Net investment performance allows for both gains (positive) and losses (negative), after fees and applicable taxes, and is a percentage rate applied to members’ account balances.
The Westscheme Trustee determines the net investment performance for each investment option, based on information it receives from its investment advisers including estimates of each investment option’s asset allocations and asset class returns including allowances for taxes and fees.
The Trustee adopts net investment performance rates for the investment options each month on the basis of information available at the time of adoption. Information that comes through subsequently is incorporated as an adjustment to subsequent months. In setting the investment performance each month, regard is given to the distribution/recovery of any previously unallocated earnings/losses, including taxes and fees, advised in the previous months.
Until the net investment performance for a particular month has been set, interim investment performance results apply which are updated weekly and can be updated more often in the event of significant changes in investment values.
The net investment performance rates for each month are set by Westscheme's Trustee Board of Directors at their monthly meeting. As the relevant investment information required by them to determine net investment performance for a month is not generally available until approximately 30 days after a month end the net investment performance declared by the Board of Directors is always in arrears. That is, the net investment performance for June will be set at the mid August Board meeting (the next meeting date after the investment data becomes available at the end of July) and the net investment performance for July will be set at the mid September Board meeting.
Trustee: Westscheme Pty Ltd AFSL 232709 ABN 33 009 194 218 RSE Licence No: L0000581
Westscheme ABN: 68 559 391 482 SFN: 1353/119/43 RSE Registration No: R1000825