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Definitions of fees

Investment fee

An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:

(a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and

(b) costs incurred by the trustee, or the trustees, of the entity that:

(i) relate to the investment of assets of the entity; and

(ii) are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.

Administration fee

An administration fee is a fee that relates to the administration or operation of a superannuation entity and includes costs incurred by the trustee, or the trustees, of the entity that:
(a) relate to the administration or operation of the fund; and
(b) are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.

Buy-sell spread

A buy-sell spread is a fee to recover transaction costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the sale and purchase of assets of the entity.

Nationwide Super members do not pay any fees for buy-sell spreads.

Switching fee

A switching fee is a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another.

The first investment switch each financial year will be free of charge. Subsequent switches within the same financial year will incur a fee to partially reimburse us for processing the transaction.

Exit fee

An exit fee is a fee to recover the costs of disposing of all or part of members’ interests in a superannuation entity.

Advice fee

A fee is an advice fee if:
(a) the fee relates directly to costs incurred by the trustee, or the trustees, of a superannuation entity because of the provision of financial product advice to a member by:
(i) a trustee of the entity; or
(ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity; and
(b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee , an activity fee or an insurance fee.

Activity fee

A fee is an activity fee if:
(a) the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees:
(i) that is engaged in at the request, or with the consent, of a member; or
(ii) that relates to a member and is required by law; and
(b) those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, an advice fee or an insurance fee.

Nationwide Super charges activity fees for family law information requests and family law account splits.

Indirect cost ratio

The indirect cost is any amount that a trustee of an entity knows, or reasonably should know, will reduce the return for a member that is not charged to that member as a fee. Returns on investment may be income, capital gain or a combination of both. Costs that reduce these returns will be:

(a) costs that are deducted from the return before it is received in the common fund which includes the member’s investment (e.g. brokerage on a share sale or property management fee); and/or

(b) costs that are deducted from the common fund which includes the member’s investment (e.g. a trustee’s operating costs or a management fee paid to an external fund manager).