Fees include administration, investment and performance fees, as well as other indirect costs. On average, people in the default investment option pay between 0.90% to 1.15% of their account balance in fees per year, depending on their age and super balance and based on super products in Canstar’s database.

What are super investment fees?

Fees include administration, investment and performance fees, as well as other indirect costs. On average, people in the default investment option pay between 0.90% to 1.15% of their account balance in fees per year, depending on their age and super balance and based on super products in Canstar’s database.

Does Australian super charge fees?

If you have a super account, your Administration fee is $2.25 per week plus up to 0.04% pa of your account balance. The $2.25 per week is calculated weekly and deducted monthly from your account.

Which Australian super fund has the lowest fees?

Hostplus has the lowest total fees at just 0.22% ($110 per year on a $50,000 balance) for its Indexed Balanced option. NGS Super, Rest and HESTA also have options below 0.30%.

Why are fees charged by superannuation funds?

Investment fees are paid to your fund’s investment managers and asset consultants. These fees might also be called the Indirect Cost Ratio. Member fees are also paid to your super fund usually to cover account keeping.

Do super returns include fees?

SuperRatings’ analysis includes Superannuation Guarantee contributions, fees, taxes and investment returns over a 10 year period, based on an opening account balance and salary of $50,000.

How are investment fees calculated?

Investment management fees are charged as a percentage of the total assets managed. Example: An investment advisor who charges 1% means that for every $100,000 invested, you will pay $1,000 per year in advisory fees.

How are super fees deducted?

up to $20* in administration fees will be deducted from investment returns for every $50,000 you have in the superannuation product. If your balance was $50,000, then for that year you will be charged fees of $437 for the MySuper product.

Do all super funds charge fees?

Super fund fees are unavoidable, but not all super accounts are created equal. Fees vary greatly by fund and investment type, but one thing they all have in common is they can be, according to the Productivity Commission (PC), “the biggest drain on net returns”.

What is the average super fee?

Workplace funds, those used by employers, charge an average 1.24%. Personal funds, that members can join as individuals, charge an average 1.49%. Retirement funds, for members who have retired, charge an average 1.33%. Small self-managed super funds (SMSF) charge an average 0.80%.

Are super fees capped?

The fee cap requires RSE licensees to cap their administration and investment fees (including indirect costs) at 3 percent per annum for members that have a final balance of less than $6,000 for their MySuper or choice product in an income year.

What are the fees for Australian superannuation?

$2.25 per week plus 0.11% of your account balance each year capped at $750. Learn more about other fees and costs for the Superannuation, Choice Income and TTR income accounts below. See how our fees compare See how much AustralianSuper’s admin and investment fees are compared to the average.

How much does it cost to manage your super fund?

Many super funds cap the total administration fees that can be charged in a year. Additionally, if you have an account balance below $6,000, your administration and investment fees are capped at 3% of your account balance. This fee covers the costs of managing your investments.

What is the all industry average and AustralianSuper fee?

The All Industry average is inclusive of Retail (Master Trust), Industry, Corporate and Government type funds. The AustralianSuper fee is the administration fee for super (accumulation) accounts and the investment fee for the Balanced option for FY 2020/21.

How much does it cost to run Australian Super?

At AustralianSuper, our goal is to help you grow your super faster by keeping fees low and delivering strong long-term investment performance. Our fees are low because we don’t pay commissions to advisers or give profits to shareholders. Super account administrator fees $2.25 per week plus up to 0.04% of your account balance each year.