Take control of your income in retirement. Learn more about the features and costs of our income streams and compare us with other pension funds.

Our income stream features

You can choose to be paid fortnightly, monthly, quarterly, half-yearly or yearly. If you meet a condition of release, you can withdraw one-off lump sums at any time. Be sure to check what your minimum and maximum withdrawal amounts are.

Payment drawdown options

If you invest in more than one option, you can ask us to draw your payments from your investment options in 3 ways: pro-rata, priority, or percentage (online only).

Estate planning options

You have three options available for nominating a beneficiary when you have an income stream with us. You can elect for a:

  • reversionary beneficiary
  • non-lapsing or lapsing binding death benefit nomination
  • non-binding death benefit nomination.
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How do we compare with other funds?

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Investment performance

It’s important to understand where your superannuation is invested and how those investment options are performing. You can do this by checking the investment returns.

Show me returns for retirement income streams

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Fees and costs

As one of Australia’s largest superannuation funds, we use our size and stability to keep costs down. Your fees go directly towards the costs of managing your investments and providing great member services such as seminars and  financial advice.

Investment fees vary from year to year and can't be precisely calculated in advance. The investment fees shown below are indicative only and are based on the fees and costs for each investment option for the 12 months to 30 June 2019, including several components which are estimates only.

These amounts reflect a broad range of fees and costs associated with the purchase/sale and ongoing management of investments of the fund and underlying investment vehicles. This includes fees paid to investment managers, as well as amounts paid to a variety of third parties such as our custodian, brokers and government authorities. These amounts are paid from the assets of the investment option before we calculate the unit price and are not deducted directly from your account.

Implicit transaction, borrowing and property operating costs may also affect your investment but are not included in the table below. For more information refer to the fees and costs section of the Member Booklet: Retirement Income Stream or Member Booklet: Transition to Retirement Income Stream as relevant.

Transition to retirement income stream

Estimated investment fees (% per year) 
Investment option Investment related costs Performance-related costs Transaction costs Other fees and costs Total investment fees
High Growth 0.35% 0.26% 0.11% 0.13% 0.85%
Growth 0.33% 0.25% 0.10% 0.12% 0.80%
Diversified Socially Responsible Investment 0.28% 0.10% 0.08% 0.13% 0.59%
Balanced Growth 0.28% 0.18% 0.08% 0.11% 0.65%
Conservative Growth 0.24% 0.14% 0.05% 0.11% 0.54%
Australian Equities 0.05% 0.00% 0.00% 0.04% 0.09%
Australian Equities Socially Responsible Investment 0.18% 0.00% 0.04% 0.05% 0.27%
International Equities 0.06% 0.00% 0.00% 0.03% 0.09%
Property 0.46% 0.27% 0.15% 0.12% 1.00%
Australian Fixed Interest 0.05% 0.00% 0.00% 0.03% 0.08%
International Fixed Interest 0.07% 0.00% 0.00% 0.12% 0.19%
Cash 0.03% 0.00% 0.00% 0.01% 0.04%

Retirement income stream

Estimated investment fees (% per year)
Investment option Investment-related costs Performance-related costs Transaction costs Other fees and costs Management fee^1 Total investment fees
High Growth 0.35% 0.27% 0.11% 0.11% 0.15%


Growth 0.33% 0.25% 0.10% 0.09% 0.15%


Diversified Socially Responsible Investment 0.28% 0.09% 0.08% 0.11% 0.15%


Balanced Growth 0.28% 0.18% 0.08% 0.07% 0.15%


Conservative Growth 0.24% 0.14% 0.05% 0.07% 0.15%


Australian Equities 0.04% 0.00% 0.00% 0.06% 0.06%


Australian Equities Socially Responsible Investment 0.16% 0.00% 0.04% 0.09% 0.06%


International Equities 0.04% 0.00% 0.00% 0.06% 0.06%


Property 0.44% 0.29% 0.15% 0.16% 0.06%


Australian Fixed Interest 0.04% 0.00% 0.00% 0.05% 0.06%


International Fixed Interest 0.06% 0.00% 0.00% 0.23% 0.06%


Cash 0.02% 0.00% 0.00% 0.01% 0%


  1. The Management fee was introduced on 1 April 2020.

What do investment fees include?

Investment-related costs
Investment-related costs reflect fees paid to external investment managers and specialist investment consultants, as well as the costs of our internal investment team.

Performance-related costs
We do not charge a performance fee. However, performance fee arrangements are in place with a number of external investment managers. Performance-related costs reflect the performance fees incurred in relation to these  managers for the year ending 30 June 2019.

Transaction costs
Transaction costs include brokerage, clearing fees, stamp duty, commissions, buy/sell spreads and due diligence costs.

Other fees and costs

Other fees and costs includes fees paid to the custodian to hold the assets of the fund, amounts paid to accounting/ audit and tax specialists, costs associated with the fund's securities lending program, as well as costs associated with the use of over-the-counter (OTC) derivatives. For the Transition to Retirement Income Stream, other fees and costs also includes the trustee’s charge of 0.04% per year for the pre-mixed investment options (i.e. the High Growth, Growth, Diversified SRI, Balanced Growth and Conservative Growth investment options).

Management Fees (for Retirement Income Stream accounts only)

Management fees include expenses related to the development of enhanced retirement offerings, retirement specific product management strategies and expenses incurred by the trustee (e.g. fund governance).

Total investment fees

Total investment fees reflect the total of investment-related costs, performance-related costs, transaction costs, other fees and costs, and the management fee (for Retirement Income Stream accounts only).

For more information refer to the fees and costs section of the Member Booklet: Retirement Income Stream or Member Booklet: Transition to Retirement Income Stream as relevant.

Other fees, such as administration fees are deducted from your account balance. Additional details on the various types of fees and costs are provided below.

Administration fees

If you have an income stream account, you’ll pay $52 per year ($4.33 per month) plus an asset-based administration fee of 0.20% per year ($100 per $50,000). The asset-based administration fee is capped at $1,500 per year ($125 per month).

Insurance fees

No insurance cover is available through your First State Super Retirement Income Stream or Transition to Retirement Income Stream.

Advice fees

We can provide simple advice in relation to your First State Super account over the phone at no additional cost to you.

You will only be charged an advice fee if you would like more complex advice, and the fees you’ll pay will be discussed and agreed with you at that time. The first meeting is complimentary and if you decide not to go ahead, there's no obligation.

You can read more about financial advice and make an appointment here.

Other potential fees

Type of fee or cost Amount How and when paid
Buy-sell spread Nil The fund does not charge a buy-sell spread.
Switching fee Nil The fund does not charge a switching fee.
Family law application fee - This fee is for providing information as required under the Family Law Act. $110 Payable to us by the person making the request for information at the time a request is made.
Family law splitting fee - This fee is for processing a family law payment split. $88 The fee is shared equally between both parties and deducted from each party’s benefit at the time the benefit is split unless all of the benefit is going to the non-member spouse (in which case the non-member spouse pays the full fee).

How do I get started?

If you want to set up either a retirement income stream or a transition to retirement income stream with us, complete the application form at the back of the relevant member booklet.

And don’t forget that you can contact us if you have any questions. A planner can talk you through the process and help you set up a tax-effective income stream suited to your personal situation.

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Independent comparison tool

Compare the key features of over 200 different funds on an ‘apples with apples’ basis through independent research company Chant West with their Applechecker tool.