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Important changes you need to know

Fee changes and product updates

We’re making changes to our super and pension fees. There are also changes to return objectives, strategic asset allocations and standard risk measures for our investment options following our annual investment review for Super, Pension and Investment Funds.

To help you understand what’s changing, we’ve put together this summary.

Changes to Administration Fees – super and pension

From 1 April 2020, the Administration Fee will be deducted directly from your account.

  • Annual administration fee of $52.
  • Asset-based administration fee of 0.20% of the amount you invest, capped at $1,500 per annum (includes government costs and levies).

Changes to Investment Fees – super and pension

From 1 April 2020, the Investment Fee will be made up of three components.

  1. Management fee – fixed at 0.00% to 0.20% per annum based on your chosen investment option.
  2. Investment-related costs – payable for the investment management of your chosen investment option.
  3. Performance-related costs – payable when certain investment managers exceed performance targets.

The new Product Disclosure Statement will be available from 1 April 2020 and will include the total fees and costs for the 2018-2019 financial year.

Updated investment objectives

We’ve updated the investment objectives for the single asset class options. We’re also changing the investment objectives for the super and pension diversified investment options, which will now be stated after taking into account fees, costs and tax over rolling 10-year periods.

Changes to the Strategic Asset Allocation from 1 April 2020

  • We’re consolidating the Alternatives sector to include credit income, property, infrastructure, private equity, hedge funds and real return strategies.
  • Private equity is a new investment category for our super and pension products. These companies aren’t listed on a stock exchange and typically need investment and expertise to support future growth plans.
  • Fixed Income will include both Australian and International sectors.
  • Enhanced Income (now Conservative Income) sits within the Cash sector.

You can read a more detailed description of all the changes as they apply to your product on our website at under the Important Notices dated February 2020.

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