WealthFocus Super Plan Updates

PRODUCT DISCLOSURE 

PRODUCT DISCLOSURE STATEMENT (PDS)

Download PDS Part 1 (Features Book)

Download PDS Part 2 (Investment Book)



The following documents form part of the PDS:

PDS update 1 December 2017 -  Fees and other costs

Defined fees for superannuation products

Details of latest transaction costs and current buy/sell spreads for each investment option

Commencement date for each investment option

Details of current underlying investment managers

Insurance Book

Full insurance premium rate tables - advised accounts

Full insurance premium rate tables - non advised accounts



OTHER DOCUMENTS

Investment fees and indirect costs for previous financial year ended 30 June 2017

Direct Debit Request Service Agreement

Online Account Access conditions of use

Our privacy policy

APIR codes for each investment option 

WealthFocus Perpetual Ethical SRI – Full holdings disclosure 

Additional information about certain complex funds

Aspect Diversified Futures investment option

BlackRock Balanced investment option

Perpetual SHARE-PLUS Long-Short investment option

Platinum Asia investment option

Platinum International investment option



CONTINUOUS DISCLOSURE AND IMPORTANT INFORMATION

We are not currently accepting QROPs applications

The United Kingdom (UK) Government introduced changes to the tax and pension rules governing UK pension schemes, which came into effect from 6 April 2015. The new rules require that QROPS do not offer access to transferred UK funds before the age of 55, unless the member retires due to ill-health. Under Australian legislation, there are limited circumstances in which a member may request payment of a benefit prior to age 55. Due to this inconsistency between Australian conditions of release and the new UK rules, we are not currently accepting transfers of UK pension money.


Significant Events


Notice date Summary of Event Impact Further information
1 December 2017

PDS Update: Fees and Costs information

An error was made in the 'Estimated Other Indirect Costs' and 'Estimated Total Annual Cost' for Vanguard International Shares Index investment option. Please refer to the attached flyer for updated costs. 

The information in the PDS Part 1 (Features Book) on Fees and other costs is replaced by the information in the attached flyer.

Refer to the attached flyer for full details on fees and costs read the PDS together with this update. 

1 November 2017

PDS Update: Fees and Costs information

In this update, we replace information in the PDS on fees and costs to:;

• Consolidate the prior fee update on 3 July 2017 and 31 August 2017, and updated the estimated indirect cost ratio.

Generally, the fees and costs information has been updated due to movements in indirect costs.  

The information in the PDS Part 1 (Features Book) on Fees and other costs is replaced by the information in the attached flyer.

Refer to the attached flyer. For full details on fees and costs read the PDS together with this update. 

9 October 2017

Fees and Costs – Figures for FY 2017.

The Fees and Costs for the Investment Option/s including estimated indirect costs, for the year ended 30 June 2017 is attached.

This is additional information to help members understand fees and costs on a year by year basis.

This information does not update the PDS.  

See flyer attached

9 October 2017

PDS Update: Transaction Cost document updated.

This incorporated document has been replaced with 30 June 2017 information now available.

See flyer attached

29 September 2017
Changes to the investment guidelines for Morningstar Balanced Real Return,  Morningstar Conservative Real Return and Morningstar Growth Real Return Investment Options.
Refer to Investment Book dated 1 May 2017 pages 19, 20 and 22.
Refer to the attached flyers.
Morningstar Balanced Real Return
Morningstar Conservative Real Return
Morningstar Growth Real Return
5 September 2017 Final payment for APN Unlisted Property and Australian Unity Mortgage Income Investment Option was made effective 27 March 2017 and 12 April 2017 respectively. 
The APN Unlisted Property Investment Option and the Australian Unity Mortgage Income Investment Option were originally expected to be terminated on 15 May 2017 and 10 June 2017 respectively. Both of the investment options were finally terminated as at 30 June 2017.
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31 August 2017 Changes to the investment objective, investment guidelines and a reduction in the investment fee for BlackRock Balanced Investment Option.
Refer to PDS - Features Book dated 1 May 2017 page 15 and PDS - Investment Book dated 1 May 2017 page 21.
Refer to the attached flyer
22 August 2017 Return of capital payments on the van Eyk Blueprint investment options
Investors/members with holdings in these options

