Superannuation Industry Fee Comparison Report

Transcription

1 Report May 2008

2 Disclaimer Chant West Financial Services Pty Limited (ABN ) Unless otherwise permitted by an agreement between you and Chant West, you may only use this document for your own personal, non-commercial use, and this document may not be copied, reproduced, scanned or embodied in any other document or distributed to another party. The information in this document is based on data supplied by third parties. While such data is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such data. Past performance is not a reliable indicator of future performance. The products, reports and ratings do not contain all of the information that is required in order to evaluate the nominated service providers, and you are responsible for obtaining such further information. The data provided by Chant West does not constitute financial product advice. However to the extent that this data may be considered to be general financial product advice, Chant West warns that: (a) Chant West has not considered any individual person s objectives, financial situation or particular needs; (b) individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation; and (c) individuals should obtain a product disclosure statement from the relevant fund provider before making any decision about whether to acquire a financial product from that fund provider. A Financial Services Guide has been made available by Chant West through its website at Chant West Financial Services May 2008

3 CONTENTS 1. SUMMARY 1 2. RETAIL MASTER TRUSTS 6 3. INDUSTRY FUNDS 8 4. PUBLIC SECTOR ALTERNATIVE ASSET FEE DISCLOSURE METHODOLOGY 12 ATTACHMENTS 1. LIST OF PRODUCTS 2. FEE COMPARISON GRAPHS 3. MANAGEMENT COSTS Chant West Financial Services May 2008

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5 1. Summary 1.1 Scope This report has been prepared by Chant West to provide a comparison of the fees charged by major superannuation funds (products) in the Australian market. Throughout the report, the management costs we have compared include administration and investment costs, but exclude in-built adviser commissions. This allows a fair comparison among funds, treating the issue of advice separately. We note, however, that it is standard industry practice not to rebate in-built adviser commission where an investor invests directly in a fund. We have divided the superannuation market into four segments retail master trusts, corporate master trusts, industry funds and public sector funds (Attachment 1). We have analysed the major funds in each segment, including: 14 retail master trusts (products in the top 10 by assets under management or net inflows) 8 corporate master trusts (products of the main service providers in this segment) 8 industry funds (funds with assets of over $7 billion) 5 public sector funds (the largest accumulation funds in this segment) The report provides a comparison of the average fees for three of the four market segments, as well as fee comparisons of the major funds in those segments (Attachments 2 and 3). We have not provided a detailed analysis of the individual corporate master trust products, as fees can vary from plan to plan, especially as plan size increases. We have excluded stand-alone corporate funds from the analysis, as few of them feature among the largest accumulation funds, which are the focus of this report. 1.2 Key findings The key findings of the report are: Master trusts are more expensive than not-for-profit industry and public sector funds, but the gap is much smaller for corporate master trusts (based on company plans with assets of $10 million) than it is for retail master trusts. Public sector funds charge the lowest fees, due largely to the relatively small number of participating employers, the high level of contributions submitted electronically and lower promotional costs. Average fees for retail master trusts and public sector funds have been stable over the three years. Average industry fund fees have shown a clear upward trend over the past three years. Across funds there is much inconsistency in the disclosure of investment performance fees. There is almost universal non-disclosure of underlying manager fees (base fees and performance fees) in fund-of-funds type investments (private equity, infrastructure and hedge funds). This can materially understate the true cost of these investments and the true cost of a fund as well. Chant West Financial Services May

6 1.3 Comparison between market segments The graph below shows the average management costs in each segment for account balances of $25,000, $50,000 and $300,000. Note that fees for retail and corporate master trusts exclude inbuilt adviser commissions and the corporate master trust fees are based on company plans with assets of $10 million. Average Management Costs (% pa) - March Avg $25,000 $50,000 $300,000 Account balance Retail Master Trusts Corporate Master Trusts Industry Funds Public Sector Funds The graph shows that master trusts are more expensive than industry and public sector funds. However, the gap between corporate master trusts and not-for-profit funds is much smaller. We also note that within each segment there is a reasonable degree of variability in fees. For corporate master trusts, we have used the standard fees that apply to a company plan with assets of $10 million. In practice, however, fee discounts are often provided for plans of this size. As a result, the actual fee gap between corporate master trusts, industry funds and public sector funds is lower than indicated in this report. On the other hand, fees for relatively small company plans (assets of less than $1 million) tend to be similar to those in retail master trusts. Public sector funds charge the lowest fees, due largely to the relatively small number of participating employers, the high level of contributions submitted electronically and lower promotional costs. While the fees for corporate and retail master trusts are higher, many of these products provide features and services that are not generally provided by industry and public sector funds, including: Greater investment choice, with a wide range of single and multi-manager options Daily unit pricing More flexible insurance cover, with a wider range of features Faster processing of transactions Services for advisers, including technical support, specialist call centre and online access to client account details Ability to transfer unrealised capital gains to the pension division Greater capital backing Chant West Financial Services May

