Fees and costs

Details of the fees and costs that you could pay as a Vision Super member.

As your super fund, you are our focus and we’re always looking for ways to keep fees and costs low. This page provides details of the fees and costs that you could pay as a Vision Super member. The fees and costs you pay depend on whether you hold an accumulation (super) account or pension account, and the investment option(s) your account is invested in. A fee cap of 3% (prescribed by law) in relation to administration and investment fees and costs applies if your account balance is less than $6,000 at 30 June or when you close your account. Any amount charged in excess of this cap must be refunded.

For detailed information regarding our fees and costs, please refer to the relevant Product Disclosure Statement.

Super account fees and costs

Most Vision Super members are invested in our MySuper investment option, Balanced growth.

The table below gives an example of the fees and costs for a MySuper member with $50,000 invested in the Balanced growth option for one year.  

MySuper account invested in Balanced growth

Example – MySuper (Balanced growth)Balance of $50,000
Administration fees and costs$78 pa ($1.50 per week) plus 0.14% of your account balanceFor every $50,000 you have in the superannuation product, you will be charged or have deducted from your investment $70 in administration fees and costs, plus $78 regardless of your account balance.1
Plus Investment fees and costs0.44%And 2 you will be charged or have deducted from your investment $220 in investment fees and costs.
Plus Transaction costs0.05%And2 you will be charged or have deducted from your investment $25 in transaction costs.
Equals Cost of product  If your balance was $50,000 at the beginning of the year, then for that year you will be charged fees and costs of $393* for the superannuation product.
Additional fees may apply
1. Administration fees and costs are comprised of
  • A flat fee of $78 pa (regardless of your account balance)
  • Plus a % based fee, which is $70 for every $50,000 you have in the superannuation product, up to a maximum of $540.

2. For every $50,000 you have in the superannuation product, Investment fees and costs and Transaction costs will apply.

Administration fees and costs  

The administration fees and costs are made up of three components:

> A flat dollar fee of $1.50 per week ($78 pa)

> An asset based fee of 0.14% pa of your account balance capped at $540 pa, and

> If charged, a reserving margin ranging from 0.00% to 0.02% pa which is reflected in the daily unit price.

Currently the reserving margin is nil.

Investment fees and costs

Investment fees and costs include investment expenses relating to the investment management of Vision Super’s assets, such as base and performance related fees paid to investment managers and advisers, management fees charged in investment vehicles, asset consulting fees, bank fees, custodian fees and internal Vision Super costs related to the management of the fund’s assets. For further information about performance fees refer to applicable PDS.

Investment fees and costs are taken into account in the calculation of the unit prices for the investment options and are therefore reflected in the returns allocated to your account through changes in the unit prices. 

Premixed optionsInvestment fees and costs pa (i)Single sector optionsInvestment fees and costs pa (i)
Growth0.48%Just shares0.25%
Balanced growth0.44%Australian equities0.21%
Balanced low cost0.14%International equities0.29%
Balanced0.39%Innovation and disruption0.60%
Conservative0.32%Infrastructure0.80%
  Property0.44%
  Diversified bonds0.06%
  Cash0.05%

(i)  Investment fees and costs in respect of most investment options are an estimate based on the fees and costs incurred over the year ended 30 June 2023. These estimates reflect actual amounts for the year ended 30 June 2023 where available and some estimated components. For the Balanced low cost option, the Investment fees and costs ) for the year ending 30 June 2023 were 0.16% (including performance fees of 0.00%), however this is not considered a reasonable estimate of the ongoing annual investment fees and costs for this option. An estimate for the year ending 30 June 2024 is shown for this option. The actual amount of investment fees and costs that you will incur in the current and subsequent financial year(s) depends on the investment option(s) you are invested in and actual investment fees and costs incurred by Vision Super from year to year in relation to the option(s).

Transaction costs

Transaction costs include explicit transaction costs such as brokerage, settlement costs or stamp duty, as well as buy sell spreads charged by our investment managers or in underlying investment vehicles.

Where buy-sell spreads are applied by Vision Super, transaction costs incurred by the Fund may be wholly or partly recovered through the buy-sell spread on member transactions. Currently, buy-sell spreads do not apply. However, buy-sell spreads may be applied in future based on the ranges set out under “Buy and sell spreads below”.

