Fees and costs

Investment fees and costs are the costs paid for managing each option’s investments. They include an investment base fee and, for some options, performance fees.

The investment fees and costs vary for each option depending on its investment mix and style. Actively managed options which invest in a wide range of investments tend to have higher investment fees and costs compared to passively managed options which track the performance of a market index.  

Investment fees and costs are deducted from the assets of the investment option (or underlying investment vehicles), not from your account. For more information, read the Investment and Fees Handbook (for Future Saver members), or the Aware Super Retirement Income PDS (for Retirement members).

Some investment managers earn performance fees when they deliver returns above a set target. If they don't meet the target, they don't receive a performance fee. This encourages investment managers to aim for outperformance.

Performance fees apply to our Core and Socially Conscious diversified options, forming part of investment fees and costs. There are no performance fees in the Indexed or single asset class options.

In our PDS we show you what you might pay in performance fees based on an average of the last five financial years (or the average for the period since an option commenced if less than five years). Actual fees may be higher or lower depending on how the investments perform each year.

You can find performance fee estimates in the Investment and Fees Handbook (for Future Saver members), or the Aware Super Retirement Income PDS (for Retirement members).

Transaction costs are different for each investment option. Examples of transaction costs include:

• Brokerage costs - the amount paid to a broker when buying and selling securities such as shares

• Stamp duty - a government tax paid on the transfer of certain assets or property from one owner to another

• Due diligence costs - the costs of researching a potential investment, for example legal and advisory costs

For more information, read the Investment and Fees Handbook (for Future Saver members), or the Aware Super Retirement Income PDS (for Retirement members).

Good news - we don't charge:

• Buy-sell spreads – none of our investment options charge a buy/sell spread.

• Switching fees – change your investment mix anytime free of charge

• Basic super advice fees – we offer phone and video calls to answer questions about your Aware Super account at no extra cost^[AD2].

Even small differences in fees can add up over time, so it’s worth comparing your options to make sure you’re getting good value. But fees aren’t everything – the growth of your super balance also depends on things like market performance and the types of assets your super invests in. Some investments, like property and infrastructure, can cost more but may help manage risk and deliver strong long-term returns.

To compare your superannuation fees, start by logging into Member Online to view the fees you're currently paying.

We are a profit-for-member fund. This means fees are set only to cover the costs of managing the fund and investing on your behalf. To see how your fees stack up against others, you can use trusted tools like the government-provided YourSuper comparison tool which compares MySuper products based on total annual fees. Websites like Finder, Canstar and SuperRatings also offer detailed comparisons that can help you assess whether you're getting good value for money.

If you have insurance through us, you'll pay:

• Monthly premium - Varies by age, cover amount, and occupation

• Insurance administration fee - $1.85 per month to help cover the cost of managing your insurance

There is a tax benefit to insurance through your super account. Insurance premiums are tax-deductible, and we pass this saving directly onto you. Get an estimate: Use our Insurance Calculator to see what cover might cost you.

Yes, fees can change. We’ll inform you at least 30 days before we increase (or introduce new) fees that affect your account. Prior notice is not required where an increase reflects an increase in costs. Changes usually reflect:
 

• Cost changes from external providers

• Regulatory requirements

• Improvements to services and systems

The administration fees members pay each month go into a fund reserve known as the administration reserve and are used to cover the costs of running the fund. In some years the fees paid into the reserve exceed the administration costs of the fund. Where this occurs, the surplus amount stays in the reserve to fund administration and operating costs in future years. It may also be used to fund strategic improvements and cover unexpected regulatory costs.

When the administration costs in a given year exceed the total member administration fees collected, we cover the difference from our administration reserve, not from your account. For the 12 months to 30 June 2025, this excess amount was 0.01% p.a. and is referred to as ‘costs met from reserves’ in the examples.