We’re updating our fee information

The Australian Securities and Investments Commission (ASIC) has introduced new rules around how we communicate (or disclose) some of our fees.

Here’s a quick overview:

• These changes affect you if you have a GESB Super, West State Super, Retirement Income Pension and RI Term Allocated Pension account
• These rules are known as Regulatory Guide 97 – or RG97 – and apply across the super industry

The aim of RG97 is to make it easier for you to compare different super and investment products, and give you a clear picture of the total cost of your investments.

RG97 won’t change the amount of fees you are charged

RG97 won’t change the fees for your account or impact the performance of your investment.

You might notice small changes to the way some of our fees are grouped and explained in your Product Information Booklets and other important documents about your account.

The Indirect Cost Ratio will generally be higher on your Member Statements and documents

This does NOT mean you’re being charged more – it’s just that ‘indirect costs’ will now include fees previously not included, such as ‘transactional’ or ‘operational’ costs.

Here’s a reminder of what those fees and costs mean:

• Indirect costs – these relate to the underlying investments in your account, which may reduce the return on your investment. These costs form part of what’s known as our Indirect Cost Ratio (ICR)
• Transactional and operational costs – these are incurred when our investment managers buy or sell assets in your investment plan

Find out more about RG97

From 20 October 2017, you will find on our brochures page updated fee information in the next issues of our:

• GESB Super Product Information Booklet
• GESB Super schedule of fees
• West State Super Product Information Booklet
• West State Super schedule of fees
• Retirement Income Pension Product Information Booklet

These changes will also be reflected in your next Member Statement, for the 12 months ending 30 June 2018.

If you would like to learn more about the fees for your investment options, or how we invest your super and retirement savings, please visit:

• Super investment options
• Retirement investment options

If you have any questions about our fees or these changes, please call us on 13 43 72 – we’re available Monday to Friday between 7.30am and 5.30pm (AWST).