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Important product information - June 2017



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

1. 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 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.

2. 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 ANZ Smart Choice Super 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 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.

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.

3. 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.

4. Are you still covered?

This applies to members insured by OnePath Life Limited. You can refer to your Welcome Statement and Insurance Guide for the 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. 

5. Annual Australian Prudential Regulation Authority (APRA) Levy and Regulatory Change Levy

APRA Levy

We previously provided you with information regarding the Federal Government’s APRA Levy which is paid each year by all APRA regulated superannuation funds and is recovered on an annual basis.

We wish to notify you that OnePath Custodians Pty Limited (Trustee) will shortly be recovering this year’s levy. This will be applied as an asset-based levy, estimated to be 0.01% against the investments of the OnePath MasterFund in the 2016/2017 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 2016/2017.

The amount of the APRA Levy is set to recover 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). The APRA Levy also recovers the Federal Government’s costs associated with implementing the SuperStream reforms. The SuperStream reforms are designed to support the superannuation system to operate more efficiently for the benefit of members and employers.

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

Regulatory Change Levy

To recover some of the costs incurred to comply with the Government’s superannuation regulatory changes 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 2016/2017 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 Regulatory Change project spend for the year ending 30 September 2016.

The Regulatory Change Levy is an expense to the OnePath MasterFund and is applied each year.

What does this mean for you?

The Trustee will recover the APRA and Regulatory Change levies by deducting them from the unit price of each investment option (excluding cash and OnePath Capital Guaranteed, which do not have a unit price).

The recovery for the year ending 30 June 2017 will occur on, or around, 28 June 2017. 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 $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 Regulatory Change Levy for future years will continue to be assessed, communicated and if applicable charged annually.

What do you need to do?

The levies and unit price adjustment will take place automatically. This notice is for your information only and does not require a response.

6. 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 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.

7. 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 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.

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

The following information is only applicable to members in ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees. This is relevant if your employer has negotiated a Tailored insurance arrangement with OnePath Life Limited.

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.

9. 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 premiums 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.

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

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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.