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Important changes and information - November 2017


Published November 2017

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

1. Updated example of annual fees and costs

The following information is for members of ANZ Smart Choice Super for employers and their employees only (excluding members of QBE Management Services Pty Ltd).

In the Product Disclosure Statement (PDS) dated 28 September 2017 for ANZ Smart Choice Super for employers and their employees, we have updated the ‘Example of Annual Fees and Costs’ section on page 10.

Key updates to the text under the heading ‘Example of Annual Fees and Costs’ on page 10 of the PDS:

a.     Administration fees for a balance of $50,000: the update to the example on page 10 clarifies that the administration fee in the example comprises a fixed $50 p.a. amount plus a percentage based amount for levies and expense recoveries calculated based on the balance of your investment option(s) (except ANZ Smart Choice Cash). See footnotes in the example on page 10 for further details.

b.    The update to the example on page 10 clarifies that an Exit fee of $50 may apply if you leave the product. See footnotes in the example on page 10.

Updated information in the PDS

The text under the heading “Example of Annual Fees and Costs” on page 10 of the ANZ Smart Choice Super for employers and their employees PDS dated 28 September 2017 is replaced with the following text:

This table gives an example of how the fees and costs for the MySuper product (Lifestage investment option) for this superannuation product can affect your superannuation investment over a one year period. You should use this table to compare this superannuation product with other superannuation products. 
 

EXAMPLE – MySuper (Lifestage investment option)

Balance of $50,000

Investment fees

0.50% p.a.

For every $50,000 you have in the superannuation product you will be charged $250 each year.

PLUS
Administration fees

$50 p.a.
Plus, 0.03%*p.a.

And, you will be charged $65 in administration fees.**

PLUS
Indirect costs for the
superannuation product

0.03% p.a.

And, indirect costs of $15 each year will be deducted from your investment.

EQUALS
Cost of product

$330

If your balance was $50,000, then for that year you will be charged fees of $330 for the superannuation product.**


Note: the example above is illustrative only.

* Figures based on the actual amount deducted for the 12 months to 30 June 2017. The levies and expense recoveries are estimated to be up to 0.08% p.a. for the 12 months to 30 June 2018.

Figure based on the ANZ Smart Choice Super 1970s investment option. Please refer to page 59 of the AIG for the indirect costs applicable to the other MySuper Lifestage investment options, which range from 0.01% to 0.04%.

** Additional fees may apply. There is currently no contribution fee. The Administration fee is waived if your account balance has a zero balance. And, if you leave the superannuation entity, you may be charged an Exit fee of $50 and a Buy-sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy spread for the ANZ Smart Choice Super 1970s investment option is currently 0.03%, the sell spread is also 0.03%. On $50,000, the total spread cost of 0.06% is equal to $30. The Buy-sell spreads are applicable to MySuper Lifestage investment options whenever you make a contribution, exit, rollover or investment switch range from 0.02% to 0.10%. The Buy-sell spread for each MySuper Lifestage investment option is set out in the Buy-Sell Spread Guide available at anz.com/smartchoicesuper or by contacting Customer Services.

If you have any questions or require further information, please speak with your financial planner or call Customer Services. 

2. Updated example of annual fees and costs

The following information is for members of ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees only.

In the Product Disclosure Statement (PDS) dated 28 September 2017 for ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees, we have updated the ‘Example of Annual Fees and Costs’ section on page 10.

Key updates to the text under the heading ‘Example of Annual Fees and Costs’ on page 10 of the PDS:

a.     Administration fees for a balance of $50,000: the update to the example on page 10 clarifies that the administration fee in the example comprises a fixed $50 p.a. amount plus a percentage based amount for levies and expense recoveries calculated based on the balance of your investment option(s) (except ANZ Smart Choice Cash). See footnotes in the example on page 10 for further details.

b.    The update to the example on page 10 clarifies that an Exit fee of $50 may apply if you leave the product. See footnotes in the example on page 10.

Updated information in the PDS

The text under the heading “Example of Annual Fees and Costs” on page 10 of the ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees PDS dated 28 September 2017 is replaced with the following text:

This table gives an example of how the fees and costs for the MySuper product (Lifestage investment option) for this superannuation product can affect your superannuation investment over a one year period. You should use this table to compare this superannuation product with other superannuation products. 

EXAMPLE – MySuper (Lifestage investment option)

Balance of $50,000

Investment fees

0.44% p.a.

For every $50,000 you have in the superannuation product you will be charged $220 each year.

PLUS
Administration fees

$50 p.a.
Plus, 0.03%*p.a.

And, you will be charged $65 in administration fees.**

PLUS
Indirect costs for the
superannuation product

0.03% p.a.

And, indirect costs of $15 each year will be deducted from your investment.

EQUALS
Cost of product

$300

If your balance was $50,000, then for that year you will be charged fees of $300 for the superannuation product.**


Note: the example above is illustrative only.

* Figures based on the actual amount deducted for the 12 months to 30 June 2017. The levies and expense recoveries are estimated to be up to 0.08% p.a. for the 12 months to 30 June 2018.

† Figure based on the ANZ Smart Choice Super 1960s investment option. Please refer to page 59 of the AIG for QBE for the indirect costs applicable to the other MySuper Lifestage investment options, which range from 0.01% to 0.04%.

** Additional fees may apply. There is currently no contribution fee. The Administration fee is waived if your account balance has a zero balance. And, if you leave the superannuation entity, you may be charged an Exit fee of $50 and a Buy-sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy spread for the ANZ Smart Choice Super 1960s investment option is currently 0.03%, the sell spread is also 0.03%. On $50,000, the total spread cost of 0.06% is equal to $30. The Buy-sell spreads applicable to MySuper Lifestage investment options whenever you make a contribution, exit, rollover or investment switch range from 0.02% to 0.10%. The Buy-sell spread for each MySuper Lifestage investment option is set out in the Buy-Sell Spread Guide available at anz.com/smartchoicesuper or by contacting Customer Services.

If you have any questions or require further information, please speak with your financial planner or call Customer Services. 

3. Additional changes and information

For a summary of important changes and information related to your ANZ Smart Choice Super account previously published for the period 1 July 2016 – 30 June 2017, please refer to the section dated August 2017.

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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.