IOOF @dvisor Mag
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New and improved PDSs - now available for ordering

From the IOOF Product Development Team

As we mentioned last month, new legislation allows us to separate the different parts of a PDS. This change results in a significant improvement to the length and usability of these often cumbersome documents.

What do the new PDS’s look like?

IOOF Pursuit will adopt this approach with all personal super and allocated pensions PDSs in late February. The effective date for this change is 28 February 2009.

IOOF is proud to be one of the very first companies in Australia to implement this new PDS structure. It has taken a great deal of hard work but I’m sure you’ll agree, when you start using the new documents, that this has been an extremely worthwhile project.

We sincerely hope that the new PDSs make life much easier for you and your clients.

What do the new PDS’s look like?

In the new PDS structure all the most essential details appear in one central document while the more specialised information (referenced in the main document) is available on a website for download on demand.

You will receive a main PDS of around 30 pages plus a single forms booklet containing all the forms you need for that product.

The new PDS is a great deal shorter, lighter and easier to navigate than the old document.

We decided to get the ruler out just to give you an idea - here’s the difference between the old and the new Pursuit Select Personal Superannuation PDSs:

 What do the new PDS’s look like?

What do the new PDS’s look like?

That’s roughly a third of the size, which means your clients won’t feel overwhelmed with information when they open their accounts.

If you or your clients need more detailed information you can simply download the relevant fact sheet from the IOOF website. All fact sheets are referenced where relevant in the main PDS document.

The forms booklets

We hope you find the new forms an improvement. After a number of consultations with advisers we have redesigned the forms to make them easier to understand and complete. They are also incorporated into a single booklet for each product.

IDPS offer documents

Unfortunately the disclosure law impacting IDPS offer documents is not the same for super and pensions so there are no fact sheets. However, we have still managed to condense the essential information in the main document and separate out the forms booklet and the investment menu.

Availability of the new PDSs

The new streamlined PDSs and forms booklets will be available through our online ordering system from 28 February 2009, under the 'Tools & Resources' section of Portfolio Online.

You will also be able to have hard copies of the new documents delivered to you after 28 February 2009.

Applications made with out of date forms after 28 February

We will accept applications made on the forms from the previous PDS/IDPS Guides up until 13 March 2009, where the application is dated prior to 28 February 2009.