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Important changes and information

Published May 2019

 

Latest updates and insights on your super


Regulatory

Important changes to super from 1 July 2019

The Federal Government’s Protecting Your Super package comes into effect on 1 July 2019. The new package is designed to protect super account balances from unnecessary erosion by fees and insurance costs.

Changes to insurance

  • If your account has been inactive, that is we have not received an amount in your account for a continuous 16 month period, your insurance will be cancelled.
  • Impacted members have been notified in writing and provided an Opt-in Nomination Form. If you wish to keep your insurance cover, you will need to complete and return the form via email or our reply paid envelope by 30 June 2019.
  • These changes apply to all cover types including Death, Total & Permanent Disability and Income Protection.

Before making a decision about your insurance cover, we encourage you to speak to your financial adviser to determine if your insurance cover is still appropriate for you.

Changes to fees

  • There will be a 3% cap on administration and investment fees on accounts with balances below $6,000 at the end of the financial year.
  • Exit fees, including fees for full and partial withdrawals, will be removed from 1 July 2019.

Inactive account transfer

  • If your account has been inactive for 16 months and you have a balance less than $6,000, we are required to transfer your account to the Australian Taxation Office (ATO).
  • The ATO will then try to transfer the money into an active super account, if you have one.

There are a few ways that you can ‘re-activate’ your account, including:

  • make a contribution or have your employer contribute to your account,
  • change your insurance,
  • nominate a binding beneficiary, or
  • combine your super accounts so your balance is $6,000 or more.

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. That’s why we have opted into the Insurance in Superannuation Voluntary Code of Practice, which started on 1 July 2018.

The Code aims to provide greater understanding, transparency and consistency in the delivery of members’ benefits and insurance.

We will provide ongoing updates as we move forward with adopting the Code of Practice. Read the Insurance in Super Code of Practice (PDF 311kB), to better understand how the Code can help you, see the transition plan we’ve developed and our earlier opt-in notice. The Annual Code Compliance Report will shortly be published so you can see how we’re tracking with our adoption.


Is your account up to date?

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. For more information, refer to the relevant Additional Information Guide.

It’s important to keep your beneficiaries up to date to ensure they reflect any changing circumstances in your life. You can nominate, cancel or change your nominated beneficiaries online through ANZ Internet Banking simply click on your super account and select the ‘Beneficiaries’ section on the main snapshot page.

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.disclaimer

We use occupational categories to determine insurance eligibility and insurance fees, so it’s important that yours is correct. Your employer will generally advise us of your occupational category when you join ANZ Smart Choice Super for employers and their employees.disclaimer

If you or your employer have not provided us with the correct details of your occupation, or you have not previously provided your occupation, you may have been classified as ‘Standard collar’ and may be paying more for your insurance cover. 

Remember to let us know of any changes to your occupation to ensure you’re still in the correct occupational category. In particular, if you are leaving a tailored insurance arrangement where previously your occupational category may not have been relevant, as it may change your insurance fees.

Your occupational category will be shown on your last Annual Statement, alternatively call Customer Services on 13 12 87 to check or make any changes to the occupational category we have on record.

Are you still covered?

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 could mean that you’re no longer covered. It is important to keep us informed of any changes to your personal or working circumstances to ensure you’re paying the right insurance fees for your cover.

To advise us of any changes to your personal circumstances, or for further information, call Customer Services on 13 12 87.

Stop the transfer of your super account

Stay in touch with us so your super account doesn’t get transferred to the Australian Taxation Office (ATO).

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 be a member of ANZ Smart Choice Super and any insurance cover you have with us will stop.

How to stay in touch?

There are a few ways to keep your ANZ Smart Choice Super account with us and stop it from being transferred to the ATO.

  1. Update your contact details
    • Make sure you’re signed up for internet banking to ensure your address and other details are up to date.
    • Manage your super online.
  2. Consolidate your super
    • Combine your super into one account and save.
    • Search and combine now through ANZ internet banking.
  3. Take your super with you to a new employer
  4. Make your own contributions

Did you know?

Stay connected to your super

Did you know that you can manage all of your ANZ Smart Choice Super account information online anytime, including opting in for electronic communications and online statements via ANZ internet banking?

You can also,

  1. Check your account balance any time.
  2. Keep track of your transactions.
  3. Change your investment mix.
  4. Nominate or update your beneficiaries.

Register for ANZ Internet Banking now.

If you need any help with setting up online access, call Customer Services on 13 12 87.

Transfer of products

On 13 April 2019, all members and assets were transferred from the OnePath MasterFund to the Retirement Portfolio Service superannuation fund through a Successor Fund Transfer (SFT). By now, you will have received a letter for each of your accounts about the SFT.

The key features of your superannuation account remain the same, with no changes to investments, insurance cover, service or fees. Any instructions you have provided to us have been transferred to the new fund.

Find out more about the SFT.

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

Previous important changes and information

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.

Important changes and information - June 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 and 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.

   

This information is only applicable to members of ANZ Smart Choice Super for employers and their employees.

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The Trustee relies on information provided by your employer about you at the time that you join ANZ Smart Choice Super for employers and their employees, including the appropriate category of membership, as well as changes in your information over the course of your membership, for example changes in salary. Some of the information your employer provides may determine your benefits according to your eligibility. Where any information is found to be inaccurate, the Trustee will not be responsible for the inaccuracy or any reliance on it. Inaccurate information may result in eligibility being denied or benefits being declined.

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