Perpetual WealthFocus

Update to Perpetual Investment information in the PDS Features Book

References to the Perpetual WealthFocus Investment Advantage Fund are removed from the PDS as our fund operations are updated.

Effective 18 October 2024 the PDS Features Book is updated to remove references to the Perpetual WealthFocus Investment Funds and Perpetual WealthFocus Investment Advantage Fund. This is to reflect simpler fund operations by the trustee and PIML^. The investment options available to members are not impacted.

In the ‘Important Notes’, paragraph 3 is replaced as follows:

Reference in this PDS to 'PIML' are to Perpetual Investment Management Limited (ABN 18 000 866 535, AFSL 234426) as the responsible entity of the underlying registered managed investment schemes into which some of the investment options may invest.

In the ‘Important Notes’, paragraph 9 is replaced as follows:

This PDS contains all of the information that the Trustee believes is reasonably required for you to make an informed decision about investing in the Pension Plan and the various investment options. The investment options generally invest into corresponding underlying managed funds.  These funds are managed investment schemes that are registered with the Australian Securities and Investments Commission (ASIC).

On page 3, the last paragraph is deleted and replaced with:

Perpetual Investment Management Limited is the responsible entity of certain managed investment schemes into which the investment options may invest.

^{^PIML also provides unit registry, investor administration, investment and custodial services to the Fund. These normal operating expenses are paid by the Trustee out of our administration fees.}

Changes to the investment approach for the Platinum International investment option which appear on page 14 of the current PDS - Investment Book.

The number of securities has been updated from 70 to 140 to 40 to 80 securities. The updated Investment Approach wording can be found in further information.

Updated Investment Approach: The fund primarily invests in listed equity securities. The fund will ideally consist of 40 to 80 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued and may also use derivatives. The fund will typically have 50% or more net equity exposure. Platinum manages risk associated with currency exposure through the use of hedging devices (eg foreign exchange forwards, swaps, non-deliverable forwards and currency options) and cash foreign exchange trades. 

Changes to the investment guidelines for the BlackRock Tactical Growth investment option which appear on page 17 of the current PDS - Investment Book.

The changes were effective on 28 March 2024. Refer to the flyer attached for the changes.

New contact details

From 13 June 2024 there are new investor contact details for the Perpetual WealthFocus Pension Plan. 
Phone: 1800 011 022 
Email: superandpension@perpetual.com.au

The above replace the contact details in the following sections in Parts 1 and 2 of the PDS for Perpetual WealthFocus Pension Plan (where applicable):   

• Inquiries and Complaints
• Contact details
• Application form

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/

Change to buy spread

The buy spread for the Perpetual Global Allocation Alpha investment option has increased from 0.26% to 0.30%, effective 1 May 2024. The incorporated transaction costs and current buy/sell spreads document has been updated to reflect this change.

See attached flyer

PDS Update - replacement Investment Book issued.

The replacement Perpetual WealthFocus Investment Book has been issued. It contains updated information in relation to the available investment options. We refer to the updated changes for:

• Vanguard International Shares Index (Hedged)

• Perpetual Diversified Real Return

• Perpetual ESG Australian Share

• Perpetual Concentrated Equity

• Perpetual SHARE-PLUS Long-Short

• Perpetual Diversified Growth

• Perpetual Smaller Companies

• BlackRock Tactical Growth

• Schroder Fixed Income

A copy of the new PDS can be found on this page or contact us for a copy free of charge on 1800 022 033.

PDS Update

The replacement WealthFocus PDS has been issued. It contains updated information in relation to your investment in WealthFocus Pension Plan including: - updated fees and costs disclosure - cost of product information - recent superannuation and tax changes - changes to investment option profiles including changes to risk levels as attached - additional risks in the significant risk table - closure of investment options - changes to product features. Further information on changes to the product features in WealthFocus Pension Plan is set out in the summary.

A copy of the new PDS can be found on this page or contact us for a copy free of charge on 1800 022 033.

The Perpetual Global Innovation Share investment option (“Option”) will be closed on 24 October 2023.

Effective on and from 3pm on 12 September 2023, Perpetual will:

• cease to accept new and additional applications (including switches) into the Option; and

• suspend withdrawal requests in the Option.

Investors in the Option will be notified of the closure of the Option and be provided with information on their choices.

See letter attached 

Reduction of the investment fee for the T. Rowe Price Global Equity investment option

Effective 1 August 2023, the investment fee for the WealthFocus Pension Plan - T. Rowe Price Global Equity investment option has been reduced from 0.94% pa to 0.85% pa.

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Changes to the investment guidelines for the BlackRock Diversified ESG Stable, Diversified ESG Growth and Tactical Growth investment options which appear on pages 16, 17 and 18 respectively of the current PDS - Investment Book.

The changes are effective on or after 31 March 2023. Refer to the flyer attached for the changes.

see attached flyer

Important update for Perpetual Geared Australian investment option (“Investment Option”).

ASIC has revoked the Interim Order in relation to the Target Market Determination (TMD) of the underlying fund for the Investment Option (Revocation).  On and from 15 December 2022:

• the offer for the Investment Option under the Perpetual WealthFocus Pension Plan Product Disclosure Statement issue number 14, dated 1 October 2022 (PDS) has recommenced; and 

• we will resume accepting applications for the Investment Option and issuing notional units in the Investment Option in accordance with the terms of the PDS, as supplemented by the Supplementary Features Book dated 15 December 2022.

See attached flyer

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 residence, subject to eligibility criteria. Please refer to page 11 of the WealthFocus Super Plan Features Book dated 1 October 2022.

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Important update for Perpetual Geared Australian investment option (“Investment Option”).

An Interim Order in relation to the Target Market Determination of the underlying investment fund for the Investment Option was made by ASIC on 24 November 2022.

No further applications will be accepted and units issued in the Investment Option until such time as subsequently notified by Perpetual. Withdrawals for the Investment Option will continue in the usual way.