View letters:

• van Eyk Blueprint High Growth

• van Eyk Blueprint Balanced

• van Eyk Blueprint Capital Stable

18 July 2017 We refer to an error in our Investment Book for BlackRock Balanced investment option -investment guideline - Cash footnote. The footnote is recorded as 11 however it should be 17. Refer to PDS - Investment Book dated 1 May 2017 page 21.
Cash footnote should read:                          
Capital allocation to cash may include cash, cash equivalents (including other BlackRock managed investment schemes) and allocation to investment strategies that have a cash benchmark, which may be used to implement security selection and active asset allocation views.
3 July 2017 The underlying Platinum Asia and Platinum International Funds have lowered their management costs. As a result the WealthFocus investment fee will be lowered from 2.75% to 2.56% pa. Refer to 'Annual Investment Fees and Estimated Indirect Costs' table starting on page 14 of current PDS - Features Book.
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1 May 2017 PDS update The replacement WealthFocus PDS has been issued.  It contains updated information in relation to your investment in the WealthFocus Super Plan, Pension Plan, Wholesale Super Plan and Wholesale Pension Plan, including:       
- Fees  and costs information following changes to ASIC Class Order [CO 14/1252].  The information on indirect costs and other costs have been updated in line with those changes                        
- Recent superannuation and tax changes 
- Non-lapsing binding nominations 
- Investment options
A copy of the summary of material changes can be found here.
For a copy of the PDS to obtain this information can be found on this page or contact us for a copy free of charge at 1300 022 033.
13 April 2017 Final payment for Australian Unity Mortgage Income Investment option was made effective 12 April 2017. Payment was made to Perpetual Cash or any other available investment option in accordance with your previous instruction. The Australian Unity Mortgage Income Investment Option will terminate on 10 June 2017. Refer attached flyer.
4 April 2017 Final payment for APN Unlisted Property Investment option was made effective 27 March 2017. Payment was made to the Vanguard Australian Property Securities Index or any other available investment option in accordance with your previous instruction. The APN Unlisted Property Investment Option will terminate on 15 May 2017. Refer attached flyer.
29 March 2017 We have been notified by BlackRock that the underlying BlackRock Global Small Cap Fund is terminating on 29 March 2017. This will mean that the WealthFocus BlackRock Global Small Cap investment option will also be terminating.

This will impact existing WealthFocus BlackRock Global Small Cap members. The option is closed to applications and withdrawals effective immediately. We will write to existing  members setting out their options shortly.

Refer attached flyer.
15 March 2017 The Standard Risk Measures have changed for some of our Investment Options. Please refer to the flyer under further information for the specific investment option

Refer to PDS Part 2 - Investment Book dated 17 April 2015. Investment Options profiles from page 5-26.

Refer attached flyer.
20 DECEMBER 2016

Some of the investment options offered on WealthFocus will be closing in February 2017. Investors in these options are able to give instructions on what they’d like done with their holdings in these options either by:

  • completing and returning a switch form or
  • making a switch request online by using online account access.

Existing investors in these options have until 3pm on 9 February 2017 to give instructions. If we don’t hear from them the default choices outlined in our letter sent in October will apply.

N/A
1 October 2016 Change of performance benchmark for AMP Capital Global Property Securities from FTSE EPRA/NAREIT Developed Rental Index Hedged in AUD Net TRI to FTSE EPRA/NAREIT Developed Index Hedged in AUD Net TRI. Refer to PDS - Investment Book dated 17 April 2015 page 8. N/A
30 September 2016 Change to the investment guidelines for BlackRock Balanced Investment Option Refer to PDS - Investment Book dated 17 April 2015 page 24. Refer to attached flyer
4 October 2016

The Responsible Entity / Trustee have decided to close ten investment options to new investors from 4 October 2016. These closed options will then be removed from the WealthFocus investment menu on 10 February 2017.

