Why fees matter
The fees and costs you pay form an important part of your super. In fact the combination of competitive fees and solid investment returns can help your super balance grow over time. That’s because lower fees mean more money stays in your account, ultimately helping to boost your balance.
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VicSuper FutureSaver
Type of fee or cost Amount How and when paid Investment fee1,2 An estimated percentage, depending on your investment option/s. Ranging from 0.00% pa to 0.78% (estimated).
The investment fees for all investment options are provided on page 5 of the ‘Fees and costs’ Member Guide.Deducted from the assets of the option or the assets of underlying investment vehicles before the unit price for an investment option is determined. Investment fees are not deducted directly from your account. Administration fee1
Account-keeping fee
Administration fee
$52 pa plus
0.15% pa capped at $750 pa ($62.50 per month)The account keeping fee is calculated daily and deducted from your account monthly, or on exit.
The administration fee is calculated and deducted monthly based on the account balance at the end of the month. On exit, the fee is calculated based on the latest available balance and prorated on the number of days you were in the Fund that month.Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Advice fees
relating to all members investing in a particular investment optionNil No advice fee is charged for providing general and simple advice limited to your account. Other fees and costs3 Comprehensive financial advice Additional fees may be paid to a financial planner. The fees will depend on the complexity of the advice you are seeking. If you obtain complex financial advice from a planner in our financial planning business, you will be informed of the cost before you proceed. If you are issued with a statement of advice, it will contain details of the fees, which may be deducted from your account when the advice is received (or you may need to pay the fee directly). Indirect cost ratio (ICR)1 Nil All indirect costs are included in Investment fees.
1. If your account balance for a product offered by us is less than $6,000 at the end of our income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of your account balance. Any amount charged in excess of that cap must be refunded.
2. The investment fees are based on the estimated investment-related costs that these investment options incurred in the Victorian Superannuation Fund for the 12 months ended 30 June 2020, in addition to the 0.04% per annum Trustee charge (applicable to the diversified options only from 1 November 2020). Actual investment fees may vary depending on the fees and costs incurred by us in managing the investment option and cannot be estimated precisely in advance. The figures disclosed are based on historical information provided to us by the former trustee of the Victorian Superannuation Fund.
3. For more information, please see ‘Additional explanation of fees and costs’ in the ‘Fees and costs’ Member Guide. -
VicSuper Flexible Income
Type of fee Amount How and when paid Investment fee1,2 An estimated percentage, depending on your investment option/s. Ranges between 0.00% pa and 0.89% pa (estimated).
The investment fees for all investment options are provided on page 19 of the Flexible Income PDS (table 2).Deducted from the assets of the option or the assets of underlying investment vehicles before the unit price for an investment option is determined. Investment fees are not deducted directly from your account. Administration fee1
Account-keeping fee
Administration fee
$52 pa plus
0.20% pa capped at $1,500 pa ($125 per month).The account keeping fee is calculated daily and deducted from your account monthly, or on exit.
The administration fee is calculated and deducted monthly based on the account balance at the end of the month. On exit, the fee is calculated based on the latest available balance and prorated on the number of days you were in the Fund that month.
Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Advice fees
Relating to all members investing in a particular investment optionNil No advice fee is charged for providing general and simple advice limited to your account. Other fees and costs3 Comprehensive financial advice Additional fees may be paid to a financial planner. The fees will depend on the complexity of the advice you are seeking. If you obtain complex financial advice from a planner in our financial planning business, you will be informed of the cost before you proceed. If you are issued with a statement of advice, it will contain details of the fees, which may be deducted from your account when the advice is received (or you may need to pay the fee directly). Indirect cost ratio (ICR)1 Nil All indirect costs are included in Investment fees.
1. If your account balance for a product offered by us is less than $6,000 at the end of our income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of your account balance. Any amount charged in excess of that cap must be refunded.
2. The investment fees are based on the estimated investment-related costs that these investment options incurred in the Victorian Superannuation Fund for the 12 months ended 30 June 2020, in addition to the Management fee (applicable to the diversified and Australian Shares options from 1 November 2020). Actual investment fees may vary depending on the fees and costs incurred by us in managing the investment option and cannot be estimated precisely in advance.
3. For more information, please see ‘Additional explanation of fees and costs’ in the VicSuper Flexible Income PDS. -
VicSuper Flexible Income (with Transition to Retirement)
Type of fee Amount How and when paid Investment fee1,2 An estimated percentage, depending on your investment option/s. Ranges between 0.00% pa and 0.78% pa (estimated).
