NGS Super launches self-managed super option
Industry fund NGS Super has launched a self-managed superannuation service for members offering shares, exchange traded funds (ETF) and term deposits, with NGS acting as fund trustee and administrator.
While described as a self-managed option, the NGS offering will not be a full self-managed superannuation fund but a cash account for direct market trading linked to an existing NGS Super or Pension fund.
This is reflected in the documentation for the self-managed service which describes the NGS Self-Managed cash account as an "interest-earning account held through NGS Super's custodian with Macquarie Bank" that acts as a flexible transactional facility used to buy and sell investments.
The cash account will have no charge for set up but will charge an administrator fee of $65 per year, an asset-based fee of 0.10 per cent per annum and a direct investment gateway administration fee of $195 per year. Additional brokerage fees related to trading shares and ETFs will be levied on a sliding scale, with iShares and Vanguard selected as the ETF providers to NGS.
The service will also have a low-entry threshold, with documentation from NGS stating "the NGS Self-Managed direct investment gateway is available to NGS Super or NGS Pension members with at least $7,000 invested in their account".
To maintain the service NGS, members will be required to keep at least 20 per cent of their total super or pension balance in one or more of NGS Super's pre-mixed or sector-specific options.
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