Member Information Booklet - REI Super

fees for financial advice
Financial planning is offered to REI Super members
through Mercer. Mercer financial advisers are authorised
representatives of Mercer Financial Advice (Australia) Pty Ltd
(MFA) ABN 76 153 168 293, Australian Financial Services
Licence 411766.
All members of REI Super with balances over $100,000
automatically become members of REI Super Elite. REI Super will
contact you regarding the additional benefits and you will have
the option to opt out of this membership if you do not wish to
join. Part of the Elite service is a free initial appointment with a
Mercer adviser. If further advice regarding superannuation is
provided, REI Super will subsidise some of the cost. Conditions
do apply, which should be discussed with your adviser.
Mercer financial advisers are salaried professionals who do
not receive commissions for advice provided to our members.
You can arrange an appointment with them to discuss your
financial situation. There is no cost or obligation to have the initial
consultation.
You will be provided with a fixed price quote for any further
advice. Any fees are set by agreement between you and Mercer
and provided to you in a letter of engagement. Contact Mercer
on 1300 13 44 33.
Adviser service fees
REI Super does not pay or receive commissions. If you have used
a financial adviser, they may charge a fee for the provision of
their services, and you will need to discuss with them their Fees
and Charges policy.
family Law fees
Family Law legislation allows for accrued superannuation
benefits in superannuation accounts to be divided between
couples upon their confirmed separation (special legal
requirements apply) or divorce. A request for information about
a member’s account balance can be made by the member,
the member’s spouse or a person considering entering into a
superannuation agreement with a member (e.g. a pre-nuptial
agreement).
REI Super charges a one-off fee of $450 for Family Law
information and for splitting a superannuation payment upon
receipt of a splitting agreement or court order. This fee will be
invoiced direct to the relevant party.
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fee changes – our disclosure obligations
All fees are current at the time of publication. They may be
revised or adjusted by REI Super from time to time. REI Super may
also introduce new fees from time to time. If there were to be an
increase in fees, the Trustee would notify you at least 30 days in
advance of the change.
member Protection
If your account balance is under $1,000 at 30 June in any year, in
accordance with government regulations, REI Super will normally
limit the administration costs for that year to a maximum of the
amount of interest that the account balance has earned. Note that
this ‘Member Protection’ provision does not apply in respect of
insurance premiums, tax, or fees deducted prior to the declaration
of investment returns, so those charges will still be deducted.
If overall investment returns are lower than the overall
administration costs of the Fund in a particular year, REI Super
will charge the lesser of the normal fees and the investment
return credited to your account, plus $10. If the investment return
credited to your account is negative, the Trustee will charge the
lesser of $10 or the normal fees.