Significant Event Notice - effective 14 December 2023
1. Changes to Investment fees and costs
You pay investment fees to cover the investment costs of your super and/or pension account. These costs include expenses relating to the investment management of legalsuper’s assets, such as base and performance related fees paid to investment managers, management fees charged in investment vehicles, asset consulting fees (if applicable), bank fees, custodian fees and internal legalsuper costs related to the management of the Fund’s assets.
How the fee is applied
Investment fees and costs are taken into account in the calculation of the unit prices for the investment options and are therefore reflected in the returns allocated to your account through changes in the daily unit prices.
Details of the change
The table below shows the Investment fees and costs for each investment option to be applied from 14 December 2023. The fees and costs apply to the balance held in the investment option and are rounded to the nearest two decimal places.
|Investment option (estimated)*||Investment fees & costs (%pa)|
(Non-Pension Default option –
Employer-sponsored members only)
|Balanced Socially Responsible||0.59|
Including administration fees and costs and transaction costs, the changes above will increase the cost of product for one year for the legalsuper MySuper Balanced investment option for an account balance of $50,000 from $546.92 previously to $596.92 from 14 December 2023.
* Due to rounding, individual components may not equal the ‘Cost of product’.
2. Tax rebate on insurance premiums
If you have insurance through your legalsuper Superannuation account, from 1 January 2024, the 15% tax rebate on insurance premiums will no longer be applied to your account and will be retained in the Fund to pay for the administration of your account.