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Product disclosure statement updates
We may update the information in our product disclosure statements (PDS) from time to time. Information that is not materially adverse is provided on this page. If the change in information is materially adverse, we will notify you.
You may request an electronic or paper copy of any updated information from us at any time. Contact us or speak with your financial adviser.
Elevate Insurance
January 2023: Plan fees
The plan fee pays for setting up and administering your insurance plan. Plan fees increase each year (usually around January) in line with increases in the Consumer Price Index (CPI). Any increase in plan fees will be applied to your plan from your plan anniversary date (also referred to as the plan ‘extension date’). Refer to the table below for Elevate Insurance fees as at January 2023.
If you’d like to know more about the plan fees applying to your insurance cover, please refer to the Elevate PDS or to your insurance schedule. You may also contact us or speak with your financial adviser.
December 2022: Updated medical definitions
Guaranteed Super Account
May 2024: Updates to estimated investment-related costs
Updates to estimated indirect investment-related costs for GSA investment option
Fees and costs section
On page 4 and 5 of the Guaranteed Super Account (GSA) PDS and page 19 of the GSA Fact Sheet, the indirect costs (investment fees and costs, and transaction costs) have been updated to reflect our latest estimates. Please read the following information in relation to the Fees and costs section and refer to the table for the updated costs (%).
Every year we update the estimated indirect costs for each of our investment options, based on the underlying costs incurred over the last financial year. These underlying costs are deducted from the underlying assets of the investment portfolios and are reflected in the investment option's crediting rate. There is no direct cost charged to the member.
We have updated the indirect investment-related costs for GSA based on the actual costs incurred in the last financial year (ending 30 June 2023). Please refer to the table below for the updates to these costs:
Investment option | Prior estimated Investment fees and costs | Updated estimated Investment fees and costs |
Guaranteed Super Account investment option | 0.74% | 0.70% |
Prior estimated transactions costs | Updated estimated transactions costs | |
0.04% | 0.13% |
The tables below refer to the relevant sections of the GSA PDS and Fact sheet where the indirect investment-related costs have been updated (everything else in the PDS and Fact sheet remains the same):
Page 4, Fees and costs summary table:
Guaranteed Super Account | ||
Type of fees or costs | Amount | How and when paid |
Ongoing annual fees and costs (i) |
|
|
Administration fees and costs | Account Balances ($) %pa | The administration fee is reflected in the crediting rates which are set in advance and applied daily to your account balance. It is not deducted directly from your account. |
Investment fees and costs (ii) | Investment fees and costs estimated to be 0.70% pa | These investment fees and costs are reflected in the crediting rates which are set in advance and applied daily to your account balance. They are not deducted directly from your account. This amount is an estimate and may be more or less than shown. |
Transaction costs | Estimated to be 0.13% pa | These transaction costs are reflected in the crediting rates which are set in advance and applied daily to your account balance. They are not deducted directly from your account. This amount is an estimate and may be more or less than shown. |
Member activity related fees and costs | ||
Buy-sell spread | Nil | Not applicable |
Switching fee | Nil | Not applicable |
Other fees and costs | Nil | Not applicable |
(i) If your account balance for GSA is less than $6,000 at the end of the Fund’s income year, certain fees and costs charged to you in relation to administration and investment are capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded.
(ii) Investment fees and costs includes an amount of 0.00% for performance fees. The calculation basis for this amount is set out under the additional explanation of fees and costs in the fact sheet.
Page 5, Example of annual fees and costs for GSA table:
Example - GSA |
| Balance of $50,000 |
Administration fees and costs (i) | 0.62% pa | For every $50,000 you have in the super product, you will be charged or have deducted from your investment $310 in administration fees and costs. |
Plus Investment fees and costs | 0.70% pa | And, you will be charged or have deducted from your investment $350 in investment fees and costs |
Plus Transaction costs | 0.13% pa | And, you will be charged or have deducted from your investment $65 in transaction costs |
Equals Cost of product (ii) |
| If your balance was $50,000 at the beginning of the year, then for that year, you will be charged fees and costs of $725 for the super product. |
*Additional fees may apply.
(i) The administration fee is charged in different tiers which varies depending on your account balance. For account balances less than $50,000, the administration fee will be higher.
(ii) This example is illustrative only. Actual fees and costs will depend on your account balance.
Page 19, Fees and costs: Additional explanation of fees and costs section:
Other investment fees and costs
Other investment fees and costs are estimated to be 0.70% pa. Past investment fees and costs are not a reliable indicator of future investment fees and costs.
Transactional costs
The net transaction costs (as disclosed in the PDS) of 0.13% pa are deducted from the underlying assets and are an additional cost to you. These are reflected in the calculation of crediting rates.
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What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
Equity Trustees Superannuation Limited ABN 50 055 641 757, AFSL No. 229757, RSE Licence No. L0001458 (Trustee) as trustee of the National Mutual Retirement Fund ABN 76 746 741 299 (Fund) is the issuer of products in the Fund. Resolution Life is the issuer of life insurance policies to the Trustee for these products. The Trustee, as owner of the life insurance policies, will receive the applicable benefit from Resolution Life, and in turn provides the benefit to eligible Fund members. All other insurance and investment products are issued by Resolution Life directly.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at resolutionlife.com.au/target-market-determinations. The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via resolutionlife.com.au/contact-us or by calling the phone number mentioned above.
