| Type of Fee or Cost |
Amount |
How and When Paid |
| Fees when your money moves in or out of the Fund |
| Establishment fee1: The fee to open your investment. |
Nil |
X Not applicable |
| Contribution fee1: The fee on each amount contributed to your investment – either by you or your employer. |
Nil |
X Not applicable |
| Withdrawal fee1: The fee on each amount you take out of your investment. |
$53.08 |
Deducted from your account each time a withdrawal is made from your account or a benefit is paid. When member protection applies, the fee may be partly or fully rebated. (Full and Partial Withdrawals) |
| Termination fee1: The fee to close your investment. |
Nil |
X Not applicable |
| Management costs2 |
| The fees and costs for managing your investment
The amount you pay for specific investment options is shown below.
|
A flat member fee of $1.70 per week (or $88.40 pa)
Plus
A percentage fee ranging from 0.04% pa for the Cash option to 0.66% pa for the Equities option |
The flat member fee is deducted from member accounts on a monthly basis having regard to the number of weeks in that month.
The percentage based fee is deducted from investment earnings prior to the crediting rate or interim crediting rate for that investment option being determined.
|
| Service fees3 |
| Investment switching fee
The fee for changing investment options
|
$22.32
for the second and subsequent investment switch in a financial year. |
Deducted from your account at the time the switch is processed. |
Example of annual fees and costs for the Balanced investment option
This table gives an example of how the fees and costs in the Balanced investment option for this product can affect your superannuation investment over a 1 year period. You should use this table to compare this product with other superannuation products.
| Example – the Balanced Investment Option |
Balance of $50,000 with total contributions of $5,000 during year |
| Contribution Fees |
Nil |
For every $5 000 you put in, you will be charged nil. |
| Plus Management costs |
0.52% + $88.40 ($1.70 per week) |
And, for every $50 000 you have in the fund you will be charged $260 each year plus $88.40 in administration fees regardless of your balance. |
| Equals Cost of fund |
|
If you put in $5,000 during a year and your balance was $50,000, then for that year you will be charged fees of:
$348.40*
What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial adviser.
|
To keep general fees and charges to a minimum, there are a number of other ‘user pays’ fees that may apply. These are set out beneath:
Contribution Splitting Fees
The Trustee applies a contribution splitting fee of $56.15 each time you split an eligible contribution with your spouse. Half of the fee is deducted from your account at the time the split is made and the other half is deducted from the contributions to be allocated to your spouse.
| Type of fee or cost |
Amount |
How and when paid |
| Application for information - in the format specified under the Family Law Act. |
$41.68 including GST. |
Payable to the Trustee by the person making the request for information at the time a request is made. |
| Splitting a benefit. |
$60.94 per Split including GST. |
Shared equally by both parties and will be 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 all of the fee). |
| Flagging a benefit |
None |
Not applicable. |
Breakdown of Management costs
This table shows a breakdown of the Management Costs included in the Fee table above. Management fees are passed on to members by way of an adjustment to the declared crediting rates.
| Investment Option |
Investment Management Fee (%) |
Estimated Performance Based Fee (%) |
Total Management Cost (%) |
| Equities |
0.61 |
0.05 |
0.66 |
| Longer Term Growth |
0.58 |
0.04 |
0.62 |
| Balanced |
0.49 |
0.03 |
0.52 |
| Short Term Defensive |
0.29 |
0.01 |
0.30 |
| Cash |
0.04 |
0.00 |
0.04 |
Example of Investment Management Fee and Performance Based Fee for the Balanced investment option
This table gives an example of how these fees in the Balanced investment option for this product can affect your superannuation investment over a 1 year period.
| Example – the Balanced investment option |
Balance of $50,000 |
| Investment Management Fee |
0.49% |
$245 |
| PLUS Performance Based Fee |
0.03% |
$15 |
| EQUALS Total investment costs |
|
$260 |
Performance Based Fees (PBF)
Some of Tasplan’s investment managers can earn additional fees, called performance based fees, if their investment returns are above an agreed target rate.
The target rate is based on the benchmark return for that asset class and investment manager.
The estimated performance fees are based on potential outperformance by each fund manager of 1% against agreed targets. No performance fees were paid to managers for the year ended 30 June 2007. When a manager has been appointed on a performance fee basis the PBF depends on whether and by how much the manager has outperformed the agreed target.
Therefore, the PBF cannot be determined in advance.
Where the Trustee has engaged an investment manager on a PBF arrangement, a provision for the PBF will be included in the investment management fee of the relevant investment option (as set out above), and be passed on to members by way of an adjustment to the declared earning rate. The provision for the PBF is reconciled against the actual PBF on a quarterly basis.
The Trustee will apply a PBF when it anticipates a PBF is payable to an investment manager. Accordingly, PBFs arise when higher returns relative to a specified target for a particular manager are achieved.
Let’s say the expected Benchmark return for an investment manager was 10% pa. The basic investment management fee payable to that investment manager is 0.70%. When the actual return exceeds the Benchmark return, 20% of that amount is paid to investment manager. So, if the actual investment return earned by that investment manager for Tasplan for the year is 11%, then the investment manager is entitled to an additional 0.20% as a performance based fee.
Reasonable Benefit Limits (RBL’s)
In the past the Government imposed limits on the amount of a member’s superannuation payout that qualified for concessional tax treatment. From 1 July 2007 these no longer apply.Please note that pre July 1994 transitional arrangements may apply resulting in a member being entitled to a higher RBL than thresholds mentioned above. If you would like further information regarding RBLs or other taxation issues please contact the Australian taxation Office on 13 1020.
