The scheme uses daily unit pricing. When you log in to your account to view your account balances online, you see the unit price, number of units and dollar value for your holding in each investment option. A unit represents a share in a particular investment option. The unit price is based on the net value of all the investments held under that investment option. At the end of each trading day, we declare a unit price for each option, just like a share price. When your contributions are paid into the scheme, you effectively buy additional units based on that day’s unit price. Similarly, when you make a withdrawal, you redeem units to the value of your withdrawal based on that day’s unit price.

Investment management fees and expenses are reflected in the unit price. Tax is not reflected in the unit price. This is because the scheme is a Portfolio Investment Entity (PIE). Taxable income related to your investment in the scheme is taxed at your prescribed investor rate (PIR), which may differ from the personal income tax rate applied to your salary and wages, rather than at a flat rate for the whole scheme. Read more about tax.