Adviser Resources

Documents and Forms

  • Life Insurance

    PDS Updates

    New Zurich Wealth Protection management fees, effective 1 March 2021

    This information updates the information set out on page 49 of the Zurich Wealth Protection PDS, dated 1 April 2020.

    As part of your premium, we charge a management fee which contributes to the cost of administering your policy. The fee payable depends on the frequency of your premium payments. Only one management fee is payable if more than one policy is applied for at the same time, for the same life insured.

    Premium frequency Management fee payable Annual equivalent
    Monthly $9.87 $118.44
    Quarterly $29.58 $118.32
    Half-yearly $49.33 $98.66
    Yearly $98.66 $98.66

    The management fees above apply for new policies until 28 February 2022. The management fee increases each year on the policy anniversary in line with the consumer price index.

    MMEA-016374-2021

    New Zurich Sumo management fees, effective 1 March 2021

    This information updates the information set out on page 23 of the Zurich Sumo PDS, dated 1 April 2020.

    As part of your premium, we charge a management fee which contributes to the cost of administering your policy. The fee payable depends on the frequency of your premium payments.

    Premium frequency Management fee payable Annual equivalent
    Monthly $28.14 $337.68
    Quarterly $84.41 $337.64
    Half-yearly $168.81 $337.62
    Yearly $337.61 $337.61

    The management fees above apply for new policies until 28 February 2022. The management fee increases each year on the policy anniversary by the greater of 3% and the change in the consumer price index.

    MMEA-016374-2021

    New Zurich FutureWise management fees, effective 1 March 2021

    This information updates the information set out on page 5 of the Zurich FutureWise Supplementary PDS, dated 27 May 2019.

    A management fee per insured person per application is payable each year and is shown on your policy schedule. The management fee contributes to the cost of administering your policy. If more than one Zurich FutureWise policy is issued as a result of a single application for an insured person, only one management fee is payable.

    Premium frequency Management fee payable Annual equivalent
    Monthly $8.74 $104.88
    Quarterly $26.19 $104.76
    Half-yearly $52.38 $104.76
    Yearly $104.76 $104.76

    The management fees above apply to new policies until 28 February 2022.

    Each year, the management fee increases on the policy anniversary. The increase is based on the annual consumer price index increase to the end of the September quarter and determined as at 31 December each year. If the policy anniversary is in:

    • April through to December, we use the annual CPI increase to the end of the September quarter of the previous calendar year
    • January through to March, we use the annual CPI increase to the end of the September quarter one year earlier.

    If there is no PDS issued on 1 March in any year, we will advise the updated policy fees on our website, zurich.com.au

    MMEA-016374-2021

    Zurich Australia Limited head office street address update, effective 14 December 2020

    Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 has re-located its head office.

    All references to “5 Blue Street North Sydney NSW 2060” in the following PDSs are replaced with “118 Mount Street North Sydney NSW 2060”:

    • Zurich Ezicover Income Protection, with issue date 27 May 2019
    • Zurich Ezicover Life Insurance, with issue date 1 November 2018
    • Zurich FutureWise, with issue date 1 October 2016
    • Zurich FutureWise (Supplementary PDS), with issue date 27 May 2019
    • Zurich Insurance-only Superannuation Plan, with issue date 27 May 2019
    • Zurich Superannuation Plan and Zurich Account-Based Pension, with issue date 1 July 2019
    • Zurich Superannuation Plan Optional Protection Benefits, with issue date 1 July 2019

    Contact details in the above documents are otherwise unchanged, including the postal address: Locked bag 994 North Sydney NSW 2059.

    MMEA-016261-2020

    Zurich Wealth Protection - Financial planning advice benefit in the Zurich Insurance-only Superannuation Plan, effective 18 December 2017

    The Zurich Wealth Protection Financial planning advice reimbursement benefit will continue to be a ‘standard built-in benefit’ of the product and be payable in the circumstances described in the PDS.  For applications for a Zurich Wealth Protection policy to be issued into the Zurich Insurance-only Superannuation Plan of the Aon Master Trust made from 18 December 2017, the benefit will not form part of the main policy contract terms.  Instead it will be provided under a separate insurance certificate, made by Zurich directly to the Life Insured.

    Insurance Certificate from Zurich Australia Limited

    Financial planning advice reimbursement benefit for
    Zurich Wealth Protection members of the
    Zurich Insurance-only Superannuation Plan

    Zurich Australia Limited (Zurich) undertakes to provide an additional payment to help reimburse the cost of financial planning advice which you or your dependants may take about how to best use a benefit to be paid under a policy held for you by the trustee of the Zurich Insurance-only Superannuation Plan, a division of the Aon Master Trust (Fund).  Zurich will provide the Financial planning Advice Reimbursement Benefit (Benefit) in recognition of your contributions to the Fund, which the Fund trustee will use to pay the premiums for the insured benefits from that Fund that are financed by your policy.  However, the Benefit is not provided by your policy in the Fund, but as an additional payment under this Certificate, that is provided directly to you or your dependants by Zurich.

    Zurich will require a copy of the Statement of Advice and invoice from a licensed financial planner as proof of the expense before the Benefit can be paid.  This reimbursement is only paid once in respect of each policy held by the Fund trustee for you, is payable directly to the person who incurred the expense and may be split between them where more than one of your dependants takes advice and seeks reimbursement.  The maximum total reimbursement amount was described in the product disclosure statement for your policy.  The Benefit is separate from and replaces of any benefit of this type described in your policy document.

    The Zurich Wealth Protection Product Disclosure Statement with issue date of 15 May 2017 (20 April 2017 Preparation Date) is accordingly updated as follows:

    1. The heading ‘In built policy provisions’ is replaced with ‘Additional in-built product features’ on pages 6, 7 & 10
    2. The following words are added to the explanation of the ‘Financial planning advice’ reimbursement benefit at the foot of page 17. 

    This benefit is provided under a separate policy certificate provided by Zurich, and not as part of the Zurich Protection Plus policy contract terms.

