Fees
ONE ALL-UP ANNUAL FEE, CLEARLY REPORTED
Our philosophy is to have a simple, all-up annual fee to cover the costs of administering and managing your savings in the GMI Superannuation Scheme. There are no other additional regular or ordinary expenses charged to your member account or the Scheme.
Your fee is calculated monthly and is clearly shown as a deduction on your detailed monthly reports.
The fee you pay is a percentage of your account balance, based on a sliding scale from 1.5% down to 0.3% per annum, depending on your account balance and investment mandate, and subject to our minimum fee of $10 per month. The sliding scale fee is illustrated in the graph below. You can use the calculator below to estimate fees on different account balances and mandates.
MINIMUM FEE $10 PER MONTH
The minimum annual fee for the GMI Superannuation Scheme is $120 ($10 per month) until at least 1 April 2013. This means that if your account balance is less than $8,000 your annual fee will be $120. If your balance is over $8,000 the annual fee will be 1.5% of your account balance (or less, depending on account balance and investment mandate).
NO HIDDEN FEES OR EXPENSES
The fee covers all ordinary, regular and ongoing fees and expenses, including the fee to the trustee, the manager and costs incurred in investment management, administration, registry, custodial, audit, legal, printing and marketing. In other words, there are no hidden or unquantified fees relating to ordinary or ongoing costs and expenses.
In certain circumstances the Trustee may be reimbursed for costs, charges, or expenses it incurs in relation to the Scheme, in addition to the annual fee. These circumstances are set out in the GMI Superannuation Scheme Investment Statement.
For the avoidance of doubt, the Trustee will not be reimbursed for any ordinary costs, charges and expenses incurred by the Manager in the management and administration of the Scheme.
THE DETAILS
We do not currently charge a fee for entering or withdrawing from the Scheme, or transferring funds from another scheme, however the Scheme’s documents do permit us to charge $50 for these duties in the future.
We will charge a $50 fee to members who make a second or third change to their investment mandate within any one year.
Apart from being able to inflation-adjust fees the manager and trustee have no ability to increase the fees stated above without the consent of all affected members.
If you are an employee of a participating employer, different fees may apply. These fees will be set out in the supplement accompanying the Investment Statement and available from your employer.
Fee section of Investment Statement here. |