The investment fees for all investment options are provided on page 19 of the Flexible Income PDS (table 1).Deducted from the assets of the option or the assets of underlying investment vehicles before the unit price for an investment option is determined. Investment fees are not deducted directly from your account. Administration fee1
Account-keeping fee
Administration fee
$52 pa plus
0.20% pa capped at $1,500 pa ($125 per month).The account keeping fee is calculated daily and deducted from your account monthly, or on exit.
The administration fee is calculated and deducted monthly based on the account balance at the end of the month. On exit, the fee is calculated based on the latest available balance and prorated on the number of days you were in the Fund that month.
Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Advice fees
Relating to all members investing in a particular investment optionNil No advice fee is charge for providing general and simple advice limited to your account. Other fees and costs3 Comprehensive financial advice Additional fees may be paid to a financial planner. The fees will depend on the complexity of the advice you are seeking. If you obtain complex financial advice from a planner in our financial planning business, you will be informed of the cost before you proceed. If you are issued with a statement of advice, it will contain details of the fees, which may be deducted from your account when the advice is received (or you may need to pay the fee directly). Indirect cost ratio (ICR)1 Nil All indirect costs are included in Investment fees.
1. If your account balance for a product offered by us is less than $6,000 at the end of our income year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of your account balance. Any amount charged in excess of that cap must be refunded.
2. The investment fees are based on the estimated investment-related costs that these investment options incurred in the Victorian Superannuation Fund for the 12 months ended 30 June 2020, in addition to the 0.04% per annum Trustee charge (applicable to the diversified options only from 1 November 2020). Actual investment fees may vary depending on the fees and costs incurred by us in managing the investment option and cannot be estimated precisely in advance.
3. For more information, please see ‘Additional explanation of fees and costs’ in the VicSuper Flexible Income PDS. -
Guaranteed Income
Guaranteed Income - Guaranteed Income for Life product
Type of fee Amount How and when paid Investment fee Nil1 Not applicable Administration fee 0.15% pa of initial
investmentIncluded in the calculation of the income payment (not deducted directly from an account of yours or from your income payments) Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Advice fees
Relating to all members
investing in the productNil No advice fee is charged for providing general and simple advice limited to your account. Other fees and costs Comprehensive financial advice Additional fees may be paid to a financial planner. The fees will depend on the complexity of the advice you are seeking. If you obtain complex financial advice from a planner in our financial planning business, you will be informed of the cost before you proceed. If you are issued with a statement of advice, it will contain details of the fees, which may be deducted from your account when the advice is received (or you may need to pay the fee directly). Indirect cost ratio Nil1 Not applicable
1. Challenger Life and the Trustee do not impose additional fees or expense recoveries in relation to your account. In setting the amount of regular payments, Challenger Life takes into account various assumptions about longevity and investment returns as well as the cost of providing the product to our members. For more information about how Challenger Life derives income and the guarantee, see ‘Who provides the guarantee?’ on page 22.
Guaranteed Income - Guaranteed Fixed Term Income product
Type of fee Amount How and when paid Investment fee Nil1 Not applicable Administration fee RCV100
0.20% pa of initial
investment
RCV 0-99
0.20% pa of reducing
initial investment2Included in the calculation of the income payment (not deducted directly from an account of yours or from your income payments) Buy-sell spread Nil Not applicable Switching fee Nil Not applicable Advice fees
Relating to all members
investing in the productNil No advice fee is charge for providing general and simple advice limited to your account. Other fees and costs Comprehensive financial advice Additional fees may be paid to a financial planner. The fees will depend on the complexity of the advice you are seeking. If you obtain complex financial advice from a planner in our financial planning business, you will be informed of the cost before you proceed. If you are issued with a statement of advice, it will contain details of the fees, which may be deducted from your account when the advice is received (or you may need to pay the fee directly). Indirect cost ratio Nil1 Not applicable 1. Challenger Life and the Trustee do not impose additional fees or expense recoveries in relation to your account. In setting the amount of regular payments, Challenger Life takes into account various assumptions about longevity and investment returns as well as the cost of providing the product to our members. For more information about how Challenger Life derives income and the guarantee, see ‘Who provides the guarantee?’ on page 22.
2. The initial investment is reduced after each regular income payment by an amount calculated as: initial investment minus any residual capital value, divided by the total number of income payments in the investment term.
Recognised for outstanding value
We’ve been awarded Canstar’s 5-Star Rating for Outstanding Value Superannuation in 2020, one of only six super funds across Australia to receive this rating.
If you have any insurance cover through your VicSuper FutureSaver account, the applicable premiums will be deducted from your account monthly. You can find out more in the Insurance Handbook (PDF 3mb).
In most cases, VicSuper members receive superannuation advice at no extra cost. In cases where fees for financial advice do apply, these will be clearly explained to you in advance so you can decide if you wish to proceed.
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