Unit pricing and your super account
Unit pricing is key to understanding how your super account works. But what is it? Members have been requesting clearer information about unit pricing, how it works and how it affects their super balance.
When you join the VicSuper division of Aware Super, super contributions are made into your account. These are invested in your chosen investment option, where your money is combined with the contributions of all other members in the same option.
The combined contributions are divided into units. Your super contributions ‘buy’ a number of units, and every unit you own represents your share of the investment option.
A unit price is the value of one unit of an investment option. Unit prices can move up or down, because they’re calculated in line with the net value of the investment option.
When the value of the assets increases, the unit price goes up, when the value of the assets decreases, the unit price goes down.
To find out your current super account balance and how many units you hold in your investment option(s), refer to your latest member statement or log in to MembersOnline.
How does unit pricing affect your super account balance?
The value of your super account balanceis determined by:
- the number of units you hold in your investment option, and
- the unit price of that option.
Value of super account balance = Number of units x Daily unit price
In other words, your super balance goes up when you add contributions and the value of the assets in your investment option increases, and it goes down when you withdraw super, when premiums, fees and taxes are deducted, and when the value of the assets decreases.
Unit price = Net asset value of all the assets held in the investment option / Total number of units on issue in that option
How your account works
For the latest unit prices and further information on how they’re applied, go to unit prices.
If you’d like more information, or if we can help, don’t hesitate to get in touch.