Low fees.
The whole thing with having a super account is that you want it to grow into something nice and juicy to play with come retirement time. That’s where low fees come in handy.
As you’d expect from Virgin Super, you pay no fees or commissions to financial advisors, no
sneaky switching fees, no entry or exit fees unlike some funds.
If you’re working out how much maintaining your super is really going to cost you, remember to check out transaction costs as well.
Fees make a massive difference.
One per cent may not seem that much, but there’s a clear distinction between 1% and 2% of, say, $200,000 – that’s $2,000 and $4,000 respectively (or a couple of weeks in Thredbo vs a couple of weeks in Canada's Whistler).
Virgin Super fees and costs at a glance.
What we’ve done for you here is outline the range of fees and costs other super funds may charge, plus the whole Virgin Super deal, so you can see how we compare at a glance.
| Fee | Description | Amount | How it’s calculated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Establishment fee | A fee to open your super account. | Nil | – | |||||||||
| Contribution fee | A fee for each time a contribution is made to your super account. | Nil | – | |||||||||
| Withdrawal fee | Nil | – | ||||||||||
| Termination fee | A fee to close your super account. | Nil | – | |||||||||
| Financial advisor fee | A fee or commission for financial advisor services. | Nil | – | |||||||||
| Management fee | Covers ongoing management of your investment, including our fund manager, our
custodian and Trustee.
We have tiered a management fee so you get discounts as your balance increases |
|
It’s calculated on the value of your month end account, and is deducted monthly
from your super account or when you withdraw it.
Read more in Super FAQs – how do I figure out my fees payable? |
|||||||||
| Member fee | Covers member admin and communications | $1 per week
|
It’s deducted monthly from your super account. | |||||||||
| Individual investment option fees | A fee specific to individual investment options (such as a fee charged when a fund performs well). | Nil | – | |||||||||
| Investment switching fee | An admin fee if you choose to change investment options – e.g. from Life Stage Tracker to our D.I.Y. option, Select Your Own. | Nil | – | |||||||||
| Transaction costs | This is literally a cost incurred when investment units, like Australian shares, are bought or sold. | From .036% to .25% of a unit price. | The cost is reflected in the unit prices. Read more in Super FAQs – how does the whole transaction cost thing work? | |||||||||