Any Transaction costs that are not recovered through a Vision Super buy-sell spread are deducted from the underlying assets, and therefore deducted from the unit prices for each Investment option.

Premixed optionsTransaction cost pa (i)Single sector optionsTransaction cost pa (i)
Growth0.07%Just shares0.04%
Balanced growth0.05%Australian equities0.04%
Balanced low cost0.10%International equities0.04%
Balanced0.05%Innovation and disruption0.02%
Conservative0.04%Infrastructure0.20%
  Property0.15%
  Diversified bonds0.00%
  Cash0.00%

(i) Transaction costs in respect of most investment options are an estimate based on the explicit transaction costs incurred by the Fund and underlying investment vehicles over the year ended 30 June 2023. These estimates are based on information provided by our investment managers and custodian and reflect actual amounts for the year ended 30 June 2023 where available and some estimated components. For the Balanced low cost option, transaction costs for the year ending 30 June 2023 were 0.17%, however this is not considered a reasonable estimate of the ongoing annual transaction costs for this option. An estimate for the year ending 30 June 2024 is shown for this option. The actual amount of transaction costs that you will incur in the current and subsequent financial year(s) depends on the investment option(s) you are invested in and actual transaction costs incurred by Vision Super from year to year in relation to the option(s).

How do we compare?

Example fees for a $50,000 super account


$463
Vision Super Saver fees
$617
Average super fees 1

 

1 - Average fees and costs for a $50,000 super account balance invested in a MySuper product (including Vision Super’s MySuper product), based on funds analysed by SuperRatings in its SuperRatings Fundamentals Report April 2021. This information is subject to change.
Premixed optionsTransaction cost pa (i)Single sector optionsTransaction cost pa (i)
Growth0.05%Just shares0.05%
Balanced growth0.05%Australian equities0.05%
Balanced low cost0.02%International equities0.05%
Balanced0.04%Innovation and disruption0.04%
Conservative0.03%Infrastructure0.06%
  Property0.12%
  Diversified bonds0.00%
  Cash0.00%

Pension account fees and costs

Vision Super also has income stream (pension) products.  The table below gives an example of the fees and costs for a Account Based Pension or Non-commutable account based pension member with $50,000 invested in Balanced growth option for one year.

Account based pension or Non-commutable Account based pension invested in Balanced growth

Example – Balanced growthBalance of $50,000
Administration fees and costs0.35% of your account balanceFor every $50,000 you have in the superannuation product, you will be charged or have deducted from your investment $175 in administration fees and costs1.
Plus Investment fees and costs0.44%And2 you will be charged or have deducted from your investment $220 in investment fees and costs.
Plus  Transaction costs0.05%And2 you will be charged or have deducted from your investment $25 in transaction costs.
Equals Cost of product If your balance was $50,000 at the beginning of the year, then for that year you will be charged fees and costs of $420* for the superannuation product.

1. Administration fees and costs are comprised of a % based fee which is $175 for every $50,000 you have in the superannuation product up to a maximum of $1,050 pa.

2. For every $50,000  you have in the superannuation product, Investment fees and costs and Transaction costs will apply.

Administration fees and costs

The administration fees and costs are made up of two components:

> An asset based fee of 0.35% of your account balance capped at $1,050 pa, and

> If charged, a reserving margin ranging from 0.00% to 0.02% pa which is reflected in the daily unit price.

Currently the reserving margin is nil.

 

Investment fees and costs

Investment fees and costs include investment expenses relating to the investment management of Vision Super’s assets, such as base and performance related fees paid to investment managers and advisers, management fees charged in investment vehicles, asset consulting fees, bank fees, custodian fees and internal Vision Super costs related to the management of the fund’s assets. For further information about performance fees refer to the Income Stream PDS.

Investment fees and costs are taken into account in the calculation of the unit prices for the investment options and are therefore reflected in the returns allocated to your account through changes in the unit prices. 

