PDS fee table
The standardised fee disclosure table required in section 4 of a NZ retail Product Disclosure Statement. Lists annual fund charge, performance fee, transaction fees and any other charges in a prescribed format.
Section 4 of every NZ retail Product Disclosure Statement contains a standardised fee table prescribed by the Financial Markets Conduct Regulations 2014. The table must list, in a fixed format, the annual fund charge (broken down into management fee, supervisor fee, custody, audit, and other operating costs), any performance fee with the hurdle and high-water-mark mechanics, any buy/sell spread, and any other one-off fees.
The standardised format is designed for direct comparability across funds. The "all-in" annual fund charge figure at the bottom of the table is the line investors most commonly compare across managers — but two funds with the same all-in charge can still differ on performance-fee mechanics or transaction costs, which the table discloses but does not consolidate.
The PDS fee table is the contract between the manager and the investor on what can be charged. Any fee not listed in the PDS table (or in the cross-referenced OMI) cannot be charged. This is the structural reason fee transparency is high in NZ retail PIE schemes compared to many offshore jurisdictions.
Related terms
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PDS
Product Disclosure Statement (PDS)
The headline legal document a NZ managed fund or KiwiSaver scheme provides to retail investors, summarising the fund, fees, risks, and how to invest.
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AFC · Total fund charge · MER
Annual fund charge
The total ongoing percentage charge paid out of a NZ managed fund each year — covering management fees, supervisor/custodian fees, audit, and other operating costs.
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performance-fee
Performance fee
An additional fee a fund manager charges only when fund performance exceeds a defined benchmark or hurdle rate, typically subject to a high-water mark.
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OMI
Other Material Information (OMI)
A supplementary FMA-required disclosure document containing material information about a fund or scheme — typically conflicts of interest, related-party transactions, fee waivers, auditor/trustee/custodian identities — that is not included in the PDS.