Perpetual Select Super Plan

The Select Super and Pension Plan PDS has been issued with an effective date of 12 May  2025. It contains updated information about the Select Super Plan including:

 - recent superannuation and tax changes 
- changes due to the appointment of a new registry service provider (such as changes to product features, mailing address and online functions etc) of which further information is set out here. 
-  updates to the Insurance Book.

The change in registry provider will result in a:

• temporary limited service period from 5 May 2025 to 16 May 2025 (inclusive) while we transfer to the new provider
• changes in account identifiers, product features and online portal access

PDS Update

The replacement Select Super Plan PDS has been issued. The PDS is issued by Equity Trustees Superannuation Limited. It contains updated information in relation to your investment in Select Super Plan including

• updated fees and costs disclosure
• cost of product information
• recent superannuation and tax changes
• changes to investment option profiles - the Insurance Book has been updated for 1 March 2025 

Proposed change of trustee

The current trustee of your Fund, Perpetual Superannuation Limited (ABN 84 008 416 831 AFSL 225246 RSE L0003315) (PSL), has decided to retire as trustee of the Fund and enter into a Deed of Retirement and Appointment with Equity Trustees Superannuation Limited (ABN 50 055 641 757 AFSL 229757 RSE L0001458) (ETSL). Subject to the finalisation of all necessary legal agreements, ETSL will be appointed as the new trustee of the Fund with effect from 1 March 2025.

Change to SRM for the Cash investment option  

The Standard Risk Measure (SRM) for the investment options may change over time for various reasons, including as a result of a review of the underlying capital market assumptions that are used in their calculation and future changes to asset allocations.

As a result of the mathematic nature of the calculation, the SRM may fluctuate from year to year.

Effective 22 August 2024, following an annual review, the SRM for the Cash investment option has changed as follows:

Update to specialist investment manager information  

The details of current underlying specialist investment managers have been updated.  

For further information please see attached flyer

Update to specialist investment manager information  

The details of current underlying specialist investment managers have been updated.  

For further information please see attached flyer

New contact details

From 13th of June 2024 there are new contact details for the super and pension products. 
Phone: 1800 011 022
Email: superandpension@perpetual.com.au 

The above replace the contact details in PDS and other disclosure documents for Perpetual Select Super Plan and Pension Plan.

Please note that the email address for complaints remains MyComplaint@perpetual.com.au

See contact us page - Client and Members tab:
https://www.perpetual.com.au/about/contact-us/general-enquiries/

Update to specialist investment manager information  

The details of current underlying specialist investment managers have been updated.  

For further information see attached flyer.

Changes to Select Super Plan insurance premium rates from 1 July 2024.

From 1 July 2024, insurance premium rates for Total and Permanent Disablement will increase. Death premiums will decrease and Salary Continuance will have no change to premium rates.

See a copy of the letter - Your Perpetual Select Super Plan - Changes to Insurance Premiums from 1 July 2024 for further information.

PDS update

The Select Super and Pension Plan PDS has been issued with an effective date of 3 July 2023. It contains updated information about the Select Super Plan including changes to:

• auto-rebalancing and savings plans

• updated fees and cost

• cost of product information

• superannuation and tax rates and thresholds

The Insurance Book has also been updated for 3 July 2023. Changes affecting existing members are set out in the summary and reschedule notice.

A copy of the new PDS can be found on this page or contact us for a copy free of charge on 1800 003 001.

Rescheduling of investment option closures.

The investment option closures notified on 12 May 2023 have been rescheduled.

The new closure date is effective 14 September 2023.

See attached flyer

1. Closure of investment options.

2. Changes to auto-rebalancing feature.

3. Changes to savings plan feature.

1. After careful consideration, we have determined to cease offering the following investment option:
• Limited Share

2. From 3 July 2023, the timing of auto-rebalancing will change from the 15th of the relevant month to the 24th of the month. If the day is not a business day, the next business day will apply.

3. From 3 July 2023, all savings plan deductions will be the 20th day of the relevant month. Any members whose savings plans are currently deducted on the 10th day of the month will change to being deducted on the 20th day of the month. If the day is not a business day, the next business day will apply.

Please consult the attached flyer for further information.

PDS update: update to investment profiles.

Following a review of the investment strategies, the following changes will take effect from 1 March 2023 in respect of some of the investment options:

*Investment benchmarks

*Investment guidelines

*Asset classes, including the income alternatives asset class description

Please read the attached flyer for details about these changes as well as a copy of member letter.

Investor letter

Changes to investment options flyer

Changes to Buy/Sell spreads.

Effective 1 February 2023, the buy/sell spreads for the funds have changed. Please see "Transaction costs and Buy-Sell Spreads" document. 

Changes to the ‘Downsizer contributions’ eligibility age.

From 1 January 2023, the age of eligibility for downsizer contributions will change from 60 to 55 years.

Members aged 55 or over may make additional contributions of up to $300,000 from the proceeds of the sale of their principal, subject to eligibility criteria. Please refer to page 3 of the Perpetual Select Super Plan, Your Super Plan account dated 1 October 2020.

PDS Update: Fees and Costs information

The information in the PDS, Additional Information and PDS Update about fees and costs is replaced by the information in the attached document. For full details on fees and costs, read the PDS together with this update.

Changes to Select Super Plan insurance premium rates from 1 July 2022

From 1 July 2022, insurance premium rates for Death and for Total and Permanent Disablement will increase and Salary Continuance Insurance premiums will decrease. Download - Your Perpetual Select Super Plan - Changes to insurance premiums from 1 July 2022 letter for further information.

