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Superannuation Product Disclosure Statements

Bendigo SmartStart Super


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Bendigo SmartOptions Pension

Bendigo SmartStart

PDS Updates

29 June 2018 - Fees and costs update

Sandhurst Trustees Limited (Sandhurst) has undertaken an annual review of the fees and costs information disclosed in the Bendigo SmartStart Super Product Disclosure Statement dated 21 November 2016 (PDS) and the Bendigo SmartStart Super Reference Guide dated 1 July 2017 (Reference Guide) in accordance with regulatory guidance.

The purpose of the review is to update fees and costs contained in the PDS and Reference Guide to reflect costs in relation to the financial year ended 30 June 2017 (instead of the financial year ended 30 June 2016). The review has considered any difference in fees and costs between the financial years ending 30 June 2016 and 30 June 2017 respectively and any information Sandhurst has received since 30 June 2017 to the date of this PDS update. Whilst no product fee changes were made by Sandhurst, there were changes in the costs incurred by Sandhurst in managing the Plan's assets as a result of changes to transactional and operational costs.

Transactional and operational costs, which are included in the indirect cost ratio, are generally expected to vary from year to year. However, the change between the 2016 and 2017 financial years was largely attributed to revised regulatory guidance on how these costs should be determined.

As a result, the PDS and Reference Guide are updated as follows:

PDS - Page 5:

The last row of the Fees and Costs table labelled 'Indirect cost ratio**' is deleted and replaced with the following:


Indirect cost ratio**

Bendigo Growth Index Fund: 0.458% p.a.
Bendigo Balanced Index Fund: 0.432% p.a.
Bendigo Conservative Index Fund: 0.421% p.a.

Calculated daily and deducted from the managed fund net assets prior to the calculation of the unit price.

 

PDS – Page 6:

The table in the 'Example of annual fees and costs' section is deleted and replaced with the following:

Example: Bendigo MySuper

Balance of $50,000

Investment fees

NIL

For every $50,000 you have invested in the super product you will be charged $0 each year.

PLUS Administration fees

$98

And, you will be charged $98 in administration fees regardless of your balance.

PLUS Indirect costs for the super product

0.458% p.a.

And, indirect costs of $229 each year will be deducted from your investment.

EQUALS Cost of product

 

If your balance was $50,000 then for that year you will be charged fees of $327* for the super product.

 

Reference Guide – Page 23

Under the 'Indirect cost ratio' section the fourth and fifth paragraphs including the tables underneath each are deleted and replaced with the following:

The ICR for the managed funds that make up Bendigo MySuper are as follows (as outlined in the fees and costs section of the PDS):


Bendigo Growth Index Fund

0.458% p.a.

Bendigo Balanced Index Fund

0.432% p.a.

Bendigo Conservative Index Fund

0.421% p.a.

 

Reference Guide – Page 23

The example in the 'Indirect cost ratio' section in the right hand column is deleted and replaced with the following:

Example: Bendigo Growth Index Fund

Balance of $50,000

Investment fees

NIL

For every $50,000 you have invested in the super product you will be charged $0 each year.

PLUS Administration fees (charged at the Plan level)

$98

And, you will be charged $98 in administration fees regardless of your balance.

PLUS management costs and transactional and operational costs of the selected investment

0.458% p.a.

And, management costs and transactional and operational costs of the selected investment of $229 each year will be deducted from your investment.

EQUALS Cost of product

 

If your balance was $50,000 then for that year you will be charged fees of $327 for the super product.

 

Reference Guide – Page 24

Under the 'Transactional and operational costs' section:

  • The last sentence of the first paragraph is deleted and replaced with the following:

    However, some of these costs are recovered through investor buy/sell spreads (see below). The estimated net transactional and operational costs are a reflection of the transactional costs that may be incurred by and impact on investment performance of the relevant managed fund.
  • The second and third paragraphs including the tables underneath each are deleted and replaced with the following:

            The estimated transactional and operational costs based on the past financial year are:

 

Total estimated transactional and operational costs

Minus buy/sell spread recovery

Equals estimated net transactional and operational costs

Bendigo Growth Index Fund

0.023% p.a.

0.019% p.a.

0.004% p.a.

Bendigo Balanced Index Fund

0.014% p.a.

0.013% p.a.

0.001% p.a.

Bendigo Conservative Index Fund

0.019% p.a.

0.015% p.a.

0.004% p.a.

 

This update should be read in conjunction with the Bendigo SmartStart Super Product Disclosure Statement and the Bendigo SmartStart Super Reference Guide.

