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Important changes and information - August 2017



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

Your Annual Report is available online

In line with ANZ’s ongoing commitment to reducing our impact on the environment, your Annual Report will be available online in December at https://super-investments.anz.com/resources > Financial Reports and Tax Guides.

If you would like to receive a hard copy (free of charge), please contact Customer Services.

Are your contact details up to date?

It is important that you stay in touch with us and keep your account active, so you do not become ‘lost’.

You may be classified as a ‘lost member’ if

  • we have made one or more attempts to send written communications to you at your last known address, and we believe on reasonable grounds that you can no longer be contacted at any postal or email address known to the fund, and
  • you have not contacted us (by written communication or otherwise) within the last 12 months of your membership of the fund, and
  • you have not accessed details about your account online within the last 12 months of your membership of the fund, and
  • we have not received a contribution or rollover from you, or on your behalf, in the last 12 months of your membership of the fund.

Members of ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees may additionally be classified as ‘lost’ through inactivity if

  • you have been a member for longer than 2 years, and
  • at the time of joining you were an employer-sponsored member, and
  • we have not received a contribution or rollover from you, or on your behalf, in the last 5 years of your membership of the fund.

We are required to report all forms of ‘lost members’ to the Australian Taxation Office (ATO). Additionally, we are required to transfer a lost member’s account to the ATO if

  • the account balance is less than $6,000, or
  • we have insufficient records to pay an amount to the member.

If your account does become ‘lost’ and paid to the ATO you will lose any insurance cover associated with the account, and you will need to contact the ATO about payment options.

If you have not provided your phone number or email address, you can do so via ANZ Internet Banking, or by calling or emailing us.

Check your insurance details

The following information is only applicable to members in ANZ Smart Choice Super for employers and their employees.

Check your insurance cover to ensure it has been set up correctly, including: gender, occupation, age, salary (if applicable), types of insurance and sum insured.

If we have no record of your smoker status, your insurance fees for insurance cover will be calculated based on smoker rates. However, we want to give you the opportunity to pay cheaper insurance fees: you may be entitled to a 10% discount by simply advising us that you are a non-smoker. This discount is on top of our already competitively priced Insurance fees, and applies to Lifestage or Choose Your Own Death and TPD cover.

Please note that to qualify as a non-smoker, you must not have smoked tobacco or any other substance in the last 12 months, and you must not have used nicotine replacement treatment within the past 3 months.

Smoker status does not apply if you are a member with OnePath Life-insured, Tailored cover in ANZ Smart Choice Super for employers and their employees, or a member in a non-OnePath Life insured plan.

To notify us of your non-smoker status please contact Customer Services on 13 12 87. Your discount will be effective from the date we receive your declaration.

Employer contribution obligations for SuperStream compliance

SuperStream is a government reform aimed at improving the efficiency of the superannuation system. As part of the SuperStream reforms, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner prescribed by the ATO.

What does this mean for you?

SuperStream is a significant benefit for employers and their employees as it simplifies the employer super contribution experience by streamlining how payments can be made. Your employer should liaise directly with the ATO in relation to the specific requirements.

What do you need to do?

The obligation for compliance is with your employer; however, payments received by employers that do not comply with SuperStream obligations may be rejected.

Are you still covered?

This applies to members insured by OnePath Life Limited. You can refer to your Welcome Statement and Insurance Guide for details of the Insurer that provides your insurance cover.

Have your personal circumstances changed? If so, have you told us? Because it may mean that you are no longer insured.

Did you know that even though you have continued to pay your insurance fees, a change in your personal circumstances may mean that you are no longer covered? It is important that you continue to advise us of any changes in your personal or working circumstances.

For instance, does one of the following apply to you – if so, you may no longer be covered.