Premixed optionsInvestment fees and costs pa (i)Single sector optionsInvestment fees and costs pa (i)
Growth0.48%Just shares0.25%
Balanced growth0.44%Australian equities0.21%
Balanced low cost0.14%International equities0.29%
Balanced0.39%Innovation and disruption0.60%
Conservative0.32%Diversified bonds0.06%
  Cash0.05%

(i) Investment fees and costs in respect of most investment options are an estimate based on the fees and costs incurred over the year ended 30 June 2023. These estimates reflect actual amounts for the year ended 30 June 2023 where available and some estimated components. For the Balanced low cost option, the Investment fees and costs for the year ending 30 June 2023 were 0.16% (including performance fees of 0.00%), however this is not considered a reasonable estimate of the ongoing annual investment fees and costs for this option. An estimate for the year ending 30 June 2024 is shown for this option. The actual amount of investment fees and costs that you will incur in the current and subsequent financial year(s) depends on the investment option(s) you are invested in and actual investment fees and costs incurred by Vision Super from year to year in relation to the option(s).

Transaction costs 

Transaction costs include explicit transaction costs such as brokerage, settlement costs or stamp duty, as well as buy sell spreads charged by our investment managers or in underlying investment vehicles.

Where buy-sell spreads are applied by Vision Super, transaction costs incurred by the Fund may be wholly or partly recovered through the buy-sell spread on member transactions. Currently, buy-sell spreads do not apply. However, buy-sell spreads may be applied in future based on the ranges set out under “Buy and sell spreads below”.

Any Transaction costs that are not recovered through a Vision Super buy-sell spread are deducted from the underlying assets, and therefore deducted from the unit prices for each Investment option. 

Premixed optionsTransaction cost pa (i)Single sector optionsTransaction cost pa (i)
Growth0.07%Just shares0.04%
Balanced growth0.05%Australian equities0.04%
Balanced low cost0.10%International equities0.04%
Balanced0.05%Innovation and disruption0.02%
Conservative0.04%Diversified bonds0.00%
  Cash0.00%

(i) Transaction costs in respect of most investment options are an estimate based on the explicit transaction costs incurred by the Fund and underlying investment vehicles over the year ended 30 June 2023. These estimates are based on information provided by our investment managers and custodian and reflect actual amounts for the year ended 30 June 2023 where available and some estimated components. For the Balanced low cost option, transaction costs for the year ending 30 June 2023 were 0.17%, however this is not considered a reasonable estimate of the ongoing annual transaction costs for this option. An estimate for the year ending 30 June 2024 is shown for this option. The actual amount of transaction costs that you will incur in the current and subsequent financial year(s) depends on the investment option(s) you are invested in and actual transaction costs incurred by the Vision Super from year to year in relation to the option(s).

How do we compare?

Example fees for a $50,000 Account based pension or Non-commutable account-based pension invested in the Balanced growth option


$490
Vision Super Saver fees
$718
Average super fees 1

 

1 - SuperRatings average fee for a $50,000 super account balance – SuperRatings Fundamentals Report July 2020

Other fees and costs

Buy-sell spreads

The buy-sell spread (where applicable) is the difference between the buy price and sell price of units in each investment option. As noted above, buy-sell spreads for all investment options are currently nil. This is based on the current level and pattern of member transactions (eg investment switching requests) and the current level of transaction costs incurred by the Fund when Fund assets are purchased or sold.

If circumstances change, Vision Super may need to charge buy-sell spreads to ensure it is able to more appropriately recover the transaction costs resulting from member transactions from the members engaged in those transactions.

Buy-sell spreads may change within this range without prior notice. Buy-sell spreads are reviewed on a regular basis and are set out in the table below.

OptionCurrent buy-sell spreadBuy-sell spread range
Balanced growth0.00%0.00% to 0.12%
Conservative0.00%0.00% to 0.08%
Balanced0.00%0.00% to 0.11%
Balanced low cost
0.00%0.00% to 0.09%
Growth0.00%0.00% to 0.13%
Just shares
0.00%0.00% to 0.17%
Australian equities
0.00%0.00% to 0.19%
International equities
0.00%0.00% to 0.15%
Innovation and disruption
0.00%0.00% to 0.15%
Property*0.00%0.00% to 0.00%
Infrastructure*0.00%0.00% to 0.00%
Diversified bonds
0.00%0.00% to 0.04%
Cash0.00%0.00% to 0.03%
* These options are not available for pension members

Reserving margins

The reserving margin is paid into a general reserve. Vision Super is able to draw on this reserve as permitted by relevant law and the Fund’s reserving strategies. The general reserve is not used as an investment fluctuation reserve for smoothing investment returns.