    Financial Ombudsman Service (FOS) - new contact details, effective 11 December 2017

    The contact number for the Financial Ombudsman Service (FOS) has changed.  The following PDSs are updated to reflect that change:

    • Zurich Wealth Protection, with issue date of 15 May 2017
    • Zurich Active, with issue date of 15 May 2017
    • Zurich Sumo, with issue date of 15 May 2017
    • Zurich FutureWise, with issue date of 1 October 2016

    The Complaints resolution section on the inside back cover of the Zurich Wealth Protection, Zurich Active and Zurich Sumo PDSs and on page 60 of the Zurich FutureWise PDS, is updated to include the new free call number, as set out below:

    Complaints resolution

    If you have a complaint about any product described in this PDS, you should contact Zurich Customer Care on 131 551. We will aim to acknowledge any complaint within 5 days and to resolve your complaint within 45 days. If you are not satisfied with the response you receive from us, or we fail to resolve the complaint within 45 days, you can raise the matter with the Financial Ombudsman Service (FOS). FOS is an independent body designed to help you resolve complaints relating to your Zurich product, as well as complaints relating to financial or investment advice and sales of financial or investment products.

    You can contact FOS at GPO Box 3, Melbourne VIC 3001.

    The telephone number is: 1800 367 287 (or 1800 FOS AUS) and the email address is: info@fos.org.au.

    If you wish to complain about a policy which is held in super, you will need to contact the superannuation fund trustee.

    Life Insurance Code of Practice - minimum standard trauma definitions, effective 1 July 2017

    As a member of the Financial Services Council of Australia (the FSC), Zurich is bound by the Life Insurance Code of Practice (the Code) with effect from 1 July 2017. The Code outlines the standards that we are committed to in providing life insurance services to you. The Code can be found at www.fsc.org.au.

    This information updates the information set out in the Zurich Wealth Protection, Zurich Active and Zurich Sumo PDSs, all dated 15 May 2017 and the Zurich FutureWise PDS dated 1 October 2016, but only in relation to the eligible products outlined below.

    Announcing our commitment to minimum standard trauma definitions for policies issued from 1 July 2017

    As part of our commitment to the Code, Zurich is pleased to be able to provide policyholders with even greater certainty about the strength of their trauma insurance definitions.

    In order to create a minimum standard across the market for the most commonly claimed trauma conditions, the Code now sets out minimum standard trauma definitions for the following three conditions:

    • cancer – excluding specified early stage cancers
    • heart attack – with evidence of severe heart muscle damage
    • stroke – in the brain resulting in specified permanent impairment.

    At claim time, where there is a minimum standard trauma definition in the Code for your trauma condition, we will assess your claim against:

    • the applicable definition in our PDS and
    • the corresponding minimum standard medical definition in the Code that is current at the time of the insured event

    so that you get the better of the two definitions.

    The definitions for these conditions have been incorporated into the Code, and can be found on the FSC website www.fsc.org.au.  The definitions will be regularly reviewed and updated as necessary to ensure that any required tests, treatments and grading systems are aligned with up-to-date medical practice in Australia.  Any updated definitions will automatically apply once they are adopted into the Code.

    Eligibility

    Minimum standard trauma definitions apply to the first $2million of any trauma cover issued under Zurich Protection Plus and Zurich Child Cover (Wealth Protection), Zurich Child Cover (Active), Zurich Life Insurance (Sumo) and Zurich Trauma Insurance (FutureWise) on or after 1 July 2017.  They specifically do not apply to health events cover issued under Zurich Active, which provides tiered benefits for health events and is structured differently to trauma cover.  Minimum standard trauma definitions also do not apply to any trauma cover issued as part of an income protection policy.

    Target Market Determinations (TMDs)

    Administration Forms

    Underwriting Forms

  • Investments

    PDS, Fund Profiles and marketing materials

    PDS Updates

    Updates


    18/12/2020 - Updates to Zurich investments Funds: Indirect Cost Ratio

    The Indirect Cost Ratio (ICR) for all investment funds have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the investments during the period 1 July 2019 to 30 June 2020.  The current ICRs are shown in the table below.   

    It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line the Fund’s disclosure obligations* and there have been no changes to way in which the investment funds are managed.

    Zurich Investments Fund  

    Management Fee

     (% p.a.)

    Estimated performance Fee

     (% p.a.)

    Estimated indirect costs

     (% p.a.)

    Total estimated management costs

     ( % p.a.)

    Global Thematic Share Fund
    0.98
    n/a
    0.06
    1.04
    Hedged Global Thematic Share Fund
    0.98
    n/a
    0.05
    1.03
    Unhedged Global Thematic Share Fund
    0.98
    n/a
    0.05
    1.03
    Hedged Global Growth Share Fund 0.98 n/a 0.04 1.02
    Hedged Concentrated Global Growth Share Fund 1.10 n/a Nil 1.10
    Managed Growth Fund 0.87 n/a 0.12 0.99

    *Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’).  RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return but were not previously required to be specifically disclosed in the ICR.

    WLIM-016303-2020

     



    18/12/2020 - Updates to Zurich investments Funds: Estimated transactional and operational costs (net of buy/sell spread % p.a.)

    The Estimated transactional and operational costs for all investment funds have been reviewed taking into consideration transaction and operation costs incurred within the investments during the period 1 July 2019 to 30 June 2020. The current Estimated transactional and operational costs (net of buy/sell spread % p.a.) are shown in the table below.

    Zurich Investments Fund  

    Current
    Estimated transactional and
    operational costs

     (net of buy/sell spread  % p.a.)

    New
    Estimated transactional and
    operational costs

     (net of buy/sell spread  % p.a.)

    Small Companies Fund Class D
    Nil 0.53
    Hedged Global Thematic Share Fund
    0.09 0.11
    Unhedged Global Thematic Share Fund
    0.01 Nil
    Unhedged Global Growth Share Fund 0.01 0.02
    Hedged Global Growth Share Fund 0.10 0.03
    Hedged Concentrated Global Growth Share Fund 0.09 0.01
    Managed Growth Fund Nil 0.01

    WLIM-016303-2020

     



    14/12/2020 - Zurich Investment Management Limited head office street address update, effective 14 December 2020

    Zurich Investment Management Limited ABN 56 063 278 400 AFSL 232511 has re-located its head office.

