Significant event notices (SEN)

The following provides a summary of recent notices issued to ensure our members remain well informed of material changes and significant events which may impact them.

Significant event notice


Nature of event or change:
Merger with Active Super

Notice date
January 2025

Nature of event or change: 
Insurance fee changes for insured members

Notice date 
September 2024 

Impact of the change 
From 1 October 2024, there will be an insurance fee decease for death, total and permanent incapacity (TPD) and income protection (IP) insurance.

For Vision Super Saver members, the new premium rates table can be found here.

For Vision Personal members, the new premium rates table can be found here.

For Super Saver Australian Services Union members, the new premium rates table can be found here.

In September 2024, individual notices were provided to insured members. Copies can be found in the member online account, under Accounts tab and selecting General correspondence.

Nature of event or change:
Changes to our Property and Infrastructure investment options

Notice date 
July 2024

Impact of the change 

The Property and Infrastructure investment options for accumulation members will close on 4 October 2024. Any account balance which is held in the property or infrastructure option(s) will be moved to the Balanced Growth investment option on 4 October 2024. For your information, refer to the Notice.

 

Notice date 
December 2022

Nature of event or change: 
Super Saver ASU members insurance cover changes

Impact of the change 

From 1 February 2023, there will be changes to the insurance design for death, total permanent and disablement (TPD) and income protection (IP) insurance cover as the cover will no longer be based on your salary. In December 2022, individual notices were posted to all impacted members. Copies of this correspondence can be found in the memberā€™s online account, under the Accounts tab and selecting General correspondence. 

The communication outlined the new benefit design and premiums that will take effect effective from 1 February 2023 as well as describing the individual transition arrangements and options for each member.

For your information, refer to:
ā€¢ Product Disclosure Statement for Super Saver ASU members (effective from 1 February 2023)
ā€¢ Insurance Guide for Super Saver ASU members (effective from 1 February 2023)
ā€¢ The new premium rates tables
ā€¢ Group Life Policy (effective from 1 February 2023)
ā€¢ Income Protection Policy (effective from 1 February 2023)

 

Notice date 
December 2022

Nature of event or change:
City of Melbourne Defined Benefit, Parks Victoria Defined Benefit and Transport Super Scheme Defined Benefit members insurance cover changes

Impact of the change 

From 1 January 2023, for death, total permanent and disablement (TPD) and salary continuance insurance cover, there will be changes to certain terms and conditions. As defined benefit members there are no premiums deducted directly from member accounts for this insurance. In December 2022, individual notices were provided to all impacted members. Copies of this correspondence can be found in the memberā€™s online account, under the Accounts tab and selecting General correspondence. The changes to the terms and conditions are not considered to be detrimental and, in some cases, help clarify the intended application of existing policy provisions.  Detailed explanation of the material changes to the terms and conditions are available here

Notice date 
November 2022

Nature of event or change: 
Super Saver members insurance cover changes

Impact of the change  

From 1 January 2023, for death, total permanent and disablement (TPD) and income protection (IP) insurance cover, there will be changes to the insurance premiums and to certain terms and conditions. There will be a 5.3% premium increase for death and TPD cover and a 29.9% premium reduction for IP cover. The new premium rates table can be found here. In November 2022, individual notices were provided to all impacted members via their preferred communication channel. Copies of this correspondence can be found in the memberā€™s online account, under the Accounts tab and selecting General correspondence. The communication disclosed the new annual premium effective from 1 January 2023. Members can also use the insurance calculators to receive a quote for insurance premiums. The changes to the terms and conditions are not considered to be detrimental and, in some cases, help clarify the intended application of existing policy provisions. Detailed explanation of the material changes to the terms and conditions are available here

Notice date 
November 2022

Nature of event or change:
Personal members insurance cover changes

Impact of the change 

From 1 January 2023, for death, total permanent and disablement (TPD and income protection (IP) insurance cover, there will be changes to the insurance premiums and to certain terms and conditions. There will be a 5.3% premium increase for death and TPD cover and a 29.9% premium reduction for IP cover. The new premium rates table can be found here. In November 2022, individual notices were provided to all impacted members via their preferred communication channel. The communication disclosed the new annual premium effective from 1 January 2023. Copies of this correspondence can be found in the memberā€™s online account, under the Accounts tab and selecting General correspondence. The changes to the terms and conditions are not considered to be detrimental and, in some cases, help clarify the intended application of existing policy provisions. Detailed explanation of the material changes to the terms and conditions are available here

Notice date 
September 2022

Nature of event or change: 
Change of investment option

Impact of the change 

From 1 October 2022, the Sustainable Balanced option was renamed to Balanced low cost and the benchmark allocation of the option and some of its ranges have changed. The benchmark allocation has changed to include 5% allocations to both Infrastructure and Unlisted property, with 5% lower allocations to both Listed property and Diversified bonds. The investment objective of the option was unchanged. Further information can be found in the Super Saver investment guide, the Personal Investment Guide and the Income Stream PDS (as at 1 September 2020). Individual notices were provided to members who are invested (or previously invested) in this investment option and information will also be included in our quarterly newsletter.

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