What fees does AMIST Super charge?
AMIST Super is an Industry Superannuation fund that does not pay commissions and does not make payments to shareholders. Members of AMIST Super, AMIST Super Personal Division and AMIST Super Pension only pay fees required to meet the operating costs of AMIST Super. All income is distributed to the members of AMIST Super,
AMIST Super Personal Division and AMIST Super Pension. The Fees below apply equally to members of AMIST Super, AMIST Super Personal Division and AMIST Super Pension.
Administration fee
A flat administration fee of $1.20 per week is charged to all members and deducted from members’ accounts at the end of each month. Members of AMIST Super and the AMIST Super Personal Division with an account balance of $1,000 or less may be entitled to Member Benefit Protection
(see below).
Expense Recovery fee
An expense recovery fee, estimated at 0.07% of the fund’s assets is applied to meet the operating costs of AMIST Super. This fee is not charged directly to members. Instead the investment return is adjusted to reflect this fee and members are advised on their Annual Member Statement of the approximate value of this fee which is based on their account balance.
The Trustee may increase this fee to a maximum of 0.10% of assets. However for the year ending 30 June 2009 the fee is estimated to be 0.07%.
Investment Management fees
The assets of AMIST Super are invested for members by independent professional investment managers. These managers charge fees for investing the fund’s assets. The investment return for each of the investment options is determined after taking into account investment management fees (and taxes). Investment Management fees are not deducted directly from members’ accounts. Members are advised on their Annual Member Statement of the approximate value of this fee based on their account balance.
The estimated Investment Management Fees for each investment option for the year ending 30 June 2010 are shown below.
| Option | Investment Management Fee (Average) |
| Secure | 0.23% |
| Capital Stable | 0.49%* |
| Balanced | 0.54% |
| Growth | 0.58% |
| High Growth | 0.67%* |
* Investment Fees shown are based on Investment Fees (not including any
performance based fees) that were paid during the year ended 30 June 2009.
The Investment Fees shown for the Capital Stable and High Growth options are
an estimate only, as those options commenced on 1 April 2010.
Performance based fees are payable to some investment managers where
the return achieved exceeds the benchmark for their asset class by a defined
percentage. Performance based fees potentially payable range from 0.05%
to 0.15%.
Investment Switching fee
When you join AMIST Super your first choice to change the way your superannuation (or pension account balance) is invested is free if it is made within twelve months of commencing membership.
Any subsequent switch is subject to a fee of $35.00, which is deducted from your account at the time of the switch.
AMIST Super does not charge members any “Buy/Sell” costs to switch between investment options.
Exit / Withdrawal Fee (Benefit Payment fee)
If you make a lump sum withdrawal of all or part of your account balance or rollover your entire account from AMIST Super, AMIST Super Personal Division or AMIST Super Pension - a fee of $50.00 is charged. This fee is deducted from the benefit payment.
Family Law fees
The following fees apply to Family Law Transactions with AMIST Super, the AMIST Super Personal Division or the AMIST Super Pension:
- Payment split: (between member and former spouse) fee $100.00 payable in equal portions by the member and former spouse. The fees are deducted from the split payments.
- Family Law Enquiry (Form 6): by member: A fee of $50.00 is payable by an AMIST Super, AMIST Super Personal Division or AMIST Super Pension member (no GST payable).
- Family Law Enquiry (Form 6): by member: A fee of $55.00 is payable by non-member spouse ($50.00 plus GST).
Establishment fee
There is no fee charged to open an account with AMIST Super, the AMIST Super Personal Division or the AMIST Super Pension.
Contribution fees
There are no fees charged where a member or employer makes contributions to AMIST Super or the AMIST Super Personal Division. There is no fee charged to transfer superannuation from another fund into AMIST Super or the AMIST Super Personal Division.
AMIST Super does not charge members any “Buy/Sell” costs for contributions or transfers into AMIST Super or the AMIST Super Personal Division.
Member Benefit Protection
The account balance of members of AMIST Super and the AMIST Super Personal Division with an account balance of less than $1,000 at 30 June (or the date their account is closed if prior to 30 June) is protected against being eroded by administration fees.
Administration Fees cannot exceed the amount of earnings applied to a member’s account to the period ending 30 June (or the date that their account was closed). For example, if Administration Fees totalled $62.40 and earnings on the account were $40.00 then the member would receive a fee rebate of $22.40.
The exception is where during a period of low investment return (less than 1% p.a.), in which case the Trustee reserves the right to charge members a minimum of $10.00 in administration fees for the year ending 30 June.
This occurred in the 2007/2008 financial year.
Member Benefit Protection does not apply to AMIST Super Pension members.