin fees and insurance premiums, we provide a 15% contribution tax rebate, meaning for every $100 you pay in fees and premiums, you get $15 back—see these rebates on your Benefit statement.

Our ranking by account balance

Our fees are amongst the cheapest in the industry.

Here's how our new fees rank against the current fees of the nine largest not-for-profit super funds: REST, AustralianSuper, Hostplus, CareSuper, QSuper, First State Super, Cbus, Sunsuper and HESTA according to Chant West.²

²  Source: Chant West Pty Limited (ABN 75 077 595 316) 2018. This comparison includes UniSuper and the nine largest not-for-profit superannuation funds by assets that are available to the public. For the purposes of these rankings, fees include both administration and investment fees and costs for each funds MySuper Option. For Lifecycle products we have used the fees applicable to a 54 year old member as these options typically have a similar asset allocation to MySuper products offer by other funds. Fees disregard tax deductions and, for the funds other than UniSuper, are based on each funds’ Product Disclosure Statement effective 31 May 2018, which generally reflects administration fees current at that time and investment fees and costs for the financial year ended 30 June 2017. This information is compared against the UniSuper MySuper option administration fees effective from 1 October 2018 and investment fees and costs for the financial year ended 30 June 2017. Your objectives, financial situation and needs haven’t been taken into account by Chant West and you should consider the appropriateness of this information having regard to your objectives, financial situation and needs, and read the relevant Product Disclosure Statement, before making and decisions. Chant West’s Financial Services Guide is available at www.chantwest.com.au. Fees may change in the future which may affect the outcome of the fee comparison in this document.

3. Reducing the cost of the Cash and Australian Bond investment options

We’ve reviewed the cost of these options relative to our peers, making the investment fee for these options more competitive. From 1 October 2018, the investment fee for these options will reduce by 0.03% per year.

4. Insurance premiums going down

We’re also reducing income protection premiums by about 7% for all members. Same insurance cover, just a lower cost—meaning more money in your super.

Remember, you can log in to your account to check your level of cover at any time.

5. Fees are important, but there’s more to the story

Great value is more than just low fees. It’s relevant products, strong investment performance, award-winning insurance and financial advice offerings—and excellent service—that sets us apart.