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Virgin Money Super Fees

Ensure your super is not eaten up by fees. Virgin Money Super is all about bringing value to you. Our fees are easy to understand – no commissions, no joining fee, no contribution fee, plus a Baby Break while you're on maternity or paternity leave.

How much is the
annual fee?

To help you compare our super fees, here are a few examples of how much you might be charged based on a Virgin Money Super account invested in LifeStageTracker®.

  Adam, 28 years old
Account balance: $27,000
Invested in LifeStage Tracker
Rachel, 37 years old
Account balance: $50,000
Invested in LifeStage Tracker
Tom, 46 years old
Account balance: $120,000
Invested in LifeStage Tracker
       
Admin fee $58 + (0.394%
of $27,000)
= $164
$58 + (0.394%
of $50,000)
= $255
$58 + (0.394%
of $120,000)
= $531
Investment fees 0.116% of
$27,000 = $31
0.116% of
$50,000 = $58
0.116% of
$120,000 = $139
Indirect costs 0.04% of
$27,000 = $11
0.04% of
$50,000 = $20
0.04% of
$120,000 = $48
Total annual cost $207 $333 $718

Fees Explained

Administration Fee

 
What do you pay for? How much is it? How and when is it paid?
Administration Fee (Dollar Based) $58 per member per year Deducted monthly from account balance
Administration Fee (Asset Based) 0.394% per year Generally deducted daily when unit prices are determined. Reflected in your super account balance.

Investment Fees

This covers the ongoing cost associated with managing your investment. It’s a percentage based fee that is applied to the money you have invested in each investment option.

How and when is it paid?

Generally calculated and deducted daily (from the underlying investment vehicles or the relevant investment options) when unit prices are determined. Reflected in your super account balance.

 
What do you pay for? How much is it?
LifeStage Tracker® 0.116% p.a. of your account balance in this option
Australian Shares 0.20% p.a. of your account balance in each of these option
International Shares
Australian Listed Property
Cash 0.10% p.a. of your account balance in this option
Indexed Diversified Shares 0.20% p.a. of your account balance in this option
Enhanced Index Growth 0.24% p.a. of your account balance in this option
Enhanced Index Conservative Growth 0.24% p.a. of your account balance in this option

Activity and Exit Fees

What do you pay for? How much is it? How and when is it paid?
Switching Fee NIL N/A
Exit Fee $100 Deducted at the time of withdrawal, prior to your money being transferred.
Insurance Administration Fee $18 p.a. Deducted monthly from account balance
Family Law Split $88 One off deducted from account balance
Family Law Information Request $110 One off deducted from account balance
Overseas Transfer Fee NIL N/A

Indirect Costs3

What do you pay for? How much is it? How and when is it paid?
LifeStage Tracker® 0.02% to 0.03% Generally deducted daily when unit prices are determined. Reflected in your super account balance.
Australian Shares 0.01%
International Shares 0.01%
Australian Listed Property 0.02%
Cash 0.01%
Index Diversified Shares 0.01%
Enhanced Index Growth 0.01%
Enhanced Index Conservative Growth 0.01%

For more information about fees, please read the Virgin Money Super Product Disclosure Statement and Product Guide.

Baby Break

It doesn't seem fair. When mums go on maternity leave or dads go on paternity leave, their superannuation contributions for retirement stop. So why do super funds continue to charge the full Administration Fees?

Virgin Super was the first super fund in Australia to do something about it. We'll discount your Asset Based Administration Fee from 0.394% to 0.044% for up to 12 months while you're on parental leave. Keep your money in your super fund. What else would you expect from Virgin?

Ready for your delivery?
Our Baby Break isn’t means tested, so you get the full benefit* while you’re on maternity or paternity leave. You can apply for the Virgin Money Super Baby Break once per child.

If you're an existing member and want to apply for the Virgin Money Super Baby Break, fill in the  Baby Break Application Form.

*Conditions apply.  See full terms and conditions.

 
 

Important stuff

The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO.

As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.

QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.

This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don't know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the Insurance Guide.

The Superannuation Fees described on the Fees page apply from 12 December 2016. Here you'll find the official Superannuation Industry (Supervision) Act 1993 ('SIS Act') definition for each fee type.

While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees.

It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.

Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.

Source: https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/

SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.

The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2016-2017 Financial Year.

Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 30 June 2016. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.

The median results are provided by SuperRatings and are current as at 30 June 2016 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.

Eligibility crtieria and fees apply. Aged 15-64 Death and Total and Permanent Disablity cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.

Automatic Death & TPD cover for Australian residents aged 15-64 with our default insurance offering. Conditions and Exclusions (such as pre-existing medical conditions) apply. See the Virgin Money Super Insurance Guide for more information.

The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.