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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).


'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 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.


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

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, 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) (PDF 189kB) . 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 (PDF 186 kB) and PDS for QBE (PDF, 198kB).

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 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 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.