At UniSuper, one of our most important goals is providing you with value for money.
Why? Because we know it’s one of your top concerns. And it’s one of our key drivers of success.
When members speak with us, the consistent message we hear is that they’re more satisfied if our fees are competitive and our investment performance is strong.
How do UniSuper’s fees compare?
A 2014 survey by Chant West1 showed how competitive UniSuper’s accumulation administration and investment fees are compared with the 100 largest super funds.
The things the survey showed administration fees, investment fees, total fees and rankings (1 to 100) for a member account balance of $50,000 across different risk categories.
As you can see below, fees for UniSuper’s accumulation-style products are among the lowest of the 100 surveyed super funds across this category.
|RISK CATEGORY (% OF GROWTH ASSETS)
||UNISUPER INVESTMENT OPTION (ACCUMULATION)
|21 – 40%
(now known as Conservative)
||11th of 97
|41 – 60%
||6th of 73
|61 – 80%
||15th of 100
|81 – 100%
||20th of 96
Source: Super Fund Fee Survey, December 2014, Chant West Pty Limited, www.chantwest.com.au. For important information about the data provided by Chant West, see the end of this article.
*Total fees include administration and investment fees and costs only, gross of tax. Fees are shown as a percentage of the account balance.
#The survey covers the 100 largest super funds as measured by their defined contribution assets at June 2014. Corporate master trusts that focus on large corporate plans are not included, as fees are separately negotiated with each employer.
Are funds like UniSuper really cheaper?
You might’ve heard industry-based super funds like UniSuper being talked about in mainstream media as having lower fees than retail funds.
While there’s a lot of information to consider, this simple comparison in Chant West’s survey of a $50,000 account balance invested in an option like UniSuper’s Balanced option (61 - 80% invested in growth assets) shows that average fees for industry-based funds are extremely competitive.
Average fees (%) For a $50,000 account balance
61 – 80% invested in growth assets
Source: Super Fund Fee Survey, December 2014, Chant West Pty Limited.
For a simple and free way to see how UniSuper stacks up against other funds, visit our Compare UniSuper page. There, you’ll be able to compare us to more than 200 other super funds and over 100 pension funds by using Chant West’s Super AppleCheck.
How do fees work again?
UniSuper’s administration fee for accumulation-style accounts is $96 a year ($8 per month). We don’t charge exit fees.
The first investment option switch in a financial year is free—all subsequent switches are $13.10 each—and an indirect cost ratio (ICR) will be applied to the investment options you choose.
Other fees may be charged, but these will depend on the nature of the activity, advice or insurance.
For detailed information about fees and costs for Accumulation 1 and Spouse Accounts, see the Fees and costs booklet.
Information about fees and costs associated with Defined Benefit Division (DBD) and Accumulation 2 membership is in the PDS.
Do I get what I pay for?
UniSuper provides a host of services for members. You might be aware of some things, like our benefits statements and our award-winning contact centre.
But what other benefits do you get as part of your UniSuper membership?
We’re always striving to meet and exceed your expectations and provide the services you ask for. So let us know how we’re doing—if you have any suggestions we’d love to hear from you.
“Chant West” refers to Chant West Pty Limited ABN 75 077 595 316 AFSL No. 255320. The Chant West data is based on information provided by third parties that is believed accurate at the time of publication. Past performance is not a reliable indicator of future performance. Chant West’s Financial Services Guide is available at www.chantwest.com.au
1 Super Fund Fee Survey, December 2014, Chant West Pty Limited
2 The value of investments can rise and fall and past performance should not be relied upon as an indicator of future performance.