Fees & Charges

Pay less for more

You really benefit from lower fees and charges because you’re with SMARTpension. As an industry fund, we always try to keep them as low as possible.

Administration fees - As at 1 May 2012
Administration fee Calculated monthly based on your month-end balance and deducted from your account monthly in arrears.	Available Balance Fee First $100,000 0.5% p.a. Remaining balance 0.2% p.a. Capped at $1,200 p.a. per pension account.
Investment Switch fee Deducted from your account at the time of processing your seventh and subsequent switches.	6 free switches per financial year ($30 thereafter)
Withdrawal fee This fee is deducted when your income is paid or withdrawal is processed.	Electronic Funds Transfer: Nil Cheque: $30
Termination fee Deducted from your account when your account is closed.	$50

Investment fees

Investing incurs fees, taxes and charges and the table below estimates the expenses, including investment managers' fees, incurred for each investment option.

Investment fees - As at 30 June 2011
Investment option	Fee (% p.a.)
Pre-mixed options
Aggressive	0.41
Growth	0.38
Moderate	0.32
Stable	0.26
Asset class options
Australian Shares	0.39
Overseas Shares	0.39
Property	0.59
Bonds	0.23
Cash	0.07

These charges are included in the investment returns credited to members and are effectively paid (indirectly) by members. The total amount of investment related fees paid by a member is based on the amount invested in each investment option. Fees are deducted from the assets held on behalf of the fund before investment returns are determined by each Investment Manager and before unit prices are determined by the Trustee for each Investment Option.

Around 15% of the Fund's total assets are subject to potential payment of performance fees.

Investment managers with performance fee conditions - As at 30 June 2011
Manager	Asset Class	Performance fee basis	Calculation period	Low	High
Cooper Investors AE Fund	Australian Shares	10% of performance in excess of benchmark.	Monthly (3 Year rolling high water mark)	Nil	0.60%
AMP Capital Shopping Centre Fund	Property	15% of the outperformance of the fund if the 3 year rolling equity internal rate of return of the fund exceeds the 3 year rolling average of the Australian 10 year Commonwealth Treasury Bond yield plus 3.5% pa, adjusted to assume performance fees have been paid. Total fees capped at 1%pa (exc GST)	Rolling 3 Years	Nil	0.90%
AMP Capital Wholesale Office Fund	Property	15% of the outperformance of the fund if the 3 year rolling equity internal rate of return of the fund exceeds the 3 year rolling average of the Australian 10 year Commonwealth Treasury Bond yield plus 3.5% pa, adjusted to assume performance fees have been paid. Total fees capped at 1%pa (exc GST)	Rolling 3 Years	Nil	0.90%
Charter Hall CPOF	Property	Up to 15% of performance between 11% and 13% p.a. and 20% of performance in excess of 13% p.a.	Rolling 3 Years	Nil	0.66%
K2 Advisors	Alternative Assets	15% of outperformance over Bank Bill Rate + 1.0% pa	Annually	Nil	1.44%
Macquarie RMBS	Alternative Assets	15% of outperformance over Bank Bill Rate + 0.15% pa	Quarterly	Nil	0.62%
Hastings UTA	Private Capital	10% of any outperformance (realised gain) above the benchmark (benchmark: 10 year Commonwealth Bond yield +4%). Outperformance is determined only on the sale of any underlying asset where the sale proceeds exceed the aggregate of a benchmark return plus 4% in respect of the underlying asset after taking into account any aggregated realised underperformance.	Half-yearly (Continuous high watermark)	Nil	1.51%

Performance based fees are only charged by investment managers when performance hurdles are exceeded. The impact of performance based fees on the management costs applicable to an investment option depends on the amount invested with, and returns achieved by, the investment manager from year to year. In the same way that past investment returns are not a reliable indicator of future returns, past performance fees are not a reliable indicator of future performance fees. Performance fee calculations can be very complex. If you would like more information about how performance fees work, please contact us.

More information

For more information about the fees and charges that apply, refer to the Product Disclosure Statement.

Fees & Charges

Pay less for more

Investment fees

More information

Matthew Norton