Disclosure of Other Management Fees on Member Statements
Daily unit prices are declared on the net position of the Fund after allowing for tax and other expenses related to its operation.
In the course of investment there are a range of costs which are incurred by all investors. These include such things as brokerage, custody, management and related charges. These costs are met from the assets of the Fund prior to the declaration of daily unit prices.
Changes to Corporations Law which commenced from the 2006-07 financial year require all superannuation funds to disclose to their members all fees and charges which have an impact on investment returns. This disclosure is required to be presented in the form of a notional dollar amount representing the apportionment of those costs to each member having regard to the amount of moneys invested on their behalf. This is not a new or additional charge but a requirement to provide increased transparency to members about costs related to the Fund's investment activities.
It is also important to note that unlike many other Funds, Members of MilitarySuper are not charged a fee for the administration of their member accounts. All administration costs are met directly by the Department of Defence as the employer sponsor of the Scheme.