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PDS update

The replacement WealthFocus PDS has been issued. It contains updated information in relation to your investment in WealthFocus Pension Plan including:

• updated fees and costs disclosure

• cost of product information

• recent superannuation and tax changes

• changes to investment option profiles, including name changes

• change to risk levels

• additional risks in the significant risk table

Further information in respect of the above is set out in the summary.

A copy of the new PDS can be found on this page or contact us for a copy free of charge on 1800 022 033.

Changes to Perpetual Split Growth Investment Option (the “Option”)

From 1 October 2022, the investment strategy of the fund will change. Changes will be made to the Option's;

• Option Name

• Investment objective

• Investment approach

• Investment guidelines

See attached letter

The Investors Mutual Future Leaders and OnePath Diversified Fixed Interest investment options ("Options") will be closed to new members and members that are not currently invested in the Options from 30 August 2022 pending the termination of these Options, which, is expected to occur in November 2022.

Impacted members will be contacted by mail regarding alternative investment options before the termination.

On 15 February 2022 the Magellan Global investment option was closed to new members and members who were not currently invested in the option. We have completed our review and as a result the Magellan Global investment option has reopened to all members.

From 4 August 2022 the Magellan Global investment option is open to all members.

Changes to the investment approach and investment guidelines for the Schroder Strategic Growth investment option which appears on page 19 of the current PDS – Investment Book.

The changes have taken effect from 27 May 2022. Refer to the attached flyer.

See attached flyer

Changes to the investment guidelines for BlackRock Tactical Growth investment option which appears on page 18 of the current PDS - Investment Book.

The changes are effective on or after 31 May 2022. Refer to the flyer attached  for the changes.

See attached flyer

Standard Risk Measure (SRM) update

The risk level for the WealthFocus Allocation Pension Perpetual Global Innovation Share option per the ‘Investment Options’ section of the Perpetual WealthFocus Investment Book dated 1 December 2020, has been amended.

See attached flyer

We will be completing a review into the Magellan Global Fund as a result of recent changes to the Magellan Financial Group. The Magellan Global investment option will be closed to new members. We will provide an update to this notice when the review is complete.

From 15 February 2022 the Magellan Global investment option will be closed to new members and members who are not currently invested in the option. There is no change to existing members holding this option.

See attached flyer

The AMP Capital Global Property Securities and the Aspect Diversified Futures Investment Options ("Options") will be terminated on or around 8 December 2021.

The Options will be closed to switches from 3pm 28 October 2021. Investors in the Options will be notified of the termination of the Options and these investors will have until 29 November 2021 to provide instructions to us about what they would like done with their current holdings in the Options to be terminated.

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Reduction of the investment fee for the Vanguard Australian Fixed Interest Index investment option.

Effective 1 October 2021, the investment fee for the WealthFocus Pension Plan – Vanguard Australian Fixed Interest Index investment option has been reduced from 0.24% pa to 0.19% pa. For the updated estimated ongoing annual fees and costs for the investment option, reflecting the reduction in the investment fee, please refer to the 'Ongoing Annual fees and costs reflecting the financial year ended 30 June 2021' document. The link for that document can be found under the heading 'Other Documents' above or under 'Further information' in the next column.

See attached flyer

Marketing name change for the Perpetual Global Share Fund

The marketing name of the Perpetual Global Share Fund will change to the Barrow Hanley Global Share Fund from 1 November 2021.

See attached flyer

Changes to the OnePath Diversified Fixed Interest investment option

In September 2021, the underlying OnePath Diversified Fixed Interest Trust (Fund) has made changes to their investment manager and investment objectives. Effective on 10 September 2021, the investment manager and investment objective profile which appears on page 6 of the Perpetual WealthFocus Investment Book dated 1 December 2020 is updated with the changes to the investment manager and investment objectives of the Fund as set out in the attached flyer. Also, information on the investment manager will be provided in the 'Details of current underlying investment managers' document which can be found above.

See attached flyer

The van Eyk Blueprint Capital Stable, van Eyk Blueprint Balanced and van Eyk Blueprint High Growth Investment Options will terminated on or around 24 June 2021

The remaining holdings in the van Eyk option/s were applied to the Perpetual Cash investment option effective 22 April 2021. If members only held the van Eyk Option/s, the final payments were made to their nominated bank account or by cheque. Members were notified in April 2021. Please contact us if you would like to request a copy of the notification.

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Standard Risk Measure (SRM)

The risk level for the Perpetual Global Share Option in the fund profile found on page 14 in the Perpetual WealthFocus Investment Book issue number 9 dated 1 December 2020 has been amended.

See attached flyer

Notice of Pricing Delays

Delay of unit pricing for a number of Funds and Investment options.

See attached flyer

Changes to the Macquarie Income Opportunities investment option.

Effective on and from 1 July 2021, we have made changes to the investment guidelines for Macquarie Income Opportunities investment option profile, which appears on page 5 of the Perpetual WealthFocus - Investment Book dated 1 December 2020.

See attached flyer

Changes to the Perpetual Global Innovation Share & Perpetual Diversified Real Return investment options.

Effective on and from 1 June 2021, we have made the following changes to the investment option profiles which appear on pages 14 & 17 of the Perpetual WealthFocus – Investment Book dated 1 December 2020: Global Innovation Share: objective and investment approach Diversified Real Return: investment approach and investment guidelines

See attached flyer

Update to the Ethical Screening process

The Ethical Screening process has been updated for the Perpetual Ethical SRI investment option

See attached flyer

Changes to buy/sell spreads

Effective 1 April 2021, the buy/sell spreads for some of the Multi Asset funds have changed.

Refer to the attached flyer

Update on the van Eyk Blueprint Funds. Macquarie Investment Management Limited, the responsible entity of the van Eyk Blueprint Capital Stable Fund, van Eyk Blueprint Balanced Fund and van Eyk Bluepint High Growth Fund (the van Eyk Blueprint Funds) have provided an update on the wind up of the van Eyk Blueprint Funds.

Members have been provided with an update on the van Eyk Blueprint Funds wind-up by letter dated 16 February 2021. The letter includes correspondence from the responsible entity of the van Eyk Blueprint Funds, Macquarie Investment Management Limited, dated 25 January 2021. Please contact us if you have not received your update and would like to request a copy.