  • Have you permanently retired from the workforce?
  • Have you commenced active service in the defence forces of any country?
  • Were you a visa holder, and has your visa expired?
  • Have you transferred your entire balance to the Pension division or Transition to Retirement division of ANZ Smart Choice Super and Pension?
  • Have you been on employer-approved leave (either paid or unpaid) for a period of two years or more?
  • Were you not at work on the day that your cover commenced?
  • Have you permanently departed Australia?

Please make sure that you contact Customer Services on 13 12 87 to advise us of changes in your circumstances or for further information. Please refer to the section ‘Changes to cover for members residing overseas – OnePath Life insured members only’ for additional information.

Changes to the OptiMix Geared Australian Shares Fund

The investment strategy of the OptiMix Geared Australian Shares Fund (the ‘Fund’), offered through ANZ Smart Choice Super for employers and employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees changed in February.

What changes were made to the Fund?

  • The Fund was previously managed via an active multi-manager investment process called OptiMix. The Fund now utilises a passive approach to investing with the assets being directed by Vanguard Investments Australia Ltd against a benchmark of the S&P/ASX 300 Accumulation Index.
  • The name of the OptiMix Geared Australian Shares fund has changed to the OnePath Geared Australian Shares Index.
  • The ongoing fee was reduced by 0.55% p.a. (before tax for personal super members) as the costs associated with active asset management no longer apply.

New investment strategy and objective

The Fund invests capital and borrowings in a diversified portfolio of Australian shares. The share portfolio comprises approximately 300 of the largest companies (shares) listed on the Australian Securities Exchange (ASX). The Fund will hold most of the securities in the S&P/ASX 300 Index (Index), allowing for individual security weightings to vary marginally from the Index from time to time. The Fund may invest in securities that have been removed from or are expected to be included in the Index.

New investment objective

The Fund aims to achieve returns (before fees, charges and taxes) that magnify the S&P/ASX 300 Accumulation Index returns.

Investment objective changes for the OptiMix diversified funds

This section is for members of ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees.

Following a review of the OptiMix diversified funds, the ’Investment objectives’ of these funds changed from 20 February 2017. The table below confirms the changes.
 

Fund

Previous Investment

objective

New Investment

objective

OptiMix
Conservative
The fund aims to achieve returns (before fees, charges and taxes) that on average exceed inflation by at least 3.5% p.a., over periods of three years or more. The fund aims to achieve returns (before fees, charges and taxes) that on average exceed inflation by at least 3% p.a., over periods of ten years or more.
OptiMix
Moderate
The fund aims to achieve returns (before fees, charges and taxes) that on average exceed inflation by at least 4.5% p.a., over periods of three years or more. The fund aims to achieve returns (before fees, charges and taxes) that on average exceed inflation by at least 4% p.a., over periods of ten years or more.


Furthermore, the investment horizon over which the investment return objectives are expected to be achieved will be extended to periods of 10 years or more for many of the OptiMix diversified funds (including those listed in the table above). This change also applies to the following funds:

  • OptiMix Balanced
  • OptiMix Growth
  • OptiMix High Growth

What is the reason for these changes?

Lower returns are expected from cash and fixed interest assets over the next 10 years. These asset classes make up a substantial portion of the more conservative diversified funds. Therefore, the investment objectives for these funds need to be adjusted to be in line with market conditions and return expectations.

The investment horizon changed for the following reasons:

  • we use 10-year capital market assumptions when we look at future expected asset class returns and when we apply our strategic asset allocation process; and
  • there has been a general movement in the industry towards stating investment objectives over a 10-year period.

What is not changing?

There is no change to the way we manage the investments of the funds. For example, the investment strategy and asset allocations are unchanged. We will continue to actively manage both the underlying fund managers and the asset allocations of the funds.

What do the changes mean for investors?

The revised investment objectives are more closely aligned with our return expectations for each fund. These changes will ensure that current and future investors in the funds are better informed.

For existing investors these changes took place automatically on 20 February 2017. Investors are not required to take any action.

Standard Risk Measure

We have adopted the Standard Risk Measure which is based on industry guidelines to allow investors to compare investment funds that are expected to deliver a similar number of negative annual returns over any 20-year period.

