News in focus
Customer identification requirements - update
Suspended funds/investment options - update
WealthFocus Investments/Super/Pensions - changes to investment options
Death benefits and refund of contributions tax – new feature
UK pension transfers
WealthFocus Term Allocated Pension re-opened
New investment funds now available
Account based pensions
Suspended funds/investment options - update
Applications, withdrawals and switches for WealthFocus Investments, Super Plan and Pension Plan relating to the following funds/investment options have been suspended:
APN Property For Income Fund
Australian Unity Mortgage Income Fund
Challenger Howard Mortgage Fund
Perpetual’s Mortgage Income Fund
This is in response to a sudden change in market conditions with many mortgage and property funds in the market having suspended withdrawals in the last few days.
We will continue to update this website with further information and detail about administrative arrangements regarding the suspension.
WealthFocus Investments/Super/Pensions – changes to investment options
As part of the new WealthFocus we have refreshed our investment menu to provide more choice across a range of investment managers and asset classes. This table summarises the changes to investment managers and/or investment approach for 10 investment options. We have also added a number of new options as detailed in the product disclosure statement issuing on 10 November 2008.
Death benefits and refund of contributions tax – new feature
Our WealthFocus Super and Pension plans now provide anti-detriment payments to certain dependents or the dependent’s estate in the event of a member’s death.
An anti-detriment payment is:
- an additional amount that may be payable if a lump sum death benefit is paid to an eligible dependent
- effectively a refund of contributions tax paid by the deceased member
- able to be passed to eligible estates in some cases.
The payment is included as an additional amount in the final benefit.
WealthFocus Super Plan & Pension Plan PDS
UK pension transfers
As ‘Qualifying Registered Overseas Pension Schemes’ (QROPS), the Perpetual WealthFocus Super Plan and the Perpetual WealthFocus Pension Plan can accept UK pension benefit transfers without the UK tax of 40% applying.
This is a distinctive offering for those with UK pension benefits to transfer to Australia, as not all Australian super funds are registered as a QROPS.
QROPS information booklet WealthFocus Super Plan & Pension Plan PDS
WealthFocus Term Allocated Pension re-opened
The Perpetual WealthFocus Term Allocated Pension was re-opened on 17 December 2007 to accept rollovers from existing term allocated pensions (TAPs) held with other providers.
This follows Centrelink’s recent guidelines changes to allow TAPs that are fully commuted and rolled over to another TAP provider to retain their favourable asset test exemption.
WealthFocus Super Plan & Pension Plan PDS
Account based pensions
Account based pensions are now available in the Perpetual WealthFocus Pension Plan.
The WealthFocus Account Based Pension (ABP) has the same features and benefits as the existing Perpetual WealthFocus Allocated Pension (WealthFocus AP) with one added feature, the ability to start a transition to retirement pension.
Features of the WealthFocus ABP Transition to the WealthFocus ABP
