Further details about fees
Increases or alterations in the fees and costs
We reserve the right to increase the fees and charges outlined in this PDS, and to charge for other miscellaneous services, without your consent. If any fees or charges change, we will give you at least 30 days written notice.
The trust deed (available from us free of charge) allows us to charge an administration fee (management costs) of up to 2% of the balance of your account (subject to a minimum of $30.00 per month) as well as fixed dollar transaction fees (of up to $50 which may be indexed each year to the Consumer Price Index (CPI), taking into account the movements in the CPI since the Funds inception on 30 November 1999) arising from buying and selling investment options, including withdrawals, switching, automatic rebalancing, direct debits, automatic cash management and dollar cost averaging. The maximum fees outlined above may be increased by GST (or similar) payable by us on those fees.
In the future we may charge a fee for administering your account in accordance with the Family Law Act.
We may charge a fee of up to $24 per annum (which may be indexed) for processing direct debits in connection with your account.
The trustee may increase any dollar amounts and tiers specified in accordance with increases in the CPI each year. Any increase will not be greater than the percentage change in the CPI since the inception of The Avenue Retirement Service, 30 November 1999, or the last recalculation.
We may be reimbursed from the Fund for certain expenses incurred in the administration of the Fund. Costs we may recover include litigation expenses and expenses in relation to members' meetings. In the event that such expenses are incurred and are able to be reimbursed, the ongoing administration and management charges stated previously will be increased.
In addition, we have the right to increase the incidental fees for bank cheques and telegraphic transfers.
Payments received from other parties
We currently receive a product access payment from product issuers, which is typically up to $10,000 per product issuer per annum, plus up to $10,000 per annum for each investment option included on our investment menu. In some instances where an investment option requires additional administration by us, these amounts may be increased to $15,000 per annum.
Some investment managers also pay us commission based on the volume of funds invested through this product. The exact commission and product access payment is negotiated with each investment manager. These payments come from each investment manager's own resources. They are not additional fees to you.
Fees on linked accounts
Where the balance of your account is insufficient to cover any outstanding fees and charges, we may collect the fee from another account in your name you hold within the Fund.
Fees applicable during a month
The fees set up on your account as at the end of a given month (or as at the day of an account’s closure) will be the fees applicable for that month (or part thereof if the account is opened or closed within that month). For example, if you change a fee amount mid-month, the fee collected for that month will be based on the new fee.
Part A of the Avenue Retirement Service PDS