    All references to “5 Blue Street North Sydney NSW 2060” in the following PDSs are replaced with “118 Mount Street North Sydney NSW 2060”:

    • Zurich Investments ACI Healthcare Impact Fund PDS
    • Zurich Investments Australian Property Securities Share Fund PDS
    • Zurich Investments Concentrated Global Growth Fund PDS
    • Zurich Investments Emerging Markets Equity Fund PDS
    • Zurich Investments Global Growth Share Fund PDS
    • Zurich Investments Global Thematic Share Fund PDS
    • Zurich Investments Global Thematic Focus Fund PDS
    • Zurich Investments Hedged Concentrated Global Growth Fund PDS
    • Zurich Investments Hedged Global Growth Share Fund PDS
    • Zurich Investments Hedged Global Thematic Share Fund PDS
    • Zurich Investments Managed Growth Fund PDS
    • Zurich Investments Small Companies Fund Class D PDS
    • Zurich Investments Unhedged Global Growth Share Fund PDS
    • Zurich Investments Unhedged Global Thematic Share Fund PDS

    WLIM-016283-2020

     



    1/12/2020 - Changes to buy/sell spreads

    The buy/sell spreads have changed for a number of funds following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the changes effective 1 December 2020.

    Fund

    Previous buy/sell spread

    New buy/sell spread

    Zurich Investments Global Thematic Share Fund

    0.06% / 0.06%

    0.04% / 0.04%

    Zurich Investments Unhedged Global Thematic Share Fund 0.06% / 0.06% 0.04% / 0.04%
    Zurich Investments Hedged Global Thematic Share Fund 0.06% / 0.06% 0.04% / 0.04%
    Zurich Investments Global Thematic Focus Fund 0.06% / 0.06% 0.04% / 0.04%
    Zurich Investments Global Growth Share Fund 0.06% / 0.06% 0.03% / 0.03%
    Zurich Investments Unhedged Global Growth Share Fund 0.06% / 0.06% 0.03% / 0.03%
    Zurich Investments Hedged Global Growth Share Fund 0.06% / 0.06% 0.03% / 0.03%
    Zurich Investments Concentrated Global Growth Share Fund 0.06% / 0.06% 0.02% / 0.02%
    Zurich Investments Hedged Concentrated Global Growth Share Fund 0.06% / 0.06% 0.02% / 0.02%
    Zurich Investments ACI Healthcare Impact Fund 0.06% / 0.06% 0.03% / 0.03%
    Zurich Investments Managed Growth Fund 0.18% / 0.17% 0.12% / 0.12%

    Please refer to the Zurich Investments Funds Additional Information Guide for information on buy/sell spreads and transaction costs.

    WLIM-016259-2020

     


    1/10/2020 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Partner

    With effect 1 October 2020, Schroder Investment Management Australia Limited replaces Aberdeen Asset Management Limited in the Fixed Interest and Cash asset classes.

    WLIM-016069-2020

     


    20/4/2020 - Change to the Zurich Investments Managed Growth Fund buy/sell spread

    The buy/sell spread has changed effective 20 April 2020 for the Zurich Investments Managed Growth Fund following a review of the underlying transaction costs incurred by the fund.

    Fund

    Previous buy/sell spread

    New buy/sell spread

    Zurich Investments Managed Growth Fund

    0.13% / 0.22%

    0.18% / 0.17%

    Please refer to the Zurich Investments Funds Additional Information Guide for information on buy/sell spreads and transaction costs.

    WLIM-015507-2020

     


    26/3/2020 - Change to the Zurich Investments Managed Growth Fund buy/sell spread

    The buy/sell spread has changed effective 26 March 2020 for the Zurich Investments Managed Growth Fund following a review of the underlying transaction costs incurred by the fund.

    Fund

    Previous buy/sell spread

    New buy/sell spread

    Zurich Investments Managed Growth Fund

    0.12% / 0.12%

    0.13% / 0.22%

    Please refer to the Zurich Investments Funds Additional Information Guide for information on buy/sell spreads and transaction costs.

    WLIM-015436-2020

     


    22/8/2019 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Partners

    With effect 22 August 2019, Insight Investment Management (Global) Limited and Robeco Hong Kong Limited have been added as underlying investment managers in the Alternatives asset class of the Zurich Investments Managed Growth Fund, replacing Denning Pryce Ltd. Equity Trustees Limited is the Responsible Entity for both of the replacement investment managers.

    WLIM-014855-2019

     

    12/8/2019 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Partner

    With effect 12 August 2019, Celeste Funds Management Limited replaces Sigma Funds Management Pty Ltd in the Australian shares asset class.

    WLIM-014822-2019

     

    12/8/2019 - Update to the Zurich Investments Small Companies Fund Class D PDS: Update of Strategic Investment Partner

    With effect 12 August 2019, Celeste Funds Management Limited replaces Sigma Funds Management Pty Ltd as the strategic investment partner for the Zurich Investments Small Companies Fund Class D.

    About Celeste

    Celeste Funds Management is an employee owned, specialist small companies investment manager that has been generating long-term wealth for its clients since 1998. Celeste has a sole focus on Australian small companies listed on the ASX.  Celeste executes a well-established analytical investment process that has a long history of delivering attractive above benchmark tax effective returns.  The Celeste dedicated investment team has over 80 years combined experience in financial markets.

    WLIM-014821-2019

     

    1/4/2019 - Update to the Zurich Investments Managed GrowthFund PDS: Update of Investment Partner

    With effect 1 November 2018, GSFM Responsible Entity Services Limited as the Responsible Entity with Epoch Investment Partners, Inc as the underlying Investment Manager has been added as an investment partner in the International shares asset class.

    WLIM-014423-2019

     

    13/11/2018 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Partner

    With effect 7 November 2018, DWS International GmbH replaces State Street Global Advisors, Australia, Limited within the Australian shares asset class.

    WLIM-014013-2018

     


    15/05/2018 - Update to estimated indirect costs and total estimated management costs

    With effect 15 May 2018, the estimated indirect costs and total estimated costs for the following funds have been updated as disclosed in the below table:

    Zurich Investments Fund  

    Management fee

     (% p.a.)

    Estimated performance fee

     (% p.a.)

    Estimated indirect costs

     (% p.a.)

    Total estimated management costs

     ( % p.a.)

