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
Notice date
Nature of event or change
Impact of the change
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.

Frequently asked questions

We’re required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

This is to make sure we’re keeping members at the centre of our approach to the design and distribution of our financial products.

This legislation requires financial services product issuers to design products that are appropriate for the consumers in the target market and consistent with their objectives, financial situation, and needs.

A Target Market Determination is a document which describes who a product is appropriate for (target market), and any conditions around how the product can be distributed to customers. 

It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.

It depends how your details have been changed. The most common request is changing a surname due to marriage, which you can do with a certified copy of your marriage certificate, and a Vision Super “Change of Personal Details form” found here: view form

If you have changed your name another way, we recommend you contact us first on 1300 300 820 so we can outline what documents we need to change your details without issue.

If you want to change your address, you can do this by logging onto the secure member portal online, or calling our Member Services team on 1300 300 820.

You can check your balance 24/7 via Vision Online, our secure member secure site, or via the Vision Super app for mobile devices. You can also contact our Member Services on 1300 300 820 or by emailing us on [email protected]

Here’s how it works. You may be able to receive a tax-free contribution from the Government when you make a non-concessional (after-tax) contribution to your super account.  The maximum entitlement that can be received is $500 where your total income is $41,112 or less in the 2021/22 year. This reduces on a sliding scale and cuts out if your total income is above $56,112 in the 2021/22 year.

This is, of course, provided you satisfy work, income and age tests.

Please note that the income threshold test for the co-contribution is your total income, which is calculated as follows:

Total income (assessable income + reportable fringe benefits + reportable employer super contributions – allowable business deductions).

In very basic terms, ‘salary sacrificing’, or ‘salary packaging’ means using some of your before-tax salary to pay for something. In superannuation terms, it is usually an arrangement between you and your employer to contribute some of your before-tax salary into your superannuation account.

In the 2021/2022 financial year, the maximum that can be contributed as before-tax payments is $27,500, this includes your employer SG payments of 10%.

Please note that any after-tax contributions made, where you obtain a tax deduction, are included in this contribution limit.