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.

I want to learn more about who gets my income stream

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.

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Fees and costs

Because we’re profit for member, we work to keep our fees as low as possible. 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 2017, 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.

Estimated investment fees (% per year)

Investment option Investment management costs Performance-related costs Explicit transaction costs Other fees and costs Total investment fees
High Growth 0.37% 0.14% 0.07% 0.11%

0.69%

Growth 0.35% 0.14% 0.06% 0.11%

0.66%

Diversified Socially Responsible Investment 0.40% 0.12% 0.10% 0.13%

0.75%

Balanced Growth 0.32% 0.14% 0.05% 0.11%

0.62%

Conservative Growth 0.28% 0.13% 0.04% 0.10%

0.55%

Australian Equities 0.06% 0.00% 0.00% 0.02%

0.08%

Australian Equities Socially Responsible Investment 0.36% 0.00% 0.12% 0.03%

0.51%

International Equities 0.06% 0.00% 0.00% 0.03%

0.09%

Property 0.81% 0.23% 0.21% 0.09%

1.34%

Australian Fixed Interest 0.06% 0.00% 0.00% 0.03%

0.09%

International Fixed Interest 0.06% 0.00% 0.00% 0.06%

0.12%

Cash 0.04% 0.00% 0.00% 0.01%

0.05%

Implicit transaction, borrowing and property operating costs may also affect your investment but are not included above. See the 'Other investment costs' tab.

Other investment costs

Investment option Estimated implicit transaction costs Borrowing costs Property operating costs
High Growth 0.05% 0.08% 0.07%
Growth 0.05% 0.06% 0.06%
Diversified Socially Responsible Investment 0.08% 0.09% 0.08%
Balanced Growth 0.07% 0.06% 0.05%
Conservative Growth 0.03% 0.05% 0.04%
Australian Equities 0.00% 0.00% 0.00%
Australian Equities Socially Responsible Investment 0.26% 0.00% 0.00%
International Equities 0.00% 0.00% 0.00%
Property 0.03% 0.38% 0.48%
Australian Fixed Interest 0.03% 0.00% 0.00%
International Fixed Interest 0.07% 0.00% 0.00%
Cash 0.00% 0.00% 0.00%

Investment management costs

Investment management costs reflect fees paid to investment managers and specialist investment consultants, as well as the costs of the First State Super investment team. 

Performance related costs

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 2017.

Explicit transaction costs

Explicit 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 and the 0.04% trustee charge in relation to the pre-mixed investment options (i.e. the High Growth, Growth, Diversified SRI, Balanced Growth and Conservative Growth investment options), as well as costs associated with the use of over-the-counter (OTC) derivatives.

Total investment fees

Total investment fees reflects the total of investment management costs, performance – related costs, explicit transaction costs and other fees and costs.

Estimated implicit transaction costs

Implicit costs include bid/offer spreads and for listed securities, may include an estimate of market impact.

Borrowing costs

Borrowing costs include loan establishment costs and interest payments and are most significant
for illiquid asset classes such as property and infrastructure where asset prices can be substantial.

Property operating costs

Property operating costs include a range of costs associated with managing property investments, for example council and water rates, utilities and lease renewal costs.

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, switching fees and exit fees, are deducted from your account balance. Additional details on the various types of fees and costs are provided below.

Learn more about investment fees

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Fees explained

A fee is an activity fee if:

a) the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:

(i) that is engaged in at the request, or with the consent, of a member; or
(ii) that relates to a member and is required by law; and

b) 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.

Our activity fees

The only activity fees that the fund currently charges are set out in this table:

Type of fee or cost Amount How and when paid
Family law fees: Application for information – This fee is for providing information as required under the Family Law Act. $110 Payable to the trustee by the person making the request for information at the time a request is made.
Splitting an account $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).
No-TFN tax recovery fee $100 This fee will apply if we arrange a refund of the tax deducted from your account for failing to provide a TFN. The fee is deducted at the time of the refund being applied to your account.

An administration fee relates to the administration or operation of the superannuation entity and includes costs incurred by the trustee of the entity that relate to that administration or operation, other than:

(a) borrowing costs; and
(b) indirect costs that are not paid out of the superannuationentity that the trustee has elected in writing will be treatedas indirect costs and not fees, incurred by the trustee ofthe entity or in an interposed vehicle or derivative financial product; and
(c) costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, and advice fee or an insurance fee.

Our administration fees

The administration fee is $52 per year ($4.33 per month) plus an asset-based administration fee of 0.40% per year ($200 per $50,000).

A fee is an advice fee if:

(a) 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:
    (i) a trustee of the entity; or
    (ii) another person acting as an employee of, or under an arrangement with, the trustee of the     entity; and

(b) 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.

Our advice fees

You will only be charged an advice fee if you agree to receive personal financial advice from one of our financial advisers. The fees will be discussed and agreed with you at that time.

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.

Our buy-sell spread

First State Super does not currently charge a buy-sell spread on any of our investment options.

An exit fee is a fee to recover the costs of disposing of all or part of members‘ interests in the superannuation entity.

Our exit fees

An exit fee of $36 is charged each time a benefit is withdrawn, rolled over, paid to the ATO, or for spouse contribution splits if your spouse's account is with another fund.

<p>An&nbsp;exit fee&nbsp;is a fee to recover the costs&nbsp;of disposing of all or part of members‘ interests in the superannuation entity.</p>
<h5>Our exit fees</h5>
<p>An exit fee of $36 is charged each time a benefit is withdrawn, rolled over, paid to the ATO, or for spouse contribution splits if your spouse's account is with another fund.<br>
</p>
 

The indirect cost ratio (ICR) for an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the investment option, to the total average net assets of the option for the relevant period.

A dollar-based fee deducted directly from a member’s account is not included in the indirect cost ratio.

Note: All indirect costs are included in the investment fees shown in the table above.

A fee is an insurance fee if:

(a) the fee relates directly to either or both of the following:

(i) insurance premiums paid by the trustee of a superannuation entity in relation to a member or members of the entity; 
(ii) costs incurred by the trustee of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and 

(b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and 

(c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an advice fee.

Our insurance costs

I want to calculate my insurance costs

An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:

(a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
(b) costs that relate to the investment of assets of the entity, other than:

(i) borrowing costs; and
(ii) indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
(iii) costs that are 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.

Our investment fees

View estimates of these fees to 30 June 2017 for each investment option in the table above.

A switching fee for a MySuper product is a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another.

A switching fee for a superannuation product other than a MySuper product, is a fee to recover the costs of switching all or part of a member’s interest in the superannuation entity from one investment option or product in the entity to another.

Our switching fees

A $25 switching fee is charged for the second and subsequent switches in a financial year.

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. Our advisers 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.