    Global Growth Share Fund 0.98
    n/a
    0.04
    1.02
    Hedged Global Growth Share Fund
    0.98
    n/a
    0.04
    1.02
    Managed Growth Fund
    0.87
    n/a
    0.17
    1.04

    WLIM-013462-2018

     


    15/05/2018 - Update to estimated net transactional and operational costs

    With effect 15 May 2018, the estimated net transactional costs for the following funds have been updated as disclosed in the below table:

    Zurich Investments Fund  

    Estimated transactional and
    operational costs

     (net of buy/sell spread  % p.a.)

    Global Equity Income Fund 1.04
    Unhedged Global Growth Share Fund
    0.03
    Concentrated Global Growth Fund
    0.09

    WLIM-013462-2018

     


    5/12/2017 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Partner

    With effect 5 December 2017, Sigma Funds Management Pty Limited replaces Ellerston Capital Limited within the Australian shares asset class.

    WLIM-013024-2017

     


    01/12/2017 - Changes to buy/sell spreads

    The buy/sell spreads have changed for a number of funds following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the changes effective 1 December 2017.

    Fund   Previous buy/sell spread New buy/sell spread
    Zurich Investments Global Thematic Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Unhedged Global Thematic Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Hedged Global Thematic Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Global Growth Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Unhedged Global Growth Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Hedged Global Growth Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Concentrated Global Growth Share Fund 0.08% / 0.08% 0.06% / 0.06%
    Zurich Investments Hedged Concentrated Global Growth Share Fund 0.08% / 0.08% 0.06% / 0.06%

     Please refer to the Zurich Investments Funds Additional Information Guide for information on buy/sell spreads and transaction costs.

    WLIM-013003-2017


    17/05/2017 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Partner

    With effect 17 May 2017, Nikko AM Limited will replace Above the Index Asset Management Pty Ltd within the Australian shares asset class.

    WLIM-012458-2017

     


    30/12/2016 - Update to the Zurich Investments Managed Growth Fund PDS: Update of Investment Return Objective

    With effect 1 January 2017, the investment return objective of the Managed Growth Fund is:

    To provide investors with capital growth over the medium to long term, through exposure across a range of asset classes.
    The fund aims to achieve CPI+2.5% pa over rolling five year periods before fees and taxes.

    WLIM-11992-2016

     


    01/12/2016 - Zurich Investments managed funds no longer available for investment in New Zealand

    As at 1 December 2016, Zurich Investments managed investment schemes will cease to be distributed in New Zealand.

    All references to New Zealand or other overseas investors in the Product Disclosure Statement and Additional Information Guide are no longer applicable. The information about "Anti-Money Laundering, Counter-Terrorism Financing Requirements, FATCA & Other Relevant Laws" in the Application Booklet is still applicable.

    The following information is added to the Additional Information Guide:

    Residency and applicable laws

    Zurich Investments funds are designed for customers who are resident in Australia. If you move to another country outside of Australia, the fund may no longer be suitable for your individual needs, and you may no longer be eligible to make contributions into the fund. The local laws and regulations of the jurisdiction to which you move may affect Zurich Investments’ ability to continue to service your investment in accordance with its terms and conditions.

    You need to tell Zurich Investments of any planned change in residency before the change happens.

    We do not offer tax advice, so if you decide to live outside Australia, we recommend obtaining advice on the tax consequences of changing your country of residence in relation to your investment. We will not be held liable for any adverse tax consequences that arise in respect of you or your investment as a result of such a change in residence.

    A change in residency might require Zurich Investments to suspend or terminate your investment accordingly.

    We and other companies within the worldwide Zurich group of companies have obligations under Australian and foreign laws. Regardless of any other investment terms and conditions, Zurich Investments reserves the right to take any action (or not take any action) which could place us or another company within the group at risk of breaching Australian laws or laws in any other country.

    All financial transactions are subject to compliance with applicable trade or economic sanctions laws and regulations.

    Zurich Investments may terminate an investment where you are considered to be a sanctioned person, or you conduct an activity which is sanctioned, according to trade or economic sanctions laws and regulations.

    Each investment is based on the legal and regulatory requirements applicable at the time the investment is issued. Should the legal and regulatory requirements change in a material way, Zurich Investments is entitled to adapt the terms and conditions to the changed legal and regulatory requirements, provided the change is lawful.

    WLIM-11993-2016

     


    01/12/2016 - Changes to buy/sell spreads

    The buy/sell spreads for the Zurich Investments Small Companies Fund have changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the changes effective 1 December 2016.

    Fund   Previous buy/sell spread New buy/sell spread
    Zurich Investments Small Companies Fund  0.30% / 0.30%  0.20% / 0.20%

     Please refer to the Product Disclosure Statement for each product for information on buy/sell spreads and transaction costs.

    WLIM-11994-2016


    22/1/2016 - Managed Growth Fund Removal of Investment Partner

    Update to the Zurich Investments Managed Growth Fund PDS: Removal of Investment Partner

    Effective 22 January 2016, the Alternative Investment asset class within the Managed Growth Fund will no longer include Colonial First State Investments  Ltd as an investment partner.

    WLIM-011007-2016

    Performance Reports

    Zurich Investments Funds - Annual Reports

    Fund Focus - Individual Fund Reports

    Forms for all Funds

  • Superannuation

     

    PDS

    Updates

    01/10/2021: Zurich Superannuation Plan closed to new members

    Zurich Superannuation Plan closed to new members from 1 October 2021

    Please be advised that effective 1 October 2021, the Zurich Superannuation Plan (ZSP) is closed to new members.    

    Existing ZSP members

    There is no impact to existing ZSP members from this announcement.  All aspects of their existing policy remain the same, including the ability to make additional contributions to their ZSP account.

    Zurich Account-Based Pension

    The Zurich Account-Based Pension (ZABP) remains open to new members.

    KDEG-017697-2021

    01/04/2021: Income protection can no longer be added to ZSP, effective 29 March 2021

    Income protection cover can no longer be added to a Zurich Superannuation Plan

    This information updates information set out in the Zurich Superannuation Plan (ZSP) and Zurich Account-Based Pension (ZABP) PDS, dated 1 July 2019.

    Income protection cover, available through the Zurich Income Protector policy, is no longer available to members applying for ZSP Optional Protection Benefits. From 29 March 2021, Zurich Income Protector will no longer be available to:

    - existing members wishing to add income protection cover to their ZSP for the first time; or
    - new members joining the fund.

