Perpetual Select Pension Plan

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

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.

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 Pension Plan including changes to:

• the minimum initial investment which is now $20,000

• auto-rebalancing and pension payment dates

• updated fees and cost

• cost of product information

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. Change to pension payment dates.                   

3. Changes to auto-rebalancing feature.         

4. Increase in initial investment minimum

1. After careful consideration, we have determined to cease offering the following investment options:

• High Growth

• Australian Share

• Limited Share

• International Share

• for Account Based Pension members; and

• Limited Share for Transition To Retirement members.

2. From 3 July 2023, all pension payments will be paid on the 25th day of the relevant month. Pension payments currently paid on the 14th day of the month will change to the 25th day of the month. Members will continue to be able to choose to have their pension paid monthly, quarterly, half yearly or yearly.

3. 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.

4. From 3 July 2023, a minimum initial investment of $20,000 into the Pension Plan will apply. The minimum investment per investment option will remain unchanged at zero.

Account Based Pension members - Please consult the attached flyer for further information.

Transition To Retirement members - Please consult the attached flyer for further information.

PDS update: update to investment fund 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 option flyer

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.

Termination of investment options

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

• Select Real Estate investment option

• Select Fixed Income investment option

Please refer to the letter on Select Pension investment option terminations for more information.

Select PENSION Real Estate and Fixed Income Closure Letter

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"

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: 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 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."

Update to Specialist Investment Manager Information

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

 For further information see attached flyer.

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 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.

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.

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%.

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.

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.

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. 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.

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.

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.

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

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 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

• Balanced

• Conservative

• Diversified

• Growth

• High Growth

•  

Single-asset class

• Australian Share

• International 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.

Reduction of Buy spreads

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

• 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.

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:

• 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 Pension

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

• 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.