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We’re making important changes effective 27 October 2018 to improve and enhance our future products and services for both our members and employers.

By now, you should have received your 2017-18 Annual Statement Pack mailed to you in mid-September 2018. The pack contains detailed information about the changes we're making.

You can also phone us on 1800 222 071 8am to 8pm (AEST/AEDT) weekdays with any questions and speak with one of our call centre specialists based here in Australia. 

Upcoming changes for Super members

  • New insurance arrangements

    From 27 October 2018, there will be changes to the Fund’s insurance arrangements. Your 2017-18 Annual Statement Pack – sent to you mid-September 2018 – provides further information on these changes designed to ensure our insurance benefits are appropriate for all age groups and that fees don't unreasonably erode members' accounts.

  • Online access (and member numbers)

    Member Access, your secure online account, will be replaced by ‘Member Online’. The transition process will require the temporary suspension of secure online access. Any transactions you want to perform via Member Access (eg an investment switch) will need to be conducted by 5pm on Friday 19 October 2018. We plan to have the new Member Online service up and running by Thursday 22 November 2018.

    From late November we will post you your new member number and a 4-digit Personal Identification Number (PIN). You'll need these to access Member Online.

  • Restricted super transactions

    The transition process will require a period where no superannuation transactions can take place. This period runs from 19 October 2018 to 12 November 2018. Once we recommence processing transactions, we will endeavour to catch up as quickly as possible with all requests received during this period. It may take up to two to three weeks (by end of November) before all transactions are being processed within normal timeframes.

    The key date you need to remember is close of business on Friday 19 October 2018 for receipt of all Member Access or paper-based transactions such as withdrawals and rollouts. Please note your paperwork has to be received by this date, so you need to allow for postal delivery times, generally 2-6 business days.

  • BPAY, Direct Debit and EFT changes

    From 19 October 2018, Direct Debit and EFT will no longer be available as payment options.

    As BPAY® details will be changing, we recommend any BPAY payments are made by 19 October 2018. New BPAY details will be available in mid to late November 2018.

    ® Registered to BPAY Pty Ltd ABN 69 079 137 518.

  • Move to unit pricing

    On 27 October 2018, the way investment earnings are allocated to your account will change – unit pricing will replace the current crediting rate method. Your 2017-18 Annual Statement Pack – sent to you mid-September 2018 – will provide further information on how unit pricing works.

  • Administration fees

    From 27 October 2018, the method used for collecting expense recovery fees will change. The indirect fee component will be reduced and a ‘direct’ expense recovery fee will be introduced. The ‘direct’ expense recovery fee will be deducted directly from members’ accounts monthly with a monthly cap of $62.50 (annual cap of $750).

    The changes are summarised below:

    Expense recovery fee up to 26 October 2018

    Expense recovery fee from 27 October 2018

    0.33%* deducted from total Fund assets before crediting rates are determined.

    0.25%* of your account balance deducted directly from your account capped at $62.50 per month ($750 per year), plus

    0.06% to 0.10%* deducted from Fund assets before unit prices are determined.

    * These fees are estimates for the financial year ending 30 June 2019 and may vary from time to time.

    Administration fees and insurance fees (premiums) have traditionally been calculated weekly and deducted on the last Friday of the month. From 27 October 2018, these fees will instead be calculated and deducted at the end of each month.

  • Significant Event Notice - read carefully

    The changes we are making effective 27 October 2018 and which are summarised above, are fully explained in the Significant Event Notice dated 7 September 2018 for Industry, Transuper and TransPersonal members - please read it carefully.

 

Upcoming changes for TransPension members

  • Early payment of some October pension payments

    If you have a pension payment scheduled to be processed on 28 October 2018, it will now be processed on 23 October 2018. For those members who have chosen ‘twice-a-month’ pension payments, the payment on 23 October 2018 will be a double payment (replacing the two pension payments that would have normally been processed on 28 October 2018 and 11 November 2018).