The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than an investor may require to meet their objectives.

Further, it does not take into account the impact of any ongoing fees and tax on the likelihood of a negative return.

Investors should still ensure they are comfortable with the risks and potential losses associated with their chosen investment fund(s).

How to read an investment profile

Risk band Risk label Estimated number of negative annual
returns over any 20-year period 
1 Very low Less than 0.5
2 Low 0.5 to less than 1
3 Low to medium 1 to less than 2
4 Medium 2 to less than 3
5 Medium to high 3 to less than 4
6 High 4 to less than 6
7 Very high 6 or greater



Please refer to the relevant Additional Information Guide (AIG) for more information.

Updated standard risk measures

Option Name Risk Band Risk Label
ANZ Smart Choice 1940s 4 Medium
ANZ Smart Choice Conservative* 4 Medium
ANZ Smart Choice Global Property 7 Very high
ANZ Smart Choice Global Smaller Companiesˆ 6 High
ANZ Smart Choice Moderate 5 Medium to high
ANZ Smart Choice 2000s 6 High
ANZ Smart Choice Australian Fixed Interest 4 Medium
Walter Scott Global Equity (Hedged)ˆ 7 Very high
PIMCO Diversified Fixed Interestˆ 4 Medium
Schroder Fixed Incomeˆ 4 Medium

 

* This investment option’s probability of negative annual returns exceeds 2 years in a 20 year period and is labelled a ‘Conservative fund’. This breaches the ASFA/FSC guidelines on options with a ‘Conservative’ label. As such, we recommend that clients and their advisers take this into account when making investment decisions to ensure the investment is suitable for the investor’s risk profile.

^ This option is for members of ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees.

Annual Australian Prudential Regulation Authority (APRA) levy and Regulatory Change levy

APRA Levy

All Australian Prudential Regulation Authority (APRA) regulated superannuation funds are charged an APRA levy. The amount of the APRA Levy for the 2016/17 financial year recovered the general operational costs of APRA, as well as other specific costs incurred by certain other Commonwealth agencies and departments (ASIC, DHS, SCT and the ATO), as well as some of the costs with implementing the Government’s ‘SuperStream’ reforms. The SuperStream reforms are designed to support the superannuation system to operate more efficiently for the benefit of members.

The APRA levy was applied as an asset-based levy of 0.01% against the investments of the OnePath MasterFund in the 2016/17 financial year.

Regulatory Change levy

This levy is to cover some of the costs incurred to comply with the Government’s superannuation regulatory changes and is consistent with the approach taken by many superannuation funds across the industry. The regulatory change levy was applied as an asset-based levy of 0.02% against the investments of the OnePath MasterFund in the 2016/17 financial year.

For members invested in OnePath MasterFund products, the Trustee recovered the APRA and Regulatory Change levies in June 2017 by deducting them from the unit price of each investment option (excluding cash, term deposits and guaranteed products, which do not have a unit price).

The total impact of both levies on members was 0.03% of the value of their unitised investment options. For example, a member with a balance of $50,000 paid $15.00.

These levies are not shown as a transaction in your statement as they are charged as a deduction from the unit price of each of your investment option(s) and not directly from your account balance.

Annual statements for super – additional explanatory notes

The following explanatory notes are to be read together with your 2017 Annual Statement for your super account. If you have any further questions about your Annual Statement, please speak to your financial planner (also called financial adviser) or call Customer Services.

Contributions tax

Contributions tax of 15% will apply to any contributions that you claim as a personal tax deduction (subject to a valid ‘Notice of intent to claim a tax deduction’ form) or contributions made by your employer (including salary sacrifice contributions).

In calculating the amount of tax payable, we may make allowance for the benefit of tax deductions on transactions such as the payment of insurance fees.