The closing investment options are:

  • Arnhem Australian Equity
  • BlackRock Monthly Income
  • BlackRock Scientific Australian Equity
  • Colonial First State Equity Income
  • Goldman Sachs Australian Infrastructure and Property Equity
  • Ibbotson Australian Shares Active
  • Ironbark Global Property Securities
  • Maple-Brown Abbott Australian Share
  • OnePath Tax Effective Income
  • Zurich Investments Global Thematic Share

 

Any investments remaining in the closed options after 9 February 2017 will be invested or returned to relevant investors as notified to them.

Existing investors in these options have until 9 February 2017 to provide instructions to us about what they would like done with their current holdings in the closing investment options.

View Letter

31 August Change to the investment guidelines for BlackRock Scientific Diversified Growth Investment Option Refer to PDS - Investment Book dated 17 April 2015 page 24.

Refer attached flyer

31 August Change to the investment guidelines for BlackRock Scientific Diversified Stable Investment Option Refer to PDS - Investment Book dated 17 April 2015 page 22.

Refer attached flyer

1 July 2016 Change to the investment guidelines for Ibbotson Balanced Growth Investment Option - refer flyer. The underlying fund has  changed its name to Morningstar Balanced Real Return Fund. The fund name will remain on WealthFocus as Ibbotson Balanced Growth until we next roll our PDS. Refer to PDS - Investment Book dated 17 April 2015 page 23.

Refer attached flyer

1 July 2016 Change to the investment guidelines for Ibbotson Conservative Growth Investment Option - refer flyer. The underlying fund has  changed its name to Morningstar Conservative Real Return Fund. The fund name will remain on WealthFocus as Ibbotson Conservative Growth until we next roll our PDS. Refer to PDS - Investment Book dated 17 April 2015 page 22.

Refer attached flyer

1 July 2016 Change to the investment guidelines for Ibbotson Growth Investment Option - refer flyer. The underlying fund has  changed its name to Morningstar Growth Real Return Fund. The fund name will remain on WealthFocus as Ibbotson Growth until we next roll our PDS. Refer to PDS - Investment Book dated 17 April 2015 page 25.

Refer attached flyer

1 July 2016 Ibbotson Australian Shares Active Investment Option - The underlying fund has changed its name to Morningstar Australian Shares Fund. The fund name will remain on WealthFocus as Ibbotson Australian Shares Active until we next roll our PDS. N/A

N/A

1 July 2016 Ibbotson Associates Australia Limited, Morningstar's investment management business in Australia, has been renamed Morningstar Investment Management Australia Limited. Perpetual WealthFocus Investment Manager Information

N/A

23 May 2016 The Standard Risk Measures have changed for some of our Investment Options. Please refer to the flyer under further information for the specific investment options.

Refer to PDS - Investment Book dated 17 April 2015. Investment Options profiles from page 5-26.

Refer attached flyer

16 May 2016

The Perpetual Industrial Share Investment Option changes include: 

1. Investment Objectives 

Replace as follows: 

Aims to provide long-term capital growth and regular income through investment in quality industrial shares. The fund aims to outperform the S&P/ASX 300 Industrials Accumulation Index (before fees and taxes) over rolling three-year periods. 

2. Investment Guidelines 

Replace as follows: 

Industrial Shares* 90-100% Cash 0-10% *The underlying fund invests primarily in shares listed on or proposed to be listed on any recognised Australian exchange but may have up to 10% exposure to shares listed on or proposed to be listed on any recognised global exchange. Currency hedges may be used from time to time.

Refer to PDS - Investment Book dated 17 April 2015 page 15.

N/A

16 May 2016

The Perpetual Industrial Share Investment Option changes include: 

1. Investment Objectives 

Replace as follows: 

Aims to provide long-term capital growth and regular income through investment in quality industrial shares. The fund aims to outperform the S&P/ASX 300 Industrials Accumulation Index (before fees and taxes) over rolling three-year periods. 