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PDS update

The replacement WealthFocus PDS has been issued. It contains updated information in relation to your investment in WealthFocus Pension Plan including:

• changes to fees

• updated fees and costs disclosure

• new cost of product information

• changes to investment option profiles, including name changes

• details on new investment options available to members and other investment options that are closed to new members

• pension payments

• changes to the investment strategy process

• updated online member platform, myPerpetual which provides enhanced user functionality

• clarification on how we consider switching requests

• additional risks in the significant risk table

Further information in respect of the above is set out in the summary.

For a copy of the PDS to obtain this information can be found on this page or contact us for a copy free of charge at 1800 022 033.

Changes to Perpetual Split Growth Investment Option (the “Option”)

From 1 December 2020, the investment strategy of the underlying fund will change. Changes will be made to the Option’s:

• Investment Objective

• Investment Approach

• Investment Guidelines

The investment fees of the Option will reduce from 2.13% to 0.80% from 1 December 2020. The new fee is comprised of an administration fee and investment fee. This amount does not include estimated costs. These estimated costs can be found here.

See letter attached

WealthFocus update

From 1 December 2020 we're introducing a clearer and simpler fee structure including:
- lower investment fees
- ending differential fee rebates on accounts where no ongoing adviser commission is payable and you have elected to receive all communications online (rebates May still be payable to Perpetual employees)
- ending ongoing adviser commission payments and rebates
- ending normal operating expense recoveries
Members were provided an update by mail around 26 October. Should you require a copy of the letter please email investments@perpetual.com.au, or phone us on 1800 022 033.

See flyer attached

Perpetual Global Share Investment Option (the “Option”): Transition update

The transition of the Option’s underlying fund’s assets to Barrow, Hanley, Mewhinney & Strauss, LLC was completed on 9 September 2020. Details of the estimated transition costs incurred are available upon request.

For information, please email investments@perpetual.com.au, or phone us on 1800 022 033.

PDS update: Changes to Perpetual Global Share Investment Option (the “Option”)

Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) has been appointed as investment manager of the Option and the investment strategy of the Option has been updated.

The buy/sell spread of the Option will reduce with Barrow Hanley managing the Option.

Effective 1 October 2020, the performance fee will be removed.

Refer to the attached flyer

PDS update:
Changes to Perpetual Global Share Investment Option (the “Option”)

PIML intends to cease acting as the investment manager of the Option and will  appoint  Barrow, Hanley, Mewhinney & Strauss, LLC as investment manager of the Option.

It is intended that with the appointment of Barrow Hanley, changes May be made to the Option’s:

• investment strategy; and

• fees.

These changes are expected to occur by the end of September 2020, subject to the necessary documentation and other processes being in place.

Barrow Hanley will become a related party of PSL, and part of the Perpetual Group, with the proposed acquisition of a majority interest in Barrow Hanley by Perpetual Limited.

Refer to the attached flyer

Update on the van Eyk Blueprint funds.
Macquarie Investment Management Limited, the Responsible Entity of the underlying van Eyk Blueprint funds have provided an update on the wind up of the funds.

Investors in the Fund have been provided with an update on the fund wind-up by letter dated 22 July 2020. The letter includes correspondence from the responsible entity of the underlying van Eyk Blueprint funds, Macquarie Investment Management Limited, dated 29 May 2020. Please contact us if you have not received your update and would like to request a copy.

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Reduction of the management fee for the Perpetual Diversified Income and Perpetual Dynamic Fixed Income investment options. Please refer to the flyer under further information for details on the fee reductions.

Effective 1 October 2020, the management fee for the Perpetual Diversified Income and Perpetual Dynamic Fixed Income investment options have been reduced.

Refer to the attached flyer

Reduction of the investment fee for the T. Rowe Price Global Equity investment option

Effective 16 July 2020, the investment fee for the WealthFocus Pension Plan – T. Rowe Price Global Equity investment option has been reduced from 2.15% pa to 2.06% pa. Refer to the 'Annual Investment Fees and Estimated Indirect Costs' table starting on page 13 of the current PDS Part 1 - (Features Book).

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The Standard Risk Measures have changed for some of our investment options. Please refer to the flyer under further information for the specific investment option.

Updates to SRMs for some investment options in PDS Part 2 – Investment Book dated 1 March 2019. Investment Options profiles from page 5-21.

Refer to the attached flyer

Reduction of the investment fee for the Aspect Diversified Futures Option

Effective 26 June 2020, the investment fee for the WealthFocus Pension Plan – Aspect Diversified Futures investment option has been reduced from 2.62% pa to 2.32% pa. Refer to the 'Annual Investment Fees and Estimated Indirect Costs' table starting on page 13 of the current PDS Part 1 - (Features Book).

Reduction in the investment fee for the Perpetual Cash Option

Effective 1 June 2020, the investment fee for the WealthFocus Pension – Perpetual Cash investment option has been reduced from 0.42% to 0.22%. Our estimated expense recoveries remain unchanged at 0.03%.

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

PDS Update: Reference is made to the WealthFocus Schroder Balanced (‘Diversified – Growth’) investment option which appears on page 19 of the current PDS – Investment Book. 
           
The investment guidelines for the Schroder Balanced Investment Option have changed effective November 2019.

Change of investment guidelines.

Refer to the attached flyer

BlackRock Investment Management (Australia) Limited, the investment manager of the BlackRock Scientific Diversified Growth and BlackRock Scientific Diversified Stable investment options have made some enhancements to the funds. Effective from 31 October 2019, the options will:                                                       

- Integrate Environmental, Social and Governance (ESG) considerations into the investment process                                             

- Screen out certain ESG sensitive sectors, including but not limited to Tobacco, Controversial Weapons and Nuclear Weapons on a fund-wide level.

The investment options will maintain their existing investment objective and additionally incorporate the above ESG considerations.

Please refer to the information provided by BlackRock for further details on the changes. 

