Perpetual Select Super Plan Updates

Continuous Disclosure and Important Information

PRODUCT DISCLOSURE STATEMENT (PDS)

The PDS contains detailed information about the Perpetual Select Super Plan such as the benefits, risks and fees and charges. 

Download PDS

This document contains the following forms:

Super Plan member application
Nomination of beneficiary - super only
Fund choice nomination - super only
Transfer authority (including compliance letter) - super only

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.

Your Super Plan account
Additional information about fees and costs
Updated fees and costs for the Financial Year ended 30 June 2018
Insurance in super

This document contains the ‘Insurance application – standard’ form.

Current transaction costs and buy/sell spread

Definition of fees

Other documents

These documents are relevant to the features offered in the Super Plan.

Direct debit request service agreement
Online account access conditions of use
Details of current underlying specialist investment managers
Select Superannuation Fund Trust Deed

The multi asset class investment options benchmark asset allocation may from time to time vary from the benchmark indicated in the PDS. Further information in regards to actual asset allocations are in the quarterly fund profiles.

Privacy policy

Our 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 summaries recent significant events or material change notices for Perpetual Select Super.

Notice date Nature of event or change Impact of the change
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.

4 September 2018

Removal of Contribution Fees for Perpetual Select Super members

Some Perpetual Select Super members that joined prior to 1 July 2014 may still be on grandfathered fee arrangements that include Contribution Fees. From 1 October 2018, Contribution Fees will no longer be charged on any Perpetual Select account.

14 June 2018

Clarification around correspondence issued

A Perpetual MySuper reprice flyer was incorrectly included with recent communication to Perpetual Select Super Plan members that have insurance cover.

For clarification, the flyer relates only to the Perpetual MySuper Balanced Growth option which is not part of the Perpetual Select Super Plan.

31 May 2018

Changes to Perpetual Select Super insurance premium rates and insurance policy terms and conditions from 1 July 2018

Insurance premiums are decreasing on average by:

  • 22% for death and/ or total and permanent disablement cover (TPD) only cover
  • 18% for salary continuance insurance (SCI).

There will be changes to the insurance policy terms and conditions:

  • The default occupation loading factor is changing from “White-Collar” to “Light-Blue”. If you haven’t provided us with your occupation details this means your premiums will increase on average by 18%
  • Introduction of a new occupational loading factor guide.

 

Refer to the flyer for further information and insurance rate tables.

Download the Select Super ‘Changes to your insurance from 1 July 2018’ letter.

Download the occupational loading factor guide.

1 February 2018
Reduction of Buy spreads

Effective from 1 February 2018, the buy spreads of the following options will be reduced:

  • Australian Share
  • Geared Australian Share
  • Real Estate 
Find out more here
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. 

1 November 2017

PDS Update:
Investment Options updated 

Effective 1 November 2017, some investment options will have: 

  • Revised investment guidelines
  • Updated investment return objective
  • Benchmark changes.

The investment options with changes are:

  • Multi-asset class

    Conservative, Diversified, Balanced, Growth, High Growth, Geared High Growth

     

  • Single-asset class

Fixed Income, Real Estate

This follows our strategic asset allocation review.  Read the attached flyer for details about these changes.

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:

  • 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
  • Information on recent superannuation changes
  • The benchmark used for the global component of the Real Estate Fund has changed from hedged to AUD to unhedged.
For a copy of the PDS to obtain this information click here, or ask us for a copy free of charge by contacting us on  1800 003 001. 

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.

20 December 2016                       

Notice of the proposed transfer of Select Super accounts with an accrued default amount (ADA) to Perpetual MySuper

Members that joined Select Super and didn’t make a specific investment choice will have an accrued default amount (ADA) and the Trustee is required to transfer the account balance to a MySuper compliant product before 1 July 2017.

 

An information pack was sent to Select Super members with an ADA explaining the impending transfer of their Select Super balance to Perpetual MySuper unless they contact us to confirm they would like their super to remain invested in the current Select Super option.