2. Investment Guidelines 

Replace as follows: 

Industrial Shares* 90-100% Cash 0-10% *The underlying fund invests primarily in shares listed on or proposed to be listed on any recognised Australian exchange but may have up to 10% exposure to shares listed on or proposed to be listed on any recognised global exchange. Currency hedges may be used from time to time.

Refer to PDS - Investment Book dated 17 April 2015 page 15.

N/A

1 April 2016

Goldman Sachs Australian Infrastructure Investment Option name change to Goldman Sachs Australian Infrastructure & Property Equity Investment Option.

Name change.

N/A

29 February 2016

Ibbotson Growth Investment Option is closed to all new members effective 29 February 2016 until further notice.

New members only

N/A

11 January 2016

For Ibbotson Growth, under "Investment approach" the stated long term average exposure of 50% to growth assets and 50% to income assets respectively is replaced as follows: "An actively managed diversified trust with a long term average exposure of around 70% to growth assets such as shares, property and alternative investments and around 30% exposure to income assets such as cash and fixed interest. The trust will be invested dynamically across managed funds, direct securities, exchange traded funds, foreign exchange contracts and/or derivatives. The trust aims to deliver real returns whilst preserving capital over the targeted investment horizon".

Refer to PDS - Investment Book dated 17 April 2015 page 25.

TBA

1 January 2016

Correction to investment guidelines

Members in Ibbotson Conservative Growth

The investment guideline for Cash is 10-70%

8 January 2016

Change to the Australian Unity Mortgage Income investment option unit price.

Clients with holdings in this investment option.

View attached

1 December 2015

Change of investment guidelines for BlackRock Balanced Investment Option.

View change 

n/a

1 December 2015

Change of an index performance benchmark for BlackRock Balanced Investment Option.

Replace benchmark index UBS Global Investors ex-AUS NR (hedged in AUD) with FTSE EPRA/NAREIT Developed Rental Net TR Index (hedged in AUD) for BlackRock Balanced Investment Option.

n/a
17 November 2015 Change of investment strategy for Goldman Sachs Australian Infrastructure The changes will apply from 17 December 2015. Applications have been suspended until this time. Withdrawals may still be made. View attached
1 October 2015 The standard risk measure for the Perpetual Global Share Investment Option has increased from 6 – High to 7 – Very high. Clients with holdings in this investment option. n/a
1 October 2015 Effective 1 October 2015, the investment objective for Zurich Investments Global Thematic Share Investment Option will change from a five to a seven year period. Aims to provide long term capital growth with the benefits of global diversification. The fund aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years. n/a
30 September 2015 Change of investment guidelines for Perpetual Diversified Real Return Investment Option.  View changes n/a
30 September 2015 Change of investment guidelines for Perpetual Conservative Growth Investment Option. Effective 30 September 2015, the Investment guidelines for the Perpetual Conservative Growth Fund have been modified. The investment range for investments into Cash and enhanced cash is now 15-55%. Previously it was 15-45%. n/a
16 July 2015 Unit pricing has been suspended for the:
  • van Eyk Blueprint High Growth
  • van Eyk Blueprint Balanced
  • van Eyk Blueprint Capital Stable
Investors / members with holdings in these investment options View Letters:
6 July 2015 We will no longer be providing a transaction advice for employer contributions. From 1 September 2015 we will no longer provide a transaction advice for employer contributions. Please refer to your annual and half year statements or otherwise login to your online account access. n/a
1 July 2015 Change of investment guidelines for Schroder Balanced Investment Option View changes n/a
1 July 2015  Change to condition of release - Diagnosed with a terminal medical condition likely to result in death 'within a period of 24 months' now replaces the reference to a period of 12 months.   Due to legislative change, the reference to terminal medical condition in the PDS has been updated. From 1 July 2015 members may meet a condition of release under this updated condition of release.   N/A 
30 April 2015 Change of performance benchmark for BlackRock Global Small Cap Change of performance benchmark from the S&P Global MidSmall Cap Index (unhedged in AUD) to the MSCI AC World Small Cap Index (unhedged in AUD). N/A
1 April 2015 Change to Goldman Sachs Australian Infrastructure Investment Option benchmark New objective - To achieve a balance of income and medium-to-long term capital growth by investing primarily in Australian listed infrastructure and utilities securities. In doing so, we aim to outperform the Consumer Price Index ('CPI')* plus 4.0% over rolling three year periods.



