WA Super News
Improving our products and services
We‘ve been working hard to enhance and improve the products available to you. We have outlined some important information about fee changes within both our Super Solutions and Retirement Solutions product as well as details of some improved services including:
- Fee changes that came into effect on 5 November 2018
- Changes to investment switch timeframes
- Changes to investment management costs
- Fee changes effective from 1 January 2019 - Retirement Solutions only
- Changes to superannuation complaints
- New product disclosure statements have been issued
We strive to reduce and remove any unnecessary fees that may impact your retirement savings. The following fees have been removed and are no longer charged as of 5 November 2018:
- $80 exit fee for all exits from our Retirement Solutions product.
- $80 withdrawal fee for all withdrawals from your Retirement Solutions account.
- $50 switch fee for paper investment switch requests. You can now make an investment switch online or on the Change in investment options form without incurring a switch fee.
- $160 compassionate grounds release fee.
We have changed our timeframes for investment switches.
There are different fees and costs incurred in managing how your retirement savings are invested. Our investment management costs are made up of investment fees and indirect costs.
Investment fees are either those paid to WA Super or our service providers to manage your investments. These fees are paid from investment earnings before they are added to your account and are not charged to you as a fee.
Indirect costs are incurred in the management of the investment portfolio that are not fees. Examples are transactional and operational costs incurred when buying or selling investments - such as brokerage (for equities) or stamp duty (for property).
The investment management costs in the table below are based on the actual fees and costs incurred in the 2017-18 financial year. They’re used here as an indication of investment management costs only. Future actual costs will vary depending on the external investment managers used and the performance of the market.
From 1 January 2019, the administration fees charged on our Retirement Solutions product will change to simplify it. The table below outlines the details:
The Superannuation Complaints Tribunal (SCT) stopped accepting complaints after 31 October 2018. A new external dispute resolution body, the Australian Financial Complaints Authority (AFCA) commenced on 1 November 2018 and has replaced the SCT and other bodies that handle complaints relating to financial services. The contact details for AFCA are available in our PDS or on AFCA’s website at www.afca.org.au.
WA Super has issued a new Super Solutions Product Disclosure Statement (PDS), Member guide, Insurance guide and Retirement Solutions PDS with effect from 5 November 2018. These new documents are available on our website at www.wasuper.com.au/pds or you can contact us for a copy to be sent to you at no cost.
Super Solutions PDS issued 5 November 2018, version 14.0 will replace the Super Solutions PDS issued 1 December 2017, version 13.0.
Retirement Solutions PDS issued 5 November 2018, version 13.0 will replace the Retirement Solutions PDS issued 1 December 2017, version 12.0.