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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) 

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“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 416kB)ANZ Smart Choice Super for employers and their employees (PDF 525kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 441kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522).  We recommend that you read the ANZ Financial Services Guide (PDF 479kB), before deciding whether to acquire or continue to hold this product. View the ANZ Smart Choice Super and Pension Target Market Determination (PDF 252kB). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at anz.com/smartchoicesuper. View the ANZ Smart Choice Super for employer and their employees Target Market Determination (PDF 464 kB). ANZ Smart Choice Super is part of the Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the Insignia Financial Group of companies, comprising Insignia Financial Ltd (formerly IOOF Holdings Ltd) ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the Insignia Financial Group of companies (including OPC) are not related bodies corporate. ANZ does not stand behind or guarantee these products.

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 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. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

This article was prepared and written by OPC.

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Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880 at the request of OPC. For a copy of the latest SuperRatings research, click here (PDF 146kB) or call 13 12 87.

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