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Home Super & retirement Fees & costs Guaranteed Income Account

Guaranteed Income Account

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 costsAmountHow & when to pay
Investment feeNilNot applicable
Administration feeRCV100 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 spreadNilNot applicable
Switching feeNilNot applicable
Exit fee$50.00Payable on a full withdrawal
Advice feesNilNot applicable
Other fees & costsRefer to ‘Additional explanation of fees and costs’  in the PDS (see below) for more information on other fees and costs
Guaranteed Income Account Product Disclosure Statement (451.8 KB)


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 costsAmountHow & when to pay
Investment feeNilNot applicable
Administration fee0.15% p.a. of initial investment amountIncluded in the calculation of your regular income payments (not deducted directly from your account or from your regular income payments)
Buy-sell spreadNilNot applicable
Switching feeNilNot applicable
Exit fee$50.00Payable on a full withdrawal if made within the chosen withdrawal period (full withdrawals cannot be made once the chosen withdrawal period has expired)
Advice feesNilNot applicable
Other fees & costsRefer to ‘Additional explanation of fees and costs’ in the PDS (see below) for more information on other fees and costs
Guaranteed Income Account Product Disclosure Statement (451.8 KB)


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.