Fee changes to GESB accounts

Here is a summary of the changes we have made to fees in previous years. For up-to-date information on the fees for your account, please refer to the relevant Product Information Booklet.

Updated fee information from 30 September 2022

We’ve changed the way we disclose and group some of our fees from 30 September 2022. This has been done to align with Australian Securities and Investment Commission (ASIC) guidelines. What was previously referred to as the ‘Indirect Cost Ratio (ICR)’ is now included in ‘Investment fees and costs’. This update is visible in your member statement, our Schedule of fees and Product Information Booklets. Please note, these changes do not impact the fees charged to your account. To view our most recent Schedule of fees and Product Information Booklets, visit our Brochures and fact sheets page.

We reduced administration fees for GESB Super in 2021

We reduced administration fees for GESB Super members, effective 1 October 2021. The Administration Expense Ratio (AER) decreased from 0.20% p.a. to 0.16% p.a. The AER, also referred to as an ‘administration fee’, is calculated on your monthly balance. There was no change to the fixed component of the administration fee.

To see an example of how fees and costs for the My GESB Super plan can affect a super investment over a one-year period, read the GESB Super schedule of fees.

We removed our transaction fees in 2018

We removed our transaction fees for GESB Super, West State Super, Transition to Retirement Pension, RI Allocated Pension and Term Allocated Pension members, effective 15 December 2018. Find out what this means for you and your retirement savings.

We updated our fee information in 2017

The Australian Securities and Investment Commission (ASIC) introduced new rules around how we communicate (or disclose) our fees from 30 September 2017. Find out more.

We introduced service fees on 1 July 2016

Please read our service fee notification for details.

Fee changes for GESB Super, West State Super and RI Allocated Pension for the 2015/16 financial year

The information below relates to the fee changes for GESB Super, West State Super and RI Allocated Pension for the 2015/16 financial year. The changes took effect on 1 July 2015 and were outlined in our February 2015 Product Update to all members.

For GESB Super members

There was a change to the administration fee for GESB Super effective 1 July 2015. As a result, fees for a small number of GESB Super members increased. However, most members were not affected.

The table below shows the change in total fees for each GESB Super plan, assuming an account balance of $50,000.

The Administration Expense Ratio (AER) increased from 0.15% p.a. to 0.28% p.a. The AER, also referred to as an ‘administration fee’, is calculated on your monthly balance and includes a contribution to the risk reserves. There was no change to the fixed component of the administration fee.

There  was also a change to the indirect costs that apply to your super. The Indirect Cost Ratio (ICR) for GESB Super changed from an estimated range of 0.13% - 0.61% p.a. to 0.06% - 0.46% p.a. For some investment options, the overall cost of investing increased. The ICR varies for each investment plan.

To see an example of how fees and costs for the My GESB Super plan can affect a super investment over a one-year period, which you can compare with other super funds, refer to the GESB Super schedule of fees.

For West State Super members

Fees were reduced across all West State Super investment plans.

The table below shows the change in total fees for each West State Super plan assuming an account balance of $50,000.

There was a reduction from 0.15% p.a. to 0.06% p.a. in the Administration Expense Ratio (AER). The AER, also referred to as an ‘administration fee’, is calculated on your monthly balance and includes a contribution to the risk reserves. There was no change to the fixed component of the administration fee.

There  was also a change to the indirect costs that apply to your super. The Indirect Cost Ratio (ICR) for West State Super changed from an estimated range of 0.13% - 0.61% p.a. to 0.06% - 0.47% p.a. The ICR varies for each investment plan.

To see an example of how fees and costs for the My West State Super plan can affect a super investment over a one-year period, which you can compare with other super funds, refer to the West State Super schedule of fees.

For RI Allocated Pension members

Fees were reduced for RI Allocated Pension.

The table below shows the change in total fees for RI Allocated Pension plans, assuming an account balance of $50,000.

There was a reduction from 0.30% p.a. to 0.20% p.a. in the administration fee that is calculated on your RI Allocated Pension monthly balance.

There was also a change to the indirect costs that apply to your allocated pension. The Indirect Cost Ratio (ICR) for an RI Allocated Pension changed from an estimated range of 0.38% – 0.77% p.a. to 0.26% - 0.65% p.a. The ICR varies for each investment plan.

To see an example of how fees and costs for the Balanced plan for RI Allocated Pension can affect a super investment over a one-year period, which you can compare with other allocated pension products, refer to the Retirement Income Pension Product Information Booklet.