Guaranteed Income Account - fees
Guaranteed Income Accounts are a way of converting your super to in to a guaranteed income for a set period of time, or for life. Read about the costs involved.
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 a ‘not for profit’ fund.
Fixed Term Guaranteed Income accounts
FEES AND COSTS
| Types of fees and costs | Amount | How & when to pay |
| Investment fee | Nil | Not applicable |
| Administration fee | RCV100 0.20% p.a. of initial investment amount RCV0-99 0.20% p.a. of reducing initial investment amount* | Included in the calculation of your regular income payments (not deducted directly from your account or from your regular income payments) |
| Buy-sell spread | Nil | Not applicable |
| Switching fee | Nil | Not applicable |
| Exit fee | Nil | Not applicable |
| Advice fees | Nil | Not applicable |
| Other fees & costs | Refer to ‘Additional explanation of fees and costs’ in the PDS (see below) for more information on other fees and costs |
There are no indirect fees or charges payable in relation to your Fixed Term Guaranteed Income Account. Costs of providing the account are taken into account when setting the amount of your regular income payments, and assumptions are made about potential investment returns. All fees and costs stated are GST inclusive.
Definitions of the terms used above in relation to fees and costs can be found under the heading 'Additional explanation of fees & costs' on the Super & Pension page.
*The initial investment is reduced after each regular income payment by an amount calculated as: initial investment minus any residual capital value, divided by the total number of income payments in the investment term.
Additional explanation of fees and costs
For a residual capital value (RCV) of 0 – 99, the initial investment is reduced after each regular income payment by an amount calculated as: Initial investment minus any residual capital value, divided by the total number of income payments in the investment term.
Member fee capping
Amounts invested in legalsuper's Fixed Term Guaranteed Income Account and the fees paid on income received are not included in entitlement to member fee capping.
Lifetime Guaranteed Income Accounts
FEES AND COSTS
| Types of fees and costs | Amount | How & when to pay |
| Investment fee | Nil | Not applicable |
| Administration fee | 0.15% p.a. of initial investment amount | Included in the calculation of your regular income payments (not deducted directly from your account or from your regular income payments) |
| Buy-sell spread | Nil | Not applicable |
| Switching fee | Nil | Not applicable |
| Exit fee | Nil | Not applicable |
| Advice fees | Nil | Not applicable |
| Other fees & costs | Refer to ‘Additional explanation of fees and costs’ in the PDS (see below) for more information on other fees and costs |
Additional explanation of fees and costs
There are no indirect fees or charges payable in relation to your Lifetime Guaranteed Income Account. Costs of providing the account are taken into account when setting the amount of your regular income payments, and assumptions are made about potential investment returns and your life expectancy. All fees and costs stated are GST inclusive.
Member fee capping
Amounts invested in legalsuper's Lifetime Guaranteed Income Accounts and the administration fees received by legalsuper are not included in entitlement to Member fee capping.