7 When individuals or their advisers are considering a retail master trust, they need to decide whether the value of the additional features and services outweighs the additional cost. They also need to be aware that not all retail master trusts offer all the additional services listed above, and some industry funds offer some of them. 1.4 Trends within market segments The major changes in superannuation in recent years have led to a renewed focus on fees. Choice of fund has forced all funds to review their fee structure and ensure they have a competitive offering, leading in some cases to fee reductions. On the other hand, legislative changes, such as Better Super and RSE licensing, have increased operating costs, which some funds have passed on through fee increases. The following sections analyse the changes in average fees in each market segment over the past three years. (a) Retail master trusts The graph below shows the fee changes for retail master trusts from June 2005 to March 2008 for an account balance of $50,000. Average Management Costs (% pa) - June 2005 to March Avg June 2005 June 2006 June 2007 March 2008 Note: Management costs exclude in-built adviser commission While there has been much media coverage on fee reductions by retail master trusts over the past few years, the graph shows that the average fees of the major funds have been relatively stable. The most significant fee reductions have been by smaller funds seeking to remain competitive. The main reason average fees have remained steady is that efficiency gains and reductions in fee margins have been largely offset by increases in investment fees. In particular, many funds have increased their allocations to alternative assets, which typically have higher fees than traditional asset classes. Also, a growing number of investment managers now charge performance fees which, given the strong equity markets in recent years, have contributed to increased investment fees. Chant West Financial Services May

8 (b) Industry funds The graph below shows the fee changes for industry funds from June 2005 to March 2008 for an account balance of $50,000. Average Management Costs (% pa) - June 2005 to March Avg June 2005 June 2006 June 2007 March 2008 While industry fund fees are relatively low, there has been a clear upward trend in fees, which have increased by 12 basis points in total over the past three years. This has been due largely to: The growing costs of compliance Increased administration costs (partly due to increased member activity) Larger promotional budgets (partly to raise brand recognition in a more competitive environment) Improved fee disclosure (which has had the effect of increasing published figures) Higher investment fees (due to increased allocations to alternative assets up by about 7% to 14% over the past two years and to the impact of performance fees) Chant West Financial Services May

9 (c) Public sector funds The graph below shows the fee changes for public sector funds since June 2006, when we first began to capture this data, for an account balance of $50,000. Average Management Costs (% pa) - June 2006 to March Avg June 2006 June 2007 March 2008 The average fees for the major public sector funds have remained stable over the period. The drivers of higher investment fees have been less evident, as these funds have been slower to move into alternative assets and embrace performance fees than have industry funds. Also, the average promotional spend is lower in this segment, partly because members in two of the five funds (QSuper and Super SA) do not have fund choice, so the funds have less need to promote themselves. We note that several funds have moved to public offer status. Chant West Financial Services May

10 2. Retail Master Trusts The graphs below show the fees for balances of $50,000 and $300,000 for the major retail products. Graphs for balances of $100,000 and $500,000 are shown in Attachment 2. Tables showing the fees for each product at the various account balances, as well as a breakdown of fees (for account balances of $50,000 and $300,000), are provided in Attachment 3. Retail Master Trust Management Costs - $50,000 account balance CFS MLC Super ANZ ING MLC Gold Star Macquarie Navigator AXA Summit Asgard Super BT SuperWrap AMP FLS Asgard ewrap Mgt Costs Average (1.67) Notes: 1. CFS FirstChoice Wholesale and MLC MasterKey Custom have not been included as they are only available to members with an account balance of at least $100, Management costs exclude in-built adviser commission Retail Master Trust Management Costs - $300,000 account balance CFS W/Sale Macquarie MLC Super ANZ MLC Gold Star ING CFS MLC Custom Asgard Super AXA Summit Navigator AMP FLS Asgard ewrap BT SuperWrap Mgt Costs Average (1.31) Note: Management costs exclude in-built adviser commission Chant West Financial Services May