If you are claiming a tax deduction for personal contributions that you made in the Annual Statement period, the related contributions tax on these contributions will only appear in the Annual Statement if we received your ‘Notice of intent to claim a tax deduction form’ by the relevant date and the notice has been acknowledged by the Trustee.

Tax at a rate of 15% also applies to the untaxed element of a roll-over superannuation benefit and certain foreign super fund transfers.

The tax payable is shown on your Annual Statement.

Additional tax for high income earners (Division 293 tax)

An additional 15% tax may apply to certain concessional contributions if your adjusted taxable income exceeds $250,000 from 1 July 2017 onwards. For further information please visit ato.gov.au or speak to your ANZ Financial Planner.

Preservation status

Unrestricted Non-Preserved Benefit is the amount of the withdrawal benefit at the close of the reporting period that you can access at any time.

Restricted Non-Preserved Benefit is the amount of the withdrawal benefit at the close of the reporting period that you can access, if you leave an employer who has contributed to this fund on your behalf, or when preserved benefits are payable.

Preserved Benefit is the amount of withdrawal benefit at the close of the reporting period required to be preserved by the Trust Deed and super legislation governing your benefits. Generally, you cannot access this amount until age 65, or once you have reached your preservation age (between age 55 and 60, depending on your date of birth) and you have retired.

The total of the preservation components is net of withdrawal fees and contributions tax payable on contributions that were made up to the end of the reporting period. Please note: where no-TFN contributions tax is payable, the total of the preservation components will differ from the withdrawal amount as any no-TFN contributions tax is deducted from the withdrawal amount and not from the preservation components.

Super Guarantee Allocation

The Super Guarantee Allocation is the amount of employee entitlement paid by the Australian Taxation Office (ATO) representing a superannuation guarantee shortfall and any interest for the shortfall. This amount includes the 9.5% (for 2017/18) obligation and any interest earned. The Super Guarantee Allocation may appear on your Annual Statement as either an addition or deduction.

An addition represents a payment from the ATO into your account and a deduction may be the correction of a payment received to your account or the recovery of an overpaid Super Guarantee Allocation by the ATO. This Super Guarantee Allocation amount is determined by the ATO, so you should speak to your financial planner or contact the ATO in relation to the amount paid.

Government contributions

Government contributions can include the Government co-contribution and the Low Income Super Contribution (LISC). The Government co-contribution is an incentive from the Australian Government designed to assist eligible individuals to save for their retirement.

If you are working, your income is less than $51,813 for 2017/18, and you make personal contributions to super, you may be eligible for a Government co-contribution. The maximum co-contribution is $500 and reduces once your income exceeds $36,813 for 2017/18. The ATO will pay 50 cents for every dollar of personal non-concessional contributions up to your maximum entitlement. Additional criteria must be satisfied to be eligible for the Government co-contribution.

The LISC effectively returns the 15% contributions tax paid (up to $500) on concessional contributions made in a financial year for a low income earner (an individual with an adjusted taxable income of $37,000 or less in an income year).

The co-contribution may appear on your statement as either an addition or deduction. An addition represents a payment from the ATO into your account and a deduction may be the correction of a payment received to your account or the recovery of an overpaid co-contribution by the ATO.  Conditions apply, so you should speak to your financial planner or contact the ATO in relation to the amount paid.

Upcoming changes to fees and costs disclosures

The following information is relevant for individuals with an ANZ Smart Choice Super account.

What is changing?

The Australian Securities & Investment Commission (ASIC) has recently issued Regulatory Guide 97 which implements new rules around how Trustees and Responsible Entities disclose the fees and costs of your investment product to you. Over the coming months, this will result in changes to the way in which fees and costs are disclosed in your statements (such as your Annual Statement) and other product documentation such as product disclosure statements (PDSs).

What does this mean for you?

The changes will not have any impact on the total rate (percent or dollar) of fees and costs incurred by you, nor will they have any impact on your investment returns.

