skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus

Important changes and information – November 2018


Published November 2018

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

1. Federal Budget changes

A number of changes to how superannuation works were proposed in this year’s Federal Budget and, if they pass through parliament, may soon become law. A significant aspect of these proposed changes is that members

  • whose balances are less than $6,000, or
  • whose accounts have not received a contribution or rollover in last 13 months, could lose their insurance cover from 1 July 2019, unless they tell their super fund that they want to keep it.

If the changes become law, in April 2019 we’ll contact all members who may lose their insurance to ask if they’d like to retain their cover.

If you have a low balance or haven’t recently received a contribution, and you want to make sure your cover continues, you don’t have to wait until April. You can contact Customer Services now on 13 12 87 and let us know that you would like to keep your cover.

For more information about other proposed changes affecting super, including changes to insurance arrangements for members under age 25 who join the fund after 1 July 2019, please refer to the July 2018 Federal Budget update in Super Insights and keep an eye out for the next issue in February 2019, where we will provide more information on the changes.

2. Have you checked your insurance details?

This information is only applicable to members of Tailored insurance arrangements within ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (‘ANZ Smart Choice Super’).

At the time your account is created, your employer is required to give us the details necessary to:

  • determine your eligibility for insurance cover;
  • calculate the sum insured that you are entitled to; and
  • determine the insurance fee rates and any loadings that are applicable to you.

If your employer does not provide this information, or until this information is provided, we cannot establish insurance cover in your ANZ Smart Choice Super account. If the information is not provided to us within 180 days of you commencing employment with your employer, you may no longer be eligible for automatic insurance. In this instance, you may need to apply to the insurer for cover, and it will be at the discretion of the insurer as to whether this cover is provided to you and the terms applicable to that cover.

To ensure your details have been set up correctly by your employer, check the details found in your Welcome Letter provided when you joined the employer plan, including gender, occupational category (if applicable), date of birth, types of insurance and sum insured.

You can also view the sum insured, types of insurance and your insurance fees via ANZ Internet Banking. Alternatively you can call Customer Services on 13 12 87 for assistance with your account or to register for ANZ Internet Banking.

3. Changes to investment options

On 1 August 2018, we replaced the investment manager for four Australian equity investment options available to 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.

The three options below were previously managed by UBS Asset Management (Australia) Ltd and are now managed by Alphinity Investment Management Pty Limited. The names of the investment options also changed as follows:

  • UBS Australian Shares became ‘Alphinity Australian Shares’
  • UBS Select Leaders became ‘Alphinity Select Leaders’
  • UBS Sustainable Investments – Australian Shares became ‘Alphinity Sustainable Investments – Australian Shares’.

The option below was previously managed by UBS Asset Management (Australia) Ltd and is now managed by Nikko AM Limited, and the name of the investment option changed as follows:

  • UBS Blue Chip Imputation is now ‘Nikko AM Blue Chip Imputation’.

The decision to replace UBS followed a detailed and thorough review conducted by our portfolio management team. This review involved the identification of investment managers who are highly rated based on the sustainability of their business model, an experienced investment team and their investment processes. There was no change to the ongoing fees and costs, standard risk measures or investment strategies.

Additional information regarding these changes is available in the downloads section on our website.

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

What to read next

Article

Important changes and information February 2019
 

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

When markets get shaky, what should you do with your super?

After years of low volatility, markets are swinging. Ben Hurley investigates what you should do.   

Article

ANZ Smart Choice Super FAQs

See the top frequently asked questions for ANZ Smart Choice Super, from consolidating accounts to employer contributions.

ANZ Smart Choice Super report: December 2018
 

Sharp declines in global sharemarkets at the end of 2018 have impacted super returns.

Three steps to take charge of your super now

The right changes to your superannuation today can affect your future tomorrow. Learn three simple steps you can take.

   

Article

Federal budget update

Tax relief, and super reforms particularly for those with low balances, were at the centre of the federal budget

ANZ Smart Choice Super is a suite of products consisting of ANZ Smart Choice Super and Pension, ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (together ‘ANZ Smart Choice Super’). ANZ Smart Choice Super and Pension is a retail product issued pursuant to a Product Disclosure Statement (PDS). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are both MySuper compliant employer products issued pursuant to a separate PDS for employer plans and PDS for QBE.

ANZ Smart Choice Super is issued by OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496, AFSL 238346 and distributed by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Custodians is the issuer of ANZ Smart Choice Super but is not a Bank. Except as set out in the relevant Product Disclosure Statement (PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer or the capital or performance of any investment. Such investment is subject to investment risk, including possible repayment delays and loss of income and principal invested. Returns can go up and down. Past performance is not indicative of future performance.

ANZ Smart Choice Super and Pension received a Gold rating in SuperRatings’ 2019 product rating in both the Super and Pension categories. ANZ Smart Choice Super for employers and their employees received a Gold rating in SuperRatings’ 2019 MySuper product rating. SuperRatings does not issue, sell, guarantee or underwrite these products. Go to www.superratings.com.au for details of its ratings criteria.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information you should consider whether the information is appropriate for you having regard to your objectives, financial circumstances or objectives. ANZ recommends that you read the ANZ Financial Services Guide, the relevant Product Disclosure Statement, product and other updates which are available by calling Customer Services on 13 12 87, or visiting our website here or here (for employer members), and consider whether the product is right for you before making a decision to acquire or to continue to hold the product. 

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail. 

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including exit fees, other loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid.

ANZ does not represent or guarantee that access to ANZ Internet Banking or the ANZ App will be uninterrupted. Temporary service disruptions may occur. ANZ recommends that you read the ANZ App Terms and Conditions available at anz.com and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App. The ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them.

In addition to their salary, ANZ staff members may receive monetary or non-monetary benefits depending on the product they are selling or providing advice on. You may request further information from ANZ. Other key features including insurance, available investment options and performance, exit fees and functionality are relevant when choosing a super fund. 

This information may be subject to change. Updated information will be available free of charge by calling Customer Services on 13 12 87.