1 Super Essentials
7 Steps
- Pull out the annual statement from your super fund or log in to your online super account.
- Check the product disclosure statement for your fund, as it will list the fees your fund charges.
- Identify which fees you have been charged during the past financial year for administration (normally labelled as account management, account keeping or administration) and investment expenses (normally called investment, indirect cost ratio, performance or buy/sell fees).
- Check if you have been charged an investment switching fee, or an adviser service fee to cover the cost of advice provided by your financial adviser (if you have one).
- If need help with identifying your annual fees, contact your super fund and ask them to explain how you are being charged.
- Evaluate how your fund’s fees and charges compare with similar super funds.
- Check out SuperGuide’s super fees and returns calculator to learn the impact of high fees on your retirement balance.
Tip: Ensure your comparison is for a similar account balance. Funds charge more fees if you have a higher balance (say, $800,000), than if you only have $50,000 in your super account.
It’s also important to compare fees for similar investment options. The investment fees for an investment option with lots of international shares, for example, will be higher than if you have selected a cash only investment option.