However, as these changes require fees and costs to be disclosed differently in the future, it may appear that some new fees are being charged, or that other fees are no longer being applied. Also, it may appear that the rate of some existing fees or costs have increased or decreased. For example, investment performance related fees were previously disclosed in superannuation PDSs as part of the Investment Fee. However, moving forward, these will now be disclosed as part of the Indirect Cost Ratio.

We will provide further information on the specific changes to your statements as they occur.

What do you need to do?

You do not need to do anything, as the obligation for compliance is with us as the issuer of ANZ Smart Choice Super.

Nominating a beneficiary

Once you have opened your ANZ Smart Choice Super account, you should decide who should receive your money (including any Death insurance benefit, if payable) in the event of your death. With ANZ Smart Choice Super, you have the option to give us a non-lapsing beneficiary nomination.

What is a non-lapsing beneficiary nomination?

This is the nomination of a beneficiary(ies) that, if it satisfies all legal requirements, will not expire over time, and the Trustee is required to pay your money to your nominated beneficiary(ies) in the proportions you have specified. This is subject to the nominated beneficiary(ies) being either a dependant at the time of your death or your estate, or a combination of both that adds up to 100% in proportion and your non-lapsing direction being current at the time of your death.

However, it will become invalid if you marry, enter into a de facto or like relationship with a person of either gender or become separated on a permanent basis from your spouse or partner since the nomination was made.

Who can be nominated as a beneficiary?

You can nominate one or more beneficiary(ies) to receive your Death Benefit in the event of your death. All beneficiaries must be either a dependant (for superannuation purposes) or your estate. We note that the Trustee cannot give effect to a nomination if it does not fall in to one of these categories. Death Benefits paid to dependants will be paid as a lump sum or as an income stream subject to eligibility to commence a death benefit pension. ANZ Internet Banking and your annual statement provide details of your nominated beneficiaries.

Who can be a dependant?

A dependant as defined by superannuation law includes:

  • your ‘spouse’ includes any person (whether of the same sex or different sex) with whom you are in a registered civil union or domestic relationship or who, whether or not legally married to you, lives with you on a genuine domestic basis in a marriage-like relationship
  • your children (including an adopted child, a step-child or an ex-nuptial child, a child of your spouse, or someone who is considered your child under family law)
  • any other person who is financially dependent on you at the time of your death
  • any other person with whom you have an ‘interdependency’ relationship (see following). Two people (whether or not related by family) have an ‘interdependency’ relationship if:
    • they have a close personal relationship; and
    • they live together; and
    • one or each of them provides the other with financial support; and
    • one or each of them provides the other with domestic support and personal care.

An ‘interdependency relationship’ can also exist where two people have a close personal relationship but do not meet the other criteria above because either or both of them suffer from a physical, intellectual or psychiatric disability or are temporarily living apart*.

* The Trustee will rely on Superannuation laws to determine the circumstances that two persons have an interdependency relationship.

Defective nominations

Your nomination may become partially or fully defective if a nominated beneficiary dies or ceases to be a dependant while you are a member of the Fund. You should consider amending your nomination as and when your personal circumstances change.

No nomination, defective nomination or cancelled nomination

If you choose not to make a nomination, do not make a valid nomination, cancel your existing nomination or to the extent your nomination is defective, the Trustee will pay your Death Benefit to your Legal Personal Representative* if your estate is solvent. If there is no Legal Personal Representative, or your estate is insolvent, the Trustee will pay your Death Benefit to your spouse (if more than one spouse, in equal shares). If you do not have a spouse, the Trustee will pay your Death Benefit to one or more of your dependants (as determined by the Trustee) and if no dependants, the Trustee will pay your Death Benefit in accordance with the relevant law.

How do I nominate a beneficiary?

You can manage your beneficiaries via ANZ Internet Banking or by calling Customer Services on 13 12 87.

