Perpetual Select Pension Updates
Continuous Disclosure and Important Information
PRODUCT DISCLOSURE STATEMENT (PDS)
The PDS contains detailed information about the Perpetual Select Pension Plan such as the benefits, risks and fees and charges.
The application form to become a member of the Select Pension Plan is in the Opening and operating your Pension Plan account document.
Product information incorporated by reference
The PDS refers to other information relevant to the product (information which is ‘incorporated by reference’) which can be found below. This incorporated information forms part of the PDS and should be read together with the main PDS document above.
This document contains the following forms:
- Pension plan application
- Nomination of beneficiary
- Transfer authority (including compliance letter)
Additional information about fees and costs
Updated fees and costs for the Financial Year ended 30 June 2017
Current transaction costs and buy/sell spread
Other documents
These documents are relevant to the features offered in the Pension Plan.
Definition of fees
Online account access conditions of use
Details of current underlying specialist investment managers
Select Superannuation Fund Trust Deed
Privacy policy
Perpetual’s Privacy Policy has been updated as of March 2016 to include information about how you may access and seek correction of personal information held by us, make a complaint to us if you have concerns about how we have handled your personal information, how we will deal with such complaints and whether we may disclose personal information to overseas recipients.
Product updates
If product updates are not materially adverse we will notify you via our website. Any updates should be read together with the PDS document and incorporated by reference documents above. Updates:Continuous disclosure
Significant event and material change notices
Investment Manager Review
Notice date 4 August 2016
Perpetual has conducted a review of its specialist investment managers in the Australian and international share sectors and following the review will implement the following:
Changes to Australian Share Specialist Investment Manager Allocations
From 6 July 2016, a number of changes were made to the Australian Share Asset Class specialist investment managers portfolio allocations. Changes are summarised as follows:
- Removal of the Australian Share Asset classes full allocation to Perpetual Investments Economic Diversification Dividend Yield (EDDY) strategy; and
- Resulting from the removal of Perpetual Investments EDDY strategy, an increase in allocations to Perpetual Investments Concentrated Equity strategy and increases in allocations to specialist investment managers Cooper Investors, Kaplan Funds Management and Renaissance Asset Management.
The changes to portfolio allocations will result in some differences to specialist investment manager performance fee arrangements.
The specialist investment managers may be entitled to performance fee arrangements that differ, and in some cases may be higher. Any increases to performance fee arrangements will take effect no sooner than 30 days after the date of this update.
The ranges of specialist investment manager performance fees align with those disclosed in the PDS.
The above changes will flow on to any multi sector funds that invest in Australian shares.
Changes to International Share Specialist Investment Managers
In August 2016, a number of changes will be made to specialist investment managers for the International Share Asset Class. Changes are summarised as follows:
- The following specialist investment managers have had their portfolio allocations terminated effective 2 August 2016:
- Perpetual Investments Economic Diversification Global Equities strategy
- Aberdeen Asset Management
- The following specialist investment managers will be appointed and received portfolio allocations no later than 22 August 2016:
- Sustainable Growth Advisers
- RWC
- Barrow, Hanley, Mewhinney & Strauss
Those specialist investment managers who will be appointed may be entitled to performance fee arrangements that differ from those specialist investment managers who have been terminated. In some cases the performance fee arrangements may be higher. Any increases to performance fee arrangements will take effect no sooner than 30 days after the date of this update.
The ranges of specialist investment manager performance fees align with those disclosed in the PDS.
The above changes will flow on to any multi sector funds that invest in International Shares.
Details of the new specialist investment managers will be included here, once those managers have commenced management of the portfolios: Specialist investment managers information.
Other continuous disclosure notices
The below table summarises recent significant events or material change notices for Perpetual Select Pension.
| Notice date | Nature of event or change | Impact of the change | Further Info |
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1 February 2018 |
Reduction of Buy spreads |
Effective from 1 February 2018, the buy spreads of the following options will be reduced:
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16 November 2017 |
No performance fee cap applicable for any specialist investment managers |
Effective on and from 16 December 2017, no performance-related fee cap will be applicable for any specialist investment managers of Single and Multi-sector funds (unless otherwise agreed to in the agreement between the specialist investment manager and Perpetual).
Performance-related fees are payable when a specialist investment manager outperforms a defined performance hurdle (benchmark), for a defined period of time. The maximum performance-related fee rate up to 25% of outperformance for specialist investment managers (other than for alternative assets) still remains.
For more details, refer to the Performance-related fees section in PDS. |
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1 November 2017 |
PDS Update: |
Effective 1 November 2017, some investment options will have:
The investment options with changes are:
Fixed Income, Real Estate This follows our strategic asset allocation review. Read the attached flyer for details about these changes. |
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1 June 2017 |
PDS update |
The replacement Select Super Plan and Pension Plan PDS has been issued. It contains updated information in relation to your investment in the Select Super Plan and Pension Plan, including:
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1 May 2017 |
Superannuation Reforms |
Significant changes to superannuation are coming into effect generally from 1 July 2017 that may or may not impact you. Refer to the flyer for further information The relevant changes will be reflected in the updated Product Disclosure Statement which will be available online from 1 June 2017. |
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22 December 2016 |
Investment changes to the single-asset class investment options of Select Pension |
Effective from 22 December 2016, we are making changes to the following single-asset class investment options:
The changes will impact investment guidelines by:
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22 November 2016 |
Investment changes to the single-asset class investment options of Select Pension |
Effective 22 December 2016, we are making changes to the following single-asset class investment options:
The changes will impact investment guidelines by:
There are no changes made to the targets, benchmarks and investment objectives of these investment options. |
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22 November 2016 |
Maximum Performance-related fees of specialist investment managers |
The maximum performance fee payable to specialist investment managers of the underlying funds and when they are payable is described in the ‘Additional Explanation of Fees and Costs’ section of the 'Additional information about fees and costs' document that forms part of the PDS. For specialist investment managers other than for alternative assets, the maximum performance-related fee rate will change from a maximum of 15.4% of that outperformance, to up to 25% of outperformance. This change will be effective from the issue date of the next PDS, expected to be issued in April 2017. |
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1 October 2015 |
Investment changes to certain Select Super and Pension investment options |
Effective 1 October 2015, the target allocations and ranges, as well as the target objectives for some investment options have changed for the following investment options:
The risk level of the following investment options have also been updated:
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| 30 September 2015 | Investment and Fee Changes to the Perpetual Select Super and Pension - Diversified investment option |
Effective 1 October 2015, the investment strategy for the Diversified investment option in Select Super and Pension will change and be reflected in an updated PDS. Members invested in the Diversified investment option as at 30 September will have received a Significant Event Notice (SEN) with details of the change. Download the Select Super and Pension - Diversified investment option Letter |
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| 12 October 2013 | Select products move from weekly to daily unit pricing. |
From 25 October 2012, unit pricing will be available for each business day. Enables members to transact each business day and will reduce processing times when members invest, switch or withdraw from their investment. |
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| 2 March 2012 | Change to fee and cost structure | From 2 April 2012, investment management fees (excluding alternative asset fees) will be fixed for each Option. Any applicable investment performance fees, fees relating to alternative assets, and operating expenses will continue to be deducted separately from each Option. |