As a result of the change, the composite benchmarks will change to reflect new ESG focused benchmarks for some of the asset classes. 

From 31 October 2019, footnote 25 on page 21 of the PDS - Investment Book dated 1 March 2019 should read:                                                                                                         

The benchmark indices include the S&P/ASX 300 Accumulation Index, MSCI World Index ex-Australia Net TR Index (unhedged and hedged in AUD), FTSE EPRA/NAREIT Developed Net TR Index (unhedged), Bloomberg Barclays MSCI Australia 100mn ESG Index, Bloomberg Barclays MSCI Global Aggregate SRI Select ex-Fossil Fuels Index (hedged in AUD), Bloomberg AusBond Bank Bill Index, JPM EMBIG Div Core Index 100% AUD Hedged Index, FTSE Developed Core Infrastructure Net TR Index (unhedged) and the MSCI Emerging Markets IMI ex Tobacco ex Controversial ex Nuclear Weapons Net TR Index (unhedged).

The investment option names will remain unchanged until we next roll our PDS.

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PDS Update: Fees and Costs information

In this update, we replace the information in the PDS on fees and costs. Generally, the estimated annual costs information have been updated for changes in indirect costs in certain investment options.

The information in the PDS and Features Book on management costs is replaced by the information in the attached flyer.

Refer to the attached flyer.
For full details on fees and costs, read the PDS together with this update.

PDS Update: Accepting changes to bank account details by email

Effective from 8 October 2019, Perpetual WealthFocus Pension Plan 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 Change of Instructions form to make changes.

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Fee change for WealthFocus Perpetual Cash and PDS update

Effective 1 October 2019, the following changes will apply to Perpetual Cash investment option:

• Investment Fee lowered from 0.57% to 0.42%pa

• Investment Fee Rebate lowered from 0.15%pa to 0.0%

• Ongoing commission is 0.0%.

For full details on fees and costs, refer to the current information in the PDS together with our updates.

Fees and Costs - Figures for FY 2019

The Fees and Costs for the Investment Option/s including estimated indirect costs, for the year ended 30 June 2019 is attached. This is additional information to help members understand fees and costs on a year by year basis. This information does not update the PDS

See flyer attached

Incorrect ‘Portfolio Fundamentals’ Data on Fund Profiles

The 'Portfolio Fundamentals' section of some Fund Profiles previously contained inaccurate figures for:

• Price to Earnings

• Price to Book, and

• Dividend Yield

for the period of May 2018 – June 2019.

The Portfolio Fundamentals are an estimate of forward-looking metrics. These figures are compiled by Perpetual for the purposes of providing additional information to investors to illustrate Perpetual’s quality and value investment process in action.

The figures were incorrect as a result of a data error relating to a corporate action on a single security.  This error has since been corrected.

The corrected information can be found in the flyer.

The ‘Portfolio Fundamentals’ will be found in Fund Profiles in due course.

List of impacted funds and additional information

Reference is made to the WealthFocus Morningstar Growth Real Return (‘Diversified – Growth’) investment option which appears on page 14 of the current PDS – Features Book. The WealthFocus Morningstar Growth Real Return investment option, with effect from 1 July 2019, has lowered the Investment Fee (% PA) from 1.95% to 1.78% pa. The other ‘Standard Fees and Costs’ remain unchanged.

Refer to the 'Annual Investment Fees and Estimated Indirect Costs' table starting on page 13 of the current PDS - Features Book.

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Reference is made to the underlying Vanguard Australian Shares Index investment option which appears on page 13 of the current PDS – Features Book. The Vanguard Australian Shares Index is lowering its management costs. As a result, with effect from 1 July 2019, the Investment Fee (% PA) will be lowered from 1.40% to 1.38% pa.

Refer to the 'Annual Investment Fees and Estimated Indirect Costs' table starting on page 13 of the current PDS - Features Book.

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Update on the van Eyk Blueprint funds.
Macquarie Investment Management Limited, the Responsible Entity of the underlying van Eyk Blueprint funds have provided an update on the wind up of the funds.

Investors in the Fund have been provided with an update on the fund wind-up by letter dated 4 June 2019. The letter includes correspondence from the responsible entity of the underlying van Eyk Blueprint funds, Macquarie Investment Management Limited, dated 30 May 2019. Please contact us if you have not received your update and would like to request a copy.

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PDS update

The replacement WealthFocus PDS has been issued. It contains updated information in relation to your investment in WealthFocus Pension Plan including:
- Combining of disclosure documents
- fees and costs information
- recent superannuation and tax changes
- changes to investment option profiles
- investment option name changes
- removal of investment options
- external dispute resolution

Further information in respect of the above is set out in this summary.

For a copy of the PDS to obtain this information can be found on this page or contact us for a copy free of charge at 1800 022 033.

PDS Update: Fees and Costs information

In this update we replace the information in the PDS on fees and costs. Generally the estimated annual costs information have been updated for

• changes in indirect costs in certain investment options, and  
• the fee changes in the WealthFocus Perpetual Cash investment option that occurred in August and November 2018.

The information in the PDS and Features Book on fees and costs is replaced by the information in the attached flyer.

Refer to the attached flyer.
For full details on fees and costs, read the PDS together with this update.

Cash investment option rebate update. The investment fee rebate for the Perpetual Cash investment option was reduced from 0.35% to 0.15% pa in November 2018. However, this reduced rebate will take effect from 1 March 2019 and Perpetual is currently covering the 0.20% pa difference so the effective net fee to members is 0.22% until then.

The investment fee rebate change on 1 November 2018 will take effect from 1 March 2019.

For full details on fees and costs, read the PDS together with the 1 December 2018 PDS update.

Update on the van Eyk Blueprint investment options.
Macquarie Investment Management Limited, the Responsible Entity of the underlying van Eyk Blueprint funds have provided an update on the wind up of the funds. Please refer to the attached letters.