* Legal Personal Representative means an executor of the will or administrator of the estate of a deceased person, the Trustee of a deceased person, the Trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person however:

a. subject to paragraph (b) below, a person does not have a Legal Personal Representative unless:
    i. a grant of probate has been made;
    ii. letters of administration have been issued; or
    iii. such equivalent authority as the trustee determines for jurisdictions outside Australia has been conferred on a person; and

b. if the Trustee is reasonably satisfied that the value of your estate is less than the amount which the Trustee from time to time specifies as the ‘probate limit’, then the Trustee may treat a person who does not meet the criteria in (a) but who the Trustee is reasonably satisfied will, in practice, be informally performing the role of executor or administrator of your estate as if they were your Legal Personal Representative.

Terminal medical condition

The following investment and regulatory information is relevant for members with a super or a pension account which has preserved or restricted non-preserved benefits.

Early access to superannuation for people with terminal medical condition

From 1 July 2015, the government amended the provision for accessing superannuation for people suffering a terminal medical condition. Previously, terminally ill members were only considered to have met a condition of release (and hence able to access their superannuation balances) in the event that their life expectancy was limited to 12 months. This amendment extends the life expectancy period from 12 months to 24 months, meaning that members can potentially access their superannuation balances sooner. However, if you hold Death Cover (which includes Terminal Illness Cover through your super account), you may still not be able to claim a Terminal Illness benefit unless your life expectancy is limited to 12 months.

Possible implications to consider

If you have insurance within your super, it is important to understand the terms and conditions as you may not be able to claim a Terminal Illness benefit until your life expectancy is limited to 12 months. If you withdraw your super balance when your life expectancy is 24 months, you may wish to consider maintaining some money in your super account to keep the account open and to ensure a sufficient balance to pay any insurance fees. Withdrawing your full balance could result in the loss of valuable insurance cover.

It is important you take time to review the changes and understand what they may mean for you. If you are considering accessing your super balance due to a terminal illness, we recommend that you seek professional financial advice. Refer to your PDS, insurance guide and other associated documentation for further information about terminal illness and whether it is available to your insurance arrangement. Where it is available it is generally provided as part of your Death benefit.

Update and reissue of ANZ Smart Choice Super product disclosure statements

The Product Disclosure Statements (PDSs) for our award-winning† ANZ Smart Choice Super suite of products* have been updated and reissued dated 18 February 2017, and incorporate a number of enhancements. The PDSs are now available to download from anz.com/smartchoice

The following ANZ Smart Choice Super suite of disclosure documents have been updated and reissued:
 

Product

Disclosure documents updated

ANZ Smart Choice Super and Pension

PDS
Additional Information Guide
Electronic Access Terms and Conditions

ANZ Smart Choice Super for employers and their employees

PDS
Additional Information Guide
Standard and Tailored Insurance Guides
Electronic Access Terms and Conditions

ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees

PDS
Additional Information GuideElectronic Access Terms and Conditions


Insurance guides for specific employer plans are available online and can be accessed at the link provided in your Welcome Letter.

† ANZ Smart Choice Super was awarded the 5-star ‘Outstanding Value’ CANSTAR award in the Superannuation category in 2016. Visit www.canstar.com.au to view full report. ANZ Smart Choice Super received a Gold rating in SuperRating’s 2017 product rating. ANZ Smart Choice Super for employers and their employees received a Gold rating in SuperRating’s 2017 MySuper product rating. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. ANZ Smart Choice Super & Pension and ANZ Smart Choice Super for employers and their employees was awarded 5 Heron Quality Stars in their 2017/18 assessment. Visit www.heronpartners.com.au for more information.

* 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 the PDS dated 18 February 2017. 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 separate PDSs dated 18 February 2017. This publication relates to members in the retail product as well as members in a MySuper division of each MySuper compliant product.

Enhancements to ANZ Smart Choice Super

To ensure that the ANZ Smart Choice Super suite of products continues to be competitive and meet the needs of our clients, we are pleased to advise the updated PDSs incorporate the following changes:

  • new investment options;
  • enhanced strategic asset allocation (SAA); and
  • the introduction of contribution splitting.

