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30 April 2010

Perpetual Select Super Plan insurance enhancements

We’ve recently made some improvements to our Select product range, including new insurance through the Perpetual Select Super Plan (Select Super).

The following insurance benefits are now available through Perpetual Select Super:

  • Comprehensive choice – Death, Total & Permanent Disablement (TPD) and Salary Continuance insurance are available.
  • Increased default cover – Automatic Death and TPD cover (well above the minimum legislated level) for employer ‘default fund’ members.
  • Transferability – Move your existing insurance to Select Super without a risk assessment (conditions apply).
  • Interim Accidental cover – Stay covered while your application is being processed.
  • Flexibility – Flexible waiting periods and choice of benefit periods for Salary Continuance cover.

Read our insurance flyer and the product disclosure statement for more about the Perpetual Select Super Plan or speak to your Private Client Adviser.

Perpetual’s new website

We have recently given our website a new look and feel. The following enhancements are designed to help you stay informed.

  • Market commentary – Stay up to date with the latest economic and financial market news.
  • Educational materials – To help you learn more about growing, protecting and passing on your wealth or download our educational brochures.
  • Fund information – Find historical performance and view the latest updates for Perpetual’s investment, super and pension funds.
  • Compare products – Read about and compare our products and services that can help you and your family maximise and manage your wealth.

Of course, you can still access your account through your secure log in. If you have any feedback on Perpetual’s new website, please let your adviser know.

Sculpture by the Sea partners with Lempriere Awards

Perpetual has named Sculpture by the Sea Inc. as the new manager of a series of scholarships funded by the Helen Lempriere Bequest. The bequest, managed by Perpetual, was made by the late Keith Wood to honour his wife and artist, Helen Lempriere.

The new partnership will deliver an annual scholarship program in line with the wishes of the original bequest through Sculpture by the Sea, Bondi. This year, each Australian sculptor who applies to exhibit at Bondi will be considered for one of three Helen Lempriere Scholarships worth $30,000 each.

Sculpture by the Sea, Bondi 2010 will exhibit from 28 October until 14 November – see www.sculpturebythesea.com

Government announces financial services industry reforms

In response to the Ripoll inquiry, which was featured in our last edition of Informed, the Federal Government released an information package titled ‘The Future of Financial Advice’ in late April 2010, announcing reforms designed to improve the quality of investment advice and protect investors. If the relevant laws are passed by parliament, the Government will consult the industry to implement them, and they will commence from 1 July 2012.

We welcome and support the proposed reforms. We will keep you updated as to the progression of these reforms and others, including the upcoming Federal Budget over the coming months.

The key reforms are summarised below:

Removal of conflicted remuneration structures

  • Including commissions and volume based payments, in relation to the distribution and advice of retail investment products, including managed investments, superannuation and margin loans. This measure does not initially apply to risk insurance.
  • A prospective ban on percentage-based (assets under management) fees charged on geared products or geared investment amounts.

Introduction of a ‘product neutral’ adviser charging regime

  • Financial advisers will be required to agree their fees directly with clients and clearly disclose the charging structure.

Introduction of a statutory fiduciary duty

  • Financial advisers must act in the best interests of their clients, subject to a 'reasonable steps' qualification, and to place the best interests of their clients ahead of their own when providing personal advice.

Accountants licensing exemption

  • The removal of the ability for accountants to provide advice on the establishment and closing of self managed super funds without an Australian Financial Services Licence.

Expansion of simple advice provided within a superannuation context

  • Provision of advice will be extended within a superannuation fund (known as intra-fund advice) to include advice on transition to retirement, intra-pension advice, nomination of beneficiaries, super and Centrelink payments, as well as retirement planning generally.
Perpetual Private Clients advice and services are provided by Perpetual Trustee Company Limited (PTCo) ABN 42 000 001 007, AFSL 236643. This publication has been prepared by PTCo. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group [Perpetual Group means Perpetual Limited and its subsidiaries] guarantees the performance of any fund or the return of an investor’s capital. The Trustee of Perpetual’s Select Superannuation Plan is Perpetual Superannuation Limited (PSL) ABN 84 008 416 831, AFSL No 225246, RSE L0003315. The PDS issued by PSL, should be considered before deciding whether to become a member. The PDS can be obtained by calling your adviser or visiting www.perpetual.com.au. Past performance is not indicative of future performance.