If circumstances change, Vision Super may need to charge a reserving margin. The following table sets out the possible range of the reserving margins. Reserving margins may change within this range without prior notice.

OptionReserving margins paReserving margin range pa
Balanced growth0.00%0.00% to 0.02%
Conservative0.00%0.00% to 0.02%
Balanced0.00%0.00% to 0.02%
Balanced low cost
0.00%0.00% to 0.02%
Growth0.00%0.00% to 0.02%
Just shares
0.00%0.00% to 0.02%
Australian equities
0.00%0.00% to 0.02%
International equities
0.00%0.00% to 0.02%
Innovation and disruption
0.00%0.00% to 0.02%
Infrastructure*0.00%0.00% to 0.02%
Property*0.00%0.00% to 0.02%
Diversified bonds
0.00%0.00% to 0.01%
Cash0.00%0.00% to 0.01%
* These options are not available for pension members.

Advice fees

You can obtain personal financial advice which takes into account your objectives, financial situation and needs from a Vision Super Financial Planner (VSFP). VSFPs are employed by the Trustee of Vision Super. These staff members are authorised to give personal advice under an arrangement that the Trustee has with Industry Fund Services Pty Ltd (IFS) (AFSL no: 232514). IFS (and not the Trustee) is responsible for any advice given under this arrangement.

Advice limited to contributions and investments regarding your membership of Vision Super that is not subject to ongoing review is called ‘intra-fund’ advice and includes personal intra-fund advice. Intra fund advice is available at no additional cost to you as the cost of intra-fund advice is included in the Fund’s administration fees and costs. This excludes advice on your Vision Super insurance.

Advice fees apply on a fee for service (user pays) basis for all other personal financial advice provided by a VSFP. If a fee is applicable, a fee is only charged for the production of a Statement of Advice. Fees for personal advice relating solely to your interest in Vision Super are generally paid directly by you. However, if we are satisfied that the fee is solely for the provision of advice regarding your membership in Vision Super, it may be deducted from your account, with your written authorisation.

If you’re after a comprehensive financial plan, you can book an appointment with a VSFP.  You will receive a copy of the planners IFS FSG to consider when obtaining personal advice. 

Insurance fees

Insurance premiums apply to insurance cover held with a Super account. Insurance premiums depend on a number of factors including the amount and type of cover held. Refer to the relevant Insurance Guide for more information.

Frequently asked questions

We’re required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

This is to make sure we’re keeping members at the centre of our approach to the design and distribution of our financial products.

This legislation requires financial services product issuers to design products that are appropriate for the consumers in the target market and consistent with their objectives, financial situation, and needs.

A Target Market Determination is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers. 

It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.

It depends how your details have been changed. The most common request is changing a surname due to marriage, which you can do with a certified copy of your marriage certificate, and a Vision Super “Change of Personal Details form” found here: view form

If you have changed your name another way, we recommend you contact us first on 1300 300 820 so we can outline what documents we need to change your details without issue.

If you want to change your address, you can do this by logging onto the secure member portal online, or calling our Member Services team on 1300 300 820.

You can check your balance 24/7 via Vision Online, our secure member secure site, or via the Vision Super app for mobile devices. You can also contact our Member Services on 1300 300 820 or by emailing us on [email protected]

Here’s how it works. You may be able to receive a tax-free contribution from the Government when you make a non-concessional (after-tax) contribution to your super account.  The maximum entitlement that can be received is $500 where your total income is $41,112 or less in the 2021/22 year. This reduces on a sliding scale and cuts out if your total income is above $56,112 in the 2021/22 year.

This is, of course, provided you satisfy work, income and age tests.

Please note that the income threshold test for the co-contribution is your total income, which is calculated as follows:

Total income (assessable income + reportable fringe benefits + reportable employer super contributions – allowable business deductions).

In very basic terms, ‘salary sacrificing’, or ‘salary packaging’ means using some of your before-tax salary to pay for something. In superannuation terms, it is usually an arrangement between you and your employer to contribute some of your before-tax salary into your superannuation account.

In the 2021/2022 financial year, the maximum that can be contributed as before-tax payments is $27,500, this includes your employer SG payments of 10%.

Please note that any after-tax contributions made, where you obtain a tax deduction, are included in this contribution limit.