29 June 2018 - Fees and costs update

Sandhurst Trustees Limited (Sandhurst) has undertaken an annual review of the fees and costs information disclosed in the Bendigo SmartStart Pension Product Disclosure Statement dated 21 November 2016 (as amended by Supplementary Product Disclosure Statement dated 1 July 2017) (collectively referred to as the 'PDS') in accordance with regulatory guidance.

The purpose of the review is to update fees and costs contained in the PDS to reflect costs in relation to the financial year ended 30 June 2017 (instead of the financial year ended 30 June 2016). The review has considered any difference in fees and costs between the financial years ending 30 June 2016 and 30 June 2017 respectively and any information Sandhurst has received since 30 June 2017 to the date of this PDS update. Whilst no product fee changes were made by Sandhurst, there were changes in the costs incurred by Sandhurst in managing the Pension's assets as a result of changes to transactional and operational costs.

Transactional and operational costs, which are included in the indirect cost ratio, are generally expected to vary from year to year. However, the change between the 2016 and 2017 financial years was largely attributed to revised regulatory guidance on how these costs should be determined.

As a result, the PDS is updated as follows:

Page 21:

In the second column of the last row of the Fees and Costs table labelled 'Indirect cost ratio***', the information for the Default investment option is deleted and replaced with the following:

Default investment option (Bendigo Conservative Index Fund)
0.421% p.a.****

Page 23

Under the 'Indirect cost ratio' section the fourth and fifth paragraphs are deleted and replaced with the following:

The ICR for the Bendigo Conservative Index Fund is 0.421% p.a.

Page 24
The example in the left hand column is deleted and replaced with the following:

Example: Bendigo Growth Index Fund

Balance of $50,000

Investment fees

NIL

For every $50,000 you have invested in the super product you will be charged $0 each year.

PLUS Administration fees (charged at the Pension level)

A fixed dollar fee of $98 + percentage-based fee of 0.20% p.a.

And, you will be charged $98 in administration fees regardless of your balance plus a percentage-based fee of $100 for every $50,000 you have invested.

PLUS management costs and transactional and operational costs of the selected investment

0.458% p.a.

And, management costs and transactional and operational costs of the selected investment of $229 each year will be deducted from your investment.

EQUALS Cost of product

 

If your balance was $50,000, then for that year you will be charged fees of $427 for investing in the selected investment option via the pension product.

 

Page 24
Under the 'Transactional and operational costs' section:

  • The last sentence of the first paragraph is deleted and replaced with the following:

    However, some of these costs are recovered through the investor buy/sell spread (see below).  The estimated net transactional and operational costs are a reflection of the transactional costs that may be incurred by and impact on investment performance of the relevant managed fund.
  • The second and third paragraphs are deleted and replaced with the following:

    The estimated transactional and operational costs for the relevant managed fund that makes up the default option (i.e. the Bendigo Conservative Index Fund) based on the past financial year are:

 

Total estimated transactional and operational costs

Minus buy/sell spread recovery

Equals estimated net transactional and operational costs

Bendigo Conservative Index Fund

0.019% p.a.

0.015% p.a.

0.004% p.a.

 

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 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

8 October 2018 – BlackRock Australian Equity Opportunities Fund is now terminated (MAL0072AU)

The responsible entity of the BlackRock Australian Equity Opportunities Fund (Fund), BlackRock Investment Management (Australia) Limited has terminated the Fund effective 8 October 2018.

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, the ‘Australian shares (hedged)’ heading in the table is deleted, and the row containing ‘BlackRock Australian Equity Opportunities Fund’ and the APIR code MAL0072AU is deleted; and

Page 23, the investment profile for the ‘BlackRock Australian Equity Opportunities 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.

13 August 2018 - The Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund (GSF0001AU) is now closed to new investments

The Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund (GSF0001AU) 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 (hedged)’ heading of the table, the row containing ‘Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund’ APIR code GSF0001AU is deleted; and

Page 27, the investment profile for the ‘Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) 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.

7 May 2018 - BT has changed its name to Pendal

BT Investment Management has changed its company name to Pendal Group Limited.  It also changed the names of its funds, responsible entity and investment manager, and consequently issued new product disclosure statements to reflect the new Pendal brand. 

