To ensure that other members don’t bear the cost of these transactions, we pass this cost on to you when you contribute, withdraw or switch money between investment options. This is an additional cost to you, paid to the investment manager of the underlying funds to cover their costs and not money that we keep. You won’t incur these costs when you move automatically to the next life stage in the LifeStage Tracker® investment options.

The way we pass these costs on is by using a ‘buy/sell spread’, which simply means that there is a difference between the unit price we use when you go into an investment option and the one we use when you leave.

The cost varies and is generally between 0.036% and 0.25% of the amount being 'transacted', depending on your investment choice.

For example, if you contribute $1,000 to the LifeStage Tracker® – Aggressive Under 40s mix (which is 100% growth assets), you’ll incur a transaction cost of $2.50. If you switch $1,000 from the Select Your Own Cash/Fixed Interest option to the Select Your Own Property option, you’ll incur a transaction cost of $0.36 on leaving the Cash/Fixed Interest option and another $2.50 on entering the Property option.