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What fees are charged?

The three scheme providers charge fees for the services they provide.  Each scheme provider has a different schedule of fees, please contact your scheme provider for more detail about fees.  

Typically, fees are categorised as:

1. Direct fees, which tend to be charged to each member’s accounts.   These include a monthly administration fee, and in some cases fees for individual member transactions.
2. Indirect fees, which tend to be deducted directly from the investment earnings of each SSRSS scheme. These include investment management fees, in some cases trustee fees, and other operating expenses related to the relevant scheme.

Investment fees tend to be higher for funds that have a high proportion of money invested in shares or property, and lower for funds with a high proportion of fixed interest investments or cash.

Fees also reflect the style of management involved.   Funds that are actively managed are likely to incur higher investment fees.   Funds that are more passively managed are likely to incur lower investment fees.

Fees (as at 1 October 2008)

	AMP	ASB	AXA
Monthly administration fee	$4.48 per member before tax	$2.50 per member	$3.15 per member before tax (but subject to change)
Trustee fee (per annum)	0.2985% (before tax) of the value of the funds held in the scheme	0.02% (plus any GST and any other taxes) of the value of the funds held in the scheme	Nil (paid by provider)
Switching fee	Nil (switching permitted up to twice per scheme year)	Nil (switching permitted up to twice per scheme year)	Nil for the first two switches a year. A fee of $50 per switch may apply for subsequent switches - this fee being subject to change at any time
Investment management fees (per annum, as percentage of value of funds invested, before tax)	Lifesteps Conservative: 0.35% Lifesteps Moderate: 0.45% Lifesteps Moderate Balanced: 0.50% Lifesteps Balanced: 0.50% Lifesteps Growth: 0.55% Lifesteps Aggressive: 0.60% Cash Fund: 0.20% AMP Capital Assured: 0.35%1 AMP Capital Stable: 0.35% AMP High Equity: 0.60% AMP Balanced: 0.50% ASB Balanced: 0.35% ING Balanced: 0.55% Tower Balanced2: 0.715% of the first $5m of funds, 0.665% for the next $15m, 0.615% for the next $30m, 0.565% for the next $50m and 0.54% on all funds over $100m Tyndall Balanced: 0.55%	ASB NZ Cash Fund: 0.20% ASB Conservative Fund: 0.34% ASB Balanced Fund: 0.34% ASB Growth Fund: 0.34%	Investment fees Cash: 0.300% Conservative: 0.505% Balanced: 0.542% High Growth: 0.504% Plus Investment Management fees: 0.209% of the first $75m of funds held in the AXA SSRSS scheme, 0.194% of the next $75m and 0.179% of all funds over $150m

Apart from the monthly administration fee, the actual dollar amount of each fee described above is variable and cannot be determined here for any scheme or for any particular member. You should contact your scheme provider if you have any questions about how much your fees are.

The investment and investment management fees are shown before allowing for the impact of any expected tax deduction (based on current legislation) available to you. If a tax deduction is received, the net fees will be less than those shown.

In addition to the fees described above, the trustee of each SSRSS scheme is indemnified (and therefore entitled to be reimbursed) for costs, expenses, fees and tax incurred by acting as trustee of that scheme. Please contact your scheme provider for more information. 

¹ As well as the investment fee for this fund, a fee is levied for safeguarding investors’ capital. This fee is 15% of the interest rate declared by AMP Life Limited. If your employer stops participating in the AMP SSRSS scheme you may pay a fee for a withdrawal from the Capital Assured Fund - please contact AMP directly for further detaiIs.
² The fee is based on the amount of funds invested by the New Zealand Retirement Trust, of which the AMP SSRSS scheme forms part, and the AMP KiwiSaver Scheme.