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Important information - October 2016


Published October 2016

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

Your annual report - available online in December

In line with ANZ’s ongoing commitment to reducing our impact on the environment, your annual report will be available online in December 2016 here.

If you would like to receive a hard copy (free of charge), please contact customer services on 13 12 87.

Terminal medical condition

The following investment and regulatory information is relevant for members with a super account or a pension account with preserved or restricted non-preserved benefits.

Early access to superannuation for people with terminal medical condition from 1 July 2015.

The government has amended the provision for accessing superannuation for people suffering a terminal medical condition. This amendment extends the life expectancy period from 12 months to 24 months.

Possible implications to consider

  • If you receive a medical certification from your Doctor that confirms that you have been diagnosed as having a terminal illness from which you will die within 24 months, you may be able to access your super. While the change allows earlier access to your super it may not provide earlier access to any terminal illness insurance benefits as part of your super.
  • If you have insurance within your super, it is important to understand the terms and conditions. Consider maintaining some money in your super account to keep the account open and to pay insurance premiums. Withdrawing your full balance could result in the loss of valuable insurance cover.

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 on 13 12 87 to advise us of changes in your circumstances.

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 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.

We are required to report ‘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 $4,000 ($6,000 from 31 December 2016)
  • 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 associated with the account, and 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.

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.

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.

When does your employer have to start using SuperStream?

All large to medium-sized employers (with 20 or more employees) were required to meet their SuperStream obligations from 31 October 2015. Small employers (fewer than 20 members) are required to comply from 28 October 2016.

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.

Check your insurance cover to ensure your employer has set up your insurance cover correctly.

Reminder for members of non-OnePath Life insured plans

We would like to remind you that where your insurance cover is provided with a non-OnePath Life insurer, that, upon leaving your employer, your cover will not automatically continue and accordingly, you must apply for the Continuation Option, if available, 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.

Check your insurance details

Check your insurance cover to ensure your employer has set up your insurance cover correctly, including: occupation, age, salary (if applicable), gender, 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.

Smoker status does not apply if you are a member with Tailored cover in ANZ Smart Choice Super.
 
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.

Please note that to qualify as a non smoker you must have not smoked tobacco or any other substance in the last 12 months, or have used nicotine replacement treatment within the past 3 months.

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

This is relevant if your employer has negotiated a Tailored insurance arrangement with OnePath Life Limited. 

In the event that your employer establishes a new default employer plan with another super fund, your ANZ Smart Choice Super insurance will be converted to a fixed amount of Choose Your Own cover, and you will be charged at the Choose Your Own cover rates contained in the ANZ Smart Choice Super Insurance Guide for Standard Employers.

If however, you are provided with insurance cover through the new default employer plan, you will not be entitled to retain your insurance cover through ANZ Smart Choice Super, and you will need to contact the Trustee to cancel your insurance cover.

Cancellation will be effective the date that your account was delinked from the employer plan, and any insurance fees subsequent to the delink date will be refunded to your ANZ Smart Choice Super account.

Any claim that you make through your ANZ Smart Choice Super insurance cover for an event which occurs after the effective date that your account is delinked will be declined by the insurer. 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 upon your insurance cover; importantly, that your Tailored cover has been converted to Choose Your Own cover. It will also inform you that you are not entitled to retain this cover if you hold insurance through the employer’s new default superannuation plan, and the requirement for you to cancel your ANZ Smart Choice Super cover as soon as possible.

*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 the PDS dated 11 November 2013. 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 separate PDSs dated 25 May 2015. This publication relates to members in the retail product as well as members in a MySuper division of each MySuper compliant product.

Talk to us about superannuation

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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.