Fees and costs
As a member-based business – we don’t generate profits for shareholders – but focus on returning benefits to our members.
Fees and costs for Nationwide Super are set out below (effective 30 September 2017):
|Type of fee||Amount||How and when paid|
|Administration fee||$130 p.a.
($2.50 per week)
|Calculated daily and deducted from your account on the last Friday of the month or upon exit|
|Switching fee||First request each financial year – free
Second and subsequent requests each financial year – $35
|Deducted from your account balance when your request to switch is processed.|
|Exit fee||$70||Deducted from your account balance when you exit Nationwide Super|
Relating to all members investing in a particular investment option
|Per activity||Advice fees are charged as a service fee and deducted from your account with your agreement|
|Other fees and costs¹||Per activity||If applicable, other fees and costs for specific services are deducted from your account as they are incurred|
|Indirect cost ratio²
(excluding performance fees)
|Nationwide MySuper/Diversified – 1.21% p.a.
Cash – 0.70% p.a.
Prudent – 1.04%p.a.
SRI/Ethical – 0.86% p.a.
High Growth – 1.24% p.a.
|An estimate of costs (excluding performance fees) that are not deducted directly from your account, that will reduce your investment return.|
|Indirect cost ratio – Performance fees||Nationwide MySuper/Diversified – 0.36% p.a.
Cash – Nil
Prudent – 0.12%p.a.
SRI/Ethical – 0.32% p.a.
High Growth – 0.30% p.a.
|This was the actual fees paid to investment managers for exceptional returns for the year ended 30 June 2017
This fee will vary depending on the actual performance during 2017/18
It is not deducted directly from your account, and will reduce your investment return
¹ You should be aware that there are other fees and costs for specific services – refer to the “Additional Explanation of Fees and Costs” section of the Member Guide.
² Calculated based on various estimates as well as information contained in the 30 June 2017 financial statements. Actual costs may vary from year to year.
Please note that compared to the prior disclosure of the indirect cost ratio, this cost now includes additional items as required by law from 30 September 2017.
It is important to note that these are not new or additional costs but are simply additional disclosure of existing fees and costs relating to your investment option.
This table gives an example of how the fees and costs for the Nationwide MySuper option can affect your superannuation investment over a one year period. You should use this table to compare this product with other superannuation products.
|EXAMPLE – the Nationwide MySuper option||BALANCE OF $50,000|
|Investment fees||Nil||For every $50,000 you have in the product, you will be charged $0 each year|
|PLUS Administration fees||$130 p.a.
($2.50 per week)
|AND, you will be charged $130 in administration fees regardless of your balance.|
|PLUS Indirect costs||1.57%||AND, indirect costs of $785 each year will be deducted from your investment, which includes $180 in estimated performance fees|
|EQUALS Cost of Nationwide MySuper option||If your balance was $50,000, then for that year you will be charged fees of $915 for the Nationwide MySuper option.|
Note: *Additional fees may apply. And, if you leave Nationwide Super, you may also be charged an exit fee of $70.
- Keep in mind that the level of fees and costs can change. Where there is an increase in fees, Nationwide Super will give at least 30 days prior written notice, as required by law.
- Fees are generally adjusted each year to reflect inflation.
- Family law fees apply – see table below.
|Family Law fees||Amount||How and when paid|
The fee charged when an eligible person requests information under the Family Law Act
|$52||Payable by the information requestor by cheque/money order at the time of the request.|
|Account Splitting Fee
The fee charged to effect a Family Law splitting order/agreement
|$103||Deducted from your account balance at the time of request.|
|Payment Flagging Agreement
The fee charged when parties wish to enter a payment flagging agreement to defer the splitting of a superannuation interest
- Additional underlying investment related costs apply for the investment options, which impact on the available investment returns, including:
|Nationwide MySuper /
|Transactional costs (for 2016/17)||0.089%||0.001%||0.066%||0.126%||0.090%|
|Estimated Buy-Sell spread||0.151%||Nil||0.114%||0.110%||0.169%|
|Estimated borrowing costs||0.054%||Nil||0.0025%||0.052%||0.065%|
Nationwide Super does not pay commissions to planners. However if you choose to have a financial plan prepared in relation to your Nationwide Super account, a fee may be paid from your account. Refer to the financial planner’s Statement of Advice for details of these fees.Read the ‘Definitions of Fees’