*All groups CPI weighted average of eight capital cities produced quarterly by the Australian Bureau of Statistics
N/A
27 March 2015 Investment options closed and being wound up:
  • Alphinity Australian Share
  • AMP Capital Sustainable Share
  • CFS Balanced
  • Ibbotson International Shares Active (Unhedged)
  • Ironbark GTP Global Equity Thematic
  • Premium China
  • Schroder Global Emerging Markets
  • Templeton Global Equity
Investors / members with holdings in these investment options. View further information
30 January 2015 Perpetual International Share
  • Change to investment manager
  • Change to investment strategy
  • Change to name
  • Notification of reduction in management fee and introduction of performance fee from 17 April 2015
Investors / members with a holding in Perpetual International Share  View further information
5 November 2014

Termination of the Howard Mortgage Investment Option

On 5 November 2014 the Howard Mortgage Investment Option was terminated.

 

1 October 2014 Change of Investment Manager - Schroder Global Emerging Markets Investment Option Change of Investment Manager for the Schroder Global Emerging Markets Investment Option from Schroder Investment Management Australia Limited to Schroder Investment Management Ltd.  
26 September 2014

Change in benchmark names

n/a

Following the sale of UBS’s bond index business to Bloomberg, the following indexes are being renamed:

UBS Bank Bill Index to Bloomberg AusBond Bank Bill Index

UBS Composite Bond Index to Bloomberg AusBond Composite Index

26 September 2014 Correction to investment guidelines Members invested in Perpetual Balanced Growth The investment guideline for fixed income is 0-35%
15 August 2014 Macquarie Investment Management Limited, the responsible Entity of the funds: van Eyk Blueprint - Capital Growth, van Eyk Blueprint - Balanced, van Eyk Blueprint - High Growth has decided to commence termination of the funds. No transactions are permitted until further notice. View letter
6 August 2014 Suspension of the following investment options effective immediately: van Eyk Blueprint - Capital Stable, van Eyk Blueprint - Balanced, van Eyk Blueprint - High Growth No transactions are permitted until further notice.  
4 August 2014 Change to investment guidelines Members invested in Schroder Fixed Income  View further information
2 July 2014 Perpetual Global Resources Investment Option Closure Members invested in the closed Investment Option will be switched to Perpetual Cash. View Letter - Perpetual Global Resources
1 July 2014 Changes to investment option names There have been two changes to investment option names made by the managers of the underlying funds offered on WealthFocus.

Included as part of the new Product Disclosure Statement issue date 1 July 2014.

1. DWS Global Equity Thematic change to Ironbark GTP Global Equity Thematic

2. RREEF Global Property Securities to Ironbark Global Property Securities

30 May 2014 Changes to insurance premium and terms From 1 July 2014 insurance premiums are changing. There are also some changes to terms and conditions. Insurance premium change letter
29 May 2014  Investment limits have been introduced for the Premium China Investment option  From 1 July 2014 new investors in the Premium China investment option will be unable to allocate more than 50% of their WealthFocus Super Plan assets to this option and will also be required to choose the auto-rebalance feature. 

If you hold the Premium China investment option on 1 July 2014 these limits will not apply to you. However, if you exit this investment option completely the appropriate allocation limits and requirements for auto-rebalancing will be applied to any future investment in this option made after 1 July 2014.

