When you check your super account one of the things you probably look at is how much you pay in fees. So exactly what do your fees pay for?

Our fees fit into four broad categories

The fees you pay cover the costs of administering the fund and managing your investments.

There are also fees for specific activities you need or request, such as advice fees. And if you have insurance, you also pay insurance premiums from your super account.

How do we compare with other funds?

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These fees cover the administration and operation costs of the fund. For example, the cost of sending you your annual statement, maintaining your account and all the services that you receive, such as being able to access your account online, contact the First State Super service centre and talk with a superannuation adviser about your First State Super account.

 If you are a member with us you’ll be charged a fixed administration fee and an asset-based administration fee calculated as a percentage of your balance.

 From 1 October the annual asset-based administration fee for our super account will be capped at $750 per year. So, if your super balance is $500,000 or more, you won’t pay administration fees on any part of your balance over $500,000.

These fees pay for any costs associated with the purchase, sale and ongoing management of the fund’s investments. This includes amounts paid to investment managers, and to third parties such as our custodian, brokers and government authorities.

These amounts are paid from the assets of the investment option before the unit price is calculated and are not deducted directly from your account. These fees depend on the investment option(s) you choose and may vary from year to year.

Your premiums, less a small amount, are passed directly on to the insurer. The trustee retains up to $0.10 per unit of cover each month to pay for the cost of administering any claims. 

How much you pay depends on your occupation, age and level of cover. You can log in to your account to view your insurance cover and monthly premium.

Insurance premiums usually attract a tax rebate which is added back into your account.

You may also pay fees for other services, such as advice fees if you seek comprehensive financial advice, and family law fees if you apply for information under the Family Law Act. 

We work hard to keep fees low

As a profit for member fund, we try to keep our fees down and our costs as low as possible. Our fees are set only to cover the costs of running the fund and investing on our members’ behalf, not to make a profit for shareholders or pay commissions to advisers.

We’ve won awards for our quality service and been recognised as a “best value for money” super fund for 13 years in a row^1

  1. Superratings First State Super Benchmark Report 2018