The key product updates we will let members know about include:
• Fee changes which include a reduction of administration fee for Income accounts from $3.00 to $1.50 per week, 3% fee cap for balances less than $6,000 and removal of exit fees.
• Investment changes to the asset allocations and standard risk measure for some of our investment options and an objective change for the Socially Conscious Balanced option.
• Legislation changes that will come into effect on 1 July 2019, including the Protecting Your Superannuation Package requirements, Work test exemption for recent retirees and “catch-up” concessional contributions.
It’s important to note that some of your employees may be affected by the new insurance inactivity rules and our policy change to cancel insurance cover when no eligible contributions have been received for 12 months or more on 1 July 2019, UNLESS the member contributes to the fund or advises that they wish to keep their insurance cover.
We will be communicating this important message to all affected members again separately.
View the full Product Update on our website.