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Home Joining SPEC Super Fees & Charges
Fees & Charges
Compare the fees
| Type of fee or costs | Amount | How and when paid |
|---|---|---|
| Fees when your money moves in or out of the Fund | ||
|
Establishment fee The fee to pen your investment |
NIL | Not applicable |
|
Contribution fee The fee on 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 |
$60 | Deducted from your account at time of any lump sum payment. No fee is charged for benefit payments due to retirement, death, terminal illness, TPD, permanent incapacity, financial hardship, specified grounds or transfers to ISPF (the Fund's Eligible Rollover Fund). |
|
Termination fee The fee to close your investment |
NIL (see withdrawal fee above) |
Not applicable |
|
Management Costs |
||
|
The fees and costs for managing your investment. |
$91.00 p.a. ($1.75 per week). |
The $1.75 per week fee is an administration fee deducted weekly from your account balance. |
|
The amount you pay for specific investment options is detailed below. |
0.17% - 0.68% p.a. ($1.70 to $6.80 per $1,000) |
The fees and costs calculated as a percentage of Fund assets are deducted from the Fund's investment earnings before the interest crediting rate is determined. This comprises management costs of the Fund as well as fees paid to Fund managers. |
|
Performance fees |
Estimated to be between 0% and 0.17% p.a. of your account balance, depending on your investment options. | This amount is already deducted from investment returns before they are credited or debited to member accounts. |
| Other Management Costs | ||
|
Asset fee |
Up to 0.08% of assets |
This amount is already deducted from investment returns before they are credited or debited to member accounts. |
| Service Fees | ||
| First Investment Switching Fee | NIL | No fee is charged for your first switch in each financial year. |
| Subsequent fee for switching investment options | $50 | Deducted from your account balance at the time of your second and subsequent switches in the same financial year. |
| Insurance Administration Fee |
5% of the death cover premium |
Deducted weekly from your account in addition to the insurance premium if you have Death Insurance cover. |
| Location Fee | $40 | Payable if your address is incorrect and we need to use our search agency to locate you. The fee is deducted from your account balance at the time your address is updated. |
| Family Law Enquiry Fee | $110 | Charged to process requests for information from your spouse, and is payable by cheque by your spouse at the time of processing a request for information. |
| Family Law Splitting Fee | $100 | Charged for splitting an account. |
|
Operational Cost for each Investment option |
|
|
Investment option |
Operational cost p.a. # |
|
Cash ^ |
0.17% |
|
Cash Enhanced |
0.17% |
|
Balanced |
0.57% |
|
Growth (high risk) |
0.57% |
|
Capital Stable * |
0.51% |
|
Australian Shares * |
0.34% |
|
International Shares * |
0.68% |
Note: The operational costs were the actual costs averaged over the financial year ended 30 June 2009, except for those new options.
* available from 1 October 2008 and
^ available from 1 January 2009 which are based upon estimates.
# These costs are deducted from the Fund's investment returns before interest crediting rates are determined.
These figures exclude the 0.08% asset fee and any performance fees.
Compare SPEC Super
This Fund Comparator service is provided to you free of charge by Industry SuperFunds. See the difference an Industry SuperFund can make to your final super payout.
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