Fees

FEES AND CHARGES

We charge a single fee. This covers all our costs for administering and managing your savings in the GMI Superannuation Scheme.  You will not be charged any one-off fees for joining, exiting or switching to another scheme.

Our fee cannot be more than 1.5% of your account balance per annum (subject to a minimum annual fee of $120). Even better, the fee percentage decreases as your account balance increases.

This means that if your account balance is less than $8,000, you would be charged $120 per annum. If your balance is over $8,000, you would be charged up to 1.5% per annum of your account balance.

Our fee covers all regular ongoing costs incurred in the management and administration of the Scheme including:

• Trustee services
• Administration services
• Investment management services
• Registry and custody costs
• Marketing
• Auditing
• Legal
• Printing and postage

The fee is calculated monthly and is clearly shown as a deduction on your detailed monthly reports.

If you are an employee of a participating employer, different fees may apply. These fees will be set out in the supplement accompanying the Investment Statement and available from your employer.

OTHER COSTS AND EXPENSES

There may be other costs and expenses charged to your member account or the Scheme in addition to our fee.

The costs of buying or selling investments in a portfolio such as brokerage are generally included in the purchase price of that asset. Costs of investing in assets (such as charges for investing in other funds) are reflected in the reported returns. In this way, they are an indirect cost to the scheme.

The Trustee may incur other costs and expenses, in addition to carrying out its ordinary duties, which may be charged to the Scheme or member accounts. There is no limit to the amount of the costs and expenses that may be recovered by the Trustee, but they are limited by the requirement that the Trustee consults with the Manager prior to incurring these costs or expenses and that they were incurred by the Trustee in complying with its obligations and duties under the Scheme's Trust Deed and at law.

* The single fee is calculated and deducted from your account on a monthly basis, based on the total value of your account balance in the GMI Superannuation Scheme at the end of each month.

† The minimum fee may be indexed to the Statistics New Zealand Consumers' Price Index at the end of every third Scheme year and therefore may increase from 1 July 2012