    Existing members who currently have Zurich Income Protector as part of their ZSP are unaffected by this change and remain covered under the terms and conditions that applied when their cover started.

    More information about the insurance cover available as part of the Zurich Superannuation Plan can be found in the Zurich Superannuation Plan Optional Protection Benefits Information Document, dated 29 March 2021.

    Both the Zurich Superannuation Plan (ZSP) and Zurich Account-Based Pension (ZABP) PDS and the Zurich Superannuation Plan Optional Protection Benefits Information Document are available online at zurich.com.au/ZSPandZABP or by contacting us.

    MMEA-016718-2021

    14/12/2020: Zurich Australia Limited head office street address update, effective 14 December 2020

    Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 has re-located its head office.

    All references to “5 Blue Street North Sydney NSW 2060” in the following PDSs are replaced with “118 Mount Street North Sydney NSW 2060”:

    • Zurich Ezicover Income Protection, with issue date 27 May 2019
    • Zurich Ezicover Life Insurance, with issue date 1 November 2018
    • Zurich FutureWise, with issue date 1 October 2016
    • Zurich FutureWise (Supplementary PDS), with issue date 27 May 2019
    • Zurich Insurance-only Superannuation Plan, with issue date 27 May 2019
    • Zurich Superannuation Plan and Zurich Account-Based Pension, with issue date 1 July 2019
    • Zurich Superannuation Plan Optional Protection Benefits, with issue date 1 July 2019

    Contact details in the above documents are otherwise unchanged, including the postal address: Locked bag 994 North Sydney NSW 2059.

    MMEA-016261-2020

    01/12/2020: Change to Buy/Sell spread for the Global Growth Share option (ZSP/ZABP)

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option Booklet: Change to Buy/Sell spread for the Global Growth Share option

    The buy/sell spread for the Global Growth Share option changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the change effective 1 December 2020.
     

    Option

    Previous buy/sell spread

    New buy/sell spread

    Global Growth Share

    0.06% / 0.06%

    0.03% / 0.03%


    Please refer to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option booklet for further information on buy/sell spreads and transaction costs.

    KDEG-016284-2020

    01/12/2020: Standard Risk Measure information (ZSP/ZABP)

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information

    The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.

    Investment options are graded across seven ‘risk bands’; from ‘very low risk’ to ‘very high risk’ (refer to the table below).

    Risk Band

    Risk Label

    Estimated number of negative annual returns over any 20-year period

    1

    Very low

    Less than 0.5

    2

    Low

    0.5 to less than 1

    3

    Low to Medium

    1 to less than 2

    4

    Medium

    2 to less than 3

    5

    Medium to High

    3 to less than 4

    6

    High

    4 to less than 6

    7

    Very high

    6 or greater

     
    The current Standard Risk Measures (measured at 1 December 2020) are as follows:
     

    Investment option

    Standard Risk Measure

    Capital Stable

    Medium

    Cash

    Low*

    Australian Fixed Income

    Medium to High

    Balanced

    Medium to High

    Managed Growth

    High

    Australian Property Securities

    Very High

    Global Property Securities

    Very High

    Priority Growth

    High

    Managed Share

    High

    Australian Value Share

    High

    Global Thematic Share

    High

    Global Growth Share

    High

    Colonial First State – Australian Shares

    High

    *The SRM change for the Cash Investment Option is predominantly due to current lower interest rate environment.
     

    Note:

    • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
    • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.
    KDEG-016284-2020

    30/11/2020: Indirect Cost Ratio (ZSP/ZABP)

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Indirect Cost Ratio

    The Indirect Cost Ratio (ICR) for all investment options have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the underlying investments during the period 1 July 2019 to 30 June 2020.  The current ICRs are shown in the table below.   

    It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line the Fund’s disclosure obligations* and there have been no changes to way in which the investment options are managed.

    Investment option

    Current ICR

    New

    Capital Stable

    0.48%

    0.42%

    Balanced

    0.48%

    0.43%

    Managed Growth

    0.45%

    0.43%

    Priority Growth

    0.42%

    0.42%

    Managed Share

    0.49%

    0.45%

    Australian Cash Pool

    0.01%

    0.01%

    Zurich Australian Fixed Interest

    0.38%

    0.36%

    Australian Property Securities Fund

    0.36%

    0.36%

    Global Property Fund

    0.51%

    0.60%

    Australian Value Share Fund

    0.48%

    0.44%

    Global Thematic Share Fund

    0.48%

    0.48%

    Global Growth Share Fund

    0.47%

    0.47%

    Colonial First State – PST Australian Share Option

    1.09%

    1.07%

    *Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’). RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return but were not previously required to be specifically disclosed in the ICR.

    KDEG-016284-2020

     

     

    01/11/2019: Indirect Cost Ratio (ZSP/ZABP)

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Indirect Cost Ratio

    The Indirect Cost Ratio (ICR) for all investment options have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the underlying investments during the period 1 July 2018 to 30 June 2019.  The current ICRs are shown in the table below.   

    It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line the Fund’s disclosure obligations* and there has been no changes to way in which the investment options are managed.

    Investment option

    Previous ICR

    Current ICR

    Capital Stable

    0.51%

    0.48%

    Balanced

    0.51%

    0.48%

    Managed Growth

    0.48%

    0.45%

    Priority Growth

    0.45%

    0.42%

    Managed Share

    0.47%

    0.49%

    Cash

    0.01%

    0.01%

    Australian Fixed Interest

    0.38%

    0.38%

    Australian Property Securities

    0.36%

    0.36%

    Global Property Securities

    0.52%

    0.51%

    Australian Value Share

    0.46%

    0.48%

    Global Thematic Share

    0.47%

    0.48%

    Global Growth Share

    0.47%

    0.47%

    Colonial First State – Australian Shares

    1.08%

    1.09%

    *Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’).  RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return, but were not previously required to be specifically disclosed in the ICR.

    KDEG-015630-2020

     

     

    01/11/2019: Standard Risk Measure information (ZSP/ZABP)

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information

    The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.

    Investment options are graded across seven ‘risk bands’; from ‘very low risk’ to ‘very high risk’ (refer to the table below).

