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Important changes and information

Published August 2019

 

Latest updates and insights on your super


Regulatory

Protecting your super measures introduced from 1 July 2019

The Federal Government’s Protecting Your Super package came into effect on 1 July 2019. The new package is designed to protect super account balances from unnecessary erosion by fees and insurance costs. There are changes affecting Insurance cover, fees and costs and transfer of inactive low-balance accounts to the Australian Taxation Office.

Insurance in super: voluntary code of practice

We want to help you better understand and manage the insurance cover available to you through your super. The Insurance in Super Code of Practice aims to provide greater understanding, transparency and consistency in the delivery of members’ benefits and insurance cover. The new standards will also provide members with better information in relation to their insurance arrangement through simplified disclosure and improved member communications.


Insurance

Are you insured correctly?

It’s important that we have your correct occupational category on record, so you pay the right amount for your insurance cover. We use occupational categories to determine insurance eligibility and insurance fees, so it’s important that yours is correct.

What happens to your insurance cover when you leave your employer?

For more information download the full PDF (PDF 724kB)

Personal circumstances

Let us know when your personal circumstances change to ensure you’re still insured. Even if you continue to pay your insurance fees, a change in your personal circumstances, such as retiring permanently from the workforce or if you permanently depart from Australia, could mean that you’re no longer covered.


General

Your 2019 annual report

In line with our ongoing commitment to reducing our impact on the environment, your 2019 Annual Report will be available online in December at anz.com

Who else can benefit from your super?

Making a valid beneficiary nomination lets us know who gets your super when you die. If you don’t make a nomination, or your nomination becomes invalid, the trustee will decide how your super benefit will be paid after your death.

Are your contact details up to date?

The ATO requires us to transfer some super balances where we have lost touch with members. If your account does get transferred to the ATO, you will no longer have an account with us and any insurance cover you have with us will stop.


Investment option changes

Changes made over the last financial year

We’re committed to helping you achieve your financial goals by regularly reviewing the investment menu, making sure you have access to market-leading investment options. The following outlines changes that have been made over the past financial year.

  • New investment managers
  • Investment fund profile changes
  • Standard Risk Measure

For more information download the full PDF (PDF 724kB)

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

Previous important changes and information

Important changes and information - May 2019
 

Latest updates and insights on your super, that are relevant to you.

Important changes and information - February 2019
 

A summary of significant product, insurance or regulatory changes that may impact your ANZ Smart Choice Super account.

Important changes and information – November 2018
 

A summary of significant product, insurance or regulatory changes that may impact your ANZ Smart Choice Super account.

ANZ Smart Choice Super is a suite of products consisting of ANZ Smart Choice Super and Pension, ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (together ‘ANZ Smart Choice Super’). ANZ Smart Choice Super and Pension is a retail product issued pursuant to a Product Disclosure Statement (PDS). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are both MySuper compliant employer products issued pursuant to a separate PDS for employer plans and PDS for QBE.

ANZ Smart Choice Super is issued by OnePath Custodians Pty Limited (OnePath Custodians) (ABN 12 008 508 496, AFSL 238346, RSE L0000673), and the ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Custodians is the issuer of ANZ Smart Choice Super but is not a Bank. Except as set out in the relevant Product Disclosure Statement (PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer or the capital or performance of any investment. Such investment is subject to investment risk, including possible repayment delays and loss of income and principal invested. Returns can go up and down. Past performance is not indicative of future performance.

ANZ Smart Choice Super and Pension received a Gold rating in SuperRatings’ 2019 product rating in both the Super and Pension categories. ANZ Smart Choice Super for employers and their employees received a Gold rating in SuperRatings’ 2019 MySuper product rating. SuperRatings does not issue, sell, guarantee or underwrite these products. Go to www.superratings.com.au for details of its ratings criteria.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information you should consider whether the information is appropriate for you having regard to your objectives, financial circumstances or objectives. ANZ recommends that you read the ANZ Financial Services Guide, the relevant Product Disclosure Statement, product and other updates which are available by calling Customer Services on 13 12 87, or visiting our website here or here (for employer members), and consider whether the product is right for you before making a decision to acquire or to continue to hold the product. 

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail. 

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including exit fees, other loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid.

ANZ does not represent or guarantee that access to ANZ Internet Banking or the ANZ App will be uninterrupted. Temporary service disruptions may occur. ANZ recommends that you read the ANZ App Terms and Conditions available at anz.com and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App. The ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them.

In addition to their salary, ANZ staff members may receive monetary or non-monetary benefits depending on the product they are selling or providing advice on. You may request further information from ANZ. Other key features including insurance, available investment options and performance, exit fees and functionality are relevant when choosing a super fund. 

This information may be subject to change. Updated information will be available free of charge by calling Customer Services on 13 12 87.