skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus

Important changes and information

Published February 2020

 

Important reminder that you may need to take action to retain your Insurance cover

Putting Members’ Interests First legislation

The new legislation is designed to protect Australians’ superannuation savings from undue erosion by insurance fees (premiums).

From 1 April 2020, insurance cover can only be provided to new members:

  • with an account balance of $6,000 or more, and
  • who are aged 25 or over.

A member who doesn’t meet the age and account balance requirements can only obtain insurance cover when they join the fund by providing an Insurance Opt-in Nomination.

Subject to reasonable terms and conditions, the trustee may later provide a MySuper member with insurance cover once their account balance reaches $6,000, provided they are at least age 25 at the time.

What this change means for current members

If you currently have insurance cover and your account balance is less than $6,000, the legislation requires that we cancel your insurance cover on 1 April 2020, unless either:

  • your account balance increases to at least $6,000 before this date, or
  • you let us know before 1 April that you wish to retain your cover by providing an Insurance Opt-in Nomination.

We’ve written to all members impacted by these changes, so please look out for any communications from us to ensure that if you want to retain your insurance cover, you complete the Insurance Opt-in Nomination and return it to us before 1 April 2020.

If you think you may be affected but have not received an Insurance Opt-in Nomination form, call Customer Service on 13 12 87 and we can provide it to you.

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

Previous important changes and information

Important changes and information – November 2019
 

The latest updates and insights on Smart Choice Super.

Important changes and information – August 2019
 

The latest updates and insights on Smart Choice Super.

Important changes and information - August 2019
 

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

Important changes and information - May 2019
 

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

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” a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 113kB)ANZ Smart Choice Super for employers and their employees (PDF 122kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 124kb). 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 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. ANZ Smart Choice Super is part of 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 IOOF Group of companies, comprising IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. 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 IOOF Group of companies (including OPC) are not related bodies corporate.

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.

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.

You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.

Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880. For a copy of the latest SuperRatings research, click here (PDF 452kB).

For more information, visit moneymag.com.au, selectingsuper.com.au and superratings.com.au SuperRatings does not issue, sell, guarantee or underwrite this product. Learn more about SuperRatings' criteria.