Fees and costs | VicSuper

VicSuper FutureSaver

Type of fee	Amount	How and when paid
Investment fee^1,3	Ranges between 0% pa and 0.32% (estimated)	The investment fee accrues daily and is included in the calculation of the unit prices which determines your investment returns. It is not deducted directly from your account.
Administration fee¹ Account-keeping fee Administration fee	$1.50 per week plus 0.19% pa	The administration fee and account keeping fee are deducted from your account at the end of each month in arrears. These fees are capped at a combined total of $125 per month per account.
Buy-sell spread	Nil	Not applicable
Switching fee	Nil	Not applicable
Advice fees relating to all members investing in a particular investment option	Nil	No advice fee is charged for providing general and simple advice limited to your account.
Other fees and costs²	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)^1,3	Ranges between 0% pa and 0.54% pa (estimated)	The ICR accrues daily and is included in the calculation of unit prices which determines your investment returns. It is not deducted directly from your account.

_{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. For more information, please see ‘Additional explanation of fees and costs’ in the ‘Fees and costs’ Member Guide.

3. The investment fees and ICR 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. Actual
investment fees and indirect costs 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. It is anticipated that the investment fees and ICRs
incurred in the 2020/21 financial year will change as a result of the transfer of the
products to the Fund and a restructure of the underlying investment portfolios and
associated reduced fee and cost structures. If it becomes apparent that actual costs will
differ materially the estimates will be updated}

VicSuper Flexible Income

Type of fee	Amount	How and when paid
Investment fee^1,3	Ranges between 0% pa and 0.32% pa (estimated)	The investment fee accrues daily and is deducted from the investment option/s in which you invest. They are included in the calculation of the unit prices, which determines your investment returns. They are not deducted directly from your account.
Administration fee¹ Account-keeping fee Administration fee	$1.50 per week plus 0.22% pa	The administration fee and account-keeping fee are deducted from your account at the end of each month in arrears. These fees are capped at a combined total of $125 per month per account.
Buy-sell spread	Nil	Not applicable
Switching fee	Nil	Not applicable
Advice fees Relating to all members investing in a particular investment option	Nil	No advice fee is charged for providing general and simple advice limited to your account.
Other fees and costs²	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)^1,3	Ranges between 0% pa and 0.54% pa (estimated)	The ICR accrues daily and is deducted from the investment option/s in which you invest. They are included in the calculation of unit prices, which determines your investment returns. They are not deducted directly from your account.

_{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. For more information, please see ‘Additional explanation of fees and costs’ in the VicSuper Flexible Income PDS.

3. The investment fees and ICR 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. Actual investment fees and indirect costs 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. It is anticipated that the investment fees and ICRs incurred in the 2020/21 financial year will change as a result of the transfer of the products to the Fund and a restructure of the underlying investment portfolios and associated reduced fee and cost structures. If it becomes apparent that actual costs will differ materially the estimates will be updated.}

VicSuper Flexible Income (with Transition to Retirement)

Type of fee	Amount	How and when paid
Investment fee^1,3	Ranges between 0% pa and 0.32% pa (estimated)	The investment fee accrues daily and is deducted from the investment option/s in which you invest. They are included in the calculation of the unit prices, which determines your investment returns. They are not deducted directly from your account.
Administration fee¹ Account-keeping fee Administration fee	$1.50 per week plus 0.22% pa	The administration fee and account-keeping fee are deducted from your account at the end of each month in arrears. These fees are capped at a combined total of $125 per month per account.
Buy-sell spread	Nil	Not applicable
Switching fee	Nil	Not applicable
Advice fees Relating to all members investing in a particular investment option	Nil	No advice fee is charge for providing general and simple advice limited to your acount.
Other fees and costs²	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)^1,3	Ranges between 0% pa and 0.54% pa (estimated)	The ICR accrues daily and is deducted from the investment option/s in which you invest. They are included in the calculation of unit prices, which determines your investment returns. They are not deducted directly from your account.

_{1. If your account balance for a product offered by usis 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. For more information, please see ‘Additional explanation of fees and costs’ in the VicSuper Flexible Income PDS.

3. The investment fees and ICR 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. Actual
investment fees and indirect costs 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. It is anticipated that the investment fees and ICRs
incurred in the 2020/21 financial year will change as a result of the transfer of the products to the Fund and a restructure of the underlying investment portfolios and
associated reduced fee and cost structures. If it becomes apparent that actual costs will differ materially the estimates will be updated.}

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 investment	Included 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 product	Nil	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 investment²	Included 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 product	Nil	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.}

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