 

Download the Select Super ‘Notification of the proposed transfer of your Select Super Plan account to Perpetual MySuper’ letter

Download the ‘Accrued Default Amount Transfer to Perpetual MySuper’ Booklet for further information

Download the Select Super ‘Instruction Form’ to opt-out of the transfer by confirming your investment choice

From 22 December 2016                       

Investment changes to the single-asset class investment options of Select Super

Effective from 22 December 2016, we are making changes to the following single-asset class investment options:

  •       Australian Share
  • Geared Australian Share
  •       International Share
  •       Fixed Income
  • Real Estate.

The changes will impact investment guidelines by:

  • Increasing maximum cash limits from 10% to 20%
  • Decreasing respective minimum asset class limits from 90% to 80%.
There are no changes made to the targets, benchmarks and investment objectives of these investment options.

22 November 2016                       

Investment changes to the single-asset class investment options of Select Super

Effective 22 December 2016, we are making changes to the following single-asset class investment options:

  •       Australian Share

  • Geared Australian Share
  •       International Share

  •       Fixed Income

  • Real Estate.

The changes will impact investment guidelines by:

  • Increasing maximum cash limits from 10% to 20%
  • Decreasing respective minimum asset class limits from 90% to 80%.

There are no changes made to the targets, benchmarks and investment objectives of these investment options.

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. 

26 May 2016                       

Changes to Select Super insurance premium rates and insurance policy terms and conditions from 1 July 2016

Insurance premiums are increasing by approximately:

  • 59.5% for death only cover
  • 22.8% for total and permanent disablement cover (TPD) only cover
  • 34-51%* for combined death and TPD.

*The increase to the combined death and TPD cover varies with age.

Insurance premium rates for salary continuance insurance (SCI) cover are also changing and will increase or decrease depending on gender, age, waiting period or benefit period.

  • The Terminal Illness life expectancy period will align with the superannuation ‘terminal medical condition’ condition of release of 24 months
  • Continuation option will be removed.

Refer to the flyer for further information and insurance rate tables.

Download the Select Super ‘Changes to your insurance from 1 July 2016’ letter.

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:

  • Conservative
  • Diversified
  • Balanced
  • Growth

The risk level of the following investment options have also been updated:

  • Conservative
  • Diversified
  • Fixed Income
  • Real Estate

View further information

 

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

1 July 2015 Changes to release condition ‘Terminal Medical Condition’

Effective from 1 July 2015, the Government has amended the ‘terminal medical condition’ definition of release. The life expectancy period which enables members’ tax-free access to their superannuation benefits where a member is suffering a terminal illness (as certified by two medical practitioners, at least one of whom must be a specialist) has changed from less than 12 months to 24 months.

Under the insurance policy available through Select Super, a terminal illness benefit is payable where you are diagnosed with a terminal illness and have less than 12 months to live.

As a result, a member may meet the terminal medical condition of release and be entitled to withdraw their investment benefit but may not qualify to receive their insured benefit amount under terminal illness definition of the insurance policy until their life expectancy is less than 12 months.

In this circumstance and in order to continue the insurance cover in Select Super, account members will need to ensure their investment balance is sufficient to cover ongoing insurance premiums and any other fees and taxes.

26 September 2014 Change in benchmark names 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
30 May 2014 Increase in insurance premium rates effective 1 July 2014. Death and TPD rates are increasing by 22% and salary continuance cover by up to 38%. All members with this type of cover will have their premiums increased by these amounts effective 1 July 2014.
6 December 2013 Introduction of MySuper and removal of member protection benefits.
  • Any member who has not made an investment choice will have a MySuper account opened on receipt of an SG contribution from 2 January 2014.
  • The protection of member balances from deterioration from direct fees where the member’s balance is below $1,000 removed from 2 January 2014 with the introduction of Perpetual MySuper.
  • 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.
    2 July 2013 Insurance premiums not deducted from members’ account. Some members who had default levels of insurance cover did not have insurance premiums deducted from their account since becoming members of the Plan. Approximately 2,600 members were impacted.
    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.