2022 Updates
December 2022
October 2022
Seven pension/annuity investment options to be renamed
The seven investment options offered in the MultiFund Flexible Income Plan, that recently had certain transactions suspended (see September update), are now reopened for all transactions. Pending transactions will now be processed and receive the latest unit price applicable on the day of processing.
The names of these options, shown below, have been changed following the change in underlying investment managers.
|
Previous name |
New name |
|
Alphinity Australian Share |
Australian Share 2 |
|
BlackRock Global Bond |
International Bond 2 |
|
BlackRock Scientific Hedged International Share |
Hedged International Share |
|
Macquarie Income Opportunities |
Managed Income |
|
Perpetual Industrial Share |
Australian Share 3 |
|
Schroder Australian Equities |
Australian Share 4 |
|
Zurich American Century Global Growth |
International Share 2 |
Multi-Manager diversified options name and underlying manager changes
As part of a careful review of the Multi-Manager diversified investment options within our product range, the underlying managers have been replaced and the impacted options renamed. We have made this change to support achieving the stated investment objectives of each option as well as aiming to improve investment performance, ongoing value and benefits of scale for our investors. The fees, costs, investment objectives, strategies and asset allocations remain unchanged for all of these options.
Investors who hold products which have these investment options have been notified and the new and old names can be found below.
For a list of all available investment options click here and select an investment type and product name from the drop down box, then click on the Investment report.
Products that hold these investment options:
- Flexible Income Plan
- Flexible Pension Plan
- RLA Allocated Pension Plan
- Retirement Bond
- RLA Personal Super Plan
- Flexible Annuity Plan
- FutureGuard
- Managed Investment Plan
- Personal Investment Bond
- Prosperity Bond, and
- Provider products (Personal Retirement, Top Up Retirement, Protection and Savings and Special Purpose).
|
Previous name of option |
New name of option |
|
Balanced |
Pre-mixed Balanced |
|
Balanced Mature |
Pre-mixed Balanced Mature |
|
Multi-Manager Balanced |
Diversified Balanced |
|
Multi-Manager Balanced Mature |
Diversified Balanced Mature |
|
Multi-Manager Growth |
Diversified Growth |
|
Multi-Manager Growth Mature |
Diversified Growth Mature |
|
Multi-Manager High Growth |
Diversified High Growth |
|
Multi-Manager High Growth Mature |
Diversified High Growth Mature |
|
Multi-Manager Secure |
Diversified Conservative |
|
Multi-Manager Secure Growth |
Diversified Secure Growth |
|
Multi-Manager Secure Growth Mature |
Diversified Secure Growth Mature |
|
Multi-Manager Secure Mature |
Diversified Conservative Mature |
September 2022
'What we invest in' information update
Super and retirement products are invested in a range of assets such as shares, property and cash. If you’re curious to understand what underlying holdings (assets) our investment option/s invests in, we provide detailed information here.
We have recently updated our Portfolio Holdings Disclosure information (applicable to super and retirement products only) to cover the last six months to 30 June 2022. We update this information twice a year within 90 days after the middle and the end of the year (30 June and 31 December).
- You can view the information in two different ways: In a format where you can search the product and the corresponding investment option to view the details of the investment.
- In a downloadable format that contains all investments.
Seven pension/annuity investment options under review
Resolution Life Australasia has recently suspended certain transactions for seven investment options offered in the MultiFund Flexible Income Plan, as the underlying portfolios have been closed by the manager.
The seven options are: Alphinity Australian Share; BlackRock Global Bond; BlackRock Scientific Hedged International Share; Macquarie Income Opportunities; Perpetual Industrial Share; Schroder Australian Equities and Zurich American Century Global Growth.
This means we are now replacing the underlying investment managers, therefore withdrawals and/or switches from and into these specific investment options are temporarily suspended (you can select any other open investment options for these types of transactions). However, pension or annuity income payments will continue to be paid out of these investment options.
Once the replacement of the underlying managers and reinvestment is completed these options will be re-opened. Once the options are re-opened pending transactions will receive the latest unit price applicable on the day of processing. We expect investment transactions will be operational again from October 2022.
Indexation of fees and thresholds effective 1 October 2022
Effective 1 October 2022, the fees and charges for Goldline and Provider products have been reviewed and increased in line with movements in the Consumer Price Index (CPI).
Goldline Personal Superannuation Plan, Goldline Savings and Protection Plan
|
|
From 1 October 2022 |
Currently |
|
Base quarterly administration charge |
$18.90 plus |
$18.00 plus |
|
Contractual annual premium charge |
0.525% per quarter (Policies with contractual annual premiums over $3,460 will have their administration charge calculated using the maximum of $3,460). |
0.525% per quarter (Policies with contractual annual premiums over $3,300 have their administration charge calculated using the maximum of $3,300). |
Provider Personal Retirement Plan, Provider Top Up Retirement Plan, Provider Savings and Protection Plan, Provider Special Purpose Plan
|
|
From 1 October 2022 |
Currently |
|
Monthly policy fee |
$6.65 |
$6.33 |
July 2022
More customers receive Assets under management fee reductions
In March 2022, approx. 13,000 super members and Resolution Life policy holders were notified of a reduction in AUM-based (Assets Under Management) fees on investment options across several products. Since that time, more customers also received this reduction and will receive a letter in July confirming their reduction.
We also have a second phase of these reductions that has been finalised and is effective from 30 June 2022. All recent fee reductions are shown in this table. Note that only the investment options listed are affected.
Over 30,000 customers will receive a notification of their individual fee reduction via a letter being sent in July.
The latest fees and costs information is available on the relevant product pages found under the Super,Retirement, and Investment pages.