11 The graphs show that Colonial First State charges the lowest fees for all but the largest account balance ($500,000). FirstChoice Personal Super has the lowest fees for a $50,000 balance, while FirstChoice Wholesale Personal Super has the lowest fees for $100,000 and $300,000 balances and the second lowest for a $500,000 balance. While most master trusts have kept their fees static over the past few years, ING and MLC have delivered significant fee reductions. In 2005, ING s OneAnswer fees were in the top half of the major retail products across all balances, but now they are in the lower half across all balances. MLC has also delivered fee reductions in MasterKey Super by replacing part of the percentagebased administration fee (used in older products) with a dollar-based member fee. For higher balances, this has reduced fees substantially. ING and MLC have also recently introduced products with no in-built adviser commission, which are cheaper than their standard products. ING s offering is OneAnswer Select, where the fees are 15 basis points lower than the standard OneAnswer product. Similarly, MLC s MasterKey Fundamentals has fees about 5 basis points lower than MasterKey Super. We have not included these products in our detailed analysis, as assets under management are small. Macquarie s Super and Pension Manager product can have low fees for balances of $100,000 and more, but its fee structure is quite different to the other funds. With all other funds, the administration fee discount is based on a member s account balance, while Macquarie s discount is based on the balance in each investment option. The effect is that Macquarie can be either cheap or expensive, depending on how many options the member chooses to access (eg Macquarie would be up to 61 basis points more expensive on a $500,000 account balance if more than 10 options were chosen, rather than one option as assumed in this report). The graph below shows how the fees change for the key retail products as balances increase. It is clear that different products have very different levels of discounting for larger account balances. Retail Master Trust Management Costs at different account balances Asgard ewrap BT SuperWrap AMP FLS Macquarie ING MLC Super CFS CFS W/Sale $50,000 $100,000 $300,000 $500,000 $1,000,000 AMP FLS Asgard ewrap BT SuperWrap CFS CFS W/Sale ING Macquarie MLC Super Chant West Financial Services May

12 3. Industry Funds The graphs below show the fees for balances of $50,000 and $300,000 for the major industry funds. Further graphs and tables are provided in Attachments 2 and 3. Industry Fund Management Costs - $50,000 account balance UniSuper Sunsuper Health AusSuper Hostplus REST HESTA Cbus Mgt Costs Average (0.83) Industry Fund Management Costs - $300,000 account balance UniSuper Sunsuper Health Hostplus AusSuper REST HESTA Cbus Mgt Costs Average (0.72) Chant West Financial Services May

13 All fee comparisons for this market segment show similar results, with total fees reducing as account balances increase. This reduction is because the dollar-based member fee that is common to most industry funds becomes a smaller percentage of account balances as they grow. UniSuper has the lowest fees in this segment. This is partly due to lower administration (due to the relatively small number of participating employers and the high level of contributions submitted electronically) and promotional costs. The fund also enjoys substantial benefits of scale with its investment fees. The fees charged by each fund in this segment are affected by a number of factors, including: Allocation to alternative assets UniSuper (the cheapest industry fund) has only 7.5% in alternative assets where HESTA and CBUS (the two most expensive industry funds included in this report) have 18% and 19% in alternatives, respectively. Performance fees HESTA includes performance fees of 25 basis points, whereas UniSuper does not disclose any performance element in its investment fees. Size of fund the largest funds (UniSuper and AustralianSuper) have some of the lowest fees. Other factors that influence fees in this segment are average account balances, the level of promotion the fund undertakes and the balance between active and inactive members. Chant West Financial Services May

14 4. Public Sector The graphs below show the fees for balances of $50,000 and $300,000 for the major public sector funds. Further graphs and tables are provided in Attachments 2 and 3. Public Sector Management Costs - $50,000 account balance FSS QSuper GESB Super SA VicSuper Mgt Costs Average (0.62) Public Sector Management Costs - $300,000 account balance FSS GESB QSuper Super SA VicSuper Mgt Costs Average (0.57) The average fees for public sector funds are the lowest of the different market segments considered in this report. There is, however, a considerable range between the cheapest (First State Super) and the most expensive (VicSuper). The large scale of these funds and the relatively small number of contributing employers provide an excellent base upon which to build a low-cost superannuation product. Also, the average balances in these funds are generally much larger than in most industry funds, so that administration costs are a lower percentage of account balances. Chant West Financial Services May

