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FUND DETAILS     USI: NES0100AU     ABN: 72 229 227 691     ADDITIONAL INFORMATION

Fee reduction and changes from 28 May 2022

3 May 2022

We are very happy to announce that from 28 May 2022 the Fund will be:

  • Reducing investment management fees for most of our investment options / products.
  • Reducing administration fees for all Pension members.
  • Capping administration fees for all Super members to a maximum of $650 per financial year.

 

Reduction to Investment Management Fees

The following table shows the changes to investment management fees and costs for investment options available to accumulation / super and transition to retirement accounts.

Investment OptionsTotal Investment Management Fees and CostsFee
reduction
From
1 November 2021
From
28 May 2022
NESS MySuper0.80%0.58%27.50%
High Growth0.71%0.51%28.17%
Stable0.54%0.50%7.41%
Australian Shares0.69%0.42%39.13%
Overseas Shares0.57%0.45%21.05%
Property0.73%0.51%30.14%
Cash0.08%0.08%0.00%

 

The following table shows the changes to investment management fees and costs for investment options available to account-based pension accounts.

Investment
Options
Total Investment Management Fees and CostsFee
reduction
From
1 November 2021
From
28 May 2022
MyPension Balanced0.72%0.58%19.44%
High Growth0.71%0.51%28.17%
Stable0.54%0.50%7.41%
Australian Shares0.69%0.42%39.13%
Overseas Shares0.57%0.45%21.05%
Property0.73%0.51%30.14%
Cash0.08%0.08%0.00%

More details on investment management fees will be available in the NESS Super Fees and Costs Guide and the NESS Pension Product Disclosure Statement dated 28 May 2022.

Reduction to administration fees for pension members.

Currently the pension members are changed an administration fee of $1.50 per week ($78.00 per annum), plus 0.25% p.a. of account balance, this administration fee is capped at $650 per financial year.  From 28 May 2022 the administration fee will reduce to $1.40 per week ($72.80 per annum), plus 0.1275% p.a. of account balance and the administration fee will continue to be capped at $650 per financial year.

The following table shows the estimated annual administration fees payable assuming the account balance of the pension account remained the same for the entire year.

 Estimated NESS Pension Annual Administration Fee
Account BalanceFrom 1 November 2021From 28 May 2022
$50,000$203.00$136.55
$100,000$328.00$200.30
$150,000$453.00$264.05
$200,000$578.00$327.80
$250,000$650.00~$391.55
$300,000$650.00~$455.30
$400,000$650.00~$582.80
$450,000$650.00~$646.55
$500,000$650.00~$650.00~

              

        ~ The amount of $650 is the maximum administration fee payable because of the fee cap applicable.

Changes to administration fees for super members other than pension members

From 28 May 2022, the administration fees for a super / accumulation member will be remain at $1.40 per week ($72.80 per annum), plus 0.1275% p.a. of account balance. However an annual cap of $650 per financial year will apply.

 

We’re here to help

If you need further information, you can view the NESS Pension Product Disclosure Statement (PDS), NESS Super PDS, and NESS Super Fees and Costs Guide dated 28 May 2022. You can also contact our Member Services Team, Monday to Friday between 8.30am – 6.00pm (AEST/AEDT) on 1800022067 or email contact@nesssuper.com.au

 

Things you should know

The information contained in this article is current at the time of its publication.  However, some information may change over time. The content is for general information only and does not constitute personal advice. We recommend that you consult with a suitably qualified person before making any financial decisions. For more information on NESS Super, or before deciding whether to acquire or hold a product, consider if it is appropriate.  See our Financial Services Guide (FSG), the relevant Product Disclosure (PDS) and the Target Market Determination (TMD).

 

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