Super changes

Significant Event Notice - July 2019

On 1 July 2019, new laws come into effect to help protect members’ super balances from being eroded by fees. These changes apply to most super funds and include:

  • transfer of low super balances (less than $6,000) to the Australian Tax Office (ATO), where there has been no relevant activity for 16 months. To keep your low super balance from being transferred to the ATO, complete the Inactive Low-Balance Account Declaration form (PDF);
  • cancellation of insurance cover for members whose super balances have had no relevant activity for 16 months. To retain your current level of insurance cover, you can download the Keep your insurance cover form (PDF)
  • capping of fees for members with low balances to 3%.

Further details of these changes will be available at a later stage.

Significant Event Notice - July 2019

On 1 July 2019, new laws come into effect to help protect members’ super balances from being eroded by fees. These changes apply to most super funds and include:

  • transfer of low super balances (less than $6,000) to the Australian Tax Office (ATO), where there has been no relevant activity for 16 months. To keep your low super balance from being transferred to the ATO, complete the Inactive Low-Balance Account Declaration form (PDF);
  • cancellation of insurance cover for members whose super balances have had no relevant activity for 16 months. To retain your current level of insurance cover, you can download the Keep your insurance cover form (PDF)
  • capping of fees for members with low balances to 3%.

Further details of these changes will be available at a later stage.

Other changes to be aware of

In addition to the regulatory changes outlined above, we’re also making some changes to our product offering from 1 July 2019, including:

  • changes to insurance premiums (our first premium increase in five years), and to insurance terms and conditions;
  • changes to the structure of the administration fee;
  • changes to the fee we charge for financial advice - although, in most cases superannuation advice continues to be offered at no extra cost for our members;
  • changes to rules relating to partial transfers and withdrawals from VicSuper.

Other changes to be aware of

In addition to the regulatory changes outlined above, we’re also making some changes to our product offering from 1 July 2019, including:

  • changes to insurance premiums (our first premium increase in five years), and to insurance terms and conditions;
  • changes to the structure of the administration fee;
  • changes to the fee we charge for financial advice - although, in most cases superannuation advice continues to be offered at no extra cost for our members;
  • changes to rules relating to partial transfers and withdrawals from VicSuper.

All changes will be reflected in the VicSuper FutureSaver Product Disclosure Statement from 1 July 2019.

This Significant Event Notice has been prepared without taking into account your objectives, financial situation or needs. You should therefore consider the appropriateness of the Significant Event Notice in light of your individual circumstances before acting on the advice. You should also obtain and consider a copy of the relevant Product Disclosure Statement available at www.vicsuper.com.au before making any decisions. VicSuper Pty Ltd ABN 69 087 619 412, AFSL 237333, Trustee of Victorian Superannuation Fund ABN 85 977 964 496.

All changes will be reflected in the VicSuper FutureSaver Product Disclosure Statement from 1 July 2019.

This Significant Event Notice has been prepared without taking into account your objectives, financial situation or needs. You should therefore consider the appropriateness of the Significant Event Notice in light of your individual circumstances before acting on the advice. You should also obtain and consider a copy of the relevant Product Disclosure Statement available at www.vicsuper.com.au before making any decisions. VicSuper Pty Ltd ABN 69 087 619 412, AFSL 237333, Trustee of Victorian Superannuation Fund ABN 85 977 964 496.