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.
PDS notice of election for early transition to new fees and costs disclosure
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
PDS Update - Fees and Costs
Current transaction costs and buy/sell spread
TARGET MARKET DETERMINATION
The Target Market Determination outlines the class of consumers for which this product has been designed and is intended to assist distributors in understanding who the product is intended to be distributed to. The document forms part of the design and distribution arrangements for the product and outlines distribution conditions and restrictions as well as reporting requirements for distributors.
Other documents
These documents are relevant to the features offered in the Pension Plan.
Definition of feesOnline 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.
Continuous disclosure
The below table provides updates to the PDS, significant events and important information. Any updates should be read together with the PDS.
Notice date | Nature of change | Impact of change | Further Info | |||||||||
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5 May 2022 |
Termination of investment options |
Effective on or around 10 June 2022 we are terminating the following investment options within the Select Super Plan:
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Please see attached letter |
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4 March 2022 |
Changes to Select Super and Pension fees and rebates |
Effective 4 March 2022, the buy/sell spreads for the funds have changed. |
Please see "Transaction costs and Buy/Sell Spreads documents" | |||||||||
1 March 2022 |
PDS Update: Fees and Costs information |
The information in the PDS and Additional Information about fees and costs is replace by the information in the attached document. For full details on fees and costs, read the PDS together with this update. |
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21 February 2022 |
Changes to Select Super and Pension fees and rebates |
Effective 1 March 2022, there are a number of changes to fees and rebates on Select Super and Pension accounts. Please read the flyer on Changes to Fees for more information. Download the Select Super and Pension Changes letter. |
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1 February 2022 |
PDS Update: Transaction Cost and buy/sell spread document updated |
This incorporated document has now been replaced with 1 February 2022 information now available. |
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5 October 2021 |
PDS Update: Inquiries and complaints |
There are legislative changes applying to complaints handling effective from 5 October 2021. The information in the PDS in relation to inquiries and complaints is now updated as set out in the flyer. |
See attached flyer |
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1 October 2021 |
Changes to SRM |
The Standard Risk Measure (SRM) for Funds may change over time for various reasons, including as a result of reviews of the underlying capital market assumptions that are used in their calculation and future changes to asset allocations by the investment manager. Effective 1 October, the SRM has changed, following an annual review.
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1 April 2021 |
Changes to Buy/Sell Spreads |
Effective 1 April 2021, the buy/sell spreads for the funds have changed. Please see "Current Transaction costs and Buy/Sell Spreads document." |
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29 January 2021 |
Update to Specialist Investment Manager Information |
The details of current underlying specialist investment managers have been updated. |
For further information see attached flyer. |
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7 December 2020 |
Update to Specialist Investment Manager Information |
The details of current underlying specialist investment managers have been updated. |
For further information see attached flyer. |
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1 December 2020 |
Reduction in the administration fee for the Cash investment option and removal of investment fees and costs |
Effective 1 December 2020, the administration fee for the Select Pension Cash investment option has been reduced from $84.00 plus 0.20% p.a. to $84.00 plus 0.10% p.a. Investment fees and costs will no longer be charged. |
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17 September 2020 |
Termination of Investment options |
Effective 21 October we are terminating Select Capital Guarantee investment option within the Select Pension Plan. Please refer to the letter on Select Pension Investment Option termination for more information. |
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7 September 2020 |
PDS Update: Transaction Costs document updated |
Effective 7 September 2020 the buy/sell spread for the Perpetual Select Pension Growth option is changing from 0.30%/0.00% to 0.27%/0.00%. |
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28 August 2020 |
Changes to Select Super and Pension fees, rebates and investment options |
Effective 1 October 2020, there are a number of changes to:
Please read the flyers on Changes to Investments andChanges to Fees for more information. Download the Select Super and Pension Changes letter. |
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1 June 2020 |
Reduction in the investment fee for the Cash Fund Option |
Effective 1 June 2020, the base investment fee for the Select Pension Cash Fund investment option has been reduced from 0.50% to 0.25% and the investment management fee will no longer be charged. |
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30 March 2020 |
Temporarily reduce superannuation minimum drawdown rates |
The Commonwealth Government has passed legislation as part of its plan to cushion the economic impact of COVID-19 and help build a bridge to recovery. The Government is temporarily reducing superannuation minimum drawdown requirements for account based pensions and similar products by 50 per cent for 2019-20 and 2020-21. This measure will benefit retirees by providing them with more flexibility as to how they manage their superannuation assets. |
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24 March 2020 |
Reduction in management fee for the Capital Guarantee Option |
Effective 24 March 2020, the investment fee for the Select Super Capital Guarantee investment option (closed to new investors) has been reduced from 1.49% to 0.00% and indirect costs will no longer be charged. |
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8 October 2019 |
PDS Update: Accepting changes to bank account details by email |
Effective from 8 October 2019, Perpetual MySuper will also accept changes to your bank account details by email. All changes to your bank account details must be made in writing. The instruction must be signed and sent to us by mail or scanned attachment to email. You are able to use the Application for Additional Investment and Features form. |
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1 July 2019 |
Protecting Your Super |
The ‘Protecting Your Super’ legislation comes into effect from 1 July 2019. It introduces the following new laws designed to protect members from paying unnecessary fees and insurance premiums:
Please refer to the flyer for more information. |
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29 May 2019 |
Base fee rebate calculation |
From 1 July 2019, the basis for calculating the base fee rebate will be changed from month-end balance to average daily balance over the financial year. For the period 1 July 2008 to 30 June 2019, we have calculated the base management fee rebate based on the average daily balance instead of the month end balance. Members that were negatively impacted by this error will be notified separately and will receive a compensation payment. You can download the ‘Changes to calculation of the base fee rebate” letter that was sent to all members here. |
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1 May 2019 |
Reduction of Buy spreads |
Effective from 1 May 2019, the buy spreads of the following funds will be reduced:
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31 January 2019 | Change to the investment strategy of the underlying investment managers of certain investment options |
From 31 January 2019, the underlying investment manager that manages assets for the Perpetual Select Pension investment options set out below are restricted from investing in shares of Australian and international companies that are manufacturers of cigarettes and other tobacco products as defined under Global Industry Classification Standard 302030 as a Tobacco company. The investment options impacted by this change are:
Multi-asset class Single-asset class |
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1 January 2019 |
Reduction in investment fee for the Cash investment option and PDS update. |
From 1 January 2019, we are reducing the investment fee for the Cash investment option from 1.59% to 0.54% per annum. For more information, download the ‘Investment fee reduction for Cash investment option’ letter here The ‘Additional information about fees and costs’ document, which forms part of the PDS, has been reissued. For a copy of this updated document, click here The flyer that you can access here shows the result of this website update to section ‘6. Fees and costs’ in the PDS. |
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5 September 2018 |
Change to external dispute resolution (EDR) scheme. |
From 1 November 2018 there will be a change to the EDR scheme which unresolved complaints can be referred to. Please refer to this transitional disclosure for more information. |
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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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4 August 2016 |
Investment Manager Review |
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. |
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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. |