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Fees & Costs

First Super is run only to benefit members. We’re committed to keeping fees low. Our competitive fee structure applies to both super and pension accounts.

The information below shows fees and other costs that you may be charged. These fees and other costs may be deducted from your account, from the returns on your investment, or from the assets of the superannuation Fund as a whole. Other fees, such as activity fees, advice fees for personal advice and insurance fees may also be charged, but these will depend on the nature of the activity, advice or insurance chosen by you.

Entry and exit fees cannot be charged.

You should read all the information about fees and other costs because it is important to understand their impact on your investment.

Checking Fees

If you would like to find out more, or see the impact of fees based on your circumstances, the Australian Securities and Investments Commission (ASIC) website – www.moneysmart.gov.au – has a superannuation calculator to help you check out different fee options.

Investment fee

Amount How and when paid
Balanced 1.20% p.a
Cash 0.03% p.a
Conservative Balanced 0.46% p.a.
Growth 1.05% p.a.
Shares Plus 1.12% p.a

This is a cost of making investments. It is paid by the Fund and is not deducted directly from your account(s).

Administration fee1

Amount How and when paid
$1.50 per week plus 0.05% p.a. of account balance. Deducted from your account balance on the last working day of every month and paid into the Fund’s administration reserve.
$94.88 p.a. This is a cost of operating the Fund. It is paid by the Fund and is not deducted from your account(s). The fund claims a tax deduction for administration costs each year. The deduction is paid into the administration reserve.

Buy-sell spread

Amount How and when paid
Nil Not applicable

Switching fee

Amount How and when paid
Nil for the first two switches, $30.00 for each subsequent switch in the year.

Deducted from your account when the switch is processed.

Advice fees

Relating to all members investing in a particular MySuper product or investment option

Amount How and when paid
$6.06 p.a.

This is a cost of providing intrafund advice and education to members. It is paid by the Fund and is not deducted from your account(s).

Indirect cost ratio

Indirect Cost Ratio (ICR) is the ratio of the total of indirect costs for the super investment option of the total average net assets of the investment option.

ICR fees are not deducted directly from member accounts. They are deducted from investment returns before crediting rates are declared. ICR changes from year to year depending on actual costs incurred. The ICR changes disclosed in the PDS dated 1 July 2019 relate to the 2017/18 financial year.

Amount How and when paid
Balanced 0.04% p.a
Cash 0.00% p.a
Conservative Balanced 0.03% p.a.
Growth 0.06% p.a.
Shares Plus 0.08% p.a

Indirect Cost Ratio is deducted from investment earnings before investment returns are declared.

Low balance1 account fee cap

If your account balance is less than $6,000 at the end of the financial year, the total combined amount of administration fees, investment fees and indirect costs charged to you is capped at 3% of your account balance.

If you hold an account for only part of the financial year, the 3% cap will apply to your account on a pro rata basis and will be calculated on the earlier of the last day of the financial year or the last day on which you are a member of the Fund. Any amount charged in excess of that cap will be refunded.

Fee increases or changes

First Super reserves the right to change its fees at any time. Should fees increase, we will ensure you are notified in writing at least 30 days before any increase takes effect.

1. The fees are inclusive of GST, less any input tax credits (and any applicable stamp duty if relevant).

 

OTHER FEES AND COSTS

Activity fees

Activity fees that may apply to your account include:

  • Family Law fees
  • What is paid to your advisor
  • Government taxes and charges.

Changes to regulations and future fees, deducted from your account and shown in your statement, may be different to the fee shown in the Fees Section of the PDS.

Family law fees

The following fees apply for actions under the Family Law Act 1975 (Cth):

  • Request for information: $55.00, charged to the member’s account if the member makes the request, charged to the person making the request if requested by another party.
  • Process a payment split: $55.00, charged to the spouse account if established in the Fund, or paid by the Spouse if established elsewhere.
  • Process a flagging agreement: Nil.

What is paid to your financial advisor

Commissions are not paid to advisors. You may elect to have a fee paid from your account to a properly qualified investment advisor for provision of advice about your superannuation account with First Super. Please call our Member Services Team on 1300 360 988 or email us if should you wish to do this. The Trustee will refuse to permit payment of such a fee if it contravenes any law.

Amount How and when paid
Intra fund advice service3 is available over the phone at no additional cost.

Members are entitled to an initial consultation with a First Super Financial Planner at no extra cost and no obligation.

Current fees will be advised to you before engaging the advisor.

Your Financial Planner will discuss the nature of any advice they might recommend, and provide a fixed-price fee quote for your consideration.

WARNING: if you proceed with the advice, and elect to pay the eligible advice fees for personal advice from your account, these fees will be used for payment to Industry Fund Services (IFS) for the services of providing advice by Financial Planners to members.

Insurance fees

Amount How and when paid
Insurance premiums are payable if you have insurance cover with your First Super account. The applicable premium will depend on the insurance cover you have and your personal circumstances. See our Insurance booklet for full details.

Premiums are deducted from your account monthly and on exit.

Government tax and charges

Applicable Government taxes and charges will be deducted from your First Super account. These deductions will be shown on your annual Member Statement. Please see the ‘how super is taxed’ section of the First Super Product Disclosure Statement for more information. If applicable, the fees are shown inclusive of GST after applying reduced input tax credits, (which lower the effective rate of GST). Where it is possible to do so, the benefits of any tax deduction are applied to the benefit of members of the Fund in the form of lower costs or higher net earnings.

Property operational costs

These are additional costs paid or payable in relation to the holding of, or interest in, real property, but do not include borrowing cost, amounts paid or payable relating to the acquisition or disposal of real property, or an interest in real property. It is not a management cost.

The property operating costs are shown below:

Balanced (MySuper) 0.08% p.a
Conservative Balanced 0.07% p.a.
Growth 0.07% p.a.
Shares Plus 0.07% p.a

The Cash Option has a nil property operating cost.

Fee increases or changes

First Super reserves the right to change the fees charged at any time. Should fees increase, we will ensure you are notified in writing at least 30 days before any increase takes effect.

In addition to the fees shown above, the Trustee may also pay the following out of the Fund:

  • any new, special, unexpected or increased tax, fee or levy required by the Government or a Government regulator
  • any new, special, unexpected or increased cost passed on by a service provider
  • any additional cost deemed necessary or appropriate by the Trustee for the proper operation of the Fund.

Where these are not met by fees charged to members, they will be reflected in ICR calculations.