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Superannuation Product Disclosure Statements

Bendigo SmartStart Super


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Bendigo SmartStart

PDS Updates

30 September 2017 - Changes to prescribed fee wording

Following legislative changes, some of the 'Defined fee' descriptions contained in the Additional explanation of fees and costs section of the Bendigo SmartStart Pension Product Disclosure Statement have changed.

As a result the Bendigo SmartStart Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) is updated as follows:

  • Page 23, the 'Administration fees' definition is deleted and replaced with:

    "An administration fee is a fee that relates to the administration or operation of the super entity and includes costs that relate to that administration or operation, other than:
  • borrowing costs; and
  • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
  • costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.";
  • Page 23, the 'Note' under the 'Indirect cost ratio' definition is deleted and replaced with:

    "Note: A fee deducted from a member's account or paid out of the super entity is not an indirect cost.";
  • Page 24, paragraph (b) under the 'Investment fees' definition is deleted and replaced with:

    "(b)   costs that relate to the investment of assets of the entity, other than:
    • borrowing costs; and
    • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
    • costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee."; and
  • Page 24, the 'Switching fees' definition is deleted and replaced with:

"A switching fee for a super product other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the super entity from one investment option or product in the entity to another."

This update should be read in conjunction with the Bendigo SmartStart Pension Product Disclosure Statement (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) .
30 September 2017 - Changes to prescribed fee wording

Following legislative changes, some of the 'Defined fees' descriptions that are contained in the 'Additional explanation of fees and costs' section of the Bendigo SmartStart Super Reference Guide have changed.

As a result the Bendigo SmartStart Super Reference Guide dated 1 July 2017, which forms part of the Bendigo SmartStart Super Product Disclosure Statement dated 21 November 2016 is updated as follows:

  • Page 22, the 'Administration fees' definition is deleted and replaced with:

    "An administration fee is a fee that relates to the administration or operation of the super entity and includes costs that relate to that administration or operation, other than:
  • borrowing costs; and
  • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
  • costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.";
  • Page 23, the 'Note' under the 'Indirect cost ratio' definition is deleted and replaced with:

    "Note: A fee deducted from a member's account or paid out of the super entity is not an indirect cost.";
  • Page 24, the second dot point under the 'Investment fees' definition is deleted and replaced with:
    • costs that relate to the investment of assets of the entity, other than:
      • borrowing costs; and
      • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
      • costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee."; and
  • Page 24, the 'Switching fees' definition is deleted and replaced with:

    "A switching fee for:
    • a MySuper product is a fee to recover the costs of switching all or part of a member's interest in a superannuation entity from one class of beneficial interest in the entity to another; and
    • a super product other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the super entity from one investment option or product in the entity to another."
This update should be read in conjunction with the Bendigo SmartStart Super Reference Guide and the Bendigo SmartStart Super Product Disclosure Statement
1 July 2017 - Change to the age limit for certain TPD insurance cover options

Sandhurst Trustees Limited (Sandhurst) has updated the Bendigo SmartStart Super Insurance Guide effective 1 July 2017.

As a result the Bendigo SmartStart Super Product Disclosure Statement (PDS) is amended as follows:

  • Page 7, under the heading 'What cover is available?', the first paragraph is replaced as follows:
    • Bendigo SmartStart Super offers the following types of insurance cover in the Plan: 
      • Death Only (including Terminal Illness cover) (if you are aged 15 to 69);
      • Death and Total and Permanent Disablement (TPD) cover (if you are aged 15 to 69*); and/or
      • Income Protection cover (so long as you are working 15 hours or more a week) (if you are aged 15 to 64).

        *Standard Default Cover is Death Only from age 65.
This update should be read in conjunction with the Bendigo SmartStart Super PDS and the Bendigo SmartStart Super Insurance Guide.

Bendigo SmartOptions

PDS Updates

4 October 2017 - The Generation Wholesale Global Share Fund (FSF0908AU) is now closed to new investments

The Generation Wholesale Global Share Fund (FSF0908AU) is closed to new investments and removed from the investment menu of both Bendigo SmartOptions Super and Bendigo SmartOptions Pension.

The Bendigo SmartOptions Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) is updated as follows:

Page 9, in the ‘Concentration risk’ row of the table, the reference to ‘Generation Wholesale Global Share Fund’ is deleted.

