From 24 June there will be some minor updates to Annual, Exit and Transfer Exit Statements for Super and Pension accounts.

The changes relate to the ‘Fees and Costs deducted from your Investment' section of MyNorth and North periodic statements and some wording changes in the Additional Information section.

Why are the changes being made?

The North platform has set up a reserve account where the trustee may set aside assets of the Wealth Personal Superannuation and Pension Fund (Fund) which, subject to the governing rules of the Fund, may be used for any purpose that the trustee considers supports the management of the Fund or promotes the best financial interests of the members. For example, money held in the reserve may be used to pay for, or partially pay for, trustee expenses.

This may reduce the amount of trustee fees that are deducted from your client's account that are used to pay for these trustee expenses.

An approximation of certain administration-related fees and costs of the Fund paid from reserves that were not directly charged to your client's account are included in the ‘Fees and costs deducted from your investment' section of the statements.

What do the changes look like?

Annual, Exit and Transfer Exit Statements – Fees and Costs deducted from your investment (example: Annual Statement)

  • The approximation of administration-related fees and costs of the Fund paid from reserves will be included in the dollar amount highlighted by the red box. Please note, this amount is an indirect cost and the value of your client's account has not changed as a result of the payment from the reserves
  • There has also been a minor wording addition to footnote 2 (also signified in a red box).
     


Annual, Exit and Transfer Exit Statements – Additional Information wording updates

  • Wording in bold in the screen shot below will be added the statements. This wording describes the administration-related fees in relation to the Fund reserves that are now included in the Fees and costs deducted from your investment” section of periodic statements and also detail what the Reserve is and what it’s used for.
Heading Wording
Fees and costs deducted from your investment

Fees and costs deducted from your investment comprise the following:

  • The cash account investment fee that is deducted from interest paid from the underlying investments of your cash account. The amount is estimated by multiplying your average cash account balance by the cash account investment fee rate (%).

Annual Statement wording

  • Administration-related fees and costs of the Fund that have been paid from Fund reserves. Generally, amounts paid from reserves are an approximation based on amounts available in reserves to be applied against projections of administration-related fees and costs multiplied by your account balance as a proportion of the total funds under administration in MyNorth/North in the financial year in which the statement is issued, and reflects the estimated full amount for the financial year. Actual amounts paid from reserves will be disclosed in the Fund’s annual report for the financial year.

Exit and Transfer Exit Statement wording

  • Administration-related fees and costs of the Fund that have been paid from Fund reserves. Generally, amounts paid from reserves are an approximation based on amounts available in reserves to be applied against projections of administration-related fees and costs multiplied by your account balance at the date of exit from the Fund as a proportion of the total funds under administration in MyNorth/North in the financial year of exit, and reflects the estimated full amount for the financial year. Actual amounts paid from reserves will be disclosed in the Fund’s annual report for the financial year.  
Fees deducted directly from your account The total amount of direct fees (administration, advice and insurance (premiums), as applicable) charged to your account for the reporting period less any rebates paid directly into your account.
Member level tax rebate Tax deductions claimed by the fund that may be passed onto you in the form of a rebate. These may include imputation and foreign tax credits.
Reserves The trustee may set aside in a reserve, assets of the fund which, subject to the governing rules of the fund, may be used for any purpose that the trustee considers supports the management of the fund or promotes the best financial interests of the members. For example, money held in the reserve may be used to pay for, or partially pay for, trustee expenses. This may reduce the amount of trustee fees that are deducted from your account that are used to pay for these trustee expenses. An approximation of certain administration-related fees and costs of the fund paid from reserves that were not directly charged to your account are included in the ‘Fees and costs deducted from your investment'.


What do I need to do?

Nothing is required from you other than being aware of the changes.

More information

The following support materials are available to help you understand these changes:

If you have any questions about the changes, please speak to your Business Development Manager or the North Service Centre.

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