    Risk Band

    Risk Label

    Estimated number of negative annual returns over any 20-year period

    1

    Very low

    Less than 0.5

    2

    Low

    0.5 to less than 1

    3

    Low to medium

    1 to less than 2

    4

    Medium

    2 to less than 3

    5

    Medium to high

    3 to less than 4

    6

    High

    4 to less than 6

    7

    Very high

    6 or greater

     
    The current Standard Risk Measures (measured at 25 October 2019) are as follows:
     

    Investment option

    Standard Risk Measure

    Capital Stable

    Medium

    Cash

    Very Low

    Australian Fixed Income

    Medium to High

    Balanced

    Medium to High

    Managed Growth

    High

    Australian Property Securities

    Very High

    Global Property Securities

    Very High

    Priority Growth

    High

    Managed Share

    High

    Australian Value Share

    Very High

    Global Thematic Share

    Very High

    Global Growth Share

    Very High

    Colonial First State – Australian Shares

    Very High


    Note:

    • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
    • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.
    KDEG-015630-2020

    18/10/2019: Change to Buy/Sell spread for Global Property Securities option

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option Booklet: Change to Buy/Sell spread for Global Property Securities option

    The buy/sell spread for the Global Property Securities option changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the change effective 18 October 2019.

    Option

    Previous buy/sell spread

    New buy/sell spread

    Global Property Securities

    0.30% / 0.30%

    0.20% / 0.20%

    Please refer to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option booklet for further information on buy/sell spreads and transaction costs.

    KDEG-015630-2020

    01/01/2018: Indirect Cost Ratio (ZSP/ZABP)

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Indirect Cost Ratio

    The Indirect Cost Ratio (ICR) for all investment options have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the underlying investments during the period 1 July 2016 to 30 June 2017.  The current ICRs are shown in the table below.

    It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line with the Fund’s disclosure obligations* and  there has been no changes to the way in which the investment options are managed.

    Investment option

    Previous ICR

    Current ICR

    Capital Stable

    0.49%

    0.52%

    Balanced

    0.50%

    0.52%

    Managed Growth

    0.48%

    0.50%

    Priority Growth

    0.46%

    0.47%

    Managed Share

    0.53%

    0.62%

    Cash

    0.02%

    0.01%

    Australian Fixed Interest

    0.39%

    0.38%

    Australian Property Securities

    0.36%

    0.36%

    Global Property Securities

    0.63%

    0.52%

    Australian Value Share

    0.52%

    0.63%

    Global Thematic Share

    0.49%

    0.47%

    Equity Income

    1.49%

    1.56%

    Global Equity Income

    1.49%

    1.94%

    Global Growth Share

    0.50%

    0.47%

    Colonial First State – Australian Shares

    1.09%

    1.09%

    *Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’).  RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return, but were not previously required to be specifically disclosed in the ICR. 

    KDEG-013101-2018

    01/01/2018: Non-commutable account-based pension (transition to retirement pension) – closed to new pension

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Fee Guide and Additional Information Booklet: Non-commutable account-based pension (transition to retirement pension)

    The non-commutable account-based pension (transition to retirement pension) described on page 15 of the Zurich Superannuation Plan and Zurich Account-Based Pension Fee Guide and Additional Information Booklet, with an issue date of 1 January 2017, has been closed to new pensioners and is no longer available.

    KDEG-013101-2018

    01/12/2017: Change to Buy/Sell spread for Global Growth Share option

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option Booklet: Change to Buy/Sell spread for Global Growth Share option

    The buy/sell spread for the Global Growth Share option changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the change effective 1 December 2017.

    Option

    Previous buy/sell spread

    New buy/sell spread

    Global Growth Share

    0.08% / 0.08%

    0.06% / 0.06%

    Please refer to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option booklet for further information on buy/sell spreads and transaction costs.

    KDEG-013101-2018

    01/12/2017: Standard Risk Measure information (ZSP/ZABP)

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information

    The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.
    Investment options are graded across seven ‘risk bands’; from ‘very low risk’ to ‘very high risk’ (refer to the table below).

    Risk Band

    Risk Label

    Estimated number of negative annual returns over any 20-year period

    1

    Very low

    Less than 0.5

    2

    Low

    0.5 to less than 1

    3

    Low to medium

    1 to less than 2

    4

    Medium

    2 to less than 3

    5

    Medium to high

    3 to less than 4

    6

    High

    4 to less than 6

    7

    Very high

    6 or greater



    The current Standard Risk Measures (measured at 1 December 2017) are as follows:

     

    Investment option

    Standard Risk Measure

    Capital Stable

    Medium

    Cash

    Very Low

    Australian Fixed Interest

    Medium

    Balanced

    High

    Managed Growth

    High

    Australian Property Securities

    Very High

    Global Property Securities

    Very High

    Equity Income

    High

    Global Equity Income

    High

    Priority Growth

    High

    Managed Share

    High

    Australian Value Share

    High

    Global Thematic Share

    Very High

    Global Growth Share

    High

    Colonial First State – Australian Shares

    Very High

     

    Note:

    • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
    • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.

    KDEG-013101-2018

    01/04/2017: Update to the Zurich Superannuation Plan & Zurich Account-Based Pension PDS and Fee Guide and Additional Information Booklet: Increase to the minimum Monthly Portfolio Management Charge


    Effective 1 April 2017 the minimum monthly Portfolio Management Charge for the Zurich Superannuation Plan and Zurich Account-Based Pension, increased from $21.56 to $21.88.

    As disclosed in the PDS, the increase has been calculated on the Consumer Price Index (‘CPI’) increase measured over the 12 months ending 31 December of the previous year (ie. 2016). The CPI is the “Weighted Average of Eight Capital Cities Index” published by the Australian Bureau of Statistics.

    KDEG-012133-2017

    01/10/2015: Global Thematic Share objective (ZSP / ZABP)

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Information Booklet on Investment options: Change in objective for the Zurich Global Thematic Share option

    With effect 1 October 2015, the primary objective of the option is to provide long term capital growth with the benefits of global diversification. The option aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years.

    KDEG-010735-2015

    01/10/2015: Global Thematic Share objective (ZSTIP)

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Information Booklet on Investment options: Change in objective for the Zurich Global Thematic Share option

    With effect 1 October 2015, the primary objective of the option is to provide long term capital growth with the benefits of global diversification. The option aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years.

