We aim to make the fees and costs for your accounts as easy to understand as possible.
When describing our fees and costs, we use a number of terms that have specific definitions set by the Australian Securities and Investments Commission (ASIC).
To help you understand your fees and costs, we have set out these defined terms and their meanings below.
The information in this document forms part of the:
- Super Savings Product Disclosure Statement for Accumulation Account, 1 July 2024
- Super Savings – Business Product Disclosure Statement for Accumulation Account, 1 July 2024
- Super Savings – Corporate Product Disclosure Statements for Accumulation Account dated 1 July 2024, 1 August 2024, 11 August 2024, 1 September 2024, 3 September 2024, 16 September 2024, 1 November 2024, 9 November 2024, 1 December 2024, 5 December 2024, 15 December 2024, 20 December 2024, 15 February 2025, and 28 February 2025
- QSuper Product Disclosure Statement for Accumulation Account, 1 July 2024
- Super Savings Product Disclosure Statement for Income Account and Lifetime Pension, 8 July 2024
- QSuper Product Disclosure Statement for Income Account and Lifetime Pension, 8 July 2024
This information was prepared on 1 July 2023.
Defined fees
ASIC provides a specific definition for each of the fees and costs that may apply to your account. We used these defined terms to describe the fees and costs for our:
- Accumulation accounts
- Income accounts
- Lifetime Pension
Activity fee
A fee is an activity fee if:
(a) the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:
(i) that is engaged in at the request, or with the consent, of a member; or
(ii) that relates to a member and is required by law; and
(b) those costs are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a buy sell spread, a switching fee, an advice fee or an insurance fee.
Administration fees and costs
Administration fees and costs are fees and costs that relate to the administration or operation of the superannuation entity and includes costs incurred by the trustee of the entity that:
(a) relate to the administration or operation of the entity; and
(b) are not otherwise charged as investment fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.
Advice fees
A fee is an advice fee if:
(a) the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product advice to a member by:
(i) a trustee of the entity; or
(ii) another person acting as an employee of, or under an arrangement with, the trustee of the entity; and
(b) those costs are not otherwise charged as administration fees and costs, investment fees and costs, a switching fee, an activity fee or an insurance fee.
Buy-sell spreads
A buy-sell spread is a fee to recover costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assets of the entity.
Exit fees
An exit fee is a fee, other than a buy-sell spread, that relates to the disposal of all or part of a member’s interests in a superannuation entity.
Investment fees and costs
Investment fees and costs are fees and costs that relate to the investment of the assets of a superannuation entity and includes:
(a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
(b) costs incurred by the trustee of the entity that:
(i) relate to the investment of assets of the entity; and
(ii) are not otherwise charged as administration fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.
Switching fees
A switching fee for a MySuper product is a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another.
A switching fee for a superannuation product other than a MySuper product, is a fee to recover the costs of switching all or part of a member’s interest in the superannuation entity from one investment option or product in the entity to another.
Transaction costs
Transaction costs are costs associated with the sale and purchase of assets of the superannuation entity other than costs that are recovered by the superannuation entity charging buy-sell spreads.
ASIC has designed the above definitions to aid your understanding of fees and costs. There are other relevant fees and costs terms that are defined by ASIC, set out below. These definitions, like those above, also apply to our use of these terms.
Brokerage
Brokerage means an amount paid or payable to a broker for undertaking a transaction for the acquisition or disposal of a financial product.
Insurance fee
A fee is an insurance fee if:
(a) the fee relates directly to either or both of the following:
(i) insurance premiums paid by the trustee of a superannuation entity in relation to a member or members of the entity;
(ii) costs incurred by the trustee of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and
(b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and
(c) the premiums and costs to which the fee relates are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a switching fee, an activity fee or an advice fee.
Intra-fund advice costs
Intra-fund advice costs means costs incurred by the trustee of the entity:
(a) in making available to all members investing in a particular MySuper product or investment option; and
(b) in providing to one or more of such members;
financial product advice in relation to the product by:
(c) a trustee of the entity; or
(d) another person acting as an employee of, or under an arrangement with, a trustee of the entity;
but does not include costs charged as advice fees.
Performance fees
(1) Performance fee means an amount paid or payable, calculated by reference to the performance of:
(a) a collective investment product;
(b) a superannuation product;
(c) a MySuper product;
(d) an investment option;
(e) an interposed vehicle; or
(f) part of such a product, option or vehicle.
(2) Performance includes:
(a) income in relation to the assets of, or attributed to, the product, option or interposed vehicle, or part; and
(b) capital appreciation (realised or unrealised) to the value of the product, option or interposed vehicle, or part.