New investment options
The following investment options are now available:
Enhanced Strategic Asset Allocation (SAA)
We have updated the Strategic Asset Allocation for the ANZ Smart Choice Lifestage and static diversified funds, including the addition of Infrastructure as an asset class. This will provide superior management of longevity and retirement risks and enhance the ability to preserve capital during times of stress events. Please refer to the Additional Information Guide (AIG) for more information.
The ANZ Smart Choice Super suite of products now offers contribution splitting for the benefit and convenience of members.
Superannuation law permits members to split their eligible contributions with their spouse in certain situations. If you intend to split eligible contributions made to the Fund, you should seek advice on the legislative requirements before making an application. You should obtain and read a copy of the Trustee’s Contributions Splitting Policy, which is available by contacting Customer Services on 13 12 87.
Your ‘spouse’ includes any person (whether of the same sex or different sex) with whom you are in a registered civil union or domestic relationship or who, whether or not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.
To ensure that the tools available to you are up to date, we have made enhancements to our retirement calculator within ANZ Internet Banking.
3. 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.
4. Are you still covered?
This section applies to members insured by OnePath Life Limited. You can refer to your Welcome Statement and Insurance Guide for 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 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. 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.
6. 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?
No action is required from you. The obligation for compliance is with your employer; however, payments received by employers that do not comply with SuperStream obligations may be rejected.
The following information is only applicable to members in ANZ Smart Choice Super for employers and their employees.
7. Reminder for members of non-OnePath Life Limited insured plans
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, 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. Check your insurance details
Check your insurance cover to ensure it has been set up 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.
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
Smoker status does not apply if you are a member with OPL-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.
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.
9. 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.
At a future date, your employer’s plan in ANZ Smart Choice Super may be terminated. This may occur for various reasons including, but not limited to, a decision by your employer to establish a new or replacement default superannuation plan, or the cessation of your employer’s business. The reason for the termination of your employer’s plan will determine what happens to any insurance that you hold through your ANZ Smart Choice Super account after the plan is terminated.
Where your employer establishes a new default plan in an alternative super fund, then if:
- you have an account established in that new employer plan; and
- you are provided with insurance cover through your account in that new employer plan,
then you will be no longer entitled to any Tailored cover that you hold through your existing ANZ Smart Choice Super account. Consequently, this cover will be deemed to have been cancelled, and 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 is deemed to have ceased. This will be the case, even if your employer fails to notify us of this change, and insurance fees continue to be deducted from your ANZ Smart Choice Super account. Once we are advised of this change, we will refund any insurance fees deducted from the date that your ANZ Smart Choice Super insurance cover ceased.
Where your employer’s plan is terminated, but you are not provided with a new account in an alternative default superannuation fund that provides you with automatic default insurance cover, any insurance cover that you hold through your ANZ Smart Choice Super account will continue, however the following changes will occur to your cover:
- your insurance cover will be converted to a fixed amount of Choose Your Own cover; and
- your insurance fees will be based on the standard Choose Your Own cover insurance rates included in the ANZ Smart Choice Super for employers and their employees Insurance Guide for Standard employer plans.
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, by default. Where your occupational category is known, this will be retained even after you are no longer linked to your employer. 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 date that you contact us.
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, whether your Tailored cover has been converted to Choose Your Own cover or terminated.
If your employer terminates its employer plan in ANZ Smart Choice Super because another insurer is to provide cover, your insurance cover – any default and voluntary amounts, will cease and your account will no longer be linked to your employer. This is to avoid you having duplicate default cover established and incurring multiple insurance fees. You will receive notification of any such change.