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FirstChoice Wholesale Personal Super and Pension update - Regulatory Reform Levy

Regulatory Reform Levy

Over recent years, we’ve been investing in our systems and processes to support sound regulatory reform designed to build a stronger super and pension system for all Australians. Super and pension funds have invested significantly in updating their systems and processes to support this reform. We’re partially recovering some of these costs through a Regulatory Reform Levy. We will continue to carefully evaluate our regulatory reform implementation costs each year.

 

How the levy works

We’ll be charging a Levy of up to 0.20% on account balances of $5,000 or more (capped at a maximum of $40). When applied, you will see the Levy in your June 2017 statement under the category ‘Admin Fee – Regulatory Reform Levy’.

 

Please note, that if you transferred money from a Colonial First State super or pension account that was opened before 1 January 2017 into a new super or pension account after 1 January 2017, you will be charged the Levy.

 

The Levy at a glance

The table below provides a summary of how the Levy is charged to your account(s) on account balances of $5,000 or more (capped at a maximum of $40).

 

If you have...

You will be charged...

One account

0.20% of the account balance (maximum of $40).

In super, as the fee is tax deductible for the Fund, we pass this deduction onto you so the maximum deduction you will see in your account will be $34 ($40 x 0.85).

(Note: this deduction doesn't apply to pension accounts as there is no tax payable in pension).

More than one account in same product

One amount of 0.20% to your account with the highest account balance (up to a maximum of $40).

In super, the highest amount an investor would pay is $34.

For example: The investor has two FirstChoice Pension accounts with a balance of $100,000 and $200,000. The maximum of $40 will be charged from the account with the $200,000 balance.

Two or more products with one account in each product

0.20% of the account balance per product (up to a maximum of $40).

Two or more products with more than one account in a product

0.20% per product, charged to the product (up to a maximum of $40).

 

For example: The investor has two accounts in Rollover and Superannuation Fund, one account in FirstChoice Personal Super and two accounts in FirstChoice Pension, then there will be three Regulatory Reform Levies charged (up to a maximum of $40 per product).

 

If you’d like more information about the Regulatory Reform Levy, please speak to your Financial Adviser, or call us on 13 13 36.

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.