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Why do fees matter

Education HUB article

5 minute read

We pride ourselves on keeping our fees low to help you maximise your retirement savings.

SmartStart Super is rated one of the cheapest public offer super funds in Australia1.

Why do fees matter?

With super, every dollar counts. Paying high fees could leave you with less super when you retire.

Super fees are to be expected. But it’s important to understand that fees vary from fund to fund. And small differences in fees can have a substantial impact on your super balance.

For example, total annual fees and costs that add up to 1% of your balance rather than 2%, could boost your final return by up to 20% over a 30 year period2

What fees does SmartStart Super charge?

So, what do our fees look like?

$98 per annum administration fee

This fee covers the operational costs of managing your super account.

This includes things like processing your contributions, providing you with a secure online portal to view your super account details, maintaining our helpful call centre, issuing annual statements, just to name a few. 

Indirect costs

The Indirect Cost Ratio (ICR) is the estimated cost in managing the investments in your super account. It is expressed as a percentage of your account balance and is charged by the managed funds that are offered as the investment options.

The ICR for the Bendigo MySuper investment option at 31 May 2023 are:

  • Bendigo Growth Index Fund: 0.46% p.a.
  • Bendigo Balanced Index Fund: 0.44% p.a.
  • Bendigo Conservative Index Fund: 0.42 p.a.

Visit the relevant underlying managed fund PDS for the ICR that applies to your investment option/s. 

Buy-sell spreads

A buy-sell spread is a fee to recover the transaction costs incurred for buying and selling investments.

The buy-sell spread is incurred when you purchase or redeem units in a managed investment fund option, by applying the buy price or sell price (as applicable) at the time of the transaction. The buy/sell spread for the Bendigo MySuper investment option is 0.09% (buy)/0.09% (sell) and can change from time to time.  

Other fees

Entry Fee     Nil
Lump Sum Withdrawal Fee     Nil
Rollover Fee         Nil
Contribution Splitting Fee   Nil
Account Closure Fee     Nil
Investment Switching Fee  Nil

Advice fees

If you have a financial adviser you may negotiate with them to have fees deducted from your super account for advice in relation to your investment in Bendigo SmartStart Super.



Superannuation products are issued by our wholly owned subsidiary Bendigo Superannuation Pty Ltd.

How to calculate the annual fees and costs for managing your super account?

To calculate the estimate annual fees and costs, you will need your super balance and the investment option(s) you are invested in. You can input this information into the simple formula below to work out your fees.

For example, if you are fully invested in the Bendigo Growth Index Fund, the MySuper age-based investment option for members under age 55:

Admin fee + (Balance x ICR)

$98 + ($50,000 x 0.46%) = $3283 to manage over the course of the year.


How does Bendigo MySuper compare? 

The ATO's YourSuper comparison tool lets you quickly and easily compare the fees and performance of up to four MySuper products so you can make sure you're in the right super fund. 


Fee comparison calculator - how do fees affect my super balance?


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Things you should know The super fund comparisons were based on the lowest average fees payable on a $50,000 account balance as at 30 September 2023.

2 If you would like to find out more, or see the impact of fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website ( has a superannuation calculator to help you check out different fee options.

3 Additional fees may apply. And, if you leave the financial product, you may be charged a buy-sell spread which also applies whenever you make a contribution, withdrawal, rollover or investment switch. The buy spread for exiting is 0.09% (this will equal to $45 for every $50,000 you withdraw).

Bendigo Superannuation

Bendigo Superannuation Pty Ltd ABN 23 644 620 128 AFSL 534006 (Bendigo Super) is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension (products). Bendigo Super is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879 (Bank). Each of these companies receives remuneration on the issue of the products or services they provide, full details of which are contained in the relevant Product Disclosure Statement (PDS). Bendigo Super, the Bank and its related entities do not guarantee the repayment of capital invested, the payment of income or products’ investment performance. An investment in these products does not represent a deposit with, or liability of Bendigo Super, the Bank or its related entities. The Bank does not stand behind or guarantee the performance of Bendigo Super in its capacity as trustee and issuer of the products. Bendigo Super is not an authorised deposit-taking institution within the meaning of the Banking Act 1959.

Information on the website is subject to change without notice. Any advice in relation to superannuation is provided by Bendigo Super. The information contains general advice only and does not take into account your personal objectives, situation or needs. Before making an investment decision in relation to these products you should consider your situation and read the relevant PDS accessible through this site.

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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