The Bendigo SmartOptions Super Reference Guide dated 1 July 2017 is updated as follows:

Page 8, in the ‘Concentration risk’ row of the table, the reference to ‘Generation Wholesale Global Share Fund’ is deleted.

The Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement dated 21 November 2016 and the Bendigo SmartOptions Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) is updated as follows:

Page 4, under the ‘International shares’ heading of the table, the row containing ‘Generation Wholesale Global Share Fund’ APIR code FSF0908AU is deleted; and

Page 24, the investment profile for the ‘Generation Wholesale Global Share Fund’ is deleted.

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement and the Bendigo SmartOptions Super Reference Guide and the Bendigo SmartOptions Investment Guide or the Bendigo SmartOptions Pension Product Disclosure Statement and the Bendigo SmartOptions Investment Guide (as applicable).

 

4 October 2017 - The UBS International Share Fund (SBC0822AU) is now closed to new investments

The UBS International Share Fund (SBC0822AU) is closed to new investments and removed from the investment menu of both Bendigo SmartOptions Super and Bendigo SmartOptions Pension.

As a result, the Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement dated 21 November 2016 and the Bendigo SmartOptions Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) is updated as follows:

Page 4, under the ‘International shares’ heading of the table, the row containing ‘UBS International Share Fund’ APIR code SBC0822AU is deleted; and

Page 25, the investment profile for the ‘UBS International Share Fund’ is deleted.

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement or the Bendigo SmartOptions Pension Product Disclosure Statement (as applicable) and the Bendigo SmartOptions Investment Guide.

30 September 2017 - The following class of Challenger Guaranteed Income Fund is now closed to applications: 4.85 cents p.a. 30 September 2018 (MV$1) (MLT0006AU)
  • The Challenger Guaranteed Income Fund – 4.85 cents p.a. 30 September 2018 (MV$1) (MLT0006AU) is now closed to all applications.

The Challenger Guaranteed Income Fund has a minimum investment period of one year, therefore investors will no longer be able to invest in this investment option from 30 September 2017.

As a result, the Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement dated 21 November 2016 and the Bendigo SmartOptions Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) is updated as follows:

Page 4, under the Annuity funds heading of the table, the row containing Challenger Guaranteed Income Fund – 4.85 cents p.a. 30 September 2018 (MV$1) MLT0006AU is deleted.

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement or the Bendigo SmartOptions Pension Product Disclosure Statement (as applicable) and the Bendigo SmartOptions Investment Guide.

 

30 September 2017 - Changes to prescribed fee wording

Following legislative changes, some of the 'Defined fees' descriptions contained in the 'Additional explanation of fees and costs' section of the Bendigo SmartOptions Pension Product Disclosure Statement have changed.

As a result the Bendigo SmartOptions Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) is updated as follows:

  • Page 14, the 'Administration fees' definition is deleted and replaced with:

    "An administration fee is a fee that relates to the administration or operation of the super entity and includes costs that relate to that administration or operation, other than:
  • borrowing costs; and
  • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
  • costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.";
  • Page 15, the 'Note' under the 'Indirect cost ratio' definition, is deleted and replaced with:

    "Note: A fee deducted from a member's account or paid out of the super entity is not an indirect cost.";
  • Page 16, paragraph b) under the 'Investment fees' definition is deleted and replaced with:

    "b) costs that relate to the investment of assets of the entity, other than:
    • borrowing costs; and
    • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
    • costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee."; and
  • Page 16, the 'Switching fees' definition is deleted and replaced with:

"A switching fee for a super product other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the super entity from one investment option or product in the entity to another."

This update should be read in conjunction with the Bendigo SmartOptions Pension Product Disclosure Statement (as amended by Supplementary Product Disclosure Statement dated 1 July 2017)
30 September 2017 - Changes to prescribed fee wording

Following legislative changes, some of the 'Defined fees' descriptions contained in the 'Additional explanation of fees and costs' section of the Bendigo SmartOptions Super Reference Guide have changed.

As a result the Bendigo SmartOptions Super Reference Guide dated 1 July 2017, which forms part of the Bendigo SmartOptions Super Product Disclosure Statement dated 21 November 2016 is updated as follows:

  • Page 12, the 'Administration fees' definition is deleted and replaced with:

    "An administration fee is a fee that relates to the administration or operation of the super entity and includes costs that relate to that administration or operation, other than:
  • borrowing costs; and
  • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
  • costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.";
  • Page 13, under the 'Note' under the 'Indirect cost ratio' definition, is deleted and replaced with:

    "Note: A fee deducted from a member's account or paid out of the super entity is not an indirect cost.";
  • Page 14, paragraph b) under the 'Investment fees' definition is deleted and replaced with:

    "b)   costs that relate to the investment of assets of the entity, other than:
    • borrowing costs; and
    • indirect costs that are not paid out of the super entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
    • costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee."; and
  • Page 14, the 'Switching fees' definition is deleted and replaced with:

"A switching fee for a super product other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the super entity from one investment option or product in the entity to another."

