Eject from Spaceship Super?

[church2u2]

Time to cash out from Spaceship Super?

Hi all,

I joined Spaceship super May 2018 with a unit price of $1.22.

The current unit price is $2.11 after a fairly healthy run last few months, however last year their returns were highly volatile and they had a lot of bad press + required an equity raise to stay afloat.

By my calc I’ve received c. 12.5% growth p.a unit price alone.

Fee structure is currently $75 p.a admin fee + 0.693% p.a. My super balance is over $150k and I’m M31.

I am thinking time to cash out while the times are good and move onto a more stable fund with lower fees. If I went to Unisuper as an example it looks like my fees would drop at least $300 p.a.

Any thoughts appreciated.

Thanks

Edit: the PDS states the fees are $500 for 50k.. so fees equate to 1% p.a. With my balance the fee scale equates to around 0.9% p.a. The target return is CPI + 2.75%.

Update on net returns for Spaceship:

So quick update. I found that the Choice Heatmap on APRA website actually lists Spaceships performance under the entity name “Tidswell master superannuation plan”.

When you select this option and compare against Hostplus and Unisper growth options you get the following 5 year net investment return results (net of fees):

Spaceship growthX: 8.85% p.a Hostplus share plus accumulation: 8.18% p.a Unisuper high growth: 8.37%

Pretty surprising result to be honest.

Update 2: I switched across to Vanguard high growth with 0.56% fees. It took c. 5 days and was easy. The funds target return is CPI + 3.75% p.a with 90% growth and 10% defensive mix. This was a higher target return than spaceship for lower fees.

 

[immanent_escha]

@church2u2 Is Spaceship Super the most expensive super fund in the universe?

Also have a read of this if you plan to switch: Choosing a super and an investment option

 

[church2u2]

@immanent_escha I’ll have a read thanks!

 

[creslaw]

@church2u2 Yeah the guy writing that article doesn't understand cost and charges disclosure requirements. Any etf you invest in, the issuer collects a fee. Those fees are still fees and are displayed in this format for all funds. Spaceships performance over any time frame pretty much blows others out of the water. Tough to find a risk on fund that allows for proper tech skewed investments (where the world is going). Id stay put, what do you think will win more over 10 years? Funds allocating to Australian blue chips, or funds allocating to US tech?

 

[church2u2]

@creslaw One of my issues with spaceship is I can’t find it listed in the super comparison tools out there in the market. For example the mygov super performance tracking tool seems to list every super company out there EXCEPT for spaceship. I wonder why? I can see at face value it is demonstrating good performance but I want to compare net of fees against the others

 

[cosmicdust]

@church2u2 Spaceship doesn't have a mysuper option. The government tool only compares mysuper options.

Try the fund comparison tools offered by CareSuper or AustralianSuper instead, but even then they will only compare a set list of investment options - pre-mixed diversified strategies only.

 

[kalking]

@church2u2 You'll likely see them in a government comparisons over time, but the government have only added 'choice' options (of which Spaceship is one, they don't have a default MySuper product) to their performance test in the last financial year.

 

[brightest62]

@immanent_escha Ķe e33⁴3l333ee ³ĺ4e3e3ér⁴³ŕ³34rl4l5

 

[jayy_c24]

@brightest62 Forgot to lock your phone?

 

[littlemiracle7]

@church2u2 Their fees are ridiculous - the 0.693% doesnt include an additional 0.4 or 0.5% of hidden fees (that you can only see if you read the PDS or annual statement in detail).

I've recently moved away from Spaceship to Aware. Indexed growth for less than half the fees.

 

[church2u2]

@littlemiracle7 Okay yes I’ve just read the current PDS the fee stack is:

$78 p.a +
0.693% on account balance deducted monthly +
0.459% paid by third parties but not deducted from the account (PDS states this is not an additional cost to your account but is required to be disclosed…confusing?) +
0.157% of your account balance deducted from investment returns.

In summary total fees of 50k is 500 or 1%.

 

[church2u2]

Looking into aware super. Their highest growth option “future saver” targets CPI + 4% p.a. Their fees are $497 on 50k so 1% also.

Interestingly spaceship growthX only targets CPI + 2.75% for the same fee! So more fee for less return against the most aggressive aware super option….

 

[littlemiracle7]

@church2u2 If you look at their High Growth Indexed option fees are a lot lower ($187 pa on a $50k account). AusSuper has a similar indexed investment strategy with similarly low fees so you have a few options.

 

[church2u2]

@littlemiracle7 Thanks I’ll take a look

 

[littlemiracle7]

@church2u2 It's 0.693% + 0.459% + 0.157% plus the additional $78 a year, which is around $730 pa for a 50k investment. The annoying thing is that they don't disclose the 0.459% on their website, FAQs, etc until you look at the fine print in the PDS.

The 0.459% is nor "charged" meaning you won't see it show up as an admin fee in your transaction history but it definitely is reflected in your balance. When you check your annual statements it will show the full amount of fees paid for that year, which for me included the 0.459%.

 

[church2u2]

@littlemiracle7 Yeah the 0.459% is strangely worded… says it’s a fee that needs to be disclosed but isn’t a direct cost to the account… then they exclude from their own 50k calc.. talk about confusing.

 

[littlemiracle7]

@church2u2 I was paying $1200+ in fees every year (no insurance) on a 90k balance under Global Index, so figured something didn't add up and raised a complaint. They basically said the PDS discloses the additional fee which is paid by third parties but not directly charged to your account - agree it's confusing but it's what made me move my super away.

 

[church2u2]

@littlemiracle7 Yeah I guess the conclusion here is if it’s a fee it’s coming from the consumers pocket (must be docked from the returns instead of the account balance similar to an ETF)

 

[kalking]

@littlemiracle7 The third party may in fact be Spaceship as the Promoter. It's a bit of a strange disclosure that one.

 

[dialogist]

@littlemiracle7 Thanks for this comment, I was foolishly thinking all I was being charged was $6 a month...nope!