Members with holdings in these options

View letters

van Eyk Blueprint High Growth
van Eyk Blueprint Balanced
van Eyk Blueprint Capital Stable

Fee change for WealthFocus Perpetual Cash

Refer to PDS Features Book, fee rebate - page 12. The changes to the investment fee and estimated effective total net annual cost  are as follows:                                 
Perpetual Cash investment option;
Investment fee:
Gross fee     0.57%pa
Fee rebate  0.15%pa              Net fee         0.42%pa


Estimated effective 
total net annual cost:  0.46% (estimated indirect costs 0.04%) successor options.

Effective 31 August 2018, the gross investment fee for Perpetual Cash was lowered from 1.05%pa to 0.57%pa. Effective from 30 November 2018, the fee rebate for Perpetual Cash will be lowered from 0.35%pa to 0.15%pa. The net impact of these changes is that the net investment fee for Perpetual Cash has lowered from 0.70%pa to 0.42%pa.

The Trustee has decided to close ten investment options to new members from 28 September 2018. These closed options will then be removed from the WealthFocus investment menu on 18 February 2019. The closing investment options are:                   
*Aberdeen Actively Hedged International Equity
*AMP Capital Global Equity Value
*BT International Share
*Grant Samuel Epoch Global Equity Shareholder Yield (Unhedged)
*Morningstar Balanced Real Return
*Morningstar Conservative Real Return
*Perennial Value Shares
*Solaris Core Australian Equity
*UBS Defensive Investment
*Walter Scott Global Equity (Hedged)               
                

These investment options will be closed to new members from 28 September 2018.

Existing members in these options are able to transact up until 3pm 18 February 2019. Any investments remaining in the closed options after 18 February 2019 will be transferred into the respective successor options.

View Letter to existing members

Fees and Costs - Figures for FY 2018

The Fees and Costs for the Investment Option/s including estimated indirect costs, for the year ended 30 June 2018 is attached. This is additional information to help members understand fees and costs on a year by year basis. This information does not update the PDS.

See flyer attached

The investment manager Aberdeen Asset Management Limited, has changed its name to Aberdeen Standard Investments Australia Limited.

Refer to PDS - Investment Book dated 1 May 2017 page 14 and Perpetual WealthFocus Investment Manager Information flyer page 1.

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Change to the external dispute resolution (EDR) scheme to which you can refer complaints that remain unresolved after having dealt with our internal complaints process. From 1 November 2018, any external complaints should be referred to the Australian Financial Complaints Authority (AFCA). Please refer to the attached flyer for contact details.

Refer to PDS Part 1 - Features Book dated 1 May 2017 page 26.

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We have lowered the WealthFocus Perpetual Cash investment option investment fee from 1.05% to 0.57% pa effective from 31 August 2018.

Refer to 1 December 2017 PDS Update: Fees and Costs information page 3.

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The underlying fund, Perpetual Ethical SRI, has enhanced its ethical exclusions and SRI screening process by:
- adding in additional categories of investments to be excluded;
- broadening the definition of negative corporate governance behaviour for SRI screening; and
- disclosing that derivative counterparties are now subject to ethical exclusions and SRI screening.

Refer to the Investment Book page 25 & 26.

The word "ethical' has been added to the Objective section of the Perpetual Ethical SRI Investment Option Profile. This should now read:
Aims to provide long-term capital growth and regular income through investment in quality shares of ethical and socially responsible companies. The fund aims to outperform the S&P/ASX300 Accumulation Index (before fees and taxes) over rolling three-year periods.

Refer to PDS Investment Book dated 1 May 2017 page 12 and Investment Book pages 25 & 26.

See letter attached

The investment guidelines for the Perpetual Diversified Income Investment Option has been updated:
Old - Cash and investment grade securities (0-100%)
New - Cash and investment grade securities (75-100%)

The investment guidelines for the Perpetual Dynamic Fixed Income Investment Option has been updated:
Old - Cash and investment grade securities (0-100%)
New - Cash and investment grade securities (75-100%)

Refer to PDS Investment Book dated 1 May 2017 page 6.

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BT Property Securities Investment Option - The underlying fund, BT Wholesale Property Securities Fund, has changed its name to Pendal Property Securities Fund.

BT Australian Share Investment Option - The underlying fund, BT Wholesale Australian Share Fund, has changed its name to Pendal Australian Equity Fund.

BT International Share Investment Option - The underlying fund, BT Wholesale International Share Fund, has changed its name to Pendal International Share Fund.

The name changes to the investment options and underlying funds will be updated in the next issue of the PDS.

Refer to PDS Part 2 - Investment Book dated 1 May 2017 pages 3, 8, 9 & 15 respectively and Features Book dated 1 May 2017 pages 12, 13, 37 & 38.

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The investment manager BT Investment Management (Institutional) Limited, has had a change of name to Pendal Institutional Limited.

Refer to PDS Part 2 - Investment Book dated 1 May 2017 pages 8, 9 & 15 and Perpetual WealthFocus Investment Manager Information flyer page 2.

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PDS Update: Fees and Costs information

An error was made in the 'Estimated Other Indirect Costs' and 'Estimated Total Annual Cost' for Vanguard International Shares Index investment option. Please refer to the attached flyer for updated costs.

The information in the PDS Part 1 (Features Book) on Fees and other costs is replaced by the information in the attached flyer.

Refer to the attached flyer. For full details on fees and costs read the PDS together with this update.

PDS Update: Fees and Costs information

In this update we replace information in the PDS on fees and costs to:

• Consolidated the prior fee update on 3 July 2017 and 31 August 2017, and updated the estimated indirect cost ratio.

Generally, the fees and costs information has been updated due to movements in indirect costs.

The information in the PDS Part 1 (Features Book) on Fees and other costs is replaced by the information in the attached flyer.

Refer to the attached flyer. For full details on fees and costs read the PDS together with this update. 

Fees and Costs – Figures for FY 2017.

The Fees and Costs for the Investment Option/s including estimated indirect costs, for the year ended 30 June 2017 is attached.

This is additional information to help members understand fees and costs on a year by year basis.

This information does not update the PDS.  

See flyer attached

PDS Update: Transaction Cost document updated.