New investment options

The following investment options are now available:

New investment option

ANZ Smart Choice Super and Pension

ANZ Smart Choice Super for employers and their employees

ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees

2000s Super

New

New

New

1960s Pension

New

Not available

Not available

International Equities (Unhedged)

New

Fund already exists

Fund already exists

Australian Fixed Interest

New

New

New


Enhanced SAA

We have updated the SAA for the ANZ Smart Choice Lifestage and static diversified funds, including the addition of Infrastructure as an asset class. This will provide superior management of longevity and retirement risks and enhance the ability to preserve capital during times of stress events. Please refer to the relevant Additional Information Guide (AIG) for more information.

Contribution splitting

The ANZ Smart Choice Super suite of products now offers contribution splitting for the benefit and convenience of members.

Superannuation law permits members to split their eligible contributions with their spouse* in certain situations. If you intend to split eligible contributions made to the Fund, you should seek advice on the legislative requirements before making an application. You should obtain and read a copy of the Trustee’s Contributions Splitting Policy, which is available by contacting Customer Services on 13 12 87.

* Your ‘spouse’ includes any person (whether of the same sex or different sex) with whom you are in a registered civil union or domestic relationship or who, whether or not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.

Retirement calculator

To ensure that the tools available to you are up to date, we have made enhancements to our retirement calculator within ANZ Internet Banking.

Reminder for members of non-OnePath Life Limited insured plans

The following information is only applicable to members in ANZ Smart Choice Super for employers and their employees.

We would like to remind you that where your insurance cover is provided with a non-OnePath Life Limited (OPL) insurer, that, upon leaving your employer, your cover will not automatically continue.

Accordingly, if you wish for your cover to continue, you may need to apply for the Continuation Option, if available, and it may not apply to all types of cover provided through the employer plan, within the time specified by the life insurer. Alternatively, you can apply for new cover with OnePath Life Limited.

For more information, please refer to the Product Disclosure Statement (PDS) you received when you joined your employer’s super plan or call Customer Services on 13 12 87.

What happens if your employer terminates their ANZ Smart Choice Super plan?

This is relevant if your employer has a Tailored insurance arrangement with OnePath Life Limited. If you are part of a Tailored insurance arrangement, you will have received an Insurance Guide for Tailored employer plans upon joining. If you are unsure as to whether your employer’s plan is a Tailored insurance arrangement, contact Customer Services on 13 12 87.

At a future date, the employer plan in ANZ Smart Choice Super may be terminated. This may occur for various reasons including, but not limited to, a decision by the employer to establish a new or replacement default superannuation plan, or the cessation of the employer’s business. The reason for the termination of the employer plan will determine what happens to any insurance that you hold through your ANZ Smart Choice Super account after the employer plan is terminated.

Where the employer terminates the employer plan because another insurer is to provide insurance cover to the Employer, any insurance cover that you hold ceases in its entirety from the Delink Date, which is the date we are notified that the employer terminates the employer plan.

You will not be covered under the ANZ Smart Choice Super insurance policies for this employer plan for any event which occurs after the date that your insurance cover has ceased. This will be the case, even if Insurance fees continue to be deducted from your ANZ Smart Choice Super account. We will refund any Insurance fees deducted from the date that your ANZ Smart Choice Super insurance cover ceased.

Where the employer terminates the employer plan other than because another insurer is to provide insurance cover to the employer, any insurance cover that you hold will convert to Choose Your Own cover from the Delink Date. The amount of Choose Your Own cover will be equal to the amount of any Voluntary cover plus any Default cover applicable to you based on the type of cover you held immediately prior to the Delink Date.

Once the Trustee receives an official written request from your employer to terminate the employer plan in ANZ Smart Choice Super, you will receive a letter from the Trustee advising you of this and the implications for your insurance cover; importantly, whether your Tailored cover has been converted to Choose Your Own cover or whether your insurance cover has ceased and from which date.

