Perpetual Superannuation Limited (PSL) is a member of the Perpetual Limited Group of Companies (Perpetual). As one of the most trusted providers of financial products and services in Australia, Perpetual has long been recognised for initiative, integrity, security and vision.
PSL is also referred to as the 'Trustee' and is the entity within Perpetual responsible for superannuation to provide a product suite to meet the needs of our target market advised clients seeking greater control and flexibility over their retirement savings.
As the holder of a Registrable Superannuation Entity (RSE) license, PSL is regulated by the Australian Prudential Regulation Authority (APRA). By having a single entity within Perpetual as the RSE for all APRA regulated superannuation funds, PSL is able to focus solely on superannuation issues within Perpetual thereby helping it to discharge its fiduciary and trustee duties to fund members.
The Board of Directors oversees all aspects of PSL and is made up of 3 independent directors and 2 Perpetual Group executive directors. Further information on the directors is provided below.
Perpetual's business divisions are responsible for manufacturing, offering, distributing and marketing superannuation products. These business divisions include Perpetual Investments and Perpetual Private who look after the following superannuation products (collectively the "Funds").
PSL is committed to providing quality service to its members and through various internal and external relationships, employs competent and specialist staff to manage our funds on a day to day basis under the direction of and by delegation from the Trustee Board. The Trustee Board has a number of delegated committees in place as executive bodies that strategically govern and oversee the operation and investments of the funds and report on their services to ensure that PSL runs efficiently on a day-to-day basis and that key obligations and service standards are met or exceeded.
PSL's key service providers, whose services may affect a material business activity, are listed below. These service providers may also have various consultants and panels of advisers that they use for specialist advice, but the following reflect the key relationships within Perpetual and with external service providers.
Custody and Administration services for PPST, PSSF and WFSF including unit registry, client administration, investment administration, custody, insurance administration and reporting.
The annual report for each relevant superannuation fund can be found here.
The financial statements for PSL are provided here.
PSL generally utilises the policies and process of its related party entities, however, it would like to specifically note the following policies.
PSL maintains a Proxy Voting Policy where it outlines its approach to exercising its right to vote for the various types of investments that it may hold through its Funds.
Click here for results from Perpetual Private's Proxy Voting activity.
PSL maintains a Conflicts Management Framework to ensure the management of conflicts of interest. This framework outlines PSL's approach to the management of conflicts and aims to ensure that PSL identifies, takes all reasonably practicable actions to avoid and/or prudently manages all potential and actual conflicts in its business operations. It sets out the means by which PSL leverages the broader group so as to effectively identify and manage conflicts as well as comply with regulatory / legislative obligations.
In accordance with PSL Conflicts Management Framework, PSL maintains a Register of Relevant Interests and Relevants Duties for PSL, its associates and responsible persons. Click here to view the current register.
PSL maintains an Environmental, Social and Governance (ESG) Policy where it outlines its approach to ESG matters mainly in relation to our default product for the purposes of the superannuation guarantee charge, choice of fund rules (our MySuper product).
PSL maintains a Diversity Policy which includes a requirement to establish measurable objectives for achieving gender diversity on the Board and to assess these objectives and progress in achieving them on an annual basis.
The Board's gender diversity objective is currently met.
It is PSL's policy that its Board of directors, collectively, comprise an appropriate mix of skills, experience and personal attributes, and to ensure that the Board remains open to new ideas and independent thinking, in order to enhance Board performance and ensure that the board acts in the best interests of beneficiaries of PSL's superannuation funds.
The Board of Directors oversees all aspects of PSL and is made up of 3 independent directors and 2 Perpetual Group executive directors.
Perpetual Limited is a member of the Financial Services Council (FSC). PSL as a member of the Perpetual Group is required to comply with the standards issued by the FSC, in particular FSC Standard 20 – Superannuation Governance. Where relevant PSL has either relied upon broader group arrangements for compliance or complied with this Standard in its own right.
PSL intends to adopt the Insurance in Superannuation Voluntary Code of Practice (the Code) and comply with the requirements of the Code to the extent that they are in our members' best interests. PSL supports the Code's intent to improve insurance in superannuation offered to fund members as well as trustees' processes in providing insurance.
The transition plan outlining the timeframe in which PSL will comply with the Code is located here.