Australian Catholic Superannuation has an ongoing responsibility to inform members about any 'significant events' or 'material changes' to the Fund, particularly when the outcome will have a fundamental impact on their retirement savings.

Such events can include:

 - Changes to fees and costs
 - Changes to benefit design, such as insurance cover and premiums
 - A decision to transfer benefits without member consent.

A significant event notice clearly outlining the nature and effect of the event or change will be issued to all affected members. Timings for communication of these notices are as follows:

 - Change or event that does not relate to an increase to a fee or charge will be sent as soon as possible, but not later than three months after the change or event occurs.
 - Change or event that does increase a fee or charge will be sent at least 30 days before it occurs.

A summary of each significant event or material change notice issued to members within the past two years is listed in the table below.

Date

Notice sent to

Summary of notice

May 2019

All members with superannuation accounts

Effective from 1 July 2019:

  • Changes to insurance including cancellation of cover for inactive super accounts
  • Changes to the account transfer rules to the ATO
  • Fee capping for low balance accounts
  • Removal of exit fees
  • Changes to insurance reinstatement rules
  • Changes to investment management fees

Effective from 31 May 2019:

  • Changes to names of investment options

For further details, please refer to the Significant Event Notice.

Download the SEN letter

May 2019

All members with pension accounts

Effective from 31 May 2019:

  • Changes to names of investment options

Effective from 1 July 2019:

  • Changes to investment management fees
  • Fee capping for low balance accounts
  • Removal of exit fees

For further details, please refer to the Significant Event Notice.

Download the SEN letter

December 2018 

All members

 

March 2018

 

All members with superannuation accounts

 
  • Introduction of a lifecycle investment strategy for default members of the MySuper Balanced option, and renaming of the option to LifetimeOne as from May 2018
March 2018  All members with pension accounts
  • Changes in fees and costs
  • Minor changes to Strategic Asset Allocation
  • Introduction of a High Growth option
Nov 2017 All Members who hold the Credit Income option
  • Changes to the Credit Income investment option effective 24 November 2017, include:
  • The investment mandate for the Credit Income option has been expanded to increase the expected rate of return.
  • As a result, the Standard Risk Measure, which is based on industry guidelines to allow you to compare investment options that are expected to deliver a similar number of negative annual returns over a 20 year period, will increase.
  • The Standard Risk Measure for the Credit Income option is still lower than the Standard Risk Measure for the Bonds option.
Jun 2017

All members

Changes to insurance effective 1 July 2017, including:

  • Reduction in premiums for Death and Total and Permanent Disablement (TPD) cover
  • Cover for Employer members will not be automatically reinstated when cover has ceased due to insufficient balance
  • Income Protection for Employer members to cease if no employer contribution is received for 4 months
  • Reduction in units of automatic Death and TPD cover for new Employer members under age 25
  • Limited Cover for Death and TPD and Limited Cover for Income Protection for the first 12 months.

Changes to investment options effective 1 July 2017:

  • Introduction of new investment option – Credit Income.

Changes to legislation effective 1 July 2017, including:

  • Reduction in concessional and non-concessional contribution caps
  • Introduction of transfer balance cap for retirement phase
  • Removal the tax exempt status of investment earnings on assets supporting transition to retirement income streams
  • Reduction in income threshold for higher contributions tax
  • Ability to claim tax deduction for personal contributions
  • Cessation of anti-detriment death benefit payments.

Changes to disclosure of indirect investment costs effective 1 July 2017:

  • Disclosure of indirect investment costs, including operational and transaction costs.
Nov 2016

All members

Changes to investment fees effective 1 November 2016.

  • Fee increases to Property and International shares
  • Fee decreases to; Conservative, MySuper Balanced, Growth, Conservative Balanced and Australian Shares
Nov 2016

All members

Changes to insurance effective 1 November 2016.

  • Reduction in the maximum level of Death cover and Terminal Illness benefit
  • Changes to underwriting requirements

 

Need more information?

If you would like more information about any of the events listed above and whether they may have had an effect on your account in the Fund, call us on 1300 658 776 .