A small percentage can make a huge difference in the long term when it comes to fees and costs.
Super is a long-term product, so it’s a good idea to compare us with the market and make sure you’re getting the best value for money.
As one of Australia’s largest superannuation funds, we use our size and stability to keep costs down. Your fees go directly towards the costs of managing your investments and providing great member services such as seminars and financial advice.
4 things to consider with fees and costs
Look at the total cost
Super funds can report their fees in different ways, so make sure that you’re comparing apples with apples, and look at the total cost. Every MySuper fund will have a product dashboard available on their website that helps you to compare fees and costs.View product dashboard
It’s about more than just fees
The growth of your super balance depends on a range of factors, not just fees. Investment returns are also a big factor in growing your superannuation savings, although a fund or option that has performed well in the past won't necessarily perform well in the future. You should also consider the level of service and features like simple advice that can help you to manage your super effectively. An independent comparison service can help you to compare different super funds.Compare funds
Are you paying fees for multiple accounts?
If you have multiple accounts, then you may be paying multiple sets of fees. Consider if it’s in your best interests to combine your accounts into one to save on fees. When considering whether it’s in your best interests to combine your accounts, remember to check whether you will lose and be able to get the equivalent type of insurance cover and where future employer contributions may be paid.Combine your super
Think about your insurance needs
Insurance is often provided automatically with your super unless you opt out. Assess what cover you need, then check what your level of cover is and how much it costs, as premiums and levels of cover available will vary.Calculate costs and cover
Investment fees reflect a broad range of fees and costs associated with the purchase/sale and ongoing management of investments of the fund and underlying investment vehicles. This includes fees paid to investment managers, as well as amounts paid to a variety of third parties such as our custodian, brokers and government authorities. These amounts are paid from the assets of the investment option before we calculate the unit price and are not deducted directly from your account.
Important: Apart from the Trustee charge, the investment fees shown below are indicative only and are based on the estimated fees and costs for each investment option for the 12 months to 30 June 2021.
Investment fees may vary from year to year and cannot be precisely calculated in advance. The amount you'll pay in future years will depend on the actual fees and costs incurred by the trustee in managing the investment option and the Trustee charge. Past costs are not a reliable indicator of future costs.
Implicit transaction, borrowing and property operating costs may also affect your investment but are not included in the table below.
Estimated investment fees (% per year)
|Investment option||Investment- related costs||Performance- related costs||Transaction costs||Other fees and costs||Trustee charge||Total investment fees|
|Diversified Socially Responsible Investment||0.24%||0.10%||0.06%||0.09%||0.04%||
|Australian Equities Socially Responsible Investment||0.17%||0.00%||0.04%||0.03%||0.00%||
|Australian Fixed Interest||0.04%||0.00%||0.00%||0.02%||0.00%||
|International Fixed Interest||0.06%||0.00%||0.00%||0.21%||0.00%||
What do investment fees include?Show more
Investment-related costs reflect fees paid to investment managers as well as the costs of the Aware Super investment team which is responsible for setting the fund’s investment strategy, overseeing the fund’s investment portfolios, and managing certain investments in house.
We don’t directly deduct any performance-based fees from member accounts. However, we have performance fee arrangements with a number of external investment managers. These costs may be paid from the assets of the fund or deducted from underlying investment vehicles and are subject to change without notice to you. Performance-related costs reflect the estimated performance fees incurred in relation to these investment options for the year ending 30 June 2021.
Transaction costs include brokerage, clearing fees, stamp duty, commissions, buy/sell spreads and due diligence costs.
Other fees and costs
Other fees and costs reflect a range of other expenses associated with the fund’s investments. This includes fees paid to the custodian to hold the assets of the fund, as well as amounts paid to accounting/audit and tax specialists to assist with the reporting obligations of certain investments. It also includes the costs associated with the fund's securities lending program and the estimated costs associated with the use of over-the-counter (OTC) derivatives.
A Trustee charge of 0.04% applies to the diversified options (i.e. the High Growth, Growth, Diversified Socially Responsible Investment, Balanced Growth and Conservative Growth options). We will give you at least 30 days’ notice, as required by law, before increasing the Trustee charge for any of the investment options.
Total investment fees
Total investment fees reflect the total of investment-related costs, performance-related costs, transaction costs, other fees and costs and the trustee charge.
Additional information on other types of fees and costs for accumulation accounts are provided below
If you have an accumulation account, you’ll pay $52 per year ($4.33 per month) plus an asset-based administration fee of 0.15% of your account balance each year (up to a maximum of $750).
You will pay insurance premiums if you have insurance. The amount you pay depends on the level/ amount of cover you have, your age, and the type of work you do.
In addition, to offset the costs of administering your insurance we retain $1.20 per year, per unit of death and total and permanent disablement (TPD) cover, and $0.60 per year, per unit of death cover only.
If you’re a member, you can log into your account to view your insurance cover and monthly premium.You can read more about our insurance here
We can provide simple advice in relation to your Aware Super account over the phone at no additional cost to you.
You will only be charged an advice fee if you would like more complex advice, and the fees you’ll pay will be discussed and agreed with you at that time. The first meeting is complimentary and if you decide not to go ahead, there's no obligation.
Other potential fees
|Type of fee or cost||Amount||How and when paid|
|Buy-sell spread||Nil||The fund does not charge a buy-sell spread.|
|Switching fee||Nil||The fund does not charge a switching fee.|
Please note from financial year 2020, exit fees can no longer be charged by superannuation trustees except as allowed by regulations. The trustee does not charge an exit fee for this product.
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The fees shown are the same for MySuper and Choice members. ↩