Significant Event Notice | |||
|---|---|---|---|
Notice date | Nature of event or change | Impact of the change | |
July 2024 | Changes to our Property and Infrastructure investment options. | 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. | |
December 2022 | Super Saver ASU members insurance cover changes | 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 member’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: • Product Disclosure Statement for Super Saver ASU members (effective from 1 February 2023) • Insurance Guide for Super Saver ASU members (effective from 1 February 2023) • The new premium rates tables • Group Life Policy (effective from 1 February 2023) • Income Protection Policy (effective from 1 February 2023) | |
December 2022 | City of Melbourne Defined Benefit, Parks Victoria Defined Benefit and Transport Super Scheme Defined Benefit members insurance cover changes | 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 member’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 | |
November 2022 | Super Saver members insurance cover changes | 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 member’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 | |
November 2022 | Personal members insurance cover changes | 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 member’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 | |
September 2022 | Change of investment option | 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. | |
December 2020 | Changes to insurance | We work closely with our Insurer (MLC Life) to regularly review the insurance we offer our members, to make sure it continues to provide you with the best-value cover and to meet changing government requirements. From 1 January 2021, the following insurance updates have been made. A premium increase for Death, total and permanent disablement (TPD) and income protection (IP)cover* and, definition changes to our TPD and IP cover. *This does not apply to our defined benefit members. Individual notices were posted to all impacted members outlining these changes. You can also refer to this page for more information. | |
April 2020 | Reduced minimum drawdown. | The Government has temporarily reduced the minimum drawdown limits by 50 per cent for the 2019-20 and 2020-21 income years for all account based pensions and similar products. Letters were sent to affected members in April 2020. | |
March 2020 | Federal Government’s Putting Members Interests First | From 1 April 2020, casual members will receive death only insurance when they have $6,000 in their account and have received a superannuation guarantee contribution (SG contribution) in the last six months. Prior to 1 April 2020, death only insurance was applied when the account balance was $1,000. Notices were sent to affected members in March 2020. | |
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