15 5. Alternative Asset Fee Disclosure Non-disclosure of fees in the alternative asset sector is a chronic problem facing the industry, and one that needs to be addressed urgently. It severely hinders fee comparisons across funds, and leaves investors inadequately informed about the costs they may incur. Many investments in alternative assets such as private equity, infrastructure and hedge funds are through fund-of-funds vehicles. Where funds invest in such vehicles there is almost universal nondisclosure of underlying manager fees both base fees and performance fees. This nondisclosure can materially understate the true cost of the alternative investments and, depending on the allocation to these investments, the true cost of the fund as well. As a result, fee comparisons across funds can be highly misleading. To illustrate, we consider the typical fee structure of a fund-of-hedge-funds product. The most common objective is to earn the cash rate plus 5% per annum net of all fees (about 12% in today s market). What is little understood is that, in order to do this, the product has to earn about 20% pa gross. This is because the total fees amount to about 8%, leaving the investor with about 12%. The table below shows how the fee structure works where the gross return is 20% and where it is a more modest 12% (more in line with today s market). FUND-OF-HEDGE-FUNDS FEES (% PA) Example 1 Example 2 Gross return Less: Underlying manager base fees Less: Underlying manager performance fees Less: Underlying manager administration costs Less: FOHF manager base fee (& admin costs) Less: FOHF manager performance fee Investor s return Total fees paid Fees typically disclosed Fees typically not disclosed Notes 1. 20% of net performance above zero 2. 10% of net performance above zero 3. FOHF manager base + performance fee The key point from these examples is that the true cost to investors is grossly understated by 6% in Example 1 and by 4.4% in Example 2. At the fund level, if fund-of-funds alternatives represent 5% of total assets then the overall management cost will be understated by 30 basis points under Example 1. This is a material figure given many funds report management costs in the range of 60 to 80 basis points. And if fund-offunds alternatives represent 10% of total assets, overall management costs will be understated by 60 basis points (and at 20% it is 120 basis points). In preparing this report, we have not made any adjustments for the true costs of alternative assets simply because the fund specific information is not publicly available. Chant West Financial Services May

16 6. Methodology 6.1 Products included in the fee comparison We have included the major funds in each market segment. The criteria for inclusion in each segment are shown below. Retail master trusts products that are in the top 10 products either by assets under management or the top 10 products by net inflows at 30 September Corporate master trusts products of the main service providers in this segment. Industry funds funds with assets of $7 billion or more. Public sector funds accumulation funds for public sector employees in NSW, Victoria, Queensland, South Australian and Western Australia. We have not included the new PSSap or the public sector funds in Tasmania and Northern Territory, due to their much smaller size. Attachment 1 provides a list of all products we have included in the fee comparisons, together with the names we have used for each product in the graphs and tables. 6.2 Calculation method The fees shown are those charged in the first year based on the assumptions detailed in Section 6.3 below. In order to provide fair comparisons, we have used the fees for each product s multimanager growth option (ie 61-80% growth assets). We have obtained fee details from the issuers Product Disclosure Statements and Annual Reports and on an ongoing basis submit our fee calculations to the relevant provider for review, to ensure we are interpreting their fees correctly. (a) Tax Fees have been compared on a gross of tax basis. While the Explanatory Statement to the Corporations Act Amendment Regulations 2005 clearly states that funds should show fees gross of tax, there are still several that show fees net of tax. This makes fee comparisons between funds difficult. Almost all retail products (and all those in this report) show fees gross of tax, although some also show net fees to demonstrate what actually comes out of a member s account. Several industry funds do not pass on to members the benefit of the tax deduction in relation to member fees. In these cases, we have grossed up the member fee to show the equivalent fee on a gross of tax basis. (b) Cost of member protection Where the cost of member protection is not included in standard fees and is paid for by reducing the crediting rate to members, we have included that cost in our fee calculations. Member protection costs are explicitly disclosed in some PDSs, but not all. Where they are not disclosed, we seek the information directly from the funds. (c) Performance fees Performance fees, by definition, are not known until performance is known. The Fees and Costs Template requires that fees shown in PDSs include an estimate of performance fees, but does not prescribe how this is to be done. Practices vary, with some funds giving an estimate (range) of expected fees while others simply state the performance fees incurred for the most recent period. We use the methodology adopted by the fund. Chant West Financial Services May

