The table below is a summary of the fees and charges that apply in ACSuper Pension. An example of how the fees and charges are applied is given below. To get a picture on how fees impact on your investment, you can use an online calculator at the website of the Australian Securities and Investment Commission (ASIC) at www.moneysmart.gov.au.
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Type of fee
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Amount
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How and when charged
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Fees for opening and closing your account
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Establishment fee
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Nil
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Not applicable (N/A)
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Withdrawal fee
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$65 per withdrawal
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Deducted when you withdraw lump sums (regular pension payment are exempt from this fee)
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Termination fee
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Nil
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N/A
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Fees for managing your account
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Management costs
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Account keeping fee: $1.99 per week (incl.GST)
Asset-based fee: 0.60% pa of your account (this is an estimate. Actual is determined at the end of each financial year)
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Account keeping fee is deducted from your account monthly.
Asset-based fee is based on your account balance and deducted monthly.
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Fees for managing the investment option
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Investment management fee*
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Estimated fee:
Income option: 0.50%
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Calculated at each unit pricing cycle and deducted from the investment pool before unit price is declared
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Service fees
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Investment Option switching
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N/A
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N/A
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Binding nomination fee (for death benefits)
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$10 per year
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Deducted from your account each year
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* The annual investment management fees are calculated in arrears as at 30 June each year and may change from year to year.
· The Trustee of ACSuper is authorised to change the above fees. You will be given at least 30 days notice before any increase in fees takes effect.
Example of annual fees and costs
The table below gives an example of how fees and costs for this product can affect your pension account balance over a one-year period.
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Example: ACSuper Pension Income Option
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Account balance of $20,000
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Management costs
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Account keeping fee: $103.48 pa ($1.99 per week) plus
Asset based fee: 0.60%^ pa
Investment management fee: 0.50% ^
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For the $20,000 you have in your account you will be charged $103.48 account keeping fee and $120 asset based fee.
$100 will be charge for investment management fee but this amount is accounted for in the unit price of your investment and is not drawn from you account.
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Total Cost to you
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If your balance was $20,000 throughout the year, then for that year the total cost to you will be $223.48* (deducted from your account) plus $100 (deducted from the investment pool).
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Note: The above fees apply to each pension account open. If you have multiple pension accounts, the fees apply to each account.
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* Additional fees may apply. If you draw a lump sum from your pension account a withdrawal fee may
apply.
^ Account based fee and Investment fee used in this example are estimates. Actual costs will vary
from year to year.
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