Significant Event Notices

The table below summarises each Significant Event Notice (SEN) we've sent in recent years.

SEN title

Notice date

Nature of event or change

Impact of change

Important changes to your account.

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.

Some corrections to this SEN

26 May 2017

  • We’re changing the mix of assets in our investment options.
  • We’ve appointed a new insurer.
  • We’ve changed our unit pricing process which means transactions are processed faster.
  • The government has made a number of far reaching changes to super.
  • The investment objectives, levels of risk and investment percentage ranges for our investment options are changing.
  • Members will now have the ability to process transactions faster and have them shown in their account balance sooner.
  • The government's super changes are far reaching so the impact on members will depend on individual circumstances.

Important changes to our Income Protection insurance - 18 March 2016

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

  • Our IP insurance premium rates will increase by 53%.
  • The Heavy Manual job classification factor will increase from 2.4 to 3.2.
  • If you’re being paid a benefit from IP insurance and receiving Workers Compensation payments, your IP benefit payment will stop when you’re fit to return to work. Currently, they can stop when your Workers Compensation payments stop for other reasons.
  • Government stamp duty we collect on IP premiums will reduce to 6.5% from 7.0%. Stamp duty is included in the cost of IP insurance.
Members with IP insurance will pay more for their insurance.

Important changes to your super account - 1 October 2015

There were eight versions of the SEN catering to: members with or without insurance, members paying less or more fees, pensioners, WA Coal members 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). 

24 August 2015

  • We’ve changed how we charge our administration fee.
  • The cost of Death and Terminal Illness and Total and Permanent Disablement insurance cover has increased.
  • We’ve changed the investment objectives for the Bonds and Cash investment options.
  • Administration fee change - Members with account balances above $26,000 will benefit from the change, paying less in fees, while those with balances below $26,000 will pay slightly more.
  • Insurance - All members with death and disablement insurance will pay more for this insurance.
  • Investment objective change - There is no direct impact on members from this change. It was made to reflect the current low interest rate environment.

Important changes to
your insurance - for members with Income Protection insurance

27 January 2015

We introduced Income Protection (IP) insurance in March 2013 and have recently finished a review
of the arrangements. As a result, we’ll be making some changes to insurance cover from 1 March 2015.
  • Improved salary cover
  • Super payment increase
  • IP insurance cost increase
  • Cover improvements and existing conditions
  • Clarification of existing Policy Extension Option
  • Matching waiting period to sick leave
  • Mining job classification now includes more high risk jobs
  • Classification clarification for professional and white collar workers
Important changes to insurance - for members without Income Protection insurance 27 January 2015 We introduced Income Protection (IP) insurance in March 2013 and have recently finished a review
of the arrangements. As a result, we’ll be making some changes to insurance cover from 1 March 2015.
  • Improved salary cover
  • Super payment increase
  • IP insurance cost increase
  • Cover improvements and existing conditions
  • Clarification of existing Policy Extension Option
  • Matching waiting period to sick leave
  • Mining job classification now includes more high risk jobs
  • Classification clarification for professional and white collar workers
We’re introducing our unique new Capital Guarded investment option… designed to meet the needs of people in retirement
 
8 September 2014

A new investment option, AUSCOAL Capital Guarded, started in our pension product on 1 September 2014. 

  • People with pensions now have a new investment option to invest in. The new investment option will also be the default investment option for people taking out pensions from 1 September 2014, replacing the default Lifecycle Strategy.
  • People with pensions at 1 September 2014 will remain invested as they are now. However, if they’re currently invested in the Lifecycle Strategy and switch out after 1 September 2014, they won’t be able to switch back in.
You can now view your Term Deposit online and we've introduced a new Transaction Account
 
18 August 2014
  • Members can now log into their online account and see details of their active term deposits.
  • The Transaction Account is a type of ‘holding account’ within the Term Deposit investment option. It’s used to hold money to invest in term deposits and for the proceeds of maturing term deposits, which includes the capital plus interest earned after fees and tax, to be paid into.

Both these developments are positive as they provide members with greater flexibility to view details of their account and to transact.

Important information
 
4 July 2014
  • The conditions under which a total and permanent disablement (TPD) benefit is paid changed for new insurance taken out after 1 July 2014.
  • New privacy laws were introduced on 12 March 2014.
  • We merged with the WA Coal Industry Superannuation Fund on 1 July 2014.
  • TPD change – People with insurance on 30 June 2014 aren’t affected by the change. New members or existing members taking out new insurance after 1 July 2014 will be subject to the new TPD definition. The impact of the new definition is that people might not be able to claim for some things they would have been able to under the previous definition.
  • New privacy laws – The laws introduce new Australian Privacy Principles regulating how personal information is collected, used, disclosed and stored.
  • WA Coal merger – No impact on existing members.
On 1 July 2013 some important changes were made to the insurance cover you have through your AUSCOAL Super account
 
20 February 2014

Port Kembla Coal Terminal employees insurance changes:

  • Change to cost of insurance.
  • Increase in automatic acceptance limit for insurance cover.
  • Port Kembla Coal Terminal employees were informed of an increase in the aged-based rate of insurance cover and an increase to the automatic acceptance limit from $350,000 to $650,000.
  • We estimate that approximately 90 people may have been affected.
We launched our MySuper product on 14 October 2013 – what it means for your super
 
22 January 2014
  • Our product was given MySuper authorisation on 14 October 2013.
  • No impact on members as change was simply a change of name. There were no changes to product conditions.
We’re making a number of improvements to your super account
 
12 February 2013
  • We now offer income protection cover through a member's AUSCOAL Super account.
  • We changed our insurer and as a result made a number of improvements to our death and disablement insurance.
  • We added a new Term Deposit investment option.
  • All super members with employer contributions paid to their account will automatically have IP insurance added to their account. All other members can apply.
  • All members with death and disablement insurance will benefit from the improvements.
  • All members can invest in the new Term Deposit investment option.
On 14 January 2013 we’re making two changes to your super
21 December 2012
  • Removal of Withdrawal and Switch fees.
  • Closing of Diversified Shares investment option.
  • All members benefited from the removal of Withdrawal and Switch fees.
  • Only a small number of members in the Diversified Shares investment option were affected by the close.
On 14 January 2013 we're making three changes to your pension
21 December 2012
  • Removal of Withdrawal and Switch fees.
  • Additional pension payment options - now fortnightly, monthly, quarterly, half-yearly and yearly.
  • Closing of Diversified Shares investment option.
  • All members benefited from the removal of withdrawal and switch fees.
  • Only a small number of members in the Diversified Shares investment option were affected by the close.