legalsuper works hard to keep fees and costs low. Our sole purpose is to maximise the retirement savings of our members. We do not pay commission to agents, and are an ‘all profits for members’ fund.
Fees and costs are set out below.
|Types of fees and costs||Amount||How and when paid|
|Investment Fee||0.69% pa – MySuper balanced (Default option)*
0.09% pa – Cash
0.11% pa – Enhanced cash
0.41% pa – Conservative
0.55% pa – Conservative balanced
0.14% pa – Balanced index
0.69% pa – Balanced
0.72% pa – Growth
0.73% pa – High growth
0.59% pa – Australian shares
0.45% pa – Overseas shares
0.78% pa – Balanced Socially responsible
Direct Investment option**
|For all investment options other than the Direct Investment option these amounts are not deducted directly or separately from your account. They are deducted proportionately from the assets of each investment option and are reflected in the calculations of the weekly unit prices of each option. These fees are an estimate as they have been calculated using anticipated fees of current underlying investment managers and include an estimated level of performance fees and variable expenses. For the
Direct Investment option – Investment transaction fees such as brokerage apply and are charged directly to your DIO Cash Account.
|Administration fee||Direct fee
$1.30 per weekPLUSIndirect fee
0.29% pa of your account.
|For all investment options the Direct fee is deducted from your account on a monthly basis through the sale of units.
For all investment options other than the Direct Investment option the Indirect fee is not deducted directly or separately from your account. It is deducted proportionately from each investment option and is reflected in the calculations of the unit prices of each option.
For the Direct Investment option the Indirect fee is deducted directly from your account through the sale of units from your account on a monthly basis.**
|Buy sell spread||0.16% - MySuper balanced*
0.00% pa – Cash
0.00% pa – Enhanced cash
0.08% - Conservative
0.12% – Conservative balanced
0.20% – Balanced index
0.16% – Balanced
0.17% – Growth
0.19% – High growth
0.20% – Australian shares
0.19% – Overseas shares
0.22% – Balanced socially responsibleDirect Investment option
|This fee will apply when you contribute to the fund (buy units), withdraw from the fund (sell units), or change your investment options (sell and buy units) and is reflected in the difference between the buy and sell price of units in the relevant options. Buy-sell spreads reflect the cost of buying or selling assets and these vary from time to time. for further information click here No buy-sell spread is applicable to the Direct Investment option.|
|Switching fee||Nil||Not Applicable.|
|Exit fee||$50.00||Payable on full or partial withdrawals or transfer out and deducted from your account through the sale of units.|
|Advice fees relating to all members
investing in a particular investment
|Nil||General advice fees are collected as part of the Administration fee above. Personal advice is charged as an Activity fee.|
|Other fees and costs**||As applicable||If applicable, other fees and costs are deducted from your account as they are incurred at your request.**
|Indirect cost ratio (ICR)||0.16% pa – MySuper balanced (Default option)
0.00% pa – Cash
0.00% pa – Enhanced cash
0.10% pa – Conservative
0.13% pa – Conservative balanced
0.03% pa – Balanced index
0.16% pa – Balanced
0.16% pa – Growth
0.16% pa – High growth
0.17% pa – Australian shares
0.11% pa – Overseas shares
0.30% pa – Balanced Socially responsible
|These amounts are not deducted directly or separately from your account. They are deducted proportionately from each investment option and are reflected in the calculations of the unit prices of each option.***|
*The MySuper balanced option is available to Employer-sponsored members only.
** Please refer to section Additional Explanation of Fees and Costs.
For the Direct Investment Option, fees are deducted on the last Friday of the month based on your DIO balance at the time of processing the fee. The DIO balance used may be the balance at the close of the previous business day.
*** The indirect cost ratio (ICR) is an estimate of the operating and transaction costs associated with maintaining an investment portfolio. It is calculated based on available information from underlying managers, taking into account the Fund’s experience for the year ending 30 June 2017. This is legalsuper’s best estimate of future transaction and operating costs, but is subject to change from time to time.
Note: Sale of units – The units to be sold to meet the fees in the above table are initially based on the proportions of your initial investment choice profile you select when you first apply to join legalsuper. If you change your investment choice profile for future contributions then the units to be sold will reflect the proportions of your latest investment choice profile recorded from that point onwards. If at any time there are insufficient units available to meet the fees using your current investment choice profile then the units to be sold will revert to a previous investment choice profile. All fees and costs stated are GST inclusive unless otherwise stated
Additional explanation of fees and costs
Insurance fee: If applicable your account will be debited with any insurance fee payable by you for Death and TPD, Death or Salary Continuance cover.
Advice fee: legalsuper enables you to pay an adviser an agreed fee from your superannuation account. Only fees that relate to advice given to you about your superannuation investment may be paid from your account. legalsuper reserves the right to reject an application and request further information.
DIO Account fee: $20 per month ($240pa) is deducted from your legalsuper account to access the Direct Investment option.
DIO Brokerage: Brokerage is paid each time you purchase or sell stock in your DIO account. Please refer to the PDS and relevant Additional Information document for further details.
Family Law: The Trustee does not currently charge for information provided to members in relation to Family Law matters.
Member fee capping
Where a member has an account balance* at 30 June at the end of the financial year which has exceeded
an average balance of $350,000 during that entire financial year, their administration fees for that year
will be capped.
Administration fees are the sum of the direct fee of $1.30 per week plus the 0.29% per annum indirect fee based
on your average account balance during the year. Where the cap applies and administration fees are to be
rebated, the rebate will take place within 4 months after the end of the relevant financial year.
*The fee cap will not apply where a member’s account is closed on or before 30 June during that financial year.
Fee aggregation links all your account(s) for the purpose of calculating the capped administration fees.
legalsuper will identify your accounts where the name and date of birth are identical.
For example, a member may have a superannuation account and a pension account. This can
mean a reduction in the administration fee payable by you where your combined account balances
exceed the average balance of $350,000 for the entire financial year.
EXAMPLE - For a member with a weighted average aggregate balance at 30 June of $800,000
Administration fee paid $2,455.20
Administration fee cap $1,082.60
Fee Rebate $1,372.60