Frequently asked questions about 2020 annual statements

Published on 12/08/2020

General FAQs

Investment returns

  • Why doesn’t my return on investments match the investment return of the fund?

    Your individual rate of return could be different to the fund’s investment returns due to the size and timing of transactions in your account during the year.

  • The investment return for the year shows as a positive. Why have I lost money?

    Several factors can impact the overall earnings on your account, especially when the transactions were paid into your account. While the overall return for the year was positive, negative returns were experienced in February and March. Insurance premiums also detract from your overall balance. If you joined in the latter half of the year you may have a negative return. If you switched investment options, that would impact your return depending on the timing and to the options you switched between.

Fees

  • Please explain the various fees charged on my account?
    Other fees on your investment

    This includes investment fees which are the fees you pay for the professional management of your investment. They can vary based on the investment options you are invested in. These are usually charged as a percentage of your super balance and may include performance fees, if applicable.

    Administration

    >This fee is charged to look after running your super account. The administration fee charged by Prime Super, after the benefit of tax deductions, is currently $1.30 per week plus 0.5% p.a. of your account balance to $100,000. Accounts over $100,000 do not attract the 0.5% p.a. fee on the amount above $100,000. Prime Super does not charge an administration fee for balances below $6,000.

    Insurance fee

    Fees deducted from your account for the insurance cover you may have with Prime Super including Death Only, Death & Total Permanent and Disablement (TPD) and Income Protection.

Insurance

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