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Important changes and information


Published June 2016

APRA Levy

This information is applicable to all ANZ Smart Choice Super account holders.

The Federal Government’s APRA Levy is paid annually by all APRA regulated superannuation funds. We wish to notify you that OnePath Custodians Pty Limited (Trustee) has recovered this year’s Levy on 9 June 2016. This will be applied as an asset-based levy, estimated to be 0.01% against the investments of the OnePath MasterFund in the 2015/16 financial year. The asset-based levy may be higher or lower depending on the value of investments at the time of recovery. The total amount to be recovered will not be more than the actual Government charged APRA Levy for 2015/16.

The amount of the APRA Levy is set to recover the general operational costs of APRA, as well as some of the costs associated with implementing the Government’s 'SuperStream' reforms. As you may be aware, the SuperStream reforms are designed to support the superannuation system to operate more efficiently for the benefit of members.

The APRA Levy is an expense to the OnePath MasterFund and is applied each year. The component of the APRA Levy related to SuperStream will cease in 2018.

Stronger Super Levy

To cover some of the costs incurred to comply with the Government’s ‘Stronger Super’ reforms and consistent with the approach taken by many superannuation funds across the industry, the Trustee has also approved an asset-based levy, estimated to be 0.03% to be applied against the investments of the OnePath MasterFund in the 2015/16 financial year. The asset-based levy may be higher or lower depending on the value of investments at the time of recovery. The total amount to be recovered will not be more than the Trustee approved Stronger Super project spend for the year ending 30 September 2015.

The Stronger Super Levy is an expense to the OnePath MasterFund and is applied each year.

What does this mean for you?

The Trustee has recovered the APRA Levy and Stronger Super Levy by deducting the levies from the unit price of each investment option (excluding cash, term deposits and guaranteed products, which do not have a unit price).

The recovery for the year ending 30 June 2016 occurred on 9 June 2016. It is estimated the total impact of both levies on members will be 0.04% of the value of the unitised investment options. For example, a member with a balance of $50,000 will pay up to $20.00. The asset-based levy may be higher or lower depending on the value of investments at the time of recovery.

The APRA Levy and Stronger Super Levy for future years will continue to be assessed, communicated and if applicable charged annually.

Are you still covered?

This applies to members insured by OnePath Life Limited.

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 to the Pension or Transfer to Retirement (TTR) division of another super fund?
  • Have you been working overseas for more than two years?
  • Have you been on employer-approved leave for a period of two years or more?
  • Have you been travelling overseas for more than two years?
  • 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 to advise us of changes in your circumstances. 

Diversified funds: review of asset allocation ranges

Following a recent review of the ANZ Smart Choice Super diversified funds’ strategic asset allocation ranges, an increase in the ranges for diversified funds will be implemented, effective 31 May 2016.

Which funds are impacted by this change?

The following funds, referred to collectively as ‘the Funds’ will be affected.

Life Stage Investment options:

  • 1940s
  • 1950s
  • 1960s
  • 1970s
  • 1980s
  • 1990s

Diversified – Risk based:

  • ANZ Smart Choice Super Conservative
  • ANZ Smart Choice Super Moderate
  • ANZ Smart Choice Super Growth
  • OptiMix Conservative*
  • OptiMix Moderate*
  • OptiMix Balanced*
  • OptiMix Growth*
  • OptiMix High Growth*

*Only for ANZ Smart Choice Super (for Employers and their Employees) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees.

Which Product Disclosure Statements (PDS) will be affected by this change?

  • ANZ Smart Choice Super (for Employers and their Employees)
  • ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees
  • ANZ Smart Choice Super and Pension 

The increase in ranges will be reflected in the relevant PDS at the next reissue.

Change in the asset allocation ranges for the Funds

ANZ Wealth’s investment research team regularly reviews the strategic asset allocation of its funds. Following a recent review, effective 31 May 2016, an increase in the asset allocation ranges for diversified funds will be implemented. 

The increase in the asset allocation ranges will provide an enhanced ability to add value to the Funds’ portfolio through the active asset allocation process, and will also improve portfolio management efficiency. (Active asset allocation is the process of increasing or decreasing exposure to relevant asset classes within permitted strategic asset allocation ranges).

This change is to ensure the Funds can continue to meet their investment objectives, deliver more consistent returns and manage downside risks more effectively by allowing increased flexibility in making active asset allocation decisions. It will not change the Funds’ investment strategies, investment objectives or level of investment risk. There will be no changes to benchmark allocations at this time.

What does the change in the asset allocation range mean for investors?

For existing investors, these changes will take place automatically on 31 May 2016. Investors are not required to take any action.

Strategic asset allocation ranges by fund

The revised range for strategic asset allocation ranges for each of the Funds is outlined in the tables below. All will be effective from 31 May 2016.

