Great news for most of our members. We have recently conducted a review of the investment management fees we charge and are pleased to announce that we have been able to reduce the fees of some of the investment options available to members.
There are a number of reasons why this has happened.
Funds flowing into the PSSap are invested together with funds flowing into PSS and CSS in the ARIA Investments Trust, which is currently around $19 billion. This gives the PSSap greater ‘economies of scale’. Along with this, the rapid growth of PSSap since its inception in July 2005 means PSSap membership now stands at close to 65,000 and funds under management are around the $700 million mark.
This means that the fees for most of our investment options have decreased. Fees for the investment option to which most our members belong, the Trustee Choice investment option, have decreased from 0.77% to 0.65%. So, that means if you have $50,000 invested in the Trustee Choice option in PSSap, your annual fee will have reduced from $385 to $325, a saving of $60 per annum.
In some cases, such as the International shares options, fees have increased, but the increase is slight.
The following table amends our PDS by deleting Table 14a on page 70 and replacing it with the following table:
Table 14a: Management costs for individual investment options
6 February 2008
