We’ve lowered our administration fees
1 October 2018
As a result of our recent pricing review, we have reduced our administration fee for GESB Super, West State Super, Transition to Retirement Pension, RI Allocated Pension and Term Allocated Pension members. This change took effect on 1 October 2018.
If you’re a Gold State Super or WA Public Sector Pension Scheme member, this doesn’t affect you. We don’t charge you any fees for administration, insurance or other running costs.
For all of our other members, here’s a summary of what this change means for you:
- GESB Super
- West State Super
- RI Allocated Pension
- Transition to Retirement Pension
- RI Term Allocated Pension
GESB Super administration fee change
From 1 October 2018, we will reduce the percentage-based part of the administration fee from 0.28% p.a. to 0.20% p.a. of your monthly account balance. There will be no change to the account keeping fee.
Here’s an explanation of our administration fee
The cost for managing your account includes:
- A fixed account keeping fee and
- A percentage-based charge, which is calculated as a percentage of your monthly balance and includes a contribution to risk reserves
The table below shows the existing fees and new fee amounts from 1 October.
GESB Super administration fee change
| Type of fee or cost | Previous fee amount | Fee amount effective 1 October 2018 | How and when paid |
|---|---|---|---|
| Administration fee The fee for managing your account |
$66 p.a. ($5.50 per month) as an account keeping fee + 0.28% p.a. of your monthly account balance |
$66 p.a. ($5.50 per month) as an account keeping fee + 0.20% p.a. of your monthly account balance | Deducted each month from your account |
Note: other fees and costs apply. For more information, see our GESB Super schedule of fees.
Learn more about GESB Super fees and costs.
West State Super administration fee change
From 1 October 2018, we will reduce the percentage-based part of the administration fee from 0.06% p.a. to 0.04% p.a. of your monthly account balance. There will be no change to the account keeping fee.
Here’s an explanation of our administration fee
The cost for managing your account includes:
- A fixed account keeping fee and
- A percentage-based charge, which is calculated as a percentage of your monthly balance and includes a contribution to risk reserves
The table below shows the existing fees and new fee amounts from 1 October.
West State Super administration fee change
| Type of fee or cost | Previous fee amount | Fee amount effective 1 October 2018 | How and when paid |
|---|---|---|---|
| Administration fee The fee for managing your account |
$66 p.a. ($5.50 per month) as an account keeping fee + 0.06% p.a. of your monthly account balance |
$66 p.a. ($5.50 per month) as an account keeping fee + 0.04% p.a. of your monthly account balance | Deducted each month from your account |
Note: other fees and costs apply. For more information, see our West State Super schedule of fees.
Learn more about West State Super fees and costs.
RI Allocated Pension and Transition to Retirement Pension fee change
We don’t charge a separate fee for managing your account. Instead, we include these costs in our total Indirect Cost Ratio (ICR).
From 1 October 2018, we will reduce our administration fee from 0.20% p.a. to 0.12% p.a. of your monthly account balance. This will reduce the ICR that applies to your account.
Here’s an explanation of our estimated Indirect Cost Ratio
The Indirect Cost Ratio (ICR) includes the fee for managing your account, as well as all of the investment costs and any additional underlying costs relating to your investment. It is an annual percentage fee, which covers the cost of managing the fund's investments, including a proportion allocated to risk reserves.
RI Allocated Pension and Transition to Retirement Pension's ICR is not fixed. It is reviewed periodically and adjusted to take into account prevailing investment expenses. The actual ICR can only be determined at the end of each financial year.
The cost of managing different investments varies, so the ICR is different for each investment plan.
The table below shows the change in the estimated ICR for your account. To find out the estimated ICR for your investment plan, visit our Investment options section, select the ‘Product dashboard’ for your plan, and then click on the ‘Fees’ tab.
RI Allocated Pension & Transition to Retirement Pension administration fee change
| Type of fee or cost | Previous fee amount | Fee amount effective 1 October 2018 | How and when paid |
|---|---|---|---|
| Indirect Cost Ratio (ICR) See our explanation above for a description of this fee | Estimated to be between 0.26% p.a. and 0.93% p.a. of the value of your investment, depending on which investment plan you choose | Estimated to be between 0.18% p.a. and 0.85% p.a. of the value of your investment, depending on which investment plan you choose | Deducted from the fund’s assets before the daily unit price is calculated |
Note: other fees and costs apply. For more information, see our Retirement Income Pension Product Information Booklet.
Learn more about RI Allocated Pension fees or Transition to Retirement Pension fees.
RI Term Allocated Pension fee change
We don’t charge a separate fee for managing your account. Instead, we include these costs in our total Indirect Cost Ratio (ICR).
From 1 October 2018, we will reduce the administration fee from 0.70% p.a. to 0.28% p.a. of your monthly account balance. This will reduce the ICR that applies to your account.
Here’s an explanation of our estimated Indirect Cost Ratio
The Indirect Cost Ratio (ICR) includes the fee for managing your account, as well as all of the investment costs and any additional underlying costs relating to your investment. It is an annual percentage fee, which covers the cost of managing the fund's investments, including a proportion allocated to risk reserves.
RI Term Allocated Pension's ICR is not fixed. It is reviewed periodically and adjusted to take into account prevailing investment expenses. The actual ICR can only be determined at the end of each financial year.
The cost of managing different investments varies, so the ICR is different for each investment plan.
The table below shows the change in the estimated ICR for your account. To find out the estimated ICR for your investment plan, visit our Investment options section, select the 'Product dashboard' for your plan, and then click on the ‘Fees’ tab.
RI Term Allocated Pension ICR administration fee change
| Type of fee or cost | Previous fee amount | Fee amount effective 1 October 2018 | How and when paid |
|---|---|---|---|
| Indirect Cost Ratio (ICR) See our explanation above for a description of this fee | Estimated to be between 0.76% p.a. and 1.44% p.a. of the value of your investment, depending on which investment plan you choose | Estimated to be between 0.34% p.a. and 1.02% p.a. of the value of your investment, depending on which investment plan you choose | Deducted from the fund’s assets before the daily unit price is calculated |
Note: other fees and costs apply. For more information, see RI Term Allocated Pension fees.
Learn more about RI Term Allocated Pension fees.
Find more information and tools
You can use our new Retirement planning calculator to help you work out the effect of fees and costs on your account.
For a full summary of fees and costs for your account, see the relevant schedule of fees or Product Information Booklet below:
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