  • Changing from ‘twice-a-month’ to ‘fortnightly’ pension payments

    Members can currently choose to receive ‘twice-a-month’ pension payments – processed on the 11th and 28th day of each month.

    Twice-a-month pension payments will instead be made ‘fortnightly’ – every second Tuesday. This means 26 payments per year, aligned with the Centrelink Aged Pension payment cycle (instead of 24). While the amount paid each fortnight will reduce to allow for the two extra payments, the total annual amount paid for the year will remain the same.

    This calendar better shows how pension fortnightly pension payments work.

  • Online access (and member numbers)

    Member Access, your secure online account, will be replaced by Member Online. The transition process will require the temporary suspension of secure online access. Any transactions you want to perform via Member Access (eg an investment switch) will need to be conducted by 5pm on Friday 19 October 2018. We plan to have the new Member Online service up and running by Thursday 22 November 2018.

    From late November we will post you your new member number and a 4-digit Personal Identification Number (PIN). You'll need these to access Member Online.

  • Restricted TransPension transactions

    The transition process will require a period where no TransPension transactions can take place. For most transactions, this period runs from 19 October 2018 to 12 November 2018. Once we recommence processing transactions, we will endeavour to catch-up as quickly as possible with all requests received during this period. It may take up to two to three weeks (by end of November) before all transactions are being processed within normal timeframes.

    The key date you need to remember for most transactions is close of business on Friday 19th October 2018 for receipt of all Member Access or paper-based transactions such as:

    • changes to your pension payment amount or frequency
    • applications for lump sum pension payments (also called commutations)
    • changes to your investment options (also called switching).

    Please note your paperwork has to be received by this date, so you need to allow for postal delivery times, generally 2-6 business days.

    If you want to conduct transactions not listed above, please call 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.

  • Move to unit pricing

    On 27 October 2018, the way investment earnings are allocated to your account will change – unit pricing will replace the current crediting rate method. Your 2017-18 Annual Statement Pack – sent to you mid-September 2018 – will provide further information on how unit pricing works.

  • Administration fees

    From 27 October 2018, the method used for collecting expense recovery fees will change.

    Pre-retirement Super Pension accounts

    The indirect fee component will be reduced and a ‘direct’ expense recovery fee will be introduced. The ‘direct’ expense recovery fee will be deducted directly from members’ accounts monthly with a monthly cap of $62.50 (annual cap of $750).

    The changes are summarised below:

    Expense recovery fee up to 26 October 2018

    Expense recovery fee from 27 October 2018

    0.33%* deducted from total Fund assets before crediting rates are determined.

    0.25%* of your account balance deducted directly from your account capped at $62.50 per month ($750 per year), plus

    0.06% to 0.10%* deducted from Fund assets before unit prices are determined.

    * These fees are estimates for the financial year ending 30 June 2019 and may vary from time to time.

    Administration fees have traditionally been calculated weekly and deducted on the last Friday of the month. From 27 October 2018, these fees will instead be calculated and deducted at the end of each month.

    Retirement Super Pension accounts

    The indirect fee component will be reduced and a ‘direct’ expense recovery fee will be introduced. The ‘direct’ expense recovery fee will be deducted directly from members’ accounts monthly with a monthly cap of $62.50 (annual cap of $750).

    The changes are summarised below:

    Expense recovery fee up to 26 October 2018

    Expense recovery fee from 27 October 2018

    0.33%* deducted from total Fund assets before crediting rates are determined.

    0.20%* of your account balance deducted directly from your account capped at $62.50 per month ($750 per year).

    * These fees are estimates for the financial year ending 30 June 2019 and may vary from time to time.

    Administration fees have traditionally been calculated weekly and deducted on the last Friday of the month. From 27 October 2018, these fees will instead be calculated and deducted at the end of each month.

  • Significant Event Notice - read carefully

    The changes we are making effective 27 October 2018 and which are summarised above, are fully explained in the Significant Event Notice dated 7 September 2018 for TransPension members - please read it carefully.

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