Trustee disclosure

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Diversa Trustees Limited,

Trustee of the Grosvenor Pirie Master Superannuation Fund - Series 2.

Under the Prudential Standards, as RSE Licensee for a number of Superannuation Funds, we are required to make public information on our Trustee Board of Directors including our Constitution and Governing Rules, Register of Relevant Duties and Interest, a Summary of our  Conflict Management Policy, all details of Responsible Persons (as defined within the Trustee Fit & Proper Policy) and disclose remuneration details of Responsible Persons (as defined within the Trustee Remuneration Policy) and in line with SPS510 Governance. To view the relevant Trustee disclosures, please see http://diversa.com.au/trustee/governance

 

 

Fees Definition

The following fees may be charged to a Superannuation product
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 exit 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 incurred by the trustee of the entity that:
(a)relate to the administration or operation of the entity; and
(b)are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit 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 exit 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 to recover the costs of disposing of all or part of members’ interests in the superannuation entity.
Indirect cost ratio
The indirect cost ratio (ICR), for a Superannuation product or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the Superannuation product or investment option, to the total average net assets of the superannuation entity attributed to the Superannuation product or investment option.
Note: A dollar-based fee deducted directly from a member‘s account is not included in the indirect cost ratio.
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, or the trustees, of a superannuation entity in relation to a member or members of the entity;
(ii)costs incurred by the trustee, or the trustees, 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 exit 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 incurred by the trustee of the entity that:
(i)relate to the investment of assets of the entity; and
(ii)are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.
Switching fees
A switching fee is a fee to recover the costs of switching all or part of a member‘s interest in the superannuation entity from one class of beneficial interest in the entity to another.

The following fees may be charged to a Superannuation product

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 exit 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 the 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 exit 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 exit 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 to recover the costs of disposing 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 is not included in the indirect cost ratio. 

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 costs incurred by the trustee 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 [OR the trustees] of the entity or in an interposed vehicle or derivative financial product; and 

    (i) costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee 

Switching fees:

A switching fee 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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