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Significant events

The Trustee is required to notify you when there are material changes or significant events (as defined in the Superannuation Industry Supervision Act 1993) relating to your membership or entitlements with TWUSUPER.

These may include changes to fees and costs, insurance cover or premiums (fees), Government contribution limits or tax rates, composition of investment options or transfer of member benefits without consent. 

How we notify you 

We communicate these changes and events via Significant Event Notices (SEN), either as a standalone correspondence to you or in other correspondence such as annual statements or newsletters. 

Where we have an email address on file, we may email any standalone correspondence to you. If we do not have an email address on file, we will send standalone correspondence to your residential address.

Depending on the event or change, we may publish a SEN online or email it to you. 

Changes or events announced in a SEN are generally incorporated into the next version of the applicable Product Disclosure Statement (PDS):

Significant event notices 

See below for the notices TWUSUPER has issued in the last two years.

If you have any questions, call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays or email memberservice@twusuper.com.au.

  • 23 September 2017

    Nature of event of change:

    TAL Life Limited (ABN 70 050 109) replaced CommInsure (ABN 12 004 021 809) as the Fund’s insurer effective 27 May 2017.

    Impact of the change:

    Affected members were advised through their 2016/17 Annual Member Statement and accompanying information that as part of these new arrangements:

    • insurance costs changed for most members – for example, the weekly costs for Group 1 members with basic cover (which is the majority of members who have default Death and Total and Permanent Disablement (TPD) cover with the Fund) reduced by over 23%
    • the definition for ‘Terminal illness’ (as it relates to an insured benefit) changed, and
    • conditions relating to the reinstatement of insurance cover changed, where cover ceases due to a low account balance.
  • 23 September 2017

    Nature of event of change:

    The Fund’s expense recovery fee reduced effective 1 July 2017.

    Impact of the change:

    All members were advised through their 2016/17 Annual Member Statement and accompanying information that the Fund’s expense recovery fee reduced from 0.34% pa to 0.33% pa. The expense recovery fee is deducted from Fund assets before crediting rates are determined – it is not deducted directly from members’ accounts.

  • 23 September 2017

    Nature of event of change:

    Effective 30 September 2017, super funds – including TWUSUPER – must comply with new Government requirements by including a broader range of investment costs when disclosing the fees and costs of investing with the Fund.

    Impact of the change:

    All members were advised through their 2016/17 Annual Member Statement and accompanying information that in addition to the fees we pay our investment managers, we must also disclose any costs our investment managers incur in managing investments on our behalf. While the investment costs we disclose are higher as a result of the new requirements, it’s important to note the following:

    • Members are not paying any more for investing with the Fund because of these changes – the key change is how we disclose investment costs.
    • How the Fund calculates crediting rates has not changed – the change in disclosure of investment costs will not affect how we take investment costs into account when calculating crediting rates. Further, historical crediting rates have not changed as a result of the new requirements.
  • 15 February 2017

    Nature of event of change:

    Closure of TWUSUPER’s TransPersonal division effective 27 May 2017.

    Impact of the change:

    Affected members were advised by letter that effective 27 May 2017 the following would happen automatically:

    • Their membership would be transferred to the Fund’s Industry division.
    • Any amounts they had invested in the Balanced investment option would be automatically allocated to the Balanced (MySuper) investment option.
    • If they met certain eligibility requirements, they would automatically receive a default level of Death and Total and Permanent Disablement (TPD) cover – known as basic insurance cover – when (and if) an employer Superannuation Guarantee (SG) contribution was next made to their super account (on or after 27 May 2017).
  • 23 September 2016

    Nature of event of change:

    Reduced expense recovery fee effective 1 July 2016.

    Impact of the change:

    All members were advised through their 2015/16 Annual Member Statement and accompanying information that from 1 July 2016, the Fund's expense recovery fee (which includes estimated operational costs such as administration charges, legal fees, office and communication expenses, and other miscellaneous expenses) reduced from 0.35% pa to 0.34% pa.

  • 23 September 2016

    Nature of event of change:

    Reduced Operational Risk Reserve effective 1 July 2016.

    Impact of the change:

    All members were advised through their 2015/16 Annual Member Statement and accompanying information that from 1 July 2016, the target level of the Fund's Operational Risk Reserve dropped from 0.30% to 0.275% of net Fund assets.

  • 1 July 2016

    Nature of event of change:

    Binding death benefit nominations being introduced.

    Impact of the change:

    All members were advised through the Fund's How Super Works document dated 1 July 2016, and their 2015/16 Annual Member Statement and accompanying information, that the Fund is in the process of introducing binding death benefit nominations. It is anticipated that members will be able to make binding death benefit nominations from 1 November 2016.

 

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