March 2022
Initial units to Investment units creates lower fees for customers
In our suite of Investment Linked products, the product rules specified that a customer must first buy initial units and then begin accumulating investment units.
To simplify the product and fee structure for our Investment Linked products, in early March 2022 we converted all initial units to investment units for customers in Australia and New Zealand. A significant event notice (SEN) dated March 2022, explains this conversion and shows customers their previous number of initial units and their new investment unit balance. These customers will now see all of their initial units in investment units. The value of the plan did not change as a result of the units being transferred or change the way it is invested.
In their SEN, customers will see that there is a difference between the number of initial units sold and the number of investment units allocated. This is due to the difference in unit prices. The overall value is the same.
The benefits of this change are lower management/investment and administration fees that apply to the investment option. For ordinary plan holders we have also removed the withdrawal fee (applicable to Initial units only) which will increase their withdrawal benefit.
Assets under management fees reduced
Resolution Life Group commenced a program to review overall fee levels and simplify the range of fee structures on our Super and Investments (S&I) products. As part of this program, super members and Resolution Life policy holders will benefit from a reduction in AUM-based (Assets Under Management) fees on investment options across several products.
The first phase of these reductions will be effective from 30 March 2022 – the fee reductions for impacted products and investment options are shown in this table. Note that only the investment options listed are affected. Fee reductions for several other S&I products are planned to occur later in 2022.
Around 13,000 customers will receive a notification of this AUM-based fee reduction via letters being sent to them in late March regarding changes to initial units (see above). A separate letter about the AUM-based fee reductions will be sent to customers not already notified in Q2.
The latest fees and costs information is available on the relevant product pages found under the Super,Retirement, and Investment pages.
Indexation of fees and thresholds effective 1 March 2022
Effective 1 March each year, some of the fees and thresholds for the following products are reviewed and increased in line with movements in the Average Weekly Ordinary Time Earnings (AWOTE).
Details of the changes will be communicated to members in the Trustee’s annual report for the year ending 30 June 2022.
Below are the fees applicable to Super Directions - Personal Super Plan and Retirement Directions Allocated Pension Plan from 1 March 2022.
Super Directions – Personal Super Plan
|
Small account balance fee (per month) |
From 1 March 2022 |
As at 1 March 2021 |
|
Balances between $0 - $1,200 |
Nil |
Nil |
|
Balances between $1,201 - $10,000 |
$8.05 |
$7.95 |
|
Balances between $10,001 - $15,000 |
$4.03 |
$3.98 |
|
For the balance above $15,000 |
Nil |
Nil |
|
Large member balance rebate |
From 1 March 2022 |
As at 1 March 2021 |
|
Nil for the first |
$94,000 |
$93,000 |
|
0.20% pa for the next |
$94,000 |
$93,000 |
|
0.35% pa for the next |
$188,000 |
$186,000 |
|
0.50% pa for the balance above |
$376,000 |
$372,000 |
Retirement Directions Allocated Pension Plan
|
Large member balance rebate |
From 1 March 2022 |
As at 1 March 2021 |
|
Nil for the first |
$261,000 |
$258,000 |
|
0.20% pa for the next |
$174,000 |
$171,000 |
|
0.35% pa for the next |
$174,000 |
$171,000 |
|
0.50% pa for the balance above |
$609,000 |
$600,000 |
February 2022
Super Directions Personal Super Plan – AMP’s Wholesale Australian Equity - Value Fund
The underlying investment manager of the above investment option closed their underlying fund on 12 November 2021. To ensure members’ money continued to be invested in Australian shares, a new underlying investment manager was appointed immediately following the above closure.
The new underlying investment manager utilises an active, multi-manager approach to generate investment returns. The option has been renamed Specialist Australian Share to reflect this change. There is no change to the administration and investment fees charged in the Specialist Australian Share option.
If you would like additional information on the fees and costs, please visit our fees and costs page.
If you are currently invested in this investment option, you would have recently been notified by letter with further details.
If you are not currently invested in AMP’s Wholesale Australian Equity -Value Fund, then there is no impact on your investment. You can choose to invest in the new Specialist Australian Share option at any time by using the Member details amendment request form. Alternatively, you can contact us via the contact us page.
For additional information on the updated investment objective and strategy of the Specialist Australian Share please visit our investment report.
For a list of all available investment options including the updated investment objective and strategy of the Specialist Australian Share please visit our performance page, select ‘Super Directions Personal Super Plan’ from the Superannuation Funds drop down box and click on the ‘Investment report.’
Changes to our investment options
To ensure that the range of investment options offered in each product continue to suit the investment needs of our members, we regularly monitor the investment options and the underlying investment managers.
With this in mind, at times and without prior notice to you we may add, close or terminate investment options. Some or all investment managers of an investment option may be removed or replaced and the aim and strategy, individual asset classes and asset class benchmarks and/or ranges of an investment option may also change.
You will be notified of any material changes to your investment option(s).
The information on this page is general in nature.
You should consider obtaining financial advice tailored to your personal objectives, financial situation and needs before making any decision.
Your financial adviser can help you assess the implications of this change and how it may affect your financial circumstances or whether this replacement option still meets your personal objectives. Or you can contact us.
Important information
RLA Personal Super Plan (formerly Super Directions Personal Super Plan) is part of the National Mutual Retirement Fund (the Fund) ABN 76 746 741 299. The trustee of the Fund and the issuer of this product is Equity Trustees Superannuation Limited (ETSL) ABN 50 055 641 757 AFS License No. 229757. This page contains factual information only. If you require financial advice in relation to your account, consider speaking to a licensed financial adviser.