What happens if you no longer meet the eligibility requirements of your Membership Category?

If you no longer meet the eligibility requirements of your Membership Category, any insurance cover that you hold will convert to Choose Your Own cover from the Delink Date, which is the date that we are notified that you no longer meet the eligibility requirements. The amount of Choose Your Own cover will be equal to the amount of any Voluntary cover plus any Default cover applicable to you based on the type of cover you held immediately prior to the Delink Date.

What happens if the employer plan ceases to satisfy the conditions for the provision of Tailored cover?

The provision of Tailored cover is subject to the following conditions:

  • the Fund must be the default fund under Choice of Fund legislation for the employer;
  • the Insurer is the only insurer under the employer plan;
  • the membership categories within the employer plan must be clearly defined;
  • the Insurance Formula applicable to each membership category must be clearly defined; and
  • there must be at least 50 insured members covered in the employer plan at any time, unless the Insurer agrees otherwise in writing.

Any insurance cover that you hold in the employer plan may be terminated by the Insurer if the conditions above are not satisfied at all times. If this occurs, your insurance cover in the employer plan terminates and converts to Choose Your Own cover on and from the Delink Date, which is the date the employer plan ceases to satisfy the conditions above. The amount of Choose Your Own Cover will be equal to the amount of cover immediately prior to the Delink Date.

What is the effect of conversion to Choose Your Own cover?

Your Insurance fees will be based on the standard Choose Your Own cover insurance rates. The rates applicable to Choose Your Own cover are generally higher than the rates that apply to Tailored employer plans. These rates are included in the ANZ Smart Choice Super for employers and their employees Insurance Guide for Standard employer plans, which you can find on our website at anz.com/smartchoicesuper or by calling Customer Services.

Where your cover is converted to a fixed amount of Choose Your Own cover, you will be classified as a smoker, and as being in a light blue collar occupation. Where your occupational category is known prior to your insurance cover conversion, this will be retained. This will determine the loadings that are applied to your Insurance fees. You can contact us at any time to advise us of the occupation category that is applicable to you, or to make a non-smoker declaration. Any change to your Insurance fee loadings will be applied from the next business day after the acceptance date.

For more information, please refer to the Product Disclosure Statement (PDS) you received when you joined your employer’s super plan or call Customer Services on 13 12 87.

Changes to cover for members residing overseas – OnePath Life insured members only

The following information is only applicable to members in ANZ Smart Choice Super and Pension and ANZ Smart Choice Super for employers and their employees.

For Insured members of ANZ Smart Choice Super and Pension and ANZ Smart Choice Super for employers and their employees who are Australian residents and have not permanently departed Australia to reside overseas temporarily, OnePath Life Limited (the Insurer) has removed a restriction relating to cover whilst overseas. Presently, a maximum time-period restriction applies depending upon the nature of a member’s absence to reside overseas and if this time-period is exceeded, the member’s cover will cease, subject to seeking and receiving the Insurer’s acceptance to an extension of cover. Such absences are where a member has been residing overseas in excess of two years or in excess of five years in the case of overseas employer secondments (with the participating employer).

What has changed?

Under the change, a member’s cover will now continue and members are no longer required to seek an extension to their cover if they have exceeded the maximum time-period restriction. Essentially, this maximum-time period restriction no longer applies.

Cover will continue whilst members are travelling or residing overseas provided the fees are paid up to date and you otherwise maintain eligibility, including but not limited to, retaining your Australian residency status.

What has not changed?

The current policy terms and conditions covering the maximum two year time-period for members on paid or unpaid leave remains unchanged. Similarly, for Visa holders who are residing overseas temporarily, cover will still continue for a period of up to three consecutive months from the day the member first departed Australia, providing the member continues to hold a Visa and has not permanently departed Australia during the period that the member is temporarily residing overseas. Please refer to the section ‘Are you still covered?’ for additional information.

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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.