The following table shows the fees and other costs you may be charged for investing in the Working Visa option and can be used to compare costs between different superannuation products. The fees and costs may be deducted from your account or from investment returns regardless if there are positive investment returns on the funds. More detailed information about the Working Visa Option in the Max Super Fund can be found in the Product Disclosure Statement and Reference Guide.
Plus 1.038% p.a.
And, you will be charged $671.88 in administration fees each year, which is comprised of:
$152.88 regardless of your balance;
Plus $519 in administration fees deducted from the assets before unit prices are calculated.
You may also incur a buy/sell spread cost when your money moves in or out of the Plan or when you switch between different investment options. And if you leave the superannuation entity, you will also be charged an exit fee of $51.25. See the Reference Guide for more information about the buy/sell spread, adviser and other service fees and special request fees. The management costs incorporate GST after taking into account any expected input tax credits.
A fee is an activity fee if:
•1.1 that is engaged in at the request, or with the consent, of a member; or
•1.2 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.
For example, a fee relating to the cost incurred by the Trustee for the provision of information in respect of the Plan or a member’s participation in the Plan related to family law matters is considered an activity fee. The Trustee does not currently charge a fee for such costs but reserves the right to introduce fees for the provision of this information if it considers this appropriate.
Another type of activity fee you incur is the Rollover Fee. This is a fee of $41 which is applied where the Trustee is required to process a rollover of funds into the Plan. This fee will apply to each rollover received by the Trustee (other than your first rollover when it is also your first contribution to the fund). If this fee applies to you, the amount will be deducted from the amount transferred into your account.
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.
A fee is an advice fee if:
• 1.1a trustee of the entity; or
• 1.2another 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.
An exit fee is a fee to recover the costs of disposing of all or part of members’ interests in the superannuation entity. If you leave the superannuation entity, you will be charged an exit fee of $51.25.
INDIRECT COST RATIO
The indirect cost ratio ( ICR ), for the Balanced Option or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the Balanced Option or an investment option, to the total average net assets of the superannuation entity attributed to the Balanced Option or an investment option.
The indirect cost ratio (ICR), which includes an amount set aside for the operational risk financial reserve (ORFR), is 1.125% as at 13 April 2016. The ICR is likely to fluctuate between 1%-1.175% depending on the amount required to fund the ORFR. For more information on the ICR and the ORFR, please see the ‘Indirect cost ratio’ section in the Reference Guide.
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:
•2.1 Relate to the investment of assets of the entity; and
•2.2 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.
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.
CHANGES TO FEES AND COSTS
Under the Plan’s trust deed, the Trustee is permitted to charge a range of fees and can change the amount of existing fees without members’ consent. At least 30 days prior notice will be given to members before any management costs increase or the introduction of any new fee or cost takes effect.
TO FIND OUT MORE
If you would like to find out more or see the impact of fees based on individual circumstances, the Australian Securities and Investments Commission website has a superannuation fee calculator to help you check out different fee options.
For information about our Trust Deed, Annual Reports, Significant Event Notices, key outsourced relationships and more, please click here.