Product comparison

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  1. Evolve

This comparison table illustrates the key differences between your clients current and new product.

Importantly, the familiar foundations will stay, so you can get on with ‘business as usual’ and take advantage of the new tools and features.

To start utilising our new platform solution sooner or for further information, please contact your IOOF Client Solutions Manager.

My client is moving from To Product features
IOOF Pursuit Focus IOOF Essential Compare
IOOF Portfolio Service eXpand Compare
IOOF Portfolio Service Wholesale eXpand Compare
IOOF Portfolio Service for Count eXpand Compare
IOOF LifeTrack eXpand Compare
Bendigo Financial Solutions eXpand Compare
Financial Partnership Portfolio Service eXpand Compare

IOOF Pursuit Focus to IOOF Essential

Feature IOOF Pursuit Focus IOOF Essential
Initial investment Super: $1,000 or $500 with regular contribution plan
Pension: $10,000 		Super: No minimum
Pension: $10,000
Additional contributions (one-off) $50 per contribution No minimum
Regular contribution plan $50 per frequency
15th and 28th		 No minimum
16th 
Regular conts/BPAY instruction Applicable N/A
Lump sum withdrawals (one-off) The lesser of $1,000 or account balance Investment: The lesser of $1,000 or account balance
Super/Pension: No minimum
Account balance Super: $500
Pension: No minimum

Investment: $500
Super/Pension: No minimum
Pension payment frequency Twice monthly, monthly, quarterly, half yearly, annual
14th & 28th

Fortnightly
- every second Tuesday (from 7 July 2020)

Monthly, quarterly, half yearly, yearly
- 14th & 28th

From 1 July 2021, the following pension payment dates will be available to new clients -
6th, 10th, 14th, 20th, 25th, 28th
Fees Refer to PDS Account keeping fee: $117 p.a
  • Clients will move to Dealer rate card (if applicable), PDS rate or be Grandfathered (whichever is the lower).
  • Account keeping fee: $117 p.a
Trade/reweight against pending txn N/A Applicable
Income Standing investment instruction
  • Reinvest (default option)
  • Retain in Cash Account
  • Income instruction - percentage
  • Nominated bank
  • Automatic Income Distribution Facility
Cash account top up Highest balance, first out
  • Pro-rata (default option)
  • Redemption instruction percentage
  • Pecking order
  • Specific instruction
Cash account minimum percentage Super: 1% of account balance
Pension: 3% of account balance
  • Product minimum 1% of account balance
  • Custom percentage
  • Deposit instruction
  • Customisable Cash Account Minimum
Cash account maximum dollar N/A Dollar-based maximum, subject to a minimum of $5,000
Cash account interest No negative interest charged on negative cash balances Negative interest charged for negative cash balances
Deduction of tax The net tax provision for each member is retained in their Cash Account and paid to the ATO annually Your net tax provision is deducted/credited monthly from your account and an annual tax process finalises your tax position

IOOF Portfolio Service, Wholesale and LifeTrack to eXpand

Feature IPS (+ Badges), IPS Wholesale & LifeTrack eXpand
Regular contributions/savings Minimum = $1,200 p.a
15th & 28th		 No minimum
16th & 28th
Regular withdrawals 1st of the month 6th of the month
Managed funds Over 300 Over 400
Listed investments Top 150 ASX 300 ASX
Voluntary Corporate Actions N/A Share Purchase Plan, Renounceable & non Renounceable Rights, Priority Offer, Security Holder Offer, IPOs, Buy Backs
Term Deposits 6 & 12 month TDs 3, 6 & 12 month TDs
Fixed Term Annuities N/A 12, 24 and 36 month
MPS N/A Available - please speak to your IOOF Client Solutions Manager for further information
Retail Insurance N/A Available providers = AIA, TAL & Zurich
Pension payment frequency Twice monthly, monthly, quarterly, half yearly, annual
7th, 10th, 14th, 20th, 25th, 28th

Fortnightly
- every second Tuesday (from 7 July 2020)

Monthly, quarterly, half yearly, yearly
- 6th, 10th, 14th, 20th, 25th, 28th

From 1 July 2021, the above pension payment dates will also be available to new clients
Contributions Invested into underlying funds on 20th of each month Invested into underlying funds daily
Income Standing investment instruction
  • Reinvest (default option)
  • Retain in Cash Account
  • Income instruction - percentage
  • Nominated bank
  • Automatic Income Distribution Facility.
Cash Account Top Up Cash account top up
  • Standing redemption instructions
  • Pro rata
 Cash account top up
  • Pro-rata (default option)
  • Redemption instruction percentage
  • Pecking order*
  • Specific instruction
Cash account minimum percentage 
  • Higher of $500 or 2% of account balance; plus
  • Three months of insurance premiums (if applicable); plus
  • Three months worth of pension payments (if applicable); plus
  • Net tax provisions.
  • Product minimum 1% of account balance
  • Custom percentage
  • Deposit instruction
  • Customisable Cash Account Minimum
Cash account maximum dollar N/A Dollar-based maximum, subject to a minimum of $5,000
Cash account interest No negative interest charged on negative cash balances Negative interest charged for negative cash balances
Deduction of tax The net tax provision for each member is retained in their Cash Account and paid to the ATO annually

Your net tax provision is deducted/credited monthly from your account and an annual tax process finalises your tax position.
Automatic Reweight N/A Available

Account keeping fee

IPS, Bendigo  = $7 per month

Financial Partnerships = $7 per month for balances < $150k

IPS Count, IPS Wholesale, LifeTrack = nil

$180 p.a (average of $15 per month)

Admin fees

Refer to PDS

Clients will move to Dealer rate card (if applicable), PDS rate or be Grandfathered (whichever is the lower). LifeTrack accounts will not be grandfathered and be subject to an increase of no greater than $150 p.a

Maximum admin fee

N/A

$5,000 p.a

Fee Aggregation

Fee aggregation = unlimited

Fee aggregation = up to 6 accounts

Expense reimbursable and recovery fee

0.32% and 0.10% (LifeTrack only)

N/A

Brokerage

$45.66 for each buy or sell

0.205% of the gross value of each listed investment buy or sell order, subject to a minimum of $38.44

Advice Fee
  • Flat percentage fee up to a maximum of 2.2% pa of the account balance (calculated daily); and/or
  • Flat dollar fee up to a maximum of $1,500 per month.

Fixed term arrangement option not available.
  • Flat percentage fee up to a maximum of 2.2% pa of the account balance (calculated daily); or
  • Tiered percentage fee up to a maximum of 2.2% pa to apply at different account balances (calculated daily) subject to a maximum of 7 tiers; and/or
  • Flat dollar fee up to a maximum of $18,000 pa.

Online functionality
  • Update contact details
  • TFN
  • Communication preferences

Trading/switching

  • Managed investments
  • Listed investments
  • Term deposits
  • Fixed-term annuities

Re-weight

  • Managed investments
  • Listed investments
  • Trade/re-weight against pending transactions
  • Order monitor/activity monitor
  • Standing instructions
  • Maturing investments
  • Corporate actions
  • Withdrawals
  • Forms
  • Update contact details
  • Update tax file number
  • Update communication preferences
  • Account reporting
  • Rate of return
  • Two factor authentication