INVESTMENT FEES, INDIRECT COST RATIOS & PROPERTY OPERATING COSTS
The Investment fee represents the fees and costs for the investment of the Fund's assets which are paid from the assets of the Fund.
The Indirect cost ratio is an estimate of the costs for investing in the Fund’s assets which are deducted from investments rather than paid directly by the Fund. It includes expenses that do not form part of the investment fees incurred in investing the assets (but excludes any Buy-sell spread).
Property operating costs reflect additional costs payable in relation to real property, excluding borrowing costs and amounts payable for the acquisition or disposal of real property.
The estimated Investment fee, Indirect cost ratio and Property operating costs for each investment option are shown in the table below. The Investment fee arising from costs, the Indirect cost ratio and the Property operating costs will change throughout the year due to factors such as cash flow, changes in the Fund’s investment managers, and changes in asset allocation.
Note: The Income Plus investment option closed on 5 February 2020 and is no longer available. Unlisted Infrastructure will be closing on 31 March 2020, please consider this when choosing an investment option. Members invested in this option will be notified of their options accordingly.
^These figures are estimates only based on indicative annualised calculations for the 2019-2020 financial year. The figures will change throughout the year due to factors such as cash flow, changes in the Fund’s investment managers, and changes in asset allocation.
* The total investment fee consists of the fixed percentage-based fee and estimated investment costs paid from the Fund’s assets. The investment fee, excluding the fixed percentage-based fee, is an estimate only based on indicative annualised calculations for the 2019-20 financial year as actual costs will vary based on actual asset allocations to individual investments throughout the year. If you are invested in the Direct Investment option, an additional dollar-based fee will apply (currently, this is $209 p.a.).
** Indexed at 1 April each year.
+ Other fees and costs may apply to individual investments held within the Direct Investment option. In particular, if you choose to invest in ETFs, other fees and costs in relation to the ETF may be deducted from the underlying investment in the ETF. In order to understand all of the fees and costs applicable in respect of your investment, you will need to read the terms and conditions and, if available, the PDS, for the underlying investment product, available from the issuer of the underlying product. Refer to the Direct Investment Guide for further information.
# Certain activity fees may apply within the Direct Investment option. Refer to Brokerage fees and Term deposit break fees under ‘Fees and other costs’ section for details.
~ These cohorts are initially combined with the 1989-1993 cohort. As at the date of this document, the total estimated investment fee, the fixed percentage-based investment fee, the estimated total indirect cost ratio, the estimated transactional and operational costs and the estimated property operating costs for these cohorts are the same as for the 1989-1993 cohort.