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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.

  • 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.

  • 21 September 2015

    Nature of event of change:

    Terminal illness as a condition of release.

    Impact of the change:

    All members were advised through their 2014/15 Annual Member Statement and accompanying information that the requirements for terminal illness – as a condition of release – changed from 1 July 2015 to allow a person to qualify where two medical practitioners (as defined) certify the illness or injury is likely to be terminal within 24 months instead of the previous requirement of 12 months. Please note, this change only applies to accessing your super account balance (and not to accessing your insured benefit – if any – which remains at 12 months).

  • 21 September 2015

    Nature of event of change:

    Fee changes effective 1 July 2015.

    Impact of the change:

    All members were advised through their 2014/15 Annual Member Statement and accompanying information of the following fee changes effective 1 July 2015:

    • The expense recovery fee decreased from 0.37% pa to 0.35% pa.
    • The investment cost for the Fund’s investment options changes as follows:
      • Cash Plus: reduced from 0.09% pa to 0.08% pa
      • Balanced (MySuper)*: increased from 0.64% pa to 0.67% pa
      • Equity Plus: increased from 0.64% pa to 0.69% pa
    • The performance fee (where payable) for the Fund’s investment options changed as follows:
      • Balanced (MySuper): increased from 0.06% pa to 0.07% pa
      • Equity Plus: increased from 0.05% pa to 0.06% pa

    * Balanced (MySuper) also includes the Balanced investment option for TransPension members.

 

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