    KDEG-010735-2015

    17/09/15: Death Benefits (ZSP/ZABP)

    17 September 2015

    Update to the Zurich Superannuation Plan / Zurich Account-Based Pension Additional information guide: death benefits

    The following text is added at the end of the booklet:

    From 1 July 2016 there will be a change in the way death benefits are paid. From that date, the arrangements described elsewhere in this booklet will no longer apply and the following will apply instead:

    What happens on death?

    Binding Death Benefit Nomination (ZSP and ZSBP)

    If you die with a valid Binding Death Benefit Nomination, the Trustee must pay your death benefit to your nominated beneficiaries in the proportions specified in the nomination.  

    For a nomination to be valid:

    • The proportion  of your death benefit to be paid to each beneficiary must be clearly set out (and total 100 per cent)
    • The nomination must be signed and dated by you in the presence of two witnesses, both of whom are over 18 years of age and are not nominated to receive a benefit
    • The nomination must have been made, or confirmed within 3 years of the your death and
    • You must not have revoked your nomination.

     

    Each nominated beneficiary must be your Dependant (refer below), or your Legal Personal Representative (generally the executor of your will or the administrator of your estate).

    Generally, you may choose for benefits to be paid as a lump sum or as a pension.  However, it must be paid as a lump sum if  the benefits are payable to your Legal Personal Representative or to a child aged over 18, unless the child is: 

    • Under 25 and financially dependent on you immediately prior to your death, or
    • Permanently disabled.

    Definition of Dependant

    A Dependant includes:

    • Your current spouse (including de facto spouse) of either gender,
    • Your children of any age (including adopted children, stepchildren and your spouse’s children),
    • Someone who is financially dependent on you, or
    • Someone with whom you have an ‘interdependency relationship’

     

    Two people have an ‘interdependency relationship’ if:

    • They have a close personal relationship;
    • They live together; and
    • One or each of them provides the other with financial support; and
    • One or each of them provides the other with:
      • Domestic support and personal care, but not if one of them provides domestic support and personal care to the other under an employment contract or a contract for services or on behalf of another person or organisation such as a government agency, a body corporate or a benevolent or charitable organisation; or
      • Support or care of a type and quality normally provided in a close personal relationship, rather than by a mere friend or flatmate 
    • Two people also have an interdependency relationship if they have a close personal relationship but they do not meet the other requirements of interdependency because:
      • Due to either or both of them suffering from a disability including a physical, intellectual or psychiatric disability, or
      • They are temporarily living apart. 

     

    A Dependant must be alive and meet the definition of Dependant immediately before your death.

    What if a nominated beneficiary is not your Dependant or your Legal Personal Representative?

    In such cases, the portion of the benefit to be paid to that nominated beneficiary will be paid as if there is no valid Binding Death Benefit Nomination.

    No nomination

    Where there is no valid Binding Death Benefit Nomination, the Trustee must pay the death benefit (or applicable proportion) in accordance with the trust deed. This generally means that the benefit will be paid to your Legal Personal Representative, unless the Trustee:

    • Is unable to identify  your Legal Personal Representative within 6 months of the Trustee being notified of your death; or
    • Has reason to believe your estate is insolvent

     

    If either of the above apply, benefits are instead paid to spouses or, if none, children in equal shares (where there are more than one).  For example, if you have no spouse and two children, both children would receive 50 per cent. 

    Note that a person is only a 'spouse' or a 'child' if the Trustee is aware of the person's existence and is satisfied of their status as such.

    If there is no spouse or child, then the Trustee must pay the death benefit to your Legal Personal Representative (even if the estate is insolvent) or deal with the death benefit under applicable laws relating to unclaimed super. 

    Making a Binding Death Benefit nomination

    For further information on binding nominations, including the nomination form, please ask your financial adviser to provide you with a copy of the Zurich Super Estate Management Binding Nomination brochure. Alternatively a copy of the brochure can also be obtained by contacting the Zurich Client Service Centre on 131 551 or through our website at www.zurich.com.au. There may be taxation or other implications to consider. You should consult your financial adviser for information regarding the nomination of a beneficiary.

    You must confirm your nomination every 3 years in order for it to remain valid. You can do this by giving us a written notice, signed and dated by you, to that effect before it expires, or simply complete the confirmation form we send to you. It is your responsibility to ensure your Binding Death Benefit Nomination is confirmed before it expires.

    If you wish to amend your nomination, you need to complete and submit a new binding nomination form which will then completely replace all previous nominations.

    Reversionary pensioner nomination (ZABP only)

    Instead of a Binding Death Benefit Nomination, under the ZABP, you can alternatively elect a reversionary pensioner. Your reversionary pensioner must be a Dependant who is eligible to receive a pension (as explained above).

    If you elect a reversionary pensioner, in the event of your death, the regular payments will continue to be made to the Dependant you nominate as a reversionary pensioner on the application form. Only one reversionary pensioner can be nominated, who must be nominated when your pension is commenced.

    If your reversionary pensioner dies before you, or your reversionary pensioner is not a Dependant (or in the case of a spouse, no longer your spouse) at the time of your death, your nomination will become invalid and the money will be paid as if there is no nomination in place (as explained above).

    If payments to the reversionary pensioner have commenced, and the reversionary pensioner subsequently dies whilst still entitled to a pension, the balance of the benefit will be paid as if the reversionary pensioner is you and there is no nomination in place (refer above).

    A reversionary pensioner nomination is binding on the Trustee and is irrevocable. This means that you cannot change your decision once you have nominated a reversionary pensioner. The only way to change your nomination  is to commute your pension (provided you did not elect to make it non-commutable when setting it up) and then set up a new one.

    Making a reversionary pensioner nomination may have taxation and other implications. We recommend you discuss the appropriateness of such a nomination with your financial adviser.

    KDEG-010554-2015

    01/07/15: Taxable component of super lump sum (ZSP/ZABP)

    1 July 2015

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension PDS: Taxable component of superannuation lump sum

    The taxable component of a superannuation lump sum is as follows:

    Below preservation age*:             Whole amount - 20% + medicare levy

    Preservation age* to 59:               Amount up to low rate cap* - Nil
                                                           Amount above low rate cap* - 15% + medicare levy

    Age 60 and above:                        Whole amount - Nil

    *For information regarding your preservation age and the low rate cap amount, refer to the Superannuation Rates & Thresholds page.

