PDS updates
The information in our PDS can be subject to change
Here you can find important information about recent changes to fees and costs and investments impacting our CareSuper super, Retirement Income, Transition to Retirement (TTR) Income and Term Allocated Pension products that came into effect from 1 October 2025.
Updates to fees and costs
Administration fees and costs deducted from reserves
As a profit-to-member fund, we're always looking for ways to deliver more value to you. One way we do this is by using our reserves to help cover administration costs—so less comes out of your account.
In 2024–25, we used 0.06% of net assets per member from our general reserves to help manage these expenses, down from 0.11% in 2023–24. The amount we use may vary each year, depending on actual costs.
It’s just one of the ways we put members first.
Investment fees and costs and transaction costs
Each year, we refresh our estimated investment fees and costs and transaction costs to reflect actual expenses from the previous financial year, as required by regulation. This means that the estimated fees and costs will vary each year, with the fees and costs for some investment options going up and some going down.
These fees and costs are deducted from investment returns before being applied to your account through the calculation of unit prices each business day. They are not deducted from your account.
The changes to our fees and costs are outlined in the following tables.
Super and Transition to Retirement (TTR) Income accounts
| Investment option | Estimated fees disclosed from 1 November 20241 | Forecast fees from 1 November 20242 | Estimated fees disclosed from 1 October 20253 | |||
| Investment fees and costs | Transaction costs | Investment fees and costs | Transaction costs | Investment fees and costs | Transaction costs | |
| (% of assets each year) | ||||||
| Pre-mixed options | ||||||
| Balanced | 0.45% | 0.07% | 0.56% | 0.06% | 0.51% | 0.08% |
| Growth | 0.56% | 0.08% | 0.55% | 0.07% | 0.53% | 0.09% |
| Alternative Growth | 0.57% | 0.06% | 0.57% | 0.06% | 0.54% | 0.08% |
| Sustainable Balanced | 0.35% | 0.09% | 0.56% | 0.06% | 0.51% | 0.06% |
| Conservative Balanced | 0.40% | 0.06% | 0.45% | 0.05% | 0.41% | 0.06% |
| Capital Stable | 0.37% | 0.05% | 0.39% | 0.04% | 0.36% | 0.06% |
| Asset class options | ||||||
| Overseas Shares | 0.40% | 0.05% | 0.36% | 0.05% | 0.32% | 0.11% |
| Australian Shares | 0.45% | 0.08% | 0.34% | 0.10% | 0.39% | 0.09% |
| Property | 0.48% | 0.10% | 0.48% | 0.10% | 0.50% | 0.17% |
| Fixed Interest | 0.19% | 0.02% | 0.21% | 0.01% | 0.19% | 0.07% |
| Cash | 0.08% | 0.00% | 0.04% | 0.00% | 0.06% | 0.00% |
Retirement Income and Term Allocated Pension accounts
| Investment option | Estimated fees disclosed from 1 November 20241 | Forecast fees from 1 November 20242 | Estimated fees disclosed from 1 October 20253 | |||
| Investment fees and costs | Transaction costs | Investment fees and costs | Transaction costs | Investment fees and costs | Transaction costs | |
| (% of assets each year) | ||||||
| Pre-mixed options | ||||||
| Balanced | 0.45% | 0.07% | 0.57% | 0.06% | 0.51% | 0.08% |
| Growth | 0.56% | 0.08% | 0.58% | 0.07% | 0.54% | 0.09% |
| Alternative Growth | 0.58% | 0.06% | 0.58% | 0.06% | 0.54% | 0.08% |
| Sustainable Balanced | 0.35% | 0.09% | 0.57% | 0.06% | 0.51% | 0.06% |
| Conservative Balanced | 0.40% | 0.06% | 0.46% | 0.05% | 0.41% | 0.06% |
| Capital Stable | 0.37% | 0.05% | 0.40% | 0.04% | 0.36% | 0.06% |
| Long-term (Managed Income only) | 0.43% | 0.07% | 0.49% | 0.05% | 0.44% | 0.08% |
| Asset class options | ||||||
| Overseas Shares | 0.40% | 0.05% | 0.36% | 0.05% | 0.32% | 0.11% |
| Australian Shares | 0.45% | 0.08% | 0.34% | 0.10% | 0.39% | 0.09% |
| Property | 0.48% | 0.10% | 0.48% | 0.10% | 0.50% | 0.17% |
| Fixed Interest | 0.19% | 0.02% | 0.21% | 0.01% | 0.19% | 0.07% |
| Cash | 0.08% | 0.00% | 0.04% | 0.00% | 0.06% | 0.00% |
You should read the relevant PDS for more details on how these fees are calculated.
