NTG-P30-V13
NTGPASS Fees
This fact sheet explains the various fees that
apply to NTGPASS members. The fees you pay
may differ depending on your type of
membership. Types of NTPGASS membership
include:
Active – currently employed in the NT Public
Sector (NTPS) and contributing between 2 and 6
per cent of salary to NTGPASS.
Note: From 15 January 2016, NTGPASS members
who claim their employer-financed defined benefit are
no longer able to elect to retain their benefits in
NTGPASS.
Retained – are ex-active members who have
resigned from the NTPS or elected to opt out of
NTGPASS and continue to have benefits within
the scheme. This will include members who are
yet to claim their employer-funded defined
benefit.
Spouse – have become members as a result of a
Family Law split, where the spouse or ex-spouse
is an NTGPASS member.
Account-keeping fee
Active NTGPASS members do not pay an
account-keeping fee.
For retained and spouse members, the accountkeeping fee is $3 per week ($156 per year).
The fee is deducted from your account on
30 June each year or when you exit the scheme.
If you exit the scheme during the financial year,
the fee is calculated on a pro-rata basis.
Investment switch fee
Every member is entitled to one free investment
switch in a financial year. Each additional switch
made in a financial year will incur a $35 fee that
will be deducted from your account.
Lump sum withdrawal fee
Active members cannot make withdrawals.
Retained and spouse members are permitted one
free withdrawal each financial year.
Withdrawals are subject to satisfying a condition
of release, e.g. retiring after age 55. Additional
withdrawals require approval from the
Commissioner of Superannuation. If approved,
each additional withdrawal made in a financial
year will incur a $35 fee that will be deducted
from your account.
Retained and spouse members may also choose
to rollover part or all of their account to another
superannuation fund. Rollovers are not subject
to withdrawal fees.
Family Law fees
Since 28 December 2002, the Family Law Act
has allowed superannuation to be divided (or
‘split’) between separating parties. Prior to
splitting a superannuation interest, a Family Law
Valuation may be required.
Fee payable on lodgement of the Family Law
Superannuation Valuation Application:
- scheme member or spouse $150.00 (fee not
subject to GST).
Fee payable to split or flag a superannuation
interest:
- each party is liable for one half of $380 (fee not
subject to GST), which will be deducted from
the superannuation interest subject to a
payment split or flag.
Investment management fees
Investment management fees represent the
costs associated with investing your
superannuation money.
They include the fees charged by investment
managers and costs for the services of the
Custodian and Asset Consultant (currently
MLC/JANA Implemented Consulting).
The fees are charged as a percentage of the
amount invested in each investment option,
within your NTGPASS accumulation account.
For retained members, your accumulation
account may include your employer-financed
defined benefit, in which case that account will
represent your entire NTGPASS benefit. For
spouse members, your accumulation account
represents your entire NTGPASS benefit.
For active members, your accumulation account
does not include your employer-financed defined
benefit. It is generally made up of your own
contributions (member, personal and salary
sacrifice), rollovers from other funds and
investment earnings.
Location: Floor 11 Charles Darwin Centre, 19 The Mall DARWIN NT 0800 • Postal: GPO Box 4675 DARWIN NT 0801
Phone: 1800 631 630 • Fax: (08) 8901 4222 • Email: [email protected] • Website: www.super.nt.gov.au
NTGPASS Fees Fact Sheet (continued)
Refer to your most recent Member Information
Statement for further details.
The investment management fees shown in the
following table do not include the fee rebate or
custody costs that will also be applied. Custody
costs vary between 0.024 per cent and 0.036 per
cent, depending on the investment option chosen.
Examples
The following tables provide an example of the
fees and costs for different members in the
Growth option.
Active member
Fee
Investment
Option
Managed Cash
Conservative
Cautious
Growth
Assertive
Aggressive
Superannuation
Fee (%)
0.18
0.61
0.68
0.75
0.79
0.82
Note: Fees are current as at March 2015 and may be
subject to change in the future.
Fees generally increase as the exposure to
shares and property investments increase. This is
because the cost of trading and administering
these investments are greater than those incurred
when investing in more conservative investments
like cash and bonds.
The fees stated in the table above are not
deducted directly from your account; they are
deducted from the return for each investment
option before investment crediting rates are set.
This means that the investment returns credited
to your account are net of investment fees.
Benefit estimate fee
All NTGPASS members are provided with a free
estimate of their benefit as at 30 June each year,
in the form of a Member Information Statement.
During the year members are able to request the
Commissioner to provide an estimate of their
NTGPASS entitlements as at other dates. The
fee for this service is $35, which will be deducted
from your account.
Account
keeping
Investment
Management
Total
Amount
Account balance of
$100 000
$0
No fee irrespective of
your balance.
For every $100 000
in your account, the
fee is equivalent to
$750 per annum.
0.75%
$750
Retained/spouse member
Fee
Account
keeping
Investment
Management
Total
Amount
Account balance
of $100 000
$156
$156 irrespective of
your balance.
For every $100 000
in your account, the
fee is equivalent to
$750 per annum.
0.75%
$906
Disclaimer
The material in this fact sheet is provided for
information purposes only and should not be
relied upon for making financial commitments.
The Commissioner of Superannuation and the
Northern Territory of Australia accept no
responsibility for any losses arising from any use
or reliance upon the information or conclusions
reached using the information.
Other fees
NTGPASS members are not charged fees for
making contributions or for closing their account.
Requests for information from this office (such as
those involving lengthy investigation), will incur a
reasonable fee and will be assessed on a caseby-case basis.
Members of the Northern Territory
Supplementary Superannuation Scheme
(NTSSS) are not subject to any fees in relation to
their NTSSS account.
NTG-P30-V13
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