17 (d) Commission Fees have been compared on a nil commission basis. Where the standard fees for a product include adviser commission, we have deducted it in order to compare fees on an equitable basis. The table following shows the adviser commission included in the standard product fees for each retail product. We note that it is standard industry practice not to rebate adviser commission where an investor invests in a fund directly. Product Standard Trail Commission AMP Flexible Lifetime Super 0.44% ANZ OneAnswer Personal Super 0.435% Asgard Superannuation Account Asgard ewrap Super AXA Summit Personal Super BT SuperWrap Personal Super 25% of admin fee (eg 0.31% for $50k, 0.17% for $500k) Nil 0.55% (up to $1m) Nil CFS FirstChoice Personal Super % CFS FirstChoice W/sale Personal Super Nil ING OneAnswer Personal Super % Macquarie Super & Pension Manager MLC MasterKey Superannuation (Gold Star closed) MLC MasterKey Super MLC MasterKey Custom Super Nil 0.44% (under $50k), 0.66% for $400k+ 0.44% (under $50k), 0.66% for $400k+ Nil Navigator Personal Retirement Plan 0.55% Note: Although it is not currently possible to rebate standard commissions in CFS FirstChoice Personal Super, we have reduced fees by the amount of the standard adviser commission, in order to compare fees on an equitable basis. Chant West Financial Services May

18 6.3 Calculation assumptions The following assumptions were used in the calculations: Investment returns 8% pa before tax for the multi-manager growth option (61-80% growth assets) Income tax 15% Income tax on investment earnings we assume that 60% of the investment return is not taxable due to franking credits, etc, resulting in an effective tax rate of 6%. GST 10% RITC 75% Contributions we assume concessional contributions of $7,000 per annum, being an estimate of contributions payable on an average salary Investment income investment income is calculated by multiplying the assumed rate of investment income by the average investment balance. The average investment balance is the opening balance plus one half of the regular contributions net of any applicable fees and income tax less an estimate of management costs for the year. Fees those fees that are based on the member s account balance have been calculated by multiplying the percentage fee by the member s average account balance. The average account balance is the average investment balance (see above) plus one half of that year s investment income net of income tax. Adviser commissions fees have been calculated on a nil commission basis. For products that have commissions built into the standard fees, we have reduced the standard fees by the standard adviser commissions (net of GST & RITC). Chant West Financial Services May

19 1. List of Products 2. Fee Comparison Graphs 3. Management Costs

20 Report Attachment 1 List of Products included in Report Product Name Retail Master Trusts AMP Flexible Lifetime Super ANZ OneAnswer Personal Super Asgard Superannuation Account Asgard ewrap Super AXA Summit Personal Super BT SuperWrap Personal Super CFS FirstChoice Personal Super CFS FirstChoice W/sale Personal Super ING OneAnswer Personal Super Macquarie Super & Pension Manager MLC MasterKey Custom Super MLC MasterKey Super Gold Star (closed) MLC MasterKey Super Navigator Personal Retirement Plan Corporate Master Trusts AMP CustomSuper Asgard Employer Super Account AXA Super Directions for Business BT Lifetime Super Employer CFS FirstChoice Employer Super ING Integra MLC MasterKey Business Super Navigator Business Super Industry Funds AustralianSuper Cbus Health Super HESTA Hostplus REST Sunsuper UniSuper Public Sector Funds First State Super GESB Super QSuper Super SA Triple S VicSuper Name in Graphs & Tables AMP FLS ANZ Asgard Super Asgard ewrap AXA Summit BT SuperWrap CFS CFS W/sale ING Macquarie MLC Custom MLC Gold Star MLC Super Navigator AMP Asgard AXA BT CFS ING Integra MLC Navigator AusSuper Cbus Health HESTA Hostplus REST Sunsuper UniSuper FSS GESB QSuper Super SA VicSuper Chant West Financial Services May

21 Report Attachment 2 Fee Comparison Graphs Retail Master Trusts Retail Master Trust Management Costs - $50,000 account balance CFS MLC Super ANZ ING MLC Gold Star Macquarie Navigator AXA Summit Asgard Super BT SuperWrap AMP FLS Asgard ewrap Mgt Costs Average (1.67) Note: The management costs shown above exclude adviser commission. Retail Master Trust Management Costs - $100,000 account balance CFS W/Sale Macquarie MLC Super CFS ANZ AMP FLS ING MLC Gold Star Asgard Super Navigator Asgard ewrap AXA Summit BT SuperWrap MLC Custom Mgt Costs Average (1.50) Note: The management costs shown above exclude adviser commission. Chant West Financial Services May

