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.

  • 20 September 2019

    Nature of event or change:

    The Government’s Protecting Your Super reforms – designed to protect your super account from unnecessary fees and charges – began operating on 1 July 2019.

    From 1 July 2019, we have been required to remove insurance from ‘inactive’ super accounts – these are accounts that have not received a contribution or rollin for 16 months. The removal of insurance from inactive super accounts means most super funds have less insured members than before – this is the case with TWUSUPER. This has resulted in insurers – including our insurer, TAL Life Limited (ABN 70 050 109 450, AFSL 237848) – reviewing insurance premiums.

    Impact of the change:

    From 1 November 2019 insurance fees for:

    • Death and Total and Permanent Disablement (TPD) basic cover are increasing for all insured members.
    • Death and TPD fixed basic cover and voluntary cover (including individual transfer terms cover and lifetime event cover) are increasing for all insured members.
    • Income Protection (IP) cover are increasing for all insured members.

    If you do not have insurance cover with the Fund, these changes will still affect you if you become eligible or apply for insurance in the future.

    More information can be found in the Significant Event Notice mailed to members during September 2019.

  • 26 April 2019

    Nature of event or change:

    The Government’s Protecting Your Super package – which was announced in the 2018-19 Budget and passed both Houses of Parliament on 18 February 2019 – is a package of regulatory reforms designed to protect Australians’ super savings.

    The reforms are, in summary:

    • Insurance for 'inactive' accounts to be provided on an opt-in basis only: Trustees cannot continue to provide automatic insurance coverage to members holding 'inactive' accounts, unless the member chooses to maintain their cover. An 'inactive' account is defined as one that has not received a contribution or a roll-in (from any source) for a continuous period of 16 months.
    • Small balance accounts: Where a super account is considered inactive (see above) and the balance of the account falls below $6,000, we may need to transfer the account to the ATO (in addition to turning off insurance). If we do so, you will no longer be a member of TWUSUPER. The ATO will try to consolidate your super money with any active super accounts you may have (if you have one, and the balance of the combined accounts is greater than $6,000). If the ATO can’t consolidate your super money, it will remain with them until you claim it – note, the ATO does not pay any interest on super accounts they hold.
    • Removal of exit fees: Exit fees cannot be charged for partial or full withdrawals.
    • Capped fees for low balance accounts: For super accounts with a balance below $6,000 on the last day of a financial year, there will be a cap of 3% on administration fees, investment fees and indirect costs.

    Impact of the change:

    • Members whose super accounts are considered inactive will have their insurance cancelled on 1 July 2019 unless they choose to opt-in.
    • Inactive super accounts with a balance below $6,000 may be transferred to the ATO.
    • Members won’t be charged a fee for any withdrawals from their account.
    • For super accounts with a balance below $6,000, there will be a cap of 3% on administration and investment fees.

    These changes were communicated to affected members by letter and email during April and May 2019. The changes become effective from 1 July 2019.

  • 7 September 2018

    Nature of event or change:

    TWUSUPER (‘the Fund’) is making some significant changes effective 27 October 2018 relating to:

    • the Fund’s administrator, which will result in transaction restrictions and suspensions
    • pension payments, including early payment of some October pension payments and changing from ‘twice-a-month’ to ‘fortnightly’ pension payments (TransPension accounts only)
    • insurance arrangements (super accounts only)
    • allocating investment earnings
    • fees, and
    • transfers to the eligible rollover fund and closure of the Transuper division (super accounts only).

    Impact of the change:

    The Fund has prepared a transition webpage that explains in full the important changes we are making and how members are affected. Members should read the information on the transition webpage first and if they have any questions or concerns, call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays. These changes were communicated to members as part of the 2017-2018 Annual Statement Pack mailout in September 2018.

 

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