SPEC Personal

You can now enjoy the benefits of SPEC Super membership if you are a self-employed contractor, spouse, family or friend of an existing SPEC Super member, by joining the SPEC Personal division of SPEC Super – there is no need to have been a member of SPEC Super previously. 

If you are an existing SPEC Super member and become self-employed, start your own business or become a contractor, SPEC Personal offers flexibility and insurance options that may suit you and will allow you to remain in SPEC Super as long as you need to.

SPEC Personal members also benefit from SPEC Super being a “profit for members” superannuation fund.  This means fees are kept to a minimum and no commissions are paid to any person.

Check out the benefits of SPEC Personal below:

  • SPEC Personal members can take advantage of the choice of six member investment choice options:
    • Balanced
    • Capital Stable
    • Growth (High Risk)
    • Cash Enhanced
    • Australian Shares
    • International Shares
  • Competitive insurance benefits for Death, Total and Permanent Disablement and Income Protection are available to SPEC Personal members.
  • SPEC Personal has low administration costs and has provided solid long term returns.
  • Member online - Need to know how much super you have? Member online is a free and easy service available for SPEC Personal members, which enables access to your personal superannuation account details.
  • Pension products for pre and post retirement.
  • SPEC Personal members have access to excellent ancillary benefits:
    • Banking through Members Equity Bank, (including home loans, master cards, personal loans and savings accounts).
    • Discounted private health insurance through Manchester Unity.
    •  
  • You can make additional member contributions "free" of charge.

It is important to be fully informed of all the fees and charges that can eat into your savings, the investment performance of the fund and any additional benefits that you may have access to. This way you can be in a position to increase your super. Please feel free to contact us if you have any questions about these tables.

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Compare the fees

Type of fee or costs Amount How & when paid
Fees when your money moves in or out of the Fund
Establishment fee
The fee to open your investment
Nil
Not applicable
Contribution fee
The fee on each amount contributed to your investment – either by you or your employer
Nil
Not applicable
Withdrawal fee
The fee on each amount you take out of your investment
$60


Deducted from your account at time of payment. No fee is charged for benefit payments due to retirement, death, terminal illness, TPD, permanent incapacity, financial hardship, specified grounds or transfers to ISPF (the Fund’s Eligible Rollover Fund).

Management costs 
The fees and costs for managing your investment. $91.00 p.a. ($1.75 per week). The $1.75 per week fee is an administration fee deducted weekly from your account balance.

Other management costs:

The amount you pay for specific investment options is detailed below.

 

0.37% – 1.02% p.a.

($3.70 to $10.20 per

$1,000)
The fees and costs calculated as a percentage of Fund assets are deducted from the Fund’s investment earnings before the interest crediting rate is determined. This comprises management costs of the Fund as well as fees paid to Fund managers.
Performance fees* Estimated to be between 0% and 0.23% p.a. of your account balance, depending on your investment options. This amount is already deducted from investment returns before they are credited or debited to member accounts.
Asset fee Up to 0.25% of assets This amount is already deducted from investment returns before they are credited or debited to member accounts.
Service fees

First Investment switching fee

Subsequent fee for switching investment options 		Nil
 
$50 		No fee is charged for your first switch in each financial year.
Deducted from your account balance at the time of your second and subsequent switches in the same financial year.
Insurance Administration fee

17% of the death

cover premium 		Deducted weekly from your account in addition to the insurance premium if you have Death insurance cover.
Location fee
The fee payable if your address is incorrect and we need to use our search agency to locate you.
$40
Deducted from your account balance at the time your address is updated.
Family law fee
Enquiry fee: Charged to process requests for information from your spouse
Splitting fee: Charged for splitting an account under Family Law legislation
$110
  

$100
Payable by cheque by your spouse at time of processing request for information.

Divided and deducted from yours and your spouse’s account balance at time of processing the split
Operational Cost for each Investment option
Investment option Operational cost p.a.#
Cash Enhanced 0.37%
Balanced 0.97%
Growth (high risk) 0.98%
Capital Stable * 0.77%
Australian Shares * 1.02%
International Shares * 0.92%

Note: The operational costs were the actual costs averaged over the financial year ended 30 June 2008, except for those new options.

*available from 1 October 2008 which are based upon estimates.

# These costs are deducted from the Fund’s investment returns before interest crediting rates are determined.  These figures exclude the 0.25% asset fee and any performance fees.

 

For a copy of the SPEC Personal Product Disclosure Statement, please click here.

 

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