The table below summarises each Significant Event Notice (SEN) we've sent in recent years.
Nature of event or change
Impact of change
|Important insurance changes – from 1 April 2020||2 December 2019||As a result of recent government changes, from 1 April 2020 certain members won’t be able to have automatic insurance on their account unless they actively choose to have it.||The following members are affected:|
• Members under 25 who open a new account on or after 1 April 2020.
• Members, including new members, with an account balance below $6,000.
|There were two versions of this SEN, one for people with insurance and the other for people without insurance.||23 August 2019||As a result of recent government changes, our Death and Terminal Illness (DTI) and Total and Permanent Disablement (TPD) insurance will increase by approximately 12% on 1 October 2019.|
• People with DTI and TPD insurance will pay more for their insurance from 1 October 2019.
|Here are some changes to your account that we want you to be aware of.||26 June 2019|
1. PYS - a 3% cap on fees for balances below $6,000; cancellation of insurance on inactive accounts; transfer of inactive low-balance accounts to the ATO.
2. Investment options - changes to asset allocations, investment objectives and risk profiles.
3. Minor product changes:
4. Premiums refunded if date of disablement:
|There are some changes to your pension that we’d like you to be aware of.||13 September 2018||From 1 July 2017 if a pension holder passes away, the pension may be paid to eligible beneficiaries as a “death benefit income stream” (DBIS).|
|Reduced Income Protection (IP) premiums and revised investment options|
25 June 2018
|Turn to MINE.||16 May 2018||Announcement of change in Fund name from Mine Wealth + Wellbeing to Mine Super.||Our transformation from Mine Wealth + Wellbeing into Mine Super reflects a renewed dedication to our heritage. Our products and services remain the same and as always, our friendly staff are here to help.|
Important information about our insurance and the fees on your account.
There were various versions of the SEN segmented based on the impact of the changes on the member’s personal situation.
|28 August 2017|
Single definition of total and permanent disability (TPD).
Fairer premiums for members with Basic Insurance Cover by introducing age based premiums.
We’ll pay a terminal illness (TI) insurance benefit for people whose doctor has certified that they’re likely to pass away within 24 months.
Automatic Basic Total and Permanent Disablement Insurance Cover is reducing for people over 55.
More equitable premiums for members with IP insurance by increasing the premiums for people who’ve changed their waiting and / or benefit periods.
Updating fees disclosure in line with the government’s new rules.
Single definition of TPD – members with current insurance on their account which started before 1 July 2014 will now have TPD claims assessed on their ability to work in any job which they’re reasonably qualified by their experience, education and training.
TI benefit – certification period will increase to 24 months for all members.
Automatic Basic TPD Insurance Cover – reducing for all members over 55.
Premium changes – some members will have lower premiums, others higher premiums. The impact dependent on member’s personal situation.
Fees – There’s no impact on the net investment return. The change is a disclosure requirement as a result of changing legislation.
There were three versions of this SEN: for members with a super account, for members with a pension account and for members with a defined benefit account.
26 May 2017
There were three versions of this SEN: members with IP insurance, members without IP insurance and a 'generic' version. The SEN linked to above is the 'generic' one. If you'd like to read one of the other versions give us a call on 13 MINE (13 64 63).
12 February 2016
|Members with IP insurance will pay more for their insurance.|