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The Trustee and its operations

The Trustee and its operations

Perpetual Superannuation Limited (PSL) is a member of the Perpetual Limited Group of Companies (Perpetual).

As one of the most trusted providers of financial products and services in Australia, Perpetual has been entrusted by generations of Australians to manage, grow and protect their wealth.

PSL draws upon Perpetual’s strong fiduciary background, along with its proven investment management experience, to offer a product suite designed to provide our members greater control and flexibility over their retirement savings. We support members and their advisers in the management of each member’s financial journey throughout their lifetime.

PSL’s purpose is “enduring prosperity for the lifetime of our members”. This is underpinned by PSL’s vision to be the trusted provider of market-leading superannuation solutions in our chosen segments, and by PSL’s three core values – excellence, integrity and partnership.

As the holder of a Registrable Superannuation Entity (RSE) license, PSL is regulated by the Australian Prudential Regulation Authority (APRA). By having a single entity within Perpetual as the licensee for all APRA regulated superannuation funds, PSL is able to focus solely on Perpetual’s superannuation offering and outcomes for members of Perpetual’s superannuation funds thereby helping it to discharge its fiduciary and trustee duties to fund members.

The Board of Directors oversees all aspects of PSL and is made up of 3 independent non-executive directors and 2 Perpetual Group executive directors. Further information on the directors is provided below.

Perpetual’s business divisions are responsible for manufacturing, offering, distributing and marketing the superannuation products (collectively the “Funds”). which are set out in the table below. 

 

Perpetual's Superannuation Products

Perpetual’s business divisions are responsible for manufacturing, offering, distributing and marketing the superannuation products (collectively the “Funds”). which are set out in the table below. 

       
Fund Name Fund Acronym ABN Registrable Superannuation Entity Number (RSE)
Perpetual’s Pooled Superannuation Trust
Closed and wind up date 6 June 2024.
PPST 89 544 906 125 RSE 1057027
Perpetual Private Super Wrap
A comprehensive superannuation investment solution providing wide investment choice and flexibility including a range of ASX Listed Securities, Term Deposits and professionally managed investment options within the one convenient administrative package.
PPSW 22 897 174 641 RSE 1074406
Perpetual’s Select Superannuation Fund
A simple superannuation investment solution providing a range of multi manager, multi asset class and single asset class investment options.
PSSF 51 068 260 563 RSE 1057034
Perpetual Small APRA Funds
A comprehensive trustee, administration and custody service for DIY superannuation funds providing wide investment choice and flexibility.
SAFs Various RSE Various
Perpetual WealthFocus Superannuation Fund
Offers a superannuation investment solution providing a range of professionally managed investment options with the one convenient administrative package.
WFSF 41 772 007 500 RSE 1057010

 

Service providers

PSL is committed to providing quality service to its members and through various internal and external relationships, employs competent and specialist staff to manage our funds on a day to day basis under the direction of and by delegation from the Trustee Board. The Trustee Board has a number of delegated committees in place as executive bodies that strategically govern and oversee the operation and investments of the funds and report on their services to ensure that PSL runs efficiently on a day-to-day basis and that key obligations and service standards are met or exceeded.

PSL’s key service providers, whose services may affect a material business activity, are listed below. These service providers may also have various consultants and panels of advisers that they use for specialist advice, but the following reflect the key relationships within Perpetual and with external service providers.

Key Service Providers

     
Service Provider ABN Services Provided
Perpetual Limited 86 000 431 827 Group insurance arrangements and management staff including Risk & Compliance, Internal Audit, Legal, HR, Finance, IT, Secretariat & Product Management
Tech Mahindra Limited (via Perpetual Services Pty Limited through Perpetual Limited) 15 092 511 558 Administration services for PPST*, PSSF and WFSF including unit registry, client administration, insurance administration and reporting
Perpetual Investment Management Limited 18 000 866 535

Custody and Administration services for PPST*, PSSF and WFSF including unit registry, client administration, investment administration, custody, insurance administration and reporting.