Investment changes
As part of our annual investment strategy review, we’ve also updated the strategic asset allocation for a number of our Pre-mixed investment options effective 1 October 2025. Most of these changes are minor adjustments of between 1%-3% within the existing asset allocation ranges.
However, we’ve made more significant changes to our Long-term option, including changes to the asset allocation ranges. The Long-term option is only available in our Managed Income accounts. These changes are outlined below, and seek to align the Long-term option with our active investment approach of adding value and growth while managing portfolio risk over the long term.
| Asset class | Long-term option (Managed Income only) | |||
| Asset allocations at 1 November 2024 |
Asset allocations from 1 October 2025
|
|||
| Benchmark % | Range % | Benchmark % | Range % | |
| Australian shares | 19 | 5-35 | 16 | 10-40 |
| Overseas shares | 26 | 5-35 | 16 | 10-40 |
| Private equity | 5 | 0-15 | 5 | 0-20 |
| Property | 9 | 0-20 | 7 | 0-25 |
| Infrastructure | 10 | 0-20 | 18 | 0-30 |
| Credit | 0 | 0-20 | 20 | 0-30 |
| Alternatives | 0 | 0-20 | 13 | 0-40 |
|
0 | - | 9 | - |
|
0 | - | 4 | - |
| Fixed interest | 31 | 0-60 | 5 | 0-20 |
| Cash | 0 | 0-10 | 0 | 0-20 |
We’ve made some changes to the indicative growth and defensive asset mix4 of the following Pre-mixed investment options:
| Investment option | Indicative growth and defensive asset mix4 | |||
| Super and TTR Income accounts | Retirement Income accounts | |||
| 1 November 2024 | From 1 October 2025 | 1 November 2024 | From 1 October 2025 | |
| Balanced | 70/30 | 72/28 | 70/30 | 71/29 |
| Growth | 83/17 | 86/14 | 83/17 | 85/15 |
| Sustainable Balanced | 70/30 | 72/28 | 70/30 | 71/29 |
| Conservative Balanced | 50/50 | 52/48 | 50/50 | 52/48 |
| Capital Stable | 36/64 | 35/65 | 36/64 | 34/66 |
Click on the option name above to find more details about each option.
1 Estimates based on the fees and costs for the financial year ending 30 June 2024, with the exception of the Alternative Growth and Property options. Alternative Growth and Property options were new options as at 1 November 2024, so the fees and costs for these options were our reasonable estimate of the fees and costs for the financial year ending 30 June 2025, based on information available to us at the date of preparation of the relevant PDS at 1 November 2024.
2 These estimated fees and costs were disclosed on our website on 1 July 2025, and were a re-statement of the forecast fees and costs under the heading Estimated fees and costs following CareSuper and Spirit Super merger contained within the relevant PDS documents dated 1 November 2024. The estimated fees and costs were calculated based on historic information on fees and costs from the financial year ending 30 June 2024 for the underlying investments of former CARE Super and Spirit Super, as well as strategic asset allocations which were to apply from 1 November 2024.
3 Due to changes in investment strategy, we have calculated estimated fees and costs, based on actual fees and costs incurred from 1 November 2024 and annualised, as well as actual costs for the previous financial year. We’ve disclosed the higher of the actual or estimated costs for each option (actual fees disclosed for Cash, Fixed Interest, and Australian Shares).
4 Based on the strategic asset allocation to growth and defensive assets for each investment option. Refer to the relevant PDS for more information.