This update should be read in conjunction with the Bendigo SmartOptions Super Reference Guide and the Bendigo SmartOptions Super Product Disclosure Statement
31 August 2017 - Changes to the BlackRock Wholesale Balanced Fund (PWA0822AU)

BlackRock Investment Management (Australia) Limited, the responsible entity for the BlackRock Wholesale Balanced Fund (the Fund), has made changes to the Fund including: changing the name of the Fund, and updating the Fund’s investment objective, investment strategy asset allocations and performance benchmarks effective from 31 August 2017. The updated product disclosure statement for the Fund is available here.

As a result the Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement and the Bendigo SmartOptions Pension Product Disclosure Statement (both dated 21 November 2016) is amended as follows:

  • Page 3, under the ‘Growth’ heading, the reference to ‘BlackRock Wholesale Balanced Fund’ is deleted and replaced with ‘BlackRock Tactical Growth Fund’;
  • Page 15, the investment profile table for BlackRock Wholesale Balanced Fund is deleted and replaced as follows:
Investment option name BlackRock Tactical Growth Fund
Investment return objective

The investment objective of the fund aims to outperform peer performance consistent with a “growth” orientated investment strategy encompassing:

  • a broadly diversified exposure to Australian and international assets;
  • active asset allocation, security selection and risk management; and
  • flexibility to deviate meaningfully from the strategic asset allocation to help manage total portfolio risk.

The fund aims to outperform its benchmark indices over a 5-year rolling period before fees.

Investment strategy

The investment strategy of the Fund is to provide investors with a diversified exposure to the best investment teams and strategies that the BlackRock Group has globally within the context of an Australian based “growth” investment portfolio.

The fund’s strategy is built around two steps:

  • establishing the most appropriate strategic benchmark subject to the growth/income splits and market risk exposures of the fund; and
  • enhancing the returns of the fund relative to the benchmark indices to the maximum extent possible by utilising investment teams, strategies and techniques from the BlackRock Group’s resources around the globe, subject to a risk budgeting framework.

The investment manager is BlackRock Investment Management (Australia) Limited.

Target asset allocation
Australian shares 30%
International shares 29%
International listed property 9%
Emerging market equities 3%
Australian fixed income 15%
International fixed income 6%
Emerging market bonds 3%
Cash 5%
Performance benchmarks
S&P/ASX 300 Total Return Index 30%
MSCI World ex-Australia Net TR Index (Unhedged in AUD) 18%
MSCI World ex-Australia ( hedged in AUD) Index 11%
MSCI Emerging Market IMI ex Tobacco Net TR Index (Unhedged in AUD) 3%
FTSE Developed Core Infrastructure Net TR Index (Unhedged in AUD) 3%
FTSE EPRA/NAREIT Developed Rental net TR Index (Unhedged in AUD) 6%
Bloomberg AusBond Composite 0+ Yr IndexSM 15%
Barclays Global Aggregate 500 Index (Hedged in AUD) 6%
J.P. Morgan EMBI Global Core Index (Hedged in AUD) 3%
Bloomberg AusBond Bank Bill IndexSM 5%
Risk level (using a Standard Risk Measure Medium to high (Risk band 5)

 

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement or the Bendigo SmartOptions Pension Product Disclosure Statement (as applicable) and the Bendigo SmartOptions Investment Guide.

1 July 2017 - Change to the age limit for TPD Cover

Sandhurst Trustees Limited (Sandhurst) has updated the Bendigo SmartOptions Super Insurance Guide effective 1 July 2017.