 Premium China limits letter 

27 March 2014 Change to the investment guidelines Members invested in Perpetual’s Industrial Share Fund. Effective 27 March 2014, the investment option’s investment guidelines have been modified to allow a controlled sale of shares that move off an Australian exchange. Where shares held in the portfolio de-list from an Australian exchange and the holdings are tradable on an international exchange, the stock must be sold within 12 months of de-listing. Currency hedges may be used from time to time.
14 March 2014 Unit Pricing Rectification Members Invested in the closed WealthFocus Super Options ING Managed Growth and BlackRock Indexed Australian Listed Property were compensated as a result of a unit pricing error. Members were compensated in the form of additional units, where clients no longer hold investments with Perpetual a Cheque has been mailed to the fund they transferred into.



We estimate 466 people were impacted with an estimated average compensation of $200.
28 February 2014 Change to the Asset allocation for BlackRock funds Members Invested in BlackRock Scientific Diversified Growth & BlackRock Scientific Diversified Stable investment options. View further information
5 February 2014 Change to Ausibil Dexia Performance Fee Benchmark Members invested in Ausbil Dexia Emerging Leader Fund New Performance Benchmark effective 5 February 2014:



Ausbil Dexia Limited charges a performance fee of 15% (exclusive of GST) of any return of the underlying fund greater than the return of the underlying fund's benchmark along with 0.85% p.a. The benchmark is 70% S&P/ASX Mid-cap 50 Accumulation Index and 30% S&P/ASX Small Ordinaries Accumulation Index. As the return is based on the return of an index it can be a positive or negative return. The performance fee will apply to any benchmark out-performance and will be paid monthly.
1 February 2014 Enhanced Disclosure Additional Information is available for Members invested in funds which hold complex; investment strategies, fund structure, and may be available in short-selling.



Perpetual Share-Plus Long-Short Investment Option

BlackRock Balanced Investment Option

Premium China Investment Option

Platinum International Investment Option

Aspect Diversified Futures Investment Option
3 September 2013 Change to the Asset allocation and Investment objective for Ibbotson investment options Members Invested in

Ibbotson Funds
View further information
1 July 2013 Introduction of Expense Recoveries Expense recoveries have been added to the management cost to cover the operating expenses incurred in the day-to-day operations of the Investment Options (such as audit fees, regulatory costs and the cost of offer documents). All members were sent a letter outlining the changes applicable prior to the introduction of the expense recoveries.



View Letter
21 June 2013 Introduction of Standard Risk Measures Standard risk measures are a risk classification based on the estimated number of negative annual returns over any 20 year period. We have engaged a specialist investment consultant to classify each of the Investment Options on the WealthFocus Investment Menu. The risk band for each Investment Option has been made available from the product disclosure statements issue dated 21 June 2013.



View PDS Investment Options Booklet
21 June 2013 Changes to Fund Names and Managers There have been a number of changes in fund names and managers made by the managers of the underlying funds offered on WealthFocus. Included as part of the new Product Disclosure Statements issue date 21 June 2013 investor statements and the website will reflect the new names.



All clients were mailed a flyer outlining the changes



View flyer

21 June 2013 Insurance improvements A number of insurance features have been improved. These improvements will apply to all current WealthFocus policies. All members were mailed a flyer outlining the changes



View flyer
16 May 2013 Investment Option Closure Members invested in closing investment options Perpetual Property Securities and Perpetual Property Income were switched into a successor option. View Letter Perpetual Property Securities



View Letter Perpetual Property Income



10 May 2013 Investment Option Closure Members invested in the closing investment options, BlackRock Indexed Australian Listed Property and ING Managed Growth were switched into a successor option. Members impacted by the closure were notified by mail



View Letter

1 September 2012 Changes to management fees Members invested in the Perpetual Property Income investment option. From 1 September 2012 Perpetual will not be rebating the management charges attributable to the Property Fund’s investments in unlisted property trusts.



Perpetual will rebate management fees associated with investments in underlying funds. Unlisted property trusts do not fall into this category.

PERPETUAL WEALTHFOCUS SUPERANNUATION FUND - TRUST DEED

Deed of amendment dated 29 September 2016

Deed of amendment dated 17 June 2015

Deed of amendment dated 27 November 2014

Deed of amendment dated 26 July 2011

Deed of amendment dated 18 June 2009