Take control of your income in retirement. Learn more about the features and costs of our income streams and compare us with other pension funds.
Our income stream features
Payment drawdown options
If you invest in more than one option, you can ask us to draw your payments from your investment options in 3 ways: pro-rata, priority, or percentage (online only).
Estate planning options
You have three options available for nominating a beneficiary when you have an income stream with us. You can elect for a:
- reversionary beneficiary
- non-lapsing or lapsing binding death benefit nomination
- non-binding death benefit nomination.
It’s important to understand where your superannuation is invested and how those investment options are performing. You can do this by checking the investment returns.
Fees and costs
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.
Investment fees vary from year to year and can't be precisely calculated in advance. 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 2020, apart from the Management fee (only applicable to Retirement income stream) which was introduced on 1 April 2020 and represents the amount charged from this date. The amount you’ll pay in future years will depend on the actual amounts incurred by the trustee in managing the investment options and the Management fee, where applicable. Past costs are not a reliable indicator of future costs.
These amounts 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.
Implicit transaction, borrowing and property operating costs may also affect your investment but are not included in the table below. For more information refer to the fees and costs section of the or as relevant.
Transition to retirement income stream
Estimated investment fees (% per year)
|Investment option||Investment- related costs||Performance- related costs||Transaction costs||Other fees and costs||Total investment fees|
|Diversified Socially Responsible Investment||0.23%||0.07%||0.06%||0.15%||
|Australian Equities Socially Responsible Investment||0.16%||0.00%||0.05%||0.04%||
|Australian Fixed Interest||0.05%||0.00%||0.00%||0.03%||
|International Fixed Interest||0.06%||0.00%||0.00%||0.21%||
Retirement income stream
Estimated investment fees (% per year)
|Investment option||Investment-related costs||Performance-related costs||Transaction costs||Other fees and costs||Management fee||Total investment fees|
|Diversified Socially Responsible Investment||0.23%||0.07%||0.06%||0.14%||0.15%||0.65%|
|Australian Equities Socially Responsible Investment||0.15%||0.00%||0.05%||0.08%||0.06%||0.34%|
|Australian Fixed Interest||0.04%||0.00%||0.00%||0.04%||0.06%||0.14%|
|International Fixed Interest||0.05%||0.00%||0.00%||0.26%||0.06%||0.37%|
What do investment fees include?
Investment-related costs reflect fees paid to external investment managers and specialist investment consultants, as well as the costs of our internal investment team.
We do not charge a performance fee. However, performance fee arrangements are in place with a number of external investment managers. Performance-related costs reflect the performance fees incurred in relation to these managers for the year ending 30 June 2020.
Transaction costs include brokerage, clearing fees, stamp duty, commissions, buy/sell spreads and due diligence costs.
Other fees and costs
Other fees and costs includes fees paid to the custodian to hold the assets of the fund, amounts paid to accounting/ audit and tax specialists, costs associated with the fund's securities lending program, as well as costs associated with the use of over-the-counter (OTC) derivatives. For Transition to Retirement Income Stream, other fees and costs also includes the trustee’s charge of 0.04% per year for the diversified investment options (i.e. the High Growth, Growth, Diversified SRI, Balanced Growth and Conservative Growth investment options).
A management fee is payable for expenses related to the development of enhanced retirement offerings, retirement specific product management strategies and expenses incurred by the trustee (e.g. fund governance). Note that the management fee only applies to Retirement Income Stream.
Total investment fees
Total investment fees reflect the total of investment-related costs, performance-related costs, transaction costs, other fees and costs and the management fee (for Retirement Income Stream accounts only).
Other fees, such as administration fees are deducted from your account balance. Additional details on the various types of fees and costs are provided below.
If you have an income stream account, you’ll pay $52 per year ($4.33 per month) plus an asset-based administration fee of 0.20% per year ($100 per $50,000). The asset-based administration fee is capped at $1,500 per year ($125 per month).
No insurance cover is available through your Aware Super Retirement Income Stream or Transition to Retirement Income Stream.
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 an exit fee.|