This incorporated document has been replaced with 30 June 2017 information now available.

See flyer attached

Changes to the investment guidelines for Morningstar Balanced Real Return,  Morningstar Conservative Real Return and Morningstar Growth Real Return Investment Options.

Refer to Investment Book dated 1 May 2017 pages 19, 20 and 22.

Refer to the attached flyers

Morningstar Balanced Real Return

Morningstar Conservative Real Return

Morningstar Growth Real Return

Account based pension (ABP) – reversionary nominations

Changes to reversionary beneficiary nominations can now be requested without the need to commute your ABP and restart a new pension.  

This feature is for account based pensions only. It does not apply to term allocated pensions.

Please refer to the form attached.

We recommend that you consult a financial and/or tax adviser before making or changing a beneficiary nomination.

Final payment for APN Unlisted Property and Australian Unity Mortgage Income Investment Option was made effective 27 March 2017 and 12 April 2017 respectively. 

The APN Unlisted Property Investment Option and the Australian Unity Mortgage Income Investment Option were originally expected to be terminated on 15 May 2017 and 10 June 2017 respectively. Both of the investment options were finally terminated as at 30 June 2017.

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Changes to the investment objective, investment guidelines and a reduction in the investment fee (gross fee) for BlackRock Balanced Investment Option.

Refer to PDS - Features Book dated 1 May 2017 page 13 and PDS - Investment Book dated 1 May 2017 page 21.

Refer to the attached flyer

Return of capital payments on the van Eyk Blueprint investment options

Investors/members with holdings in these options

View letters:

• van Eyk Blueprint High Growth

• van Eyk Blueprint Balanced

• van Eyk Blueprint Capital Stable

We refer to an error in our Investment Book for BlackRock Balanced investment option -investment guideline - Cash footnote. The footnote is recorded as 11 however it should be 17.

Refer to PDS - Investment Book dated 1 May 2017 page 21.

Cash footnote should read:                          

Capital allocation to cash May include cash, cash equivalents (including other BlackRock managed investment schemes) and allocation to investment strategies that have a cash benchmark, which May be used to implement security selection and active asset allocation views.

The underlying Platinum Asia and Platinum International Funds have lowered their management costs. As a result the WealthFocus investment fee (gross fee) will be lowered from 2.75% to 2.56% pa.

Refer to 'Annual Investment Fees and Estimated Indirect Costs' table starting on page 12 of current PDS - Features Book.

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PDS update

The replacement WealthFocus PDS has been issued.  It contains updated information in relation to your investment in the WealthFocus Super Plan, Pension Plan, Wholesale Super Plan and Wholesale 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

- Recent superannuation and tax changes 

- Non-lapsing binding nominations                      

- Investment options

A copy of the summary of material changes can be found here.

For a copy of the PDS to obtain this information can be found on this page or contact us for a copy free of charge at 1800 022 033.

Final payment for Australian Unity Mortgage Income Investment option was made effective 12 April 2017. Payment was made to Perpetual Cash or any other available investment option in accordance with your previous instruction.

The Australian Unity Mortgage Income Investment Option will terminate on 10 June 2017.

Refer attached flyer.

Final payment for APN Unlisted Property Investment option was made effective 27 March 2017. Payment was made to the Vanguard Australian Property Securities Index or any other available investment option in accordance with your previous instruction.

The APN Unlisted Property Investment Option will terminate on 15 May 2017.

Refer attached flyer

We have been notified by BlackRock that the underlying BlackRock Global Small Cap Fund is terminating on 29 March 2017. This will mean that the WealthFocus BlackRock Global Small Cap investment option will also be terminating.

This will impact existing WealthFocus BlackRock Global Small Cap members. The option is closed to applications and withdrawals effective immediately. We will write to existing  members setting out their options shortly.

Refer attached flyer.

The Standard Risk Measures have changed for some of our Investment Options. Please refer to the flyer under further information for the specific investment option

Refer to PDS Part 2 - Investment Book dated 17 April 2015. Investment Options profiles from page 5-26.

Refer attached flyer.

Some of the investment options offered on WealthFocus will be closing in February 2017. Investors in these options are able to give instructions on what they’d like done with their holdings in these options either by:

• completing and returning a switch form or

• making a switch request online by using online account access.

Existing investors in these options have until 3pm on 9 February 2017 to give instructions. If we don’t hear from them the default choices outlined in our letter sent in October will apply.

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Change of performance benchmark for AMP Capital Global Property Securities from FTSE EPRA/NAREIT Developed Rental Index Hedged in AUD Net TRI to FTSE EPRA/NAREIT Developed Index Hedged in AUD Net TRI.

Refer to PDS - Investment Book dated 17 April 2015 page 8.

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Change to the investment guidelines for BlackRock Balanced Investment Option

Refer to PDS - Investment Book dated 17 April 2015 page 24.

Refer to attached flyer

The Responsible Entity / Trustee have decided to close ten investment options to new investors from 4 October 2016. These closed options will then be removed from the WealthFocus investment menu on 10 February 2017.

The closing investment options are:

• Arnhem Australian Equity

• BlackRock Monthly Income

• BlackRock Scientific Australian Equity

• Colonial First State Equity Income

• Goldman Sachs Australian Infrastructure and Property Equity

• Ibbotson Australian Shares Active

• Ironbark Global Property Securities

• Maple-Brown Abbott Australian Share

• OnePath Tax Effective Income

• Zurich Investments Global Thematic Share

Any investments remaining in the closed options after 9 February 2017 will be invested or returned to relevant investors as notified to them.

Existing investors in these options have until 9 February 2017 to provide instructions to us about what they would like done with their current holdings in the closing investment options.

View Letter

Change to the investment guidelines for BlackRock Scientific Diversified Growth Investment Option

Refer to PDS - Investment Book dated 17 April 2015 page 24.

Refer attached flyer

Change to the investment guidelines for BlackRock Scientific Diversified Stable Investment Option

Refer to PDS - Investment Book dated 17 April 2015 page 22.

