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Changes to fee and cost disclosure requirements

The Government has changed the way fees and costs for superannuation and managed investment products are to be calculated. As a result, we have updated the fees disclosed on our website to comply with the new regulations.

The IRIS Product Disclosure Statement (PDS) issued 1 September 2016 will not be updated and reissued as the fund was closed to new members at the time of the change.

This is an industry wide change for all superannuation and managed investment products.

What does this mean?

The way in which indirect fees and charges are calculated has been changed to include costs that were not previously included in the calculation. This has resulted in some of the fees disclosed in our PDS and website increasing.

Note that this is simply a change in the way the disclosed fees are calculated and shown, and that there has not actually been an increase in the fees you pay, nor have your investment returns reduced.

The changes are designed to increase transparency and consistency of reporting between product providers in order to help clients better understand the fees they pay.

 

 

Last updated on 30th October 2017