See attached letter

Termination of investment options

Effective on or around 10 June 2022 we are terminating the following investment options within the Select Super Plan:

• Select Real Estate investment option 

• Select Fixed income investment option.

Please refer to the letter "Select Super Real Estate and Fixed Income Closure Letter"

PDS Update: Changes to Buy/Sell Spreads.

Effective 4 March 2022, the buy/sell spreads for the funds have changed.

Please see "Transaction costs and Buy/Sell Spreads document."

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.

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.

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

PDS Update: Transaction Cost and buy/sell spread document updated

This incorporated document has now been replaced with 1 February 2022 information now available.

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

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.

Changes to Select Super Plan insurance premium rates and Total and Permanent Disablement (TPD) Definitions from 1 July 2021

From 1 July 2021, we are modifying the Standard TPD definition to also cover all eligible insured members under age 65 who:

• Were gainfully employed in the 12 months before the cause of the claim, or

• Are working in an uninsurable or hazardous occupation.

With more insured members to be covered under the Standard TPD definition (instead of the Activities of Daily Living (ADL) TPD definition), more members that make a TPD claim may be assessed against that definition.

As a result of the changes to TPD definitions, insurance premium rates will also change.

Download the changes to your Perpetual Select Super Plan insurance cover and premium rates letter for further information.

Update to Specialist Investment Manager Information

The details of current underlying specialist investment managers have been updated.

For further information see attached flyer.

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 Super 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.

Termination of Investment options

Effective 21 October we are terminating the following investment options within the Select Super Plan:

• Select Capital Guarantee Option

• Select Geared Australian Share Fund

• Select Geared High Growth Fund

Please refer to the letter on Select Super Investment Option terminations for more information.

PDS Update: Transaction Costs document updated

Effective 7 September 2020 the buy/sell spread for the Perpetual Select Super Growth option is changing from 0.30%/0.00% to 0.27%/0.00%.

Changes to Select Super and Pension fees, rebates and investment options

Effective 1 October 2020, there are a number of changes to:

• Fees and rebates on Select Super and Pension accounts

• Investment Guidelines and CPI investment return objectives for some investment options

• The Standard Risk Measure (SRM) and minimum suggested timeframes on some investment options

Please read the flyers on Changes to Investments and Changes to Fees for more information.

Download the Select Super and Pension Changes letter.

Changes to Perpetual Select Super Plan insurance premium rates and insurance policy terms and conditions from 1 July 2020

As at 1 July 2020, Select Super Plan insurance premium rates have changed and an updated ‘Insurance in your super’ document dated 1 July 2020, which forms part of the current Perpetual Select Super Plan and Pension Plan PDS dated 30 June 2019, has been issued.

There are also changes to the following insurance policy terms and conditions:

• A 14-day cooling-off period has been introduced from the commencement date for both new insurance cover and any increases to existing cover

• We have simplified the general eligibility for members

• Salary continuance benefits will be paid for a maximum of six months while you travel or reside overseas (applicable for members with this cover)

Refer to the ‘Insurance in your super’ document dated 1 July 2020 for the new insurance premium rate tables and full details of the updated terms and conditions.

Download the ‘Your Select Super Plan - Changes to insurance premiums’ letter.

Reduction in the investment fee for the Cash Fund Option

Effective 1 June 2020, the base investment fee for the Select Super Cash Fund investment option has been reduced from 0.50% to 0.25% and the investment management fee will no longer be charged.

Early release of superannuation

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 will allow individuals in financial stress as a result of the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

Eligible individuals will be able to apply online through myGov after mid-April 2020, for access of up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for another three months. They will not need to pay tax on amounts released, and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

Click here for more information

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.

Putting Members’ Interests First

The Putting Members’ Interests First legislation comes into effect on 1 April 2020. If you’re a member who recently joined, have a low account balance of less than $6,000, or are under the age of 25, you may be impacted by these changes.

On 1 April 2020 the legislation requires us to cancel insurance cover for members with balances of less than $6,000, unless you elect to maintain your insurance cover by completing an Insurance Election Form or you have made an active decision about your insurance cover (i.e. been underwritten for existing cover).

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.

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:

• Insurance cover ceases on inactive accounts unless an election to keep insurance is made;

• Inactive accounts with a balance of less than $6,000 will be transferred to the ATO;

• Removal of exit fees;

• 3% fee cap on accounts with a balance of less than $6,000.

Please refer to the flyer for more information.

Forms to assist you with maintaining your insurance or account balance can be found here:

• Insurance Election Form

ATO Form authorisations for low balance accounts.

If your cover is cancelled due to ‘inactivity’, you may be able to reinstate your insurance cover within 60 days of cover cancelling:

• Reinstatement Form

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.

Reduction of Buy spreads

Effective from 1 May 2019, the buy spreads of the following funds will be reduced:

• International Share Fund

• Real Estate Fund

• Geared High Growth Fund

For further information please see the attached flyer.

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 Super 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

• Balanced

• Conservative

• Diversified

• Growth

• High Growth

• Geared High Growth

Single-asset class

• Australian Share

• International Share

• Geared Australian Share

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.

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.

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.

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.

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.

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

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. 

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.

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. 

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.

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

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.

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.

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. 

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.

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.

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

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

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.

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

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.

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.

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.

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.

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.