NGS Super members will be able to move 80 per cent of their portfolio into a self-managed cash account used to directly access shares, exchange traded funds (ETF) and term deposits.
NGS Super fund members will need a minimum balance of $7000 to access the service – labelled NGS Self Managed – which will not be a full self-managed superannuation fund.
Rather, the documentation for the new offering describes it 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 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 pre-mixed or sector-specific fund options within an existing NGS Super or Pension fund.
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.
