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What are the fees?

Did you know?

Small differences in both investment performance and super fund fees and charges can have a substantial impact on your long term returns.

For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30 year period (reducing $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask us or your financial adviser.

To find out more

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) have an online super calculator to help you check out different options.

Our fees and charges

Fees and costs may be deducted from your money, from the returns on your investment or from the fund assets as a whole. You should read all of the information about fees and costs because it is important to understand their impact on your investment.

Prime Super Fees

 Amount How and when paid
Fees when your money moves in or out of the Fund. Note: none of these fees are negotiable
Establishment fee

The fee to open your investment.		 Nil Not applicable.
Contribution fee (entry fee)

The fee on each amount contributed to your investment either by you or your employer.		 Nil Not applicable.
Withdrawal fee

The fee on each amount you take out of your investment.		 $70 for the first withdrawal.
$35 for subsequent withdrawals.		 Is charged to your account when a full or partial withdrawal is processed unless the payment is a retirement, death, total and permanent disability, compassionate or hardship benefit payment.
Termination fee

The fee to close your investment.		 $10 Only if termination is processed to an ERF. Nil in all other cases. Fee is charged when your account is transferred.

Management Costs
The fees and costs for managing members’ investments.

A Member fee of:

(a) $1.00 per week ($52.00 p.a.), and

(b) 0.5% per annum of member's account balances to $100,000, then nil on amounts over $100,000,

 is charged together with:

A percentage of members’ account balances which depends on the investment option chosen as shown below:

Investment Option ICR Cost* (including a PBF**)

Default: 0.68% p.a. (includes a PBF of 0.13%)
Managed Growth: 0.83% p.a. (includes a PBF of 0.11%)
Conservative: 0.48% p.a. (includes a PBF of 0.05%)
Target Return: 1.04% p.a. (includes a PBF of 0.02%)
Australian Shares: 0.38% p.a. (includes a PBF of 0.14%)
International Shares: 0.80% p.a. (includes a PBF of 0.40%)
Property: 1.79% p.a. (no PBF was paid)
Fixed Interest: 0.28% p.a. (no PBF was paid)
Cash: 0.22%p.a. (no PBF was paid)

The Member fee is deducted on the monthly 'anniversary' of the account opening, except if the member is leaving the Fund, in which case it is applied immediately.

The component of the Member fee based on the member's account balance for a 12-month period is capped at $552 ($100,000 x 0.05% = $500 plus $52) 

 

 

Indirect Cost Ratio (ICR) is not deducted from member accounts, it is deducted from investment earnings before interest rates are declared.

Service Fees
Investment switching fee

The fee for changing investment options (see table below for further information on fees).		 Nil for the first switch in any year, $60 for any subsequent switch in the year.  Deducted from the member's account balance at the time the switch is processed.
Family law fees

The fee for processing requests for information and payment splits under the Family Law Act 1975.		 Fees vary depending upon the complexity of the case. The normal fee for a request for information is $110.00.
The normal fee for the processing of a payment split is $90.00. If these fees are to be higher, you will be notified before proceeding. 

Request for information is charged to the party making the request.

Payment split is divided equally among all involved parties.

* ICR means Indirect Cost Ratio. ICR figures provided for all investment options are actual ICR figures calculated as at 30 June 2011. Please see the explanation on Investment Option ICR Cost in the 'Additional explanation of fees and costs' section of our current PDS.

** PBF means Performance Bonus Fees. PBF figures provided are actual figures calculated as at 30 June 2011. Please see the explanation on Investment Option ICR Cost in the 'Additional explanation of fees and costs' section of our current PDS.

Example of annual super fees and costs

This table gives an example of how fees and costs in the default investment option for this product for an account balance of $50,000 and contributions of $5,000 can affect your super investment over a one year period. You should use this table to compare this product with other super products.

Example using the Default Option* Fee Balance of $50,000 with contributions of $5,000 during the year
Contribution Fees  Nil For every $5,000 you put in, you will be charged $0.00.
Management Costs
1.18%**  +
$52.00
($1 per week)		 For every $50,000 you have in the Fund (up to a maximum of $100,000) you will be charged $590 each year plus $52.00 in administration fees regardless of your balance.
Equals - cost of fund   If your balance was $50,000 during the year, then for that year you would be charged fees of $642*

The total cost to you will depend on the investment option you choose and the fees you negotiate with your fund or financial advisor.***

* Additional Fees May Apply
Establishment Fee - Nil
Switching Fee - $60 per switch made after the first switch in any year.
And, if you leave the fund early, you may also be charged withdrawal fees of between $35-$70.
** This percentage is made up of 0.50% Trustee fee and 0.68% Default Option Indirect Cost Ratio. ICR may change from year to year as actual costs change.
*** Please note that the content of this table is prescribed by law. The fees charged by the Trustee are not negotiable.

 

Important Notice

The advice contained on the Prime Super website does not take into account your particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a financial product, you should assess whether the advice is appropriate to your objectives, needs or financial situation. You may wish to make this assessment yourself or seek the help of an adviser. Prime Super takes no responsibility for you acting on the information provided. Any decision that you make is at your own risk. Before acquiring a financial product you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.

Issued by the Trustee: Prime Super Pty Ltd ABN 81 067 241 016 AFSL No. 219723 RSE Licence No. L0000277 Prime Super ABN 60 562 335 823; RN 1000276