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Important changes and information

Published August 2020

 

Latest updates and insights on your super

For more information on any of the following, please download the full PDF (PDF 535kB).


Regulatory

'Putting members’ interests first' legislation

The Federal Government’s ‘Putting members’ interests first’ legislation was introduced from 1 April 2020 and designed to prevent super savings from being reduced by the cost of insurance cover that members may not want or need. This is important for younger members and those with low super balances to help them grow their super.

It means that members with a super account balance that remained below $6,000 between 1 November 2019 to 31 March 2020, will have had their insurance cover cancelled effective 31 March 2020 (unless they told us they wanted to keep it).

If your insurance cover was cancelled and you would like to keep it (reinstate), read more by downloading the full PDF (PDF 535kB).

'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 package was designed to protect super account balances from being reduced by fees and insurance costs. The changes affected insurance cover, fees and costs, and transfer of inactive low-balance accounts to the Australian Taxation Office (ATO).

Temporary reduction of minimum pension payments

Due to the economic impact of COVID-19, the Federal Government has legislated for a temporary halving of the minimum amount that pension members must withdraw from their pension accounts each year. For more information on the temporary minimum rates for 2019/20 and 2020/21 financial years, download the full PDF (PDF 535kB).

Budget 2019: Age-based contribution limits to your super

Effective from 1 July 2020, the Federal Government has changed the age requirements for acceptance of super contributions. For more information on these changes, download the full PDF (PDF 535kB).


Insurance

Insurance re-rate

In a time when every dollar counts, we’re pleased to let you know that your insurance fees decreased on 1 July 2020. Please refer to your Annual Statement or log on to ANZ Internet Banking for more information on your insurance cover and insurance fees. The changes to your insurance fees were applied automatically and you would have received a notification to let you know about the fee decrease.

Pending Insurance cover cancellation

If your account was set up and a super contribution was not paid into your account, we may have your recorded your insurance cover as ‘pending’ and you would have received a communication from us advising your options.

From 1 April 2020, we’re generally required to cancel or not provide insurance cover under the Putting Members’ Interests First legislation when a member’s account balance is less than $6,000 or the member is under 25 years of age.

As part of the steps we have taken to comply with the legislation, we removed the pending insurance cover from your account. If you would like more information on what insurance cover is available, download the full PDF (PDF 535kB).

Insurance in super: voluntary code of practice

The Insurance in Super Code of Practice (the Code) is the superannuation industry’s commitment to high standards when providing insurance to its members. The Code is intended to ensure the insurance cover super funds offer their members is affordable and meets their needs.

We are progressively adopting the Code to help you better understand and manage the insurance cover available to you through your super. Under the new standards you will have access to better information about your insurance cover through simplified disclosure, our enhanced claims service and improved member communications.

Are you insured correctly?

It’s important to let us know about any changes to ensure you are insured correctly and continue pay the right amount for your insurance cover. Download the full PDF (PDF 535kB) for more information on:

  • occupational categories
  • if your personal circumstances have changed
  • what happens to your insurance cover if you leave your employer
  • checking your insurer.

General

Your 2020 annual report

In line with our ongoing commitment to reduce our impact on the environment, your 2020 Annual Report will be available online in December 2020 via Internet Banking at anz.com.

Change of ownership for ANZ’s Wealth business

In 2017, ANZ announced the sale of its Wealth business, which included the separate change of ownership for its superannuation and investment business and for its insurance business. In May 2019, ANZ completed a change of ownership to Zurich Financial Services Australia Limited (Zurich) for its insurance business. The ownership change of ANZ’s superannuation and investment business to IOOF Holdings Limited (IOOF) occurred on 31 January 2020.

APRA levy and Regulatory Change expense recovery

All Australian Prudential Regulation Authority (APRA) regulated superannuation funds are charged an APRA Levy each year to recover the general operational costs of APRA. For more information, download the full PDF (PDF 535kB).

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 be cancelled. Please ensure your contact details are up to date.


Investment option changes

Changes made over the last financial year

We’re committed to helping you achieve your financial goals by regularly reviewing our investment menu, making sure you have access to market-leading investment options. Download the full PDF (PDF 535kB) for more information on the changes that have been made over the past financial year to:

  • Updates to buy-sell spreads
  • Investment fund changes
  • Standard Risk Measure.

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 (PDF 416kB)ANZ Smart Choice Super for employers and their employees (PDF 594kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 441kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522).  We recommend that you read the ANZ Financial Services Guide (PDF 479kB), before deciding whether to acquire or continue to hold this product. View the ANZ Smart Choice Super and Pension Target Market Determination (PDF 252kB). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at anz.com/smartchoicesuper. View the ANZ Smart Choice Super for employer and their employees Target Market Determination (PDF 464 kB). ANZ Smart Choice Super is part of the Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the Insignia Financial Group of companies, comprising Insignia Financial Ltd (formerly IOOF Holdings Ltd) ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the Insignia Financial Group of companies (including OPC) are not related bodies corporate. ANZ does not stand behind or guarantee these products.

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 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. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

This article was prepared and written by OPC.

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Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880 at the request of OPC. For a copy of the latest SuperRatings research, click here (PDF 146kB) or call 13 12 87.

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