Product Disclosure Statements for Australian Super funds (video walkthrough)
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What is a Product Disclosure Statement (PDS) and why is it important?
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information. And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance.
Kate Campbell, welcome to this episode of the Australian Finance Podcast, a very special one.
Yes, one of our first bonus episodes for the year.
Yeah, and this is extra, extra, extra special because we are doing a bit of a screen recording for this one. We're going to do this one in person in the Melbourne office, but we thought even in lockdown, we've got to still do this so people can see what we're talking about because we're talking about product disclosure statements, those things, PDSs. We always tell you to go and read them. But how on earth do you read them? What are you looking for? What are the key points? Why do you even need one? This is what we're talking about. And you'll be able to access this. If you're listening to this, you can follow the link in the player. There'll be a link to the YouTube version where you can watch what we're talking about and say good day to us anyway.
So Kate, maybe let's just start simple terms. PDSs, what does that even mean? Like what is one? All those types of things.
So if you've ever seen an ad for an industry super fund on the TV, in the very small print, they'll say, read the PDS or read the product disclosure statement. So that's the legal document that the super funds are required to provide that really have a comprehensive, very comprehensive outline of all the nitty gritty details to do with that super fund. So if you just go to your super funds website, you'll see all the nice marketing, you'll see the performance figures, hopefully positive ones after the last 12 months. But they won't tell you all the nitty gritty details, like all the different levels of fees. They might provide high level fees and they won't provide you information on where the funds are located, how taxes dealt with, until you look at this legal document that can often be very long.
I think one of the industry funds I was looking at yesterday, the super PDS was about 80 pages. So that's a lot for any one person to go through.
And this is the thing I think we're chatting just off air before.
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