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

Keep an eye out for your 2017-18 Annual Statement Pack mailed to you in mid-September 2018 for more information.

You can also phone us on 1800 222 071 8am to 8pm (AEST/AEDT) weekdays with any questions – you will be speaking with a person who is knowledgeable, helpful and based in Australia. That won’t change.

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 – will provide further information on whether you are affected.

  • Online access (and member numbers)

    From 24 October 2018, Member Access will no longer be available. It will be replaced by the Fund’s new secure online portal, Member Online, around mid-November.

    As part of this change, you’ll be given a new member number. You’ll need this and a 4-digit PIN (instead of a password) to access Member Online. Your new member number and details on how to access Member Online will be included in an information pack sent to you mid to late-November 2018.

  • Restricted transactions

    It will be necessary to restrict and suspend transactions and services – including investment switches and withdrawals. We will process member requests received by 15 October 2018 – processing will then be suspended until 12 November 2018.

    Once we recommence processing transactions on 12 November 2018, we will catch up as quickly as possible with requests received during this period. But it may take up to two to three weeks before all transactions are being processed within normal timeframes.

    Please note, we will provide further updates on this restricted transaction period in late-September.

  • 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)

    From 24 October 2018, Member Access will no longer be available. It will be replaced by the Fund’s new secure online portal, Member Online, around mid-November.

    As part of this change, you’ll be given a new member number. You’ll need this and a 4-digit PIN (instead of a password) to access Member Online. Your new member number and details on how to access Member Online will be included in an information pack sent to you mid to late-November 2018.

  • Restricted transactions

    It will be necessary to restrict and suspend transactions and services – including investment switches, regular pension payments and lump sum pension payments (also called commutations). We will process member requests received by 15 October 2018 – processing will then be suspended until 12 November 2018.

    Once we recommence processing transactions on 12 November 2018, we will catch up as quickly as possible with requests received during this period. But it may take up to two to three weeks before all transactions are being processed within normal timeframes.

    If you plan to make any of the following transactions in October or November, you will need to get these requests to us no later than 15 October 2018:

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

    Please note, we will provide further updates on this restricted transaction period in late-September.

  • 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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