Summary of the changes

Below is a summary of changes which may impact the way you use Super Wrap.

This notice updates information in the product disclosure statement for Super Wrap dated 1 July 2019 (PDS). This notice is to be read in conjunction with the PDS. The PDS is available from the Forms and documents section on our website.     

This notice includes information about:

• Insurance premiums on transfer from Employer Sponsored Super to Personal Super
• A change to how we describe our cash account and associated costs

This notice also includes information about a number of fee changes including:

• Changes to the way we charge administration fees from 1 January 2021
• A reduction to the international securities fee for holdings over $1 million
• The removal of upfront advice fees on future contributions

Insurance premiums on transfer from Employer Sponsored Super to Personal Super

If you are a member of Super Wrap Employer Sponsored Super and you transfer from Employer Sponsored Super to Personal Super and, at the time of transfer, you have Employer Group Insurance, your premiums will generally increase in Personal Super.

The premiums will be based on the occupational rating that was applicable to your Employer Plan and on non-smoker rates. To find out the occupational rating and smoker status that apply to you and applicable premiums, please contact us.

Change to the cash account and associated costs

The description of the cost identified as a ‘cash account fee’ has been changed to ‘interest retained on the cash account’ to better describe the nature of this cost to members.There is no change to the way this cost is applied or the way it is calculated. This cost is not deducted from your account. 

Changes to the way we charge administration fees

From 1 January 2021 the administration fee will be replaced with a new account fee. You can transfer your account to the new fee scale before 1 January 2021 if you wish. The new account fee will apply based on a percentage of your account balance, plus a fixed amount. The account fee is subject to a minimum daily amount and is calculated as follows:

The fixed amount is calculated daily at the rate of $240 per calendar year which applies to each Super Wrap account.

The minimum account fee is calculated daily, at the rate of $550 per calendar year and applies to each Super Wrap account.

If you wish to transfer your account to the new fee scale before 1 January 2021 or obtain more information about the impact of this change on your account, please contact your adviser or Netwealth.

You can find information about your existing account fee rates by logging onto your account and viewing your fee profile, or by contacting us.  If you or your adviser have previously negotiated different fees to apply to your Netwealth account, the fees in this table may not apply to you.

Note that Netwealth accounts can only be family linked where the administration or account fee is the same scale or a compatible scale, as determined by us. This means that if an account is transferred to the new fee scale, it can only be linked with another account that also uses the new fee scale. Please see the disclosure documents for more information about family linking accounts.