As a not-for-profit super fund, the Plan operates solely for the benefit of our members. This also means that the fees we charge are as low as possible, covering only those for operational costs and not to boost shareholders' bottom lines.
This sets out the fees and other costs that you may be charged. These fees and other costs may be deducted from your money, from the returns on your investment or from the assets of the superannuation entity as a whole.
Other fees, such as activity fees, advice fees for personal advice and insurance fees, may also be charged, but these will depend on the nature of the activity, advice or insurance chosen by you. Taxes, insurance fees and other costs relating to insurance are set out in another part of this website. You should read all the information about fees and other costs because it is important to understand their impact on your investment.
The fees and other costs for each investment option offered by Water Corporation Super, including the Growth (MySuper) Option are set out in the below table.
|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||$75||Deducted from your account before payment of final benefit.|
|Advice Fees||Nil||Not applicable|
|Other fees and costs1|
|Contribution Splitting Fee||$75 per withdrawal||Deducted from your account at time of split.|
|Family Law Split 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 account when the split is made.|
|Personal advice Fee||Nil||Not applicable|
|Insurance Fee||Please see section 8 'Insurance in your super' in the Product Disclosure Statement (PDS)||Please see section 8 'Insurance in your super' in the PDS.|
|Indirect Cost Ratio||Investment Fee2
Share Option 0.55% pa
Growth (MySuper) Option 0.62% pa
Conservative Option 0.43% pa
Cash Option 0.09% pa
|Deducted from investment earnings before returns are allocated to your account.|
|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 Incorporated by Reference document. These definitions and costs can also be viewed on the website.
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).
You should read all the information about fees and costs because it is important to understand their impact on your investment. All fees advised in this document are inclusive of GST (less any reduced inputs tax credits) and stamp duty where applicable.
The Trustee reserves the right to change fees and costs. Should fee increases occur, the Trustee will notify you at least 30 days in advance.
This table gives an example of how the fees and costs for the Growth (MySuper) Option can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products.
|Example - Growth (MySuper) Option||Balance of $50,000|
|Investment fees||Nil||For every $50 000 you have in the Growth (MySuper) 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 MySuper product||$400||And, indirect costs of $400 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 $571.60 for the MySuper product.|
*Additional fees may apply. And, if you leave the superannuation entity, you will be charged an exit fee of $75.
**This wording is prescribed by law and fees are not negotiable.
Do we have your Tax File Number?
Whether you supply your Tax File Number (TFN) to the Plan is up to you. However, it's worthwhile thinking about, as it could save you money.
You see, if we don't have your TFN, any concessional contributions must be taxed at 46.5%, including the Medicare Levy. To make matters worse, you won't be able to make any non-concessional contributions either.
If you decide to supply your TFN, we'll only use it for legal purposes, such as: