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Home Super & retirement Fees & costs Super & Pension - fees

Super & Pension - fees

The fees and costs involved with being a legalsuper member, as an Employer-sponsored, Personal (self-employed), TTR or Pension member.

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 commissions 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.

Administration fees

Our Administration fee is made up of two parts. A Direct fee and an Indirect fee. The Administration fee is capped, to make sure we're only charging you to cover our operating costs. 

Direct Administration fee

$1.30 per week ($67.60 p.a.) plus

Indirect Administration fee

0.29%  p.a. based on your average account balance during the year.

How and when Administration fees are paid
Direct Administration feeDirectly deducted from your account monthly, through the sale of units. You can see these  transactions in MemberAccess.
Indirect Administration feeIndirectly deducted from your account, through the calculation of the daily unit price. You can't see the Indirect fee in your transactions, but you can see this amount in your annual statement. The fee is based on your average account balance during the year.

If you have insurance cover, invest in Direct Investments or take other actions, additional fees may be deducted directly from your account. See details for other fees which may apply below. 

Investment fees

These indirect fees cover the cost of managing investments. The fees you're charged depend on the investment option/s you're invested in. If you're unsure where you're super is invested, login to MemberAccess or call us to find out. 

The three types of Investment fees are

  • Investment fee
    They are deducted proportionately from the assets of each investment option and are reflected in the calculations of the daily unit prices of each option
  • Indirect Cost Ratio (ICR)
    Are an estimate of the operating and transaction costs associated with maintaining an investment portfolio.
    They are deducted proportionately from the assets of each investment option and are reflected in the calculations of the daily unit prices of each option
  • Buy-sell spread
    This fee will apply when you buy units or sell units, by contributing, withdrawing or changing your investment option/s. This is reflected in the unit price when units are bought and sold in the relevant options
Investment optionInvestment  fee (% p.a.)ICR (% p.a.)Buy-sell spread (% p.a.)
Enhanced  Cash0.120.000.00
Conservative  balanced0.490.170.10
Balanced  index0.140.040.15
MySuper  balanced0.620.200.14
Balanced  Socially responsible0.720.380.30
High  growth0.570.180.16
Australian  shares0.540.180.18
Overseas  shares0.440.160.17

Investment fees explained

Investment fees and ICRs
These costs are not charged directly to legalsuper, and they're not deducted directly from your account. They are paid indirectly by other parties, such as a property or infrastructure trusts in which we invest on your behalf. As these costs are met, they are deducted from the overall value of the asset, which is reflected in the unit prices of your investment option/s. While they're not deducted directly from your account, they do indirectly affect the value of your investment.

They are calculated annually as a percentage of the money you have in your investment options. The amounts shown are estimates only based on investment costs for the financial year ending 30 June 2020, and change from time to time.

Buy-sell spread
When you transact in an investment option (e.g. by contributing to your super, switching from one investment option into another or withdrawing money from your super), this triggers a process to trade the underlying assets in a particular investment choice. A buy-sell spread is the difference between entry price and exit price of an investment option, and is a cost incurred by members each time they invest into or withdraw from an investment option. The proceeds from a buy-sell spread is added to the assets of the investment option, thereby repaying the other members invested in that option for costs incurred.

Fee capping

The fees we charge are capped to ensure that no matter your balance, you are only paying to recover operating costs. All our profits are returned to our members.

legalsuper caps administration fees for members with balances of over the administration fee cap threshold and also balances less than $6,000.

Balances over the administration fee cap threshold  

Up to 31 October 2020, if your average account balance* at the end of a financial year exceeds $350,000 during the entire financial year, legalsuper caps the total combined amount of administration fees (including the DIO Asset fee and DIO Account fee (if applicable)) so that you are only charged administration fees up to the administration fee cap threshold.

Where the fee cap applies, any excess fees will be rebated effective 1 July of the next financial year and the rebate will be shown on your next annual statement. The rebate will be processed within 4 months after the end of the relevant financial year.

If you exit legalsuper after 30 June, but before the fee cap rebate is applied, you will receive the fee cap rebate as an additional payment.

Changes effective 1 November 2020

1. The administration fee cap threshold will increase from $350,000 to $450,000.

This means that, for the 2020/21 financial year, the administration fee rebate threshold will be $350,000 up to 31 October 2020 and $450,000 from 1 November 2020.

2. The administration fee cap threshold will then be indexed annually from 1 July 2021, in accordance with the ‘All Groups Consumer Price Index (CPI)’.

The table below shows the treatment for the 2020/21 and 2021/22 financial years:

Financial YearAdministration fee cap threshold
1 July 2020 to 30 June 2021

$350,000 to 31 October 2020 (123 days) and then

$450,000 to 30 June 2021 (242 days) i.e.

= ($350,000 x 123/365) + ($450,000 x 242/365)

= $416,301.37.

1 July 2021 to 30 June 2022$450,000 indexed in accordance with the annual movement of the All Groups CPI between 30 June 2020 to 30 June 2021.

*The fee cap will not apply where a member’s account with legalsuper is closed on or before 30 June during that financial year.

Balances under $6,000     
For account balances less than $6,000 at the end of the financial year, the total combined amount of direct and indirect administration fees (including the DIO Asset fee (if applicable)), investment fees, other indirect costs (but not DIO brokerage fees), the DIO Account fee (if applicable) and the DIO Cash account fee (if applicable) charged to you is capped at 3% of the account balance.
Any amount charged in excess of the cap will be refunded.

Insurance fees

These fees are your insurance premiums. You are charged these if you have insurance with us; the amount you are charged is dependent on the level or amount and type of cover you have, and your age. You can log in to your account to view your premiums, use our insurance calculator, or refer to our Product Disclosure Statement.

Additional Information, Employer Sponsored & Personal Super - Product Disclosure Statement (628.73 KB)

Activity fees and other costs for additional services

An Activity fee is a type of fee which is  only charged in the instance that we provide you with a particular service, or particular account activity happens. for example, a family law split fee, where you're charged to split your super following a separation and family law court order.

Activity fees include
Insurance feeIf applicable your account will be debited with any insurance fee payable by you for Death and TPD,  Death and/or Salary Continuance cover. 
Advice feelegalsuper 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.
Family LawThe Trustee does not currently charge for information provided to members in relation to Family Law matters.
Buy-sell spreadsA 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. These are listed in the investment costs section above. 
Contribution splitting feeWhen you transfer contributions into you spouse's super account, a fee of $50 will be charged to your account.
Direct Investments
There are additional costs for the flexibility of investing directly in a selection of ASX listed shares, ETF's & LIC's & term deposits through our Direct Investment option. Find the detail about all fees charged to Direct Investment members here.

Refer to the legalsuper Product Disclosure Statement and supporting Additional Information document or legalsuper Pension PDS for further details in relation to all fees and charges.