|
|
|
Changes to some Colonial First State productsJanuary 2005We are making a number of changes to the following Colonial First State products to ensure they are of the highest quality and continue to provide your clients with value for money.
These changes will occur from 28 February 2005. New Product Disclosure Statements (PDSs) for these products will be issued on 28 February 2005. The changes listed in this table are detailed below.
Investor communicationsYour clients will be notified of these changes this week. We have directed them to contact you if they have any questions.
Investment changesThis information relates to the Rollover & Superannuation Fund, Pooled Superannuation Trust and Personal Pension Plan. Changes to multi-sector fundsChanges to allocations for the Colonial First State Diversified Fund
Introducing an index component to global sharesWe are introducing an index component to the investment strategy of the global shares exposure of the following Colonial First State multi-sector funds:
Part of the global share allocation in the above funds will be invested in the index style, in a portfolio of shares that is likely to match the performance of the relevant index, and a part will continue to be invested in line with the current style. We are making these changes to improve the balance of risks within the portfolios, and to improve the potential for more consistent returns relative to benchmark in the future. Cut-off times - switches & withdrawalsThis information relates to the Rollover & Superannuation Fund, Pooled Superannuation Trust and Personal Pension Plan. From 28 February 2005, switch or withdrawal requests need to be received in a Colonial First State office by 3pm (Sydney time) for a transaction to receive the exit or entry price calculated at the close of business that day. Transaction minimumsThis information relates to the Rollover & Superannuation Fund, Pooled Superannuation Trust and Personal Pension Plan. We are reducing several transaction minimums to make it easier for you to manage your clients' portfolios: Rollover & Superannuation Fund
Pooled Superannuation Trust
Personal Pension Plan
Closure of Future Leaders FundThis information relates to the Rollover & Superannuation Fund The Future Leaders Fund will be closed to new business in the Rollover & Superannuation Fund (both the entry fee and nil entry fee options). We are doing this to constrain the size of the fund so that sustainability of investment returns is maintained for current investors. Existing investors in these funds may continue to make additional investments. Reduced insurance ratesThis information relates to the Rollover & Superannuation Fund As part of our ongoing commitment to continually provide your clients with more value, we are reducing our death and TPD insurance rates in the Rollover & Superannuation Fund by a minimum of 5% and in some cases up to 15%. These new rates will come into effect on the anniversary date of when your clients commenced their insurance cover. For example, if your client commenced their insurance cover on 12 May 2004 then these new insurance rates will apply on 12 May 2005. Removal of adviser service fee capThis information relates to the Rollover & Superannuation Fund and Personal Pension Plan. We are introducing greater flexibility in how you charge your clients. We are removing the maximum fee cap of 0.60% pa. This will give you more flexibility to choose a fee structure that suits your clients and your business. Any arrangements you currently have with your clients will not change. Any changes you or your clients wish to make to your current fee arrangements will require their signature(s). Buy/sell spreadsThis information relates to the Rollover & Superannuation Fund and Personal Pension Plan. In order to follow industry best practice in unit pricing and to ensure equity among all investors, we will be introducing buy/sell spreads to the options offered through the Colonial First State Rollover & Superannuation Fund and Personal Pension Plan from 28 February 2005. The buy/sell spreads to apply for each investment option are: Rollover & Superannuation Fund
Personal Pension Plan
Nil entry fee - commission option BThis information relates to the Rollover & Superannuation Fund and Personal Pension Plan. The nil entry fee options within the Rollover & Superannuation Fund and Personal Pension Plan currently have two commission options. Commission option A has an upfront commission of 3.30% and then standard trail commission of 0.44% pa. Commission option B has no upfront commission but a higher ongoing trail of 0.88% pa. Commission option B has had limited take up from advisers (less than 5% of all nil entry fee business). As a result, from 28 February 2005, we will not be offering commission option B for any new investments into the nil entry fee options. There will be no change to advisers with existing investors under commission option B -trail commission will continue at 0.88% pa. Removal of $30 feeThis information relates to the Personal Pension Plan. In the Personal Pension Plan, there is currently a fee of $30 payable if your clients wish to change the amount and/or frequency of their pension outside of the period 1 July to 31 August each year. From 28 February 2005, this fee will no longer be charged. New Product Disclosure StatementsThe new PDSs will be issued 28 February 2005 and we will arrange for copies of the relevant new PDSs to be sent to you in the last week of February. If you need more copies, please complete our order form. You can also place an order through FirstNet Adviser or by contacting us on 13 18 36. More informationIf you have any questions or require further information please contact your Business Development Manager or Adviser Services on 13 18 36, Monday to Friday between 8am and 7pm, Sydney time. |