Life Stage Investment options.

1940s

1940
Asset Class Min range (%) Max Range (%)
Cash 24 60
Australian Fixed Interest 12.5 38.5
Global Fixed Interest 4.5 30.5
Global Property Securities 0 10
Australian shares 1 27
International shares 0 17

1960s

1960
Asset Class Min range (%) Max Range (%)
Cash 0 32
Australian Fixed Interest 0 36.5
Global Fixed Interest 0 33.5
Global Property Securities 0 19
Australian shares 8.5 54.5
International shares 6.5 52.5

1980s

1980
Asset Class Min range (%) Max Range (%)
Cash 0 25
Australian Fixed Interest 0 28
Global Fixed Interest 0 28
Global Property Securities 0 19
Australian shares 20 66
International shares 16 62

1950s

1950
Asset Class Min range (%) Max Range (%)
Cash 3 44
Australian Fixed Interest 0.5 36.5
Global Fixed Interest 0 31.5
Global Property Securities 0 19
Australian shares 4 40
International shares 1 37

1970s

1970
Asset Class Min range (%) Max Range (%)
Cash 0 27.5
Australian Fixed Interest 0 30.5
Global Fixed Interest 0 30
Global Property Securities 0 19
Australian shares 16.5 62.5
International shares 12.5 58.5

1990s

1990
Asset Class Min range (%) Max Range (%)
Cash 0 25
Australian Fixed Interest 0 27
Global Fixed Interest 0 27
Global Property Securities 0 19
Australian shares 21 67
International shares 17 63

 

 

Diversified - Risk Based.

ANZ Smart Choice Super Conservative

ANZ Smart Choice Super Conservative
Asset Class Min range (%) Max Range (%)
Cash 24 60
Australian Fixed Interest 12.5 38.5
Global Fixed Interest 4.5 30.5
Global Property Securities 0 10
Australian shares 1 27
International shares 0 17

ANZ Smart Choice Super Growth

ANZ Smart Choice Super Growth
Asset Class Min range (%) Max Range (%)
Cash 0 29
Australian Fixed Interest 0 33.5
Global Fixed Interest 0 31.5
Global Property Securities 0 19
Australian shares 13 59
International shares 10 56

OptiMix Moderate*

OptiMix Moderate
Asset Class Min range (%) Max Range (%)
Cash 0 31
Australian Fixed Interest 0 32
Global Fixed Interest 0 35
Global Property/Infrastructure Securities 0 12
Australian shares 2 38
International shares 1 37
Alternative shares 5 33

† The maximum exposure to growth assets for the OptiMix Moderate Fund is 64%.  International shares may include exposure to emerging market and/or global small cap securities.

OptiMix Growth*

OptiMix Growth
Asset Class Min range (%) Max Range (%)
Cash 0 23
Australian Fixed Interest 0 27
Global Fixed Interest 0 29
Global Property/Infrastrucure Securities 0 12
Australian shares 12 58
International shares 11 57
Alternative shares 4 33

† International shares may include exposure to emerging market and/or global small cap securities.

ANZ Smart Choice Super Moderate

ANZ Smart Choice Super Moderate
Asset Class Min range (%) Max Range (%)
Cash 0 41
Australian Fixed Interest 0 36
Global Fixed Interest 0 32
Global Property Securities 0 19
Australian shares 5.5 41.5
International shares 3 39

OptiMix Conservative*

OptiMix Conservative
Asset Class Min range (%) Max Range (%)
Cash 7 43
Australian Fixed Interest 5 31
Global Fixed Interest 7 33
Global Property/Infrastrucure Securities 0 12
Australian shares 0 25
International shares 0 23
Alternative shares 5 29

† The maximum exposure to growth assets for the OptiMix Conservative Fund is 42%. International shares may include exposure to emerging market and/or global small cap securities.

OptiMix Balanced*

Optimix balanced
Asset Class Min range (%) Max Range (%)
Cash 0 27
Australian Fixed Interest 0 31
Global Fixed Interest 0 32
Global Property/Infrastrucure Securities 0 12
Australian shares 6 52
International shares 4 50
Alternative shares 6 34

† The maximum exposure to growth assets for the OptiMix Balanced Fund is 84%. International shares may include exposure to emerging market and/or global small cap securities.

OptiMix High Growth*

OptiMix High Growth
Asset Class Min range (%) Max Range (%)
Cash 0 23
Australian Fixed Interest 0 23
Global Fixed Interest 0 23
Global Property/Infrastrucure Securities 0 12
Australian shares 20 66
International shares 19 65
Alternative shares 3 28

† International shares may include exposure to emerging market and/or global small cap securities.
*Only for ANZ Smart Choice Super (for Employers and their Employees) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees.

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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.