Section 5What are the fees?

You will be charged fees for investing in UniSaver. Fees are deducted from your investment and will reduce your returns. If we invest in other funds, those funds may also charge fees. The fees you pay will be charged in two ways:

  • Regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your investment over the long term.
  • One-off fees (for example, withdrawal fees).

Investment options

Estimated total annual fund charges (p.a. of net asset value)

Investment options

UniSteps Age 49

Estimated total annual fund charges (p.a. of net asset value)

0.70%

Investment options

UniSteps Age 54

Estimated total annual fund charges (p.a. of net asset value)

0.66%

Investment options

UniSteps Age 59

Estimated total annual fund charges (p.a. of net asset value)

0.62%

Investment options

UniSteps Age 64

Estimated total annual fund charges (p.a. of net asset value)

0.57%

Investment options

Growth

Estimated total annual fund charges (p.a. of net asset value)

0.74%

Investment options

Balanced

Estimated total annual fund charges (p.a. of net asset value)

0.66%

Investment options

Conservative

Estimated total annual fund charges (p.a. of net asset value)

0.52%

Investment options

Cash

Estimated total annual fund charges (p.a. of net asset value)

0.30%

Other charges

Retained members only

Other charges

Annual administration charges: $52.32 per year.

Other charges

Individual action fees

Retained members only

Other charges

  • Withdrawal fee: $39.66 for second and subsequent withdrawals in any calendar year.
  • Establishment fee: $88.77 for setting up regular withdrawal facility.
  • Termination fee: $39.66.

All members

Other charges

  • Withdrawal fee: $219.02 for a first-home withdrawal; $102.61 for a significant financial hardship withdrawal.
  • Switching fee: $50 for second and subsequent investment option switches in any calendar year.

Individual action fees

We charge fees for various withdrawals and second and subsequent switches of investment options. You may be charged other fees on an individual basis for investor-specific decisions or actions. We may also charge other fees in the future. See the document Other material information [PDF, 156 KB] on the offer register at www.disclose-register.companiesoffice.govt.nz [external link] for more information about fees.

Performance-based fees are not charged. The fees outlined above cover the following:

Fees

What it covers and how it is charged

Fees

Annual fund charges

What it covers and how it is charged

The annual fund charges include an annual management fee charged to cover regular

ongoing costs, charges and expenses incurred in the management and administration of the scheme including administration management services, estimated investment management and consultant services, registry and custody costs, marketing, auditing, legal, printing and postage.

The annual fund charges also include third-party charges relating to any other funds that an investment option invests in and additional costs reasonably incurred by the scheme that are not related to the regular and ongoing costs covered by the annual management fee.

All of the above fees are charged to members by way of deduction from the assets of each investment option (lowering its unit price).

Fees

First-home or significant financial hardship withdrawal fee*

What it covers and how it is charged

Deducted from the member standard account at the date of the withdrawal.

Fees

Switching fee for the second and each subsequent switch of investment option in any calendar year*

What it covers and how it is charged

Deducted from the member standard account at the date of the withdrawal.

Fees

Retained members only*

What it covers and how it is charged

Fees

  • Annual administration charges

What it covers and how it is charged

Deducted monthly from the member standard account.

Fees

  • Second and subsequent withdrawal fee

What it covers and how it is charged

Deducted from the member standard account at the date of the withdrawal.

Fees

  • Establishment fee for setting up a regular withdrawal fee

What it covers and how it is charged

Deducted from the member standard account at the date the facility is established.

Fees

  • Termination fee

What it covers and how it is charged

Deducted from the member standard account at the date of termination.

Fees

*These fees are deducted by redeeming units.

What it covers and how it is charged

All fees are disclosed on a before-tax basis. GST will be added to fees and may be included in some expenses, where applicable.

Example of how fees apply to an investor

Mary invests $10,000 in the Balanced investment option. The starting value of her investment is $10,000. She is charged management and administration fees, which work out to about $66 (0.66% of $10,000). These fees might be more or less if her account balance has increased or decreased over the year.

Estimated total fees for the first year

Individual action fees: $50 (for a second switch).

Fund charges: $66.

See the latest fund update for an example of the actual returns and fees investors were charged over the past year.

This example applies only to the Balanced investment option. If you are considering investing in other funds or investment options in UniSaver, this example may not be representative of the actual fees you may be charged. This example only applies to a contributing member. Different fees apply to retained members.

The fees can be changed

All administration management fees (including the secretarial fee), the fee for setting up a regular withdrawal facility and the fee for making a first-home or significant financial hardship withdrawal can be adjusted annually by the annual increase (if any) in national full-time adult average weekly ordinary-time earnings and may be otherwise amended by agreement between us and the administration manager. The fees payable to the investment manager can be changed by agreement between us and the investment manager.

Other components of the annual fund charges (for example, third-party charges relating to any other funds that an investment option invests in) are variable and may change from time to time.

We must publish a fund update for each option showing the fees actually charged during the most recent year. Fund updates, including past updates, are available at www.unisaver.co.nz.