22 Report Attachment 2 Retail Master Trust Management Costs - $300,000 account balance CFS W/Sale Macquarie MLC Super ANZ MLC Gold Star ING CFS MLC Custom Asgard Super AXA Summit Navigator AMP FLS Asgard ewrap BT SuperWrap Mgt Costs Average (1.31) Note: The management costs shown above exclude adviser commission. Retail Master Trust Management Costs - $500,000 account balance MLC Super CFS W/Sale Macquarie MLC Gold Star ANZ ING MLC Custom AMP FLS Asgard Super CFS AXA Summit Asgard ewrap Navigator BT SuperWrap Mgt Costs Average (1.19) Note: The management costs shown above exclude adviser commission. Chant West Financial Services May

23 Report Attachment 2 Fee Comparison Graphs Industry Funds Industry Fund Management Costs - $50,000 account balance UniSuper Sunsuper Health AusSuper Hostplus REST HESTA Cbus Mgt Costs Average (0.83) Industry Fund Management Costs - $100,000 account balance UniSuper Sunsuper Health AusSuper Hostplus REST HESTA Cbus Mgt Costs Average (0.77) Chant West Financial Services May

24 Report Attachment 2 Industry Fund Management Costs - $300,000 account balance UniSuper Sunsuper Health Hostplus AusSuper REST HESTA Cbus Mgt Costs Average (0.72) Industry Fund Management Costs - $500,000 account balance UniSuper Sunsuper Health Hostplus AusSuper REST HESTA Cbus Mgt Costs Average (0.71) Chant West Financial Services May

25 Report Attachment 2 Fee Comparison Graphs Public Sector Funds Public Sector Management Costs - $50,000 account balance FSS QSuper GESB Super SA VicSuper Mgt Costs Average (0.62) Public Sector Management Costs - $100,000 account balance FSS GESB QSuper Super SA VicSuper Mgt Costs Average (0.59) Chant West Financial Services May

26 Report Attachment 2 Public Sector Management Costs - $300,000 account balance FSS GESB QSuper Super SA VicSuper Mgt Costs Average (0.57) Public Sector Management Costs - $500,000 account balance FSS GESB QSuper Super SA VicSuper Mgt Costs Average (0.51) Chant West Financial Services May

27 Report Attachment 3 Summary of Total Management Costs for All Account Balances Product Name Account Balance Retail Master Trusts $25,000 $50,000 $100,000 $300,000 $500,000 AMP FLS ANZ Asgard Asgard ewrap AXA Summit BT SuperWrap CFS CFS W/sale n.a. n.a. ING Macquarie MLC Custom n.a. n.a MLC Gold Star MLC Super Navigator Corporate Master Trusts AMP Asgard AXA BT CFS ING Integra MLC Navigator Industry Funds AusSuper Cbus Health HESTA Hostplus REST Sunsuper UniSuper Public Sector Funds FSS GESB QSuper Super SA VicSuper Chant West Financial Services May

28 Report Attachment 3 Breakdown of Management Costs for $50,000 Account Balance Product Name Management Costs for $50,000 Balance (% pa) Retail Master Trusts Admin Fee Investment Fee Other Fees Total Mgt Fee AMP FLS ANZ Asgard Asgard ewrap AXA Summit BT SuperWrap CFS CFS W/sale - n.a. - n.a. ING Macquarie MLC Custom n.a. n.a. - n.a. MLC Gold Star MLC Super Navigator Corporate Master Trusts AMP Asgard AXA BT CFS ING Integra MLC Navigator Industry Funds AusSuper Cbus Health HESTA Hostplus REST Sunsuper UniSuper Public Sector Funds FSS GESB QSuper Super SA VicSuper Chant West Financial Services May

29 Report Attachment 3 Breakdown of Management Costs for $300,000 Account Balance Product Name Management Costs for $300,000 Balance (% pa) Retail Master Trusts Admin Fee Investment Fee Other Fees Total Mgt Fee AMP FLS ANZ Asgard Asgard ewrap AXA Summit BT SuperWrap CFS CFS W/sale - - ING Macquarie MLC Custom MLC Gold Star MLC Super Navigator Corporate Master Trusts AMP Asgard AXA BT CFS ING Integra MLC Navigator Industry Funds AusSuper Cbus Health HESTA Hostplus REST Sunsuper UniSuper Public Sector Funds FSS GESB QSuper Super SA VicSuper Chant West Financial Services May