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 21 July 2017) is updated as follows:

References to:

  • "BT Investment Management (Institutional) Limited" are replaced with "Pendal Institutional Limited"
  • "BT Wholesale Conservative Outlook Fund" are replaced with "Pendal Active Conservative Fund" "
  • "BT Wholesale International Share Fund" are replaced with "Pendal International Share Fund"
  • "BT Wholesale Property Securities Fund" are replaced with "Pendal Property Securities Fund"
  • "BT's website" are replaced with "Pendal's website".

 

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.

29 June 2018 -   Change to example of fees and costs

The product disclosure statement of the Bendigo Balanced Wholesale Fund has been updated to reflect changes to its fees and costs based on the 2016-2017 financial year. 

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 (PDS) is updated as follows:

Page 14
The example table is deleted and replaced with the following:

Example: Bendigo Balanced Wholesale Fund

Balance of $50,000

Investment fees

NIL

For every $50,000 you have invested in the pension product you will be charged $0 each year.

PLUS Administration fees (charged at the Plan level)

$480

And, you will be charged $480^ in administration fees.

PLUS management costs and transactional and operational costs of the selected investment

1.156% p.a.

And, management costs and transactional and operational costs of the selected investment of $578 each year will be deducted from your investment.

EQUALS Cost of investing

 

If your balance was $50,000 then for that year you will be charged fees of $1,058 for investing in the selected investment option via the pension product.

 

This update should be read in conjunction with the Bendigo SmartOptions Super Reference Guide and the Bendigo SmartOptions Super Product Disclosure Statement.

29 June 2018 -   Fees and costs update

Sandhurst Trustees Limited (Sandhurst) has undertaken an annual review of the fees and costs information disclosed in the Bendigo SmartOptions Pension Product Disclosure Statement dated 21 November 2016 (as amended by the Supplementary Product Disclosure Statement dated 1 July 2017) (collectively referred to as the 'PDS') in accordance with regulatory guidance.

The purpose of the review is to update fees and costs contained in the PDS to reflect costs in relation to the financial year ended 30 June 2017 (instead of the financial year ended 30 June 2016). The review has considered any difference in fees and costs between the financial years ending 30 June 2016 and 30 June 2017 respectively and any information Sandhurst has received since 30 June 2017 to the date of this PDS update. Whilst no product fee changes were made by Sandhurst, there were changes in the costs incurred by Sandhurst in managing the Pension's assets as a result of changes to transactional and operational costs.

Transactional and operational costs, which are included in the indirect cost ratio, are generally expected to vary from year to year. However, the change in the transactional and operational costs between the 2016 and 2017 financial years was largely attributed to revised regulatory guidance on how these costs should be determined.

As a result, the PDS is updated as follows:

Page 12
In the second column of the last row of the Fees and Costs Table labelled 'Indirect cost ratio***', the information for the Default investment option is deleted and replaced with the following:

Default investment option (Bendigo Conservative Index Fund)
0.421% p.a.****

Page 15
Under the 'Indirect cost ratio' section the fourth and fifth paragraphs are deleted and replaced with the following:
The ICR for the Bendigo Conservative Index Fund is 0.421% p.a.

Page 16
The example table is deleted and replaced with the following:

Example: Bendigo Balanced Wholesale Fund

Balance of $50,000

Investment fees

NIL

For every $50,000 you have invested in the pension product you will be charged $0 each year.

PLUS Administration fees (charged at the Pension level)

Account balance

Fee

And, you will be charged $480^ in administration fees.

Up to $250,000

0.70% p.a.

Subject to a minimum fee of $480 p.a.

PLUS management costs and transactional and operational costs of the selected investment

1.156% p.a.

And, management costs and transactional and operational costs of the selected investment of $578 each year will be deducted from your investment.

EQUALS Cost of investing

 

If your balance was $50,000 then for that year you will be charged fees of $1,058 for investing in the selected investment option via the pension product.

 

Page 16

Under the 'Transactional and operational costs' section:

  • The last sentence of the first paragraph is deleted and replaced with the following:

    However, some of these costs are recovered through the investor buy/sell spread (see below).  The estimated net transactional and operational costs are a reflection of the transactional costs that may be incurred by and impact on investment performance of the relevant managed fund.
  • The second and third paragraphs are deleted and replaced with the following:

    The estimated transactional and operations costs for the relevant managed fund that makes up the default option (i.e. the Bendigo Conservative Index Fund) based on the past financial year are:

 

Total estimated transactional and operational costs

Minus buy/sell spread recovery

Equals estimated net transactional and operational costs

Bendigo Conservative Index Fund

0.019% p.a.

0.015% p.a.

0.004% p.a.

 

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).

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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