Refer attached flyer

Ibbotson Associates Australia Limited, Morningstar's investment management business in Australia, has been renamed Morningstar Investment Management Australia Limited.

Perpetual WealthFocus Investment Manager Information

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The Standard Risk Measures have changed for some of our Investment Options. Please refer to the flyer under further information for the specific investment options.

Refer to PDS - Investment Book dated 17 April 2015. Investment Options profiles from page 5-26.

Refer attached flyer.

For Aspect Diversified Futures, the "Investment approach" has been amended as follows:               Aspect takes a quantitative and systematic approach to investment management. Aspect has no market sector or directional preference, and markets are selected on the basis of diversification, liquidity and transaction costs. Aspect’s trend-following systems operate in over 140 of the most liquid global futures and forward markets and employ a quantitative process to collect, process and analyse market data in order for the model to determine a view of the trend following opportunities in each market in the portfolio. By maintaining a comparatively small exposure to any individual contract, Aspect achieves sector and contract diversification, thereby allowing a wide range of opportunities to be exploited and maximising expected long-term risk-adjusted returns. The fund aims to minimise unintentional currency exposure.

The fund uses derivatives (exchange-traded futures and over-the-counter foreign exchange forward contracts) to implement its investment strategy.

The fund strategy can and does take short exposures through the futures and forward markets traded.

The face value of the fund’s combined long and short positions will frequently be greater than 100% of the fund’s net asset value and as a result, the fund will be leveraged.

Refer to PDS - Investment Book dated 17 April 2015 page 26.

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The Perpetual Industrial Share Investment Option changes include: 

1. Investment Objectives 

Replace as follows: 

Aims to provide long-term capital growth and regular income through investment in quality industrial shares. The fund aims to outperform the S&P/ASX 300 Industrials Accumulation Index (before fees and taxes) over rolling three-year periods. 

2. Investment Guidelines 

Replace as follows: 

Industrial Shares* 90-100% 

Cash 0-10% 

*The underlying fund invests primarily in shares listed on or proposed to be listed on any recognised Australian exchange but May have up to 10% exposure to shares listed on or proposed to be listed on any recognised global exchange. Currency hedges May be used from time to time.

Refer to PDS - Investment Book dated 17 April 2015 page 15.

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Goldman Sachs Australian Infrastructure Investment Option name change to Goldman Sachs Australian Infrastructure & Property Equity Investment Option.

Name change.

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Ibbotson Growth Investment Option is closed to all new members effective 29 February 2016 until further notice.

New members only

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For Ibbotson Growth, under "Investment approach" the stated long term average exposure of 50% to growth assets and 50% to income assets respectively is replaced as follows: "An actively managed diversified trust with a long term average exposure of around 70% to growth assets such as shares, property and alternative investments and around 30% exposure to income assets such as cash and fixed interest. The trust will be invested dynamically across managed funds, direct securities, exchange traded funds, foreign exchange contracts and/or derivatives. The trust aims to deliver real returns whilst preserving capital over the targeted investment horizon".

Refer to PDS - Investment Book dated 17 April 2015 page 25.

TBA

Correction to investment guidelines

Members in Ibbotson Conservative Growth

The investment guideline for Cash is 10-70%

Change to the Australian Unity Mortgage Income investment option unit price.

Clients with holdings in this investment option.

View attached

Change of investment guidelines for BlackRock Balanced Investment Option.

View change 

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Change of an index performance benchmark for BlackRock Balanced Investment Option.

Replace benchmark index UBS Global Investors ex-AUS NR (hedged in AUD) with FTSE EPRA/NAREIT Developed Rental Net TR Index (hedged in AUD) for BlackRock Balanced Investment Option.

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Change of investment strategy for Goldman Sachs Australian Infrastructure

The changes will apply from 17 December 2015. Applications have been suspended until this time. Withdrawals May still be made.

View attached

The standard risk measure for the Perpetual Global Share Investment Option has increased from 6 – High to 7 – Very high.

Clients with holdings in this investment option.

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Effective 1 October 2015, the investment objective for Zurich Investments Global Thematic Share Investment Option will change from a five to a seven year period.

Aims to provide long term capital growth with the benefits of global diversification. The fund aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years.

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Change of investment guidelines for Perpetual Diversified Real Return Investment Option. 

View changes

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Change of investment guidelines for Perpetual Conservative Growth Investment Option.

Effective 30 September 2015, the Investment guidelines for the Perpetual Conservative Growth Fund have been modified. The investment range for investments into Cash and enhanced cash is now 15-55%. Previously it was 15-45%.

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Unit pricing has been suspended for the:

• van Eyk Blueprint High Growth

• van Eyk Blueprint Balanced

• van Eyk Blueprint Capital Stable

Investors / members with holdings in these investment options

View Letters:

• van Eyk Blueprint High Growth

• van Eyk Blueprint Balanced

• van Eyk Blueprint Capital Stable

Change of investment guidelines for Schroder Balanced Investment Option.

View changes

n/a

Change of performance benchmark for BlackRock Global Small Cap

Change of performance benchmark from the S&P Global MidSmall Cap Index (unhedged in AUD) to the MSCI AC World Small Cap Index (unhedged in AUD).

Change to Goldman Sachs Australian Infrastructure Investment Option benchmark

New objective - To achieve a balance of income and medium-to-long term capital growth by investing primarily in Australian listed infrastructure and utilities securities. In doing so, we aim to outperform the Consumer Price Index ('CPI')* plus 4.0% over rolling three year periods.

*All groups CPI weighted average of eight capital cities produced quarterly by the Australian Bureau of Statistics

Investment options closed and being wound up:

• Alphinity Australian Share

• AMP Capital Sustainable Share

• CFS Balanced

• Ibbotson International Shares Active (Unhedged)

• Ironbark GTP Global Equity Thematic

• Premium China

• Schroder Global Emerging Markets

• Templeton Global Equity

Investors / members with holdings in these investment options.

