Fees and charges

A Word on Fees

The WCSP Income Stream products are highly competitive and we encourage members to make a comparison to other similar products.

It is important to compare the full range of fees that can potentially apply to these products. A comparison on performance can give you a fuller picture of the Pension’s value for money.

The fees associated with the WCSP Income Stream are set out in the following table1.

Fees associated with the WCSP Income Stream

Type of Fee Amount How and when paid
Investment Fee Nil Not applicable
Administration Fee Member Fee - $171.60 pa - $3.30 per week Deducted from your account each month
Buy-sell spread 0 – 0.7% Deducted from investment earnings before returns are allocated to your account.
Switching Fee No fee for first four switches each financial year. Any further switches will attract a fee of $35 per switch. Deducted from your account at time of switch
Exit Fee

$150 for a full withdrawal or Nil for the first five partial withdrawals, then $150 per partial withdrawal thereafter.

Members opting to receive their pension payment monthly, Nil for the first twelve partial withdrawals, then $150 per partial withdrawal thereafter.

Deducted from your account before payment of final benefit for full withdrawal or deducted from your account at the time of the partial withdrawal.
Advice Fees Nil Not applicable
Other Fees and costs1 Amount How and when paid
Establishment Fee $300 Deducted from your account upon joining
Family Law Fee $190 Deducted from your account at time of split if you made enquiry. If a joint request is made, fee is split between your account and your spouse’s Plan account when the split is made.
Indirect cost ratio
Investment
Option
Investment
fee (pa)2
Share 0.55%
Growth 0.62%
Conservative   0.43%
Cash 0.09%
Deducted from investment earnings before returns are allocated to your account.
 
Administration Fee 0.20%
Deducted from investment earnings before returns are allocated to your account.

1 For information regarding the definitions of the fees and costs incorporated in the table above, please refer to the 'Additional Explanation of Fees and Costs' section of the Water Corporation Superannuation Plan Product Disclosure Statement for Pension Division document. These definitions and costs can also be viewed in the website Glossary.
2 Investment fees are estimated based on actual fees paid in the period 1 April 2014 - 31 March 2015. Investment fees include a Performance Fee (if any).

Example of annual fees and costs for the Conservative Investment Option

This table gives an example of how the fees and costs for the Conservative Option can affect your pension investment over a period. You should use this table to compare this product with other pension products.

Example - Conservative Option Balance of $250,000  
Investment Fees Nil For every $250,000 you have in the Conservative Option you will be charged $0 each year.
PLUS Administration fees $171.60 ($3.30 per week) And, you will be charged $171.60 Member Fee regardless of your balance.
PLUS Indirect costs for the Pension product $1,575 And, indirect costs of $1,575 each year will be deducted from your investment
EQUALS Cost of product   If your balance was $250,000, then for that year you will be charged fees of $1,746.60 for the Pension product.

* Additional fees may apply including a $300 establishment fee. And, if you leave the superannuation entity, you will be charged and exit fee of $150.