    KDEG-010274-2015

    01/07/15: Zurich Equity Income fee reduction (ZSP/ZABP)

    1 July 2015

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Information Booklet on Investment options: Zurich Equity Income option fee reduction

    With effect 1 July 2015, the Indirect Cost Ratio (Investment management cost deducted from the underlying assets) reduced from 1.87% pa to 1.39% pa.

    KDEG-010274-2015

    01/07/15: Zurich Equity Income fee reduction (ZSTIP)

    1 July 2015

    Update to the Zurich Superannuation Trustee Investment Plan Information Booklet on Investment options: Zurich Equity Income option fee reduction

    With effect 1 July 2015, the Indirect Cost Ratio (Investment management cost deducted from the underlying assets) reduced from 1.87% pa to 1.39% pa.

    KDEG-0102735-2015

    01/04/15: Increase to minimum monthly PMC (ZSP/ZABP)

    1 April 2015

    Update to the Zurich Superannuation Plan & Zurich Account-Based Pension PDS and Fee Guide: Increase to the minimum Monthly Portfolio Management Charge

    Effective 1 April 2015 the minimum monthly Portfolio Management Charge for the Zurich Superannuation Plan and Zurich Account-Based Pension, increased from $20.85 to $21.20.

    As disclosed in the PDS, the increase has been calculated on the Consumer Price Index (‘CPI’) increase measured over the 12 months ending 31 December of the previous year (ie. 2014). The CPI is the “Weighted Average of Eight Capital Cities Index” published by the Australian Bureau of Statistics.

    KDEG-010274-2015

    01/04/15: Increase to minimum monthly PMC (ZSTIP)

    1 April 2015

    Update to the Zurich Superannuation Trustee Investment Plan PDS:  Increase to the minimum Monthly Portfolio Management Charge

    Effective 1 April 2015 the minimum monthly Portfolio Management Charge for the Zurich Superannuation Trustee Investment Plan (ZSTIP), increased from $20.85 to $21.20.

    As disclosed in the PDS, the increase has been calculated on the Consumer Price Index (‘CPI’) increase measured over the 12 months ending 31 December of the previous year (ie. 2014). The CPI is the “Weighted Average of Eight Capital Cities Index” published by the Australian Bureau of Statistics.

    KDEG-0102735-2015

    31/12/14: Standard Risk Measure information (ZSP/ZABP)

    31 December 2014

    Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information
    The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.
    Investment options are graded across seven ‘risk bands’, from ‘very low risk’ to ‘very high risk’ (refer to the table below).

    Risk Band Risk Label Estimated number of negative annual returns over any 20-year period
     
    1 Very low Less than 0.5
    2 Low 0.5 to less than 1
    3 Low to medium 1 to less than 2
    4 Medium 2 to less than 3
    5 Medium to high 3 to less than 4
    6 High 4 to less than 6
    7 Very high 6 or greater

     

    The system also estimates how many negative annual returns are expected for each option over a 20-year period, to give you a clear idea of how a particular risk level may affect a long-term investment.


    The Standard Risk Measures at 31 December 2014 are as follows:

    Investment option Standard Risk Measure
     
    Capital Stable Low
    Cash Very Low
    Australian Fixed Income Low
    Balanced Medium
    Managed Growth Medium to High
    Australian Property Securities Very High
    Global Property Securities High
    Equity Income High
    Global Equity Income Very High
    Priority Growth High
    Managed Share High
    Australian Value Share High
    Global Thematic Share Very High
    Global Growth Share Very High
    Colonial First State – Australian Shares High

     

    Note:

    • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
    • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.

     

    KDEG-009888-2015

    Archive

    ZSP/ZABP: Product Disclosure Statement

    ZSP/ZABP: Fee Guide

    ZSP/ZABP: Investment Information

    ZSP/ZABP: Additional Information

    ZSP: Optional Protection Benefits

    ZSTIP Investment Information

    Fee Definitions

    The following types of fees shown in the Zurich Superannuation Plan / Zurich Account-Based Pension PDS (‘PDS’) have the following meaning in superannuation legislation.

    How the fees apply is set out in the PDS. Note that the Zurich Superannuation Plan and Zurich Account-Based Pension are not MySuper Products.

    PDS issued by Equity Trustees Superannuation Limited ('ETSL') ABN 50 055 641 757, AFSL 229757.

    Activity fees

    A fee is an activity fee if:

    a) the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee,
        i) that is engaged in at the request, or with the consent, of a member, or
        ii) that relates to a member and is required by law, and
    b) those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an advice fee or an insurance fee.

    Administration fees

    An administration
    fee is a fee that relates to the administration or operation of the superannuation entity and includes costs that relate to that administration or operation, other than:

    a) borrowing costs; and
    b) indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and
    c) costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

    Advice fees

    A fee is an advice fee if:

    a) the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product advice to a member by:

    i. a trustee of the entity, or
    ii. another person acting as an employee of, or under an arrangement with, the trustee of the entity, and

    b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an insurance fee.

    Buy-sell spreads

    A buy-sell spread is a fee to recover transaction costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assets of the entity.

    Exit fees

    An exit fee is a fee, other than a buy-sell spread, that relates to the disposal of all or part of members’ interests in the superannuation entity.

    Indirect cost ratio

    The indirect cost ratio (ICR), for a MySuper product or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option.

    Note: A dollar-based fee deducted directly from a member’s account or paid out of the superannuation entity is not an indirect cost.

    Insurance fee

    A fee is an insurance fee if:

    a) the fee relates directly to either or both of the following:

    i. insurance premiums paid by the trustee of a superannuation entity in relation to a member or members of the entity,
    ii. costs incurred by the trustee of a superannuation entity in relation to the provision of insurance for a member or members of the entity, and

    b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk, and
    c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an advice fee.

    Investment fees

    An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:

    a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees), and
    b) costs that relate to the investment of assets of the entity other than:

    i. borrowing costs; and
    ii. indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees incurred by the trustee of the entity or an interposed vehicle or derivative financial product; and
    iii. Costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

    Switching fees

    A switching fee for a:

    a) MySuper product means is a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another and,
    b) for superannuation products other than a MySuper product, is a fee to recover the costs of switching all or part of a member’s interest in the superannuation entity from one investment option or product in the entity to another.

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