As a result the Bendigo SmartOptions Super Product Disclosure Statement (PDS) is amended as follows:

  • Page 7, under the heading 'Group cover', the second bullet point is replaced as follows:
    • Death and Total and Permanent Disablement (TPD) cover (if you are aged 15 to 69); and/or
This update should be read in conjunction with the Bendigo SmartOptions Super PDS and the Bendigo SmartOptions Super Insurance Guide.
13 June 2017 - Change in fund name for Henderson Australian Equity Fund and Henderson Australian Fixed Interest Fund - Institutional

Effective 31 May 2017 the following investments had a change in fund name:

APIR code Previous name New name
IOF0048AU Henderson Australian Equity Fund Janus Henderson Australian Equity Fund
IOF0113AU Henderson Australian Fixed Interest Fund - Institutional Janus Henderson Australian Fixed Interest Fund - Institutional

 

As a result the Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement and the Bendigo SmartOptions Pension Product Disclosure Statement (both dated 21 November 2016) is amended as follows:

  • Page 3, under the 'Australian shares' heading, the reference to 'Henderson Australian Equity Fund' is deleted and replaced with 'Janus Henderson Australian Equity Fund';
  • Page 4, under the 'Australian fixed interest' heading, the reference to 'Henderson Australia Fixed Interest Fund – Institutional' is deleted and replaced with 'Janus Henderson Australian Fixed Interest Fund - Institutional';
  • Page 20, in the row titled 'Investment option name', the reference to 'Henderson Australian Equity Fund' is deleted and replaced with 'Janus Henderson Australian Equity Fund';
  • Page 34, in the row titled 'Investment option name', the reference to 'Henderson Australian Fixed Interest Fund – Institutional' is deleted and replaced with 'Janus Henderson Australian Fixed Interest Fund – Institutional'.

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement or the Bendigo SmartOptions Pension Product Disclosure Statement (as applicable) and the Bendigo SmartOptions Investment Guide.

1 May 2017 - Change to the Bendigo SmartOptions investment menu

The following investment options are no longer available to be chosen as an investment option and have been removed from the investment menu of both Bendigo SmartOptions Super and Bendigo SmartOptions Pension:

  • Aberdeen Multi-Asset Income Fund (CRS0001AU)
  • Aberdeen Multi-Asset Real Return Fund (CRS0002AU)

As a result, the Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement and the Bendigo SmartOptions Pension Product Disclosure Statement (both dated 21 November 2016) is amended as follows:

Page 3, under the ‘Multi-asset class funds’ heading of the table, the reference to Aberdeen Multi-Asset Income Fund and the APIR code CRS0001AU are deleted, and the reference to Aberdeen Multi-Asset Real Return Fund and the APIR code CRS0002AU are deleted; and

Page 10, the investment profile for Aberdeen Multi-Asset Income Fund is deleted; and
Page 13, the investment profile for Aberdeen Multi-Asset Real Return Fund is deleted.

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement or the Bendigo SmartOptions Pension Product Disclosure Statement (as applicable) and the Bendigo SmartOptions Investment Guide.

5 April 2017 - The BlackRock Hedged Global Small Cap Fund (Class D Units) is now terminated (MAL0135AU)

The responsible entity of the BlackRock Hedged Global Small Cap Fund (Class D Units) (Fund), BlackRock Investment Management (Australia) Limited (BlackRock Australia) has terminated the Fund effective 29 March 2017.

As a result, the Bendigo SmartOptions Investment Guide dated 21 November 2016, which forms part of both the Bendigo SmartOptions Super Product Disclosure Statement and the Bendigo SmartOptions Pension Product Disclosure Statement (both dated 21 November 2016) is amended as follows:

  • Page 4, under the ‘International shares (hedged)’ heading of the table, the reference to BlackRock Hedged Global Small Cap Fund (Class D Units) and the APIR code MAL0135AU are deleted; and
  • Page 27, the investment profile for BlackRock Hedged Global Small Cap Fund (Class D Units) is deleted.

This update should be read in conjunction with the Bendigo SmartOptions Super Product Disclosure Statement or the Bendigo SmartOptions Pension Product Disclosure Statement (as applicable) and the Bendigo SmartOptions Investment Guide.

Bendigo Superannuation Contribution Service

PDS Updates

11 November 2016 - Change to the Bendigo Superannuation Contribution Service Product Disclosure Statement

Effective 11 November 2016 the following change is made to the Bendigo Superannuation Contribution Service Product Disclosure Statement dated 19 October 2015.

Page 9 under the heading Our liability and indemnity the fifth bullet point is replaced with the following:

  • any losses caused to you, your employees or agents arising directly or indirectly from you, or your employees or agents incorrectly using or misusing the Bendigo Superannuation Contribution Service.

This update should be read in conjunction with the Bendigo Superannuation Contribution Service Product Disclosure Statement.


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