View further information

Perpetual International Share

• Change to investment manager

• Change to investment strategy

• Change to name

• Notification of reduction in management fee and introduction of performance fee from 17 April 2015

Investors / members with a holding in Perpetual International Share

 View further information

Termination of the Howard Mortgage Investment Option

On 5 November 2014 the Howard Mortgage Investment Option was terminated.

Change of Investment Manager - Schroder Global Emerging Markets Investment Option

Change of Investment Manager for the Schroder Global Emerging Markets Investment Option from Schroder Investment Management Australia Limited to Schroder Investment Management Ltd.

Change in benchmark names

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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

Correction to investment guidelines

Members invested in Perpetual Balanced Growth

The investment guideline for fixed income is 0-35%

Macquarie Investment Management Limited, the responsible Entity of the funds: van Eyk Blueprint - Capital Growth, van Eyk Blueprint - Balanced, van Eyk Blueprint - High Growth has decided to commence termination of the funds.

No transactions are permitted until further notice.

View letter

Suspension of the following investment options effective immediately: van Eyk Blueprint - Capital Stable, van Eyk Blueprint - Balanced, van Eyk Blueprint - High Growth

No transactions are permitted until further notice.

Change to investment guidelines

Members invested in Schroder Fixed Income

 View further information

Perpetual Global Resources Investment Option Closure

Members invested in the closed Investment Option will be switched to Perpetual Cash.

View Letter - Perpetual Global Resources

Changes to investment option names

There have been two changes to investment option names made by the managers of the underlying funds offered on WealthFocus.

Included as part of the new Product Disclosure Statement issue date 1 July 2014.

1. DWS Global Equity Thematic change to Ironbark GTP Global Equity Thematic

2. RREEF Global Property Securities to Ironbark Global Property Securities

Changes to insurance premium and terms

From 1 July 2014 insurance premiums are changing. There are also some changes to terms and conditions.

Insurance premium change letter

Investment limits have been introduced for the Premium China Investment option 

From 1 July 2014 new investors in the Premium China investment option will be unable to allocate more than 50% of their WealthFocus Super Plan assets to this option and will also be required to choose the auto-rebalance feature. 

If you hold the Premium China investment option on 1 July 2014 these limits will not apply to you. However, if you exit this investment option completely the appropriate allocation limits and requirements for auto-rebalancing will be applied to any future investment in this option made after 1 July 2014.

 Premium China limits letter 

Change to the investment guidelines

Members invested in Perpetual’s Industrial Share Fund.

Effective 27 March 2014, the investment option’s investment guidelines have been modified to allow a controlled sale of shares that move off an Australian exchange. Where shares held in the portfolio de-list from an Australian exchange and the holdings are tradable on an international exchange, the stock must be sold within 12 months of de-listing. Currency hedges May be used from time to time.

Unit Pricing Rectification

Members Invested in the closed WealthFocus Super Options ING Managed Growth and BlackRock Indexed Australian Listed Property were compensated as a result of a unit pricing error.

Members were compensated in the form of additional units, where clients no longer hold investments with Perpetual a Cheque has been mailed to the fund they transferred into.

We estimate 466 people were impacted with an estimated average compensation of $200.

Change to the Asset allocation for BlackRock funds

Members Invested in BlackRock Scientific Diversified Growth & BlackRock Scientific Diversified Stable investment options.

View further information

Change to Ausibil Dexia Performance Fee Benchmark

Members invested in Ausbil Dexia Emerging Leader Fund

New Performance Benchmark effective 5 February 2014:

Ausbil Dexia Limited charges a performance fee of 15% (exclusive of GST) of any return of the underlying fund greater than the return of the underlying fund's benchmark along with 0.85% p.a. The benchmark is 70% S&P/ASX Mid-cap 50 Accumulation Index and 30% S&P/ASX Small Ordinaries Accumulation Index. As the return is based on the return of an index it can be a positive or negative return. The performance fee will apply to any benchmark out-performance and will be paid monthly.

Enhanced Disclosure

Additional Information is available for Members invested in funds which hold complex; investment strategies, fund structure, and May be available in short-selling.

Perpetual Share-Plus Long-Short Investment Option

BlackRock Balanced Investment Option

Premium China Investment Option

Platinum International Investment Option

Aspect Diversified Futures Investment Option

Change to the Asset allocation and Investment objective for Ibbotson investment options

Members Invested in

Ibbotson Funds

View further information

Introduction of Expense Recoveries

Expense recoveries have been added to the management cost to cover the operating expenses incurred in the day-to-day operations of the Investment Options (such as audit fees, regulatory costs and the cost of offer documents).

All members were sent a letter outlining the changes applicable prior to the introduction of the expense recoveries.

View Letter

Introduction of Standard Risk Measures

Standard risk measures are a risk classification based on the estimated number of negative annual returns over any 20 year period. We have engaged a specialist investment consultant to classify each of the Investment Options on the WealthFocus Investment Menu.

The risk band for each Investment Option has been made available from the product disclosure statements issue dated 21 June 2013.

View PDS Investment Options Booklet

Changes to Fund Names and Managers

There have been a number of changes in fund names and managers made by the managers of the underlying funds offered on WealthFocus.

Included as part of the new Product Disclosure Statements issue date 21 June 2013 investor statements and the website will reflect the new names.

All clients were mailed a flyer outlining the changes

View flyer

Insurance improvements

A number of insurance features have been improved. These improvements will apply to all current WealthFocus policies.

All members were mailed a flyer outlining the changes

View flyer

Investment Option Closure

Members invested in closing investment options Perpetual Property Securities and Perpetual Property Income were switched into a successor option.

View Letter Perpetual Property Securities

View Letter Perpetual Property Income

Investment Option Closure

Members invested in the closing investment options, BlackRock Indexed Australian Listed Property and ING Managed Growth were switched into a successor option.

Members impacted by the closure were notified by mail

View Letter

Changes to management fees

Members invested in the Perpetual Property Income investment option.

From 1 September 2012 Perpetual will not be rebating the management charges attributable to the Property Fund’s investments in unlisted property trusts.

Perpetual will rebate management fees associated with investments in underlying funds. Unlisted property trusts do not fall into this category.