Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)
Schedule 1 Amendments relating to MySuper
Corporations Regulations 2001
47 Clause 211 of Schedule 10
Repeal the clause, substitute:
211 Superannuation products - Example of annual fees and costs for a MySuper product
This table gives an example of how the fees and costs for the generic MySuper product for this superannuation product can affect your superannuation investment over a 1 year period. You should use this table to compare this superannuation product with other superannuation products.
|
EXAMPLE - - MySuper product |
BALANCE OF $50 000 |
|
|
Investment fees |
1.6% |
For every $50 000 you have in the MySuper product you will be charged $800 each year |
|
PLUS Administration fees |
$52 ($1 per week) |
And , you will be charged $52 in administration fees regardless of your balance |
|
PLUS Indirect costs for the MySuper product |
1.2% |
And , indirect costs of $600 each year will be deducted from your investment |
|
EQUALS Cost of product |
If your balance was $50 000, then for that year you will be charged fees of $1 452 for the MySuper product. |
Note: * Additional fees may apply. And , if you leave the superannuation entity early, you may also be charged exit fees of between 0% and 5% of your total account balance (between $0 and $2 500 for every $50 000 you withdraw).