Netwealth Russell Investments Super Series Changes
Notification of changes - 16 July 2020
Summary of the changes
New PDS available.
On 16 July 2020 Netwealth issued a new product disclosure statement for Russell Investments Super Series (Super Series) (PDS). Below is a summary of the key changes which may impact the way you use Super Series. You should obtain and read the PDS for the full details. The PDS is available from the Forms and documents section on our website or by contacting us.
The changes outlined below are all of the material changes that may impact on your existing Super Series account. The PDS includes new information about how Super Series works which may be relevant to you. However any other material change to the terms and conditions of Super Series that are included in the PDS and are not mentioned in this notice will apply only to new accounts opened after 16 July 2020 and will not apply to your existing Super Series account unless otherwise notified to you or agreed with you by us.
This notice includes information about:
Change to the cash account and associated costs
The description of the cost identified as a ‘cash account fee’ has been changed to ‘interest retained on the cash account’ to better describe the nature of this cost to members. There is no change to the way this cost is applied or the way it is calculated. This cost is not deducted from your account.
Upfront member advice fee on future contributions
If you have nominated a financial adviser, you may agree with them to pay an upfront member advice fee on initial contributions or rollovers into your account.
From 16 July 2020 we will not accept a new standing instruction from you to pay an upfront member advice fee on any subsequent contributions or rollovers or in relation to a regular contribution plan.
Where you have previously provided an instruction to us to pay an upfront member advice fee on any subsequent contributions or rollovers or in relation to a regular contribution plan, this instruction will continue to apply until further notice, however the fee will not be applied to superannuation guarantee contributions included in the contribution. You can find information about your member advice fees by logging onto your account and viewing your fee profile, or you can contact Netwealth. If you want to change your member advice fees you should contact your adviser or Netwealth.