Updated Product Disclosure Statements, including fees and costs disclosure requirements

31 May 2022

The Australian Securities and Investments Commission (ASIC) has issued updated fees and costs disclosure requirements through ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 for Product Disclosure Statements issued on or after 30 September 2022.

The enhanced fees and costs disclosure requirements aim to provide investors with more consistent and comparable fees and costs across all managed investment products.

Pendal has elected for an early transition to the new fees and costs requirements. In accordance with the new requirements, Pendal has updated the fees and costs disclosure for all PDSs effective on or around 31 May 2022. Our Product Disclosure Statements should be read together with the Additional Information to the Product Disclosure Statements (collectively the ‘PDS’).

Changes to Pendal’s PDSs

The new requirements change how the fees and costs of the Fund are presented and the way in which certain fees and costs are calculated.

In our updated PDSs, the fees and costs section shows ongoing annual fees and costs under the following three categories:

1. Management fees and costs, consisting of the management (or issuer) fee and any indirect costs and expense recoveries that apply;
2. Performance fees (if applicable in the Fund); and
3. Transaction costs (if applicable).

Fees and costs related to certain investor activity, such as opening or closing your investment, contributing to your investment, withdrawing, switching and the buy-sell spread are also required to be disclosed in the fees and costs section of the PDS.

How do these changes impact investors?

The updated fees and costs requirements affect the way we disclose fees and costs and the methodology for calculating certain fees and costs.

Importantly, there are no new fees or costs, no increases to any fees being charged to investors, nor any changes in the way fees and costs are charged. This means that the returns of the Fund (and therefore, an investment in the Fund) are not impacted by these changes.

If you have any questions about your investment or would like further information regarding these changes, please contact our Investor Services Team on 1300 346 821 (for Australian investors) or +612 9220 2499 (for overseas investors) from Monday to Friday, 8.30am to 5.30pm (Sydney time).

This Important Update has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and the information contained within is current as at 31 May 2022. It is not to be published, or otherwise made available to any person other than the party to whom it is provided.

PFSL is the responsible entity and issuer of units in the Fund. A Product Disclosure Statements (PDS) is available for the Fund and can be obtained by calling 1800 346 821 or visiting www.pendalgroup.com. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.

This Important Update is for general information purposes only. It should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation.