© 2010 FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, the trustee of the First State Superannuation Scheme ABN 53 226 460 365. Please click on the links on the right hand side to the general advice warning and conditions of use for this website.
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Additional explanation of income stream fees and costsTo view the additional explanation of fees and costs fees that apply to First State Super’s superannuation accounts click here No adviser commissionFirst State Super does not pay any commission to advisers. If you receive advice from FSS Financial Planning relating to your First State Super account, a fee for this advice will be deducted from your First State Super account at the time the advice is received, unless you choose to pay for the advice directly. For more information about FSS Financial Planning, click here.
Investment management costsThe amount you pay for a specific investment option reflects the actual investment management expenses
Service feesThe only service fees that the Fund currently charges (apart from an investment switching fee) are set out in the table below:
Transaction costsYou do not incur direct transaction costs (and the Trustee does not apply a buy/sell spread) when setting up your account or making switches or withdrawals, other than the investment switching fee and withdrawal fee shown in the fee table here. Transaction costs (such as brokerage and commission) are taken into account at the time the assets of the Fund are valued. Additions or alterations to fees and chargesThe investment fee relates to investment costs and is an estimate only because it cannot be precisely calculated in advance. After the end of each financial year, we will advise you of the actual investment fee for the previous financial year on our website at What's new at First State Super. All fees and costs may be revised by the Trustee from time to time. For example, fees and charges may increase when there are changes in superannuation law, or there are increases in fees charged by First State Super's service providers. The Trustee may also introduce new fees and charges. The Trustee will give you at least 30 days prior notice if there is an increase in fees and charges or if a new fee or charge is introduced that affects your income stream account. ReservesThe Trustee may maintain reserves to manage First State Super's liabilities. The reserve accounts may be made up of interest earned on contributions received by the Trustee but not yet allocated to members and administration fees. The Trustee uses this account to pay the administrator's fees and any other administration and operating expenses of the Trustee or the Fund. Any excess retained in the account is ultimately applied for the benefit of the membership as a whole. TaxFor more information on the amount of tax payable, see Tax and income streams. Performance feesThe Trustee has negotiated performance fee arrangements with several of its investment managers. These investment managers are entitled to a base percentage fee which is usually below the normal active manager fee. A performance fee may be payable once performance above an agreed level has been reached and is typically capped at an upper percentage limit. These arrangements are subject to change. The method of calculation may vary between agreements but generally these fees are calculated as a percentage of the investment returns that exceed the agreed level of return. Estimated performance fees are included in the estimate of management costs set out above under Investment management fees. Rebates and tax creditsFirst State Super income streams are not subject to tax in the Fund. No tax rebates or credits are received in respect of fees and costs paid by income stream members.
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