Nature of event or change
Impact of change
|Investment Strategy Changes
|6 December 2023
|We’ve changed the risk profiles of some investment options.
|On 30 September 2023 we changed the risk profiles of the Indexed Defensive, International Shares, Property and Bonds investment options. There were no changes to the other investment options.
|14 April 2023
|Following a recent review of our Super investment menu, the Conservative Balanced ‘Choice’ investment option will close on Friday, 26 May 2023.
- Super members invested in the Conservative Balanced ‘Choice’ investment option will automatically transfer to the Balanced investment option on Friday, 26 May 2023.
- Super members will no longer be able to choose this investment option to invest in from Friday, 26 May 2023.
NOTE: The Conservative Balanced investment options that are part of our Lifecycle Investment Strategy and pension accounts are not affected.
|Investment strategy changes
|24 November 2022
We regularly review the investment strategies for our investment options. Following our most recent review, we’ve made some changes to the options from 30 September 2022:
- A small number of our investment options’ risk profiles have changed.
- There have been adjustments to the investment mixes (or ‘strategic asset allocation’) of the pre-mixed investment options.
- The Balanced and Indexed Defensive investment options have had a change to their allowable ranges.
|These changes impact members currently invested in the affected investment options from 30 September 2022.
|Insurance Significant Event Notice May 2022 - Super
|20 May 2022
On 1 April 2022 we introduced a number of changes to our insurance policy:
- The definition of TPD was broadened:
- To be eligible for a claim, member needs to meet a new ‘Everyday working activities’ condition (replacing ‘Activities of daily living’ condition).
- The waiting period to receive a claim has been reduced to 90 days from 183 days.
- Members now eligible for a TPD claim under ‘Minimum hours worked’ condition if they work any hours (previously a minimum of 15 hours).
- Members aged between 65 and 70 now eligible to make a claim under the ‘Education, Training and Experience’ condition.
- A new IP waiting period of 14 days.
- Super payments will now increase in line with government rates.
- Centrelink benefits will no longer affect IP benefit payments.
- Cover will now stop after 12 months of unemployment (previously from when a member stopped working).
|Changes will apply to all members with insurance from 1 April 2022, including new insurance taken out after this date.
|Important changes to our investment menu – Account-based Pensions
|10 December 2021
On 20 December 2021, we're introducing three new investment options and making minor changes to the investment options’ investment mixes and risk profiles.
On 24 March 2022, we're merging our Stable investment option with the Capital Guarded investment option.
Pension members will have three additional investment options to choose from. Also, there will be minor changes to our other investment options’ investment mixes and risk profiles.
The Stable investment option is merging with the Capital Guarded investment option as its investment strategy is the same. Members will be transferred to the Capital Guarded investment option on Thursday, 24 March 2022.
|Important changes to our investment menu – Super and Pre-retirement Pensions
|10 December 2021
On 20 December 2021, we’re introducing two new investment options and making minor changes to the investment options’ investment mixes and risk profiles.
On 24 March 2022, we're refreshing our Stable investment option.
Members will have two new investment options to choose from, Balanced and Indexed Defensive. Also, there will be minor changes to our other investment options' investment mixes and risk profiles.
The investment strategy for the Stable investment option will change and as a result will be renamed Secure. Members will remain invested in the Secure investment option unless they switch to another investment option.
|Important change to our Income Protection insurance
|20 October 2021
|We'll no longer update the salary we use for Income Protection insurance (IP) with one provided by an employer.
A member's salary is used to determine the premium a member pays and to help determine the IP benefit payable at the time of claim.
Going forward, the salary used for IP insurance can only be changed by a member. We’ll no longer use a salary provided by a member’s employer. For more information read the Insurance Guide at mine.com.au/super-pds
We’ve made some changes to your account
- Cash investment option – new investment manager
- International Shares investment option – new performance benchmark
- Bonds renamed Fixed Income in our diversified options
- Change to minimum account balances following a withdrawal
- Various changes to investment options investment strategies and risk profiles
- Update to our transition to digital communication
- Cash investment option – Members’ money is now held with Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (ANZ).
- International Shares investment option – Members’ money is managed against a new benchmark, the MSCI World ex-Australia Index (Net Total Return).
- Bonds renamed Fixed Income – This is a wording change only and there is no change to how the options are invested.
- Minimum account balances – Members will need to leave a minimum amount of $10,000 in their super account following a withdrawal.
- Investment strategies and risk profiles – A number of the investment options’ allowable investment ranges and risk profiles have been changed.
- Digital communication – We can now advise members of important information about their accounts by publishing notices to our public website.
Four SENs produced for different product segments:
- Super – fixed administration fee reduced by 50% from $104 pa to $52 pa.
- Pension – current fixed administration fee of $180 pa replaced with a percentage-based administration fee of 0.16% pa of account balance.
- All products – Enhancement to our Lifecycle Investment Strategy.
- All products – Aggressive investment option renamed High Growth, Balanced investment option renamed Conservative Balanced.
- All products (inc. WA Coal) – Specific account information will be sent digitally, unless member opts-out where they’ll continue to receive hard copies by post.
- Administration fee changes – New fees will apply to all members from 25 March 2021. All super members will benefit while the impact on pension members will be determined by their account balance. Taking into
consideration the changes to investment fees and indirect costs, 87% of pension members will be paying less in total fees than 18 months ago.
- Lifecycle Investment Strategy – All members invested in the Lifecycle Investment Strategy will automatically move to the new strategy effective from 25 March 2021, which will be a percentage mix of the High Growth
and Conservative Balanced investment options based on a person’s age. Refer to the SEN for full table of ages and percentage mixes.
- Investment option name changes – This is simply a name change to make options simpler and easier to understand. There are no changes to how they’re invested and their investment return objectives, which
are reviewed on an ongoing basis in line with our standard review process.
- Digital communications – Members will find information such as Significant Event Notices (SENs), Annual Statements and account transactions in their online account inbox. For SENs and Statements, we’ll
let members know document is available.
|Here are some changes to your account you need to be aware of.
|10 June 2020
- As a result of the government’s PMIF legislation, we made changes to our insurance on 1 April 2020.
- On 1 July 2020, we introduced minor changes to the investment objectives and risk profiles of some of our investment options.
- Insurance – the following conditions of our insurance changed: 1. Eligibility for Basic Insurance Cover (BIC) and Standard Income Protection (SIP) Insurance; 2. The type of BIC and SIP a member initially receives;
3. When a member is eligible for a refund of BIC premiums; 4. When a member receives full SIP; 5. When a member needs to take up the Policy Extension Option for SIP.
- Each year our investment team review our investment options. As a result, the risk profiles of our investment options and the investment objective of our Pension Aggressive Investment Option changed.