Investment Management for PPST*, PSSF and WFSF

State Street Australia Limited (SSAL) (via Perpetual Investment Management Limited) 21 002 965 200 Sub-Custody and Administration services for PPST*, PSSF and WFSF including unit pricing, fund accounting and investment administration
Perpetual Trustee Company Limited 42 000 001 007 Custody and Administration services for PPSW and the SAF’s including fund administration, client administration, investment administration, custody, insurance administration and reporting
Macquarie Investment Management Limited (via Perpetual Trustee Company Limited) 66 002 867 003 Administration services for PPSW and the SAF’s including fund administration, client administration, investment administration, custody, insurance administration and reporting
Microsoft Pty Ltd (via Perpetual Services Pty Limited through Perpetual Limited) 29 002 589 460 Cloud infrastructure and based O365 Exchange platform supporting business email services.
Zurich 92 000 010 195 Death, total and permanent disablement (TPD) and income protection insurance cover - PPSW
AIA Australia Limited 79 004 837 861 Death, total and permanent disablement (TPD) and income protection insurance cover – WFSF, PSSF and PPSW
Bond Street Custodians Limited (via Perpetual Trustee Company Limited) 57 008 607 065 Custody services for PPSW and the SAF’s
KPMG 51 194 660 183 External Auditor

*PPST is closed and wind up date was 6 June 2024

Perpetual Superannuation Limited (PSL) ABN 84 008 416 831 as the Responsible Superannuation Entity Licensee of the following Responsible Superannuation Entities (RSEs).

RSE ABN
Perpetual's Pooled Superannuation Trust   89 544 906 125
Perpetual's Select Superannuation Fund   51 068 260 563
Perpetual WealthFocus Superannuation Fund   41 772 007 500  
Perpetual Super Wrap   22 897 174 641  

has received consent from the Australian Securities and Investments Commission for the resignation of Nicholas Buchanan (ASIC Registration Number 485786) as the RSEs auditor. As a result, PSL has now accepted the resignation of Nicholas Buchanan of KPMG and has appointed KPMG (ABN 51 194 660 183) as the auditor for the RSEs.

The appointment of KPMG was made following the approval of the Board to change the RSEs auditor from an individual auditor to an audit firm and is effective the date of this notice, being the 6 August 2024.

Policies and processes

PSL generally utilises the policies and process of its related party entities, however, it would like to specifically note the following policies:

PSL maintains a Proxy Voting Policy where it outlines its approach to exercising its right to vote for the various types of investments that it may hold through its Funds.

PSL maintains a Conflicts Management Framework to ensure the management of conflicts of interest. This framework outlines PSL’s approach to the management of conflicts and aims to ensure that PSL identifies, takes all reasonably practicable actions to avoid and/or prudently manages all potential and actual conflicts in its business operations. It sets out the means by which PSL leverages the broader group so as to effectively identify and manage conflicts as well as comply with regulatory / legislative obligations.

PSL register of relevant interests and relevant duties

In accordance with PSL Conflicts Management Framework, PSL maintains a Register of Relevant Interests and Relevants Duties for PSL, its associates and responsible persons.

Diversity policy

PSL has adopted the Perpetual Diversity and Inclusion Policy which applies to all associated entities of Perpetual Limited. The policy includes a requirement to establish measurable objectives for achieving gender diversity on the Trustee Board and to assess these objectives and progress in achieving them on an annual basis.

The Board’s gender diversity objective is currently met.

Our trustee board and related information

Board appointment and renewal. It is PSL's policy that its Board of directors, collectively, comprise an appropriate mix of skills, experience and personal attributes, and to ensure that the Board remains open to new ideas and independent thinking, in order to enhance Board performance and ensure that the board acts in the best interests of beneficiaries of PSL’s superannuation funds.

Information about our Directors and Executive Officers. The Board of Directors oversees all aspects of PSL and is made up of 3 independent non-executive directors and 2 Perpetual Group executive directors.

Insurance in superannuation voluntary code of practice

PSL has stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Voluntary Code) which had been scheduled to come into effect on 1 January 2022.

Since the development of the Voluntary Code, the majority of the requirements have been overtaken by legislative and regulatory reforms and the Code Owners* announced on 1 July 2021 to replace the Voluntary Code.

* The Code Owners are the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).