Super & Pension
The fees and costs involved with being a legalsuper member, as an Employer-sponsored, Personal (self-employed), TTR or Pension member.
Fees & costs
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.
The below fees and costs apply to legalsuper Employer-sponsored, Personal, Spouse, Transition to Retirement & Pension accounts. For fee information for other account types, please view the fees relating to the Direct Investment option, or the Guaranteed Income account.
|Types of fees and costs||How and when the fee is paid||Amount|
|Investment Fees||The investment fee is not deducted directly or separately from your account. The fee is 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. ||The amount varies according to your chosen investment option(s).|
0.69% pa - MySuper balanced
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
|Administration fee||The Direct fee is deducted from your account on a monthly basis through the sale of units. |
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.
|Direct fee $1.30 per week |
PLUS Indirect fee
0.29% p.a. of your account.
Fee capping: Where a member has an account balance which exceeds $350,000 at the close of the financial year, the administration fee for that year will be capped. See below Additional Explanation of fees & costs below for conditions.
|Buy-Sell spread||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. ||The amount varies according to your chosen investment option(s).|
0.16% – MySuper balanced*
0.00% – Cash
0.00% – 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 responsible
|Switching fee||Not Applicable.||Nil|
|Exit fee||Payable on full or partial withdrawals or transfer out and deducted from your account through the sale of units.||$50.00|
|Advice fees||General advice fees are collected as part of the Administration fee above. Personal advice is charged as an Activity fee.||Nil|
|Other fees and costs**|
If applicable, other fees and costs are deducted from your account as they are incurred at your request.
|As applicable - please refer to the Additional Explanation of fees and costs below.|
|Indirect cost ratio (ICR)||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 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 2018. This is legalsuper’s best estimate of future transaction and operating costs, but is subject to change from time to time.
|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
For more information about fees and costs please see our PDS www.legalsuper.com.au/product-disclosure-statements
Note: The MySuper balanced investment option is available to Employer-Sponsored members only.
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
An administration fee is a fee that relates to the administration or operation of the superannuation entity and includes costs incurred by the trustee of the entity that:
- relate to the administration or operation of the entity; and
- are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.
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.
Member fee capping
Where a member has an account balance* at 30 June at the end of the financial year which exceeds $350,000, 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
An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:
- fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
- costs incurred by the trustee of the entity that:
- relate to the investment of assets of the entity; and
- are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.
Indirect cost ratio
The indirect cost ratio (ICR), for a MySuper product or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option. Note: A dollar-based fee deducted directly from a member's account is not included in the indirect cost ratio.
A switching fee is a fee to recover the costs of switching all or part of a member's interest in the superannuation entity from one class of beneficial interest in the entity to another.
A fee is an activity fee if:
- The fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee; and
- Those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, an advice fee or an insurance fee.
|Activity fees include|
|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.|
A fee is an advice fee if:
The fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product advice to a member by: a trustee of the entity; or another person acting as an employee of, or under an arrangement with, the trustee of the entity; and those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an insurance fee.
|DIO Account fee||$20 per month ($240 p.a.) 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.|
|Buy-sell spreads||A buy-sell spread is a fee to recover transaction costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assets of the entity.|
|Exit fees||An exit fee is a fee to recover the costs of disposing of all or part of members' interests in the superannuation entity.|