login

Non-employee member administration fee coming


Bringing the APSS in line with industry norms, the cost of administering the accounts of non-employee members (i.e. non-employees with Spouse, Rollover or Pension accounts) will be passed on through a new administration fee. This new fee will apply to each non-employee member account from 1 July 2017. It will be a two-part administration fee made up of a fixed fee of $1.50 per week per account, plus 0.12% each year, calculated based on each Spouse, Rollover or Pension account balance. However, because the Trustee can currently claim a tax deduction for administration costs, the new fee amount will also be reduced by 15% (which will be passed onto non-employee members through a refund to their accounts).

Based on industry research, the Trustee believes the new fee is in line with other super funds, which charge similar or, in many cases, higher fees. The fee has been set in line with the actual cost of administering your account so there is no profit component. The money generated by the fee goes straight to paying our administration expenses. The Trustee strives to manage the APSS as efficiently as possible to keep administration costs as low as possible, without compromising on the benefits and services you expect.

This new administration fee will not affect you if you are an employee member, even if you have a Rollover or Pension account.



Fees and costs for APSS Member Savings

While the APSS does not currently charge any administration fees, there are certain other fees and costs that are deducted from the assets of the APSS before Crediting Rates for Member Savings are determined.

These fees and costs will depend on whether your Member Savings are in Market Return Member Savings or Cash Return Member Savings, or a combination of both.
For details, refer to the Product Disclosure Statement (PDS) for your category of membership at Product disclosure.


Fee descriptions
The fee definitions below relate to terms used in superannuation product disclosure when explaining fees and costs. Please note that these definitions are prescribed by superannuation law and do not necessarily apply to your Member Savings account in the APSS. We are required to publish them here by law.

Activity fees

A fee is an activity fee if:
  1. the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:
    1. that is engaged in at the request, or with the consent, of a member; or
    2. that relates to a member and is required by law; and
  2. 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.

Administration fees

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:
  1. relate to the administration or operation of the entity; and
  2. 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.

Advice fees

A fee is an advice fee if:
  1. 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:
    1. a trustee of the entity; or
    2. another person acting as an employee of, or under an arrangement with, the trustee of the entity; and
  2. 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.

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.

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.

Investment fees

An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:
  1. fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
  2. costs incurred by the trustee of the entity that:
    1. relate to the investment of assets of the entity; and
    2. 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.

Switching fees

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.

 

Privacy | Website Disclaimer | Sitemap

© 2017 PostSuper Pty Ltd ABN: 85 064 225 841 SFN: 160 463 945 RSE License Number: L0002714, as the trustee of Australia Post Superannuation Scheme ABN 42 045 077 895 and Registration Number: R1056549. Please read the website disclaimer for the general advice warning and conditions of use.