Super and Pension
Australian Ethical will inform relevant members of any significant events that may affect them. This can be in the form of a Significant Event Notice (SEN) which is sent to members via email or letter, or in the form of News and Updates.
The following is a summary of SENs and News & Updates for the last 2 years.
April 2021 Australian Ethical Super and Pension
Updated Buy/Sell spreads from 1 April 2021
We've reduced the Buy / Sell spread for our Australian Shares option effective 1 April 2021.
These reduced fees may apply to your account with Australian Ethical Super.
October 2020 Australian Ethical Super and Pension
News and updates: Federal Budget 2020/21
The 2020/21 Budget announced some major measures that directly impact super including:
- A person’s existing super account receiving super guarantee contributions will be ‘stapled’ to them as they move through employment, unless they elect otherwise.
- Creation of a new ‘YourSuper’ portal which will include a comparison tool
- Holding funds to account for underperformance
- Improving the transparency and accountability of super funds
Further information about these measures can be found here.
October 2020 Australian Ethical Super and Pension
SEN: We've reduced our Defensive investment fee and a buy sell spread
As part of our continued focus to provide great value ethical investments, we've reduced the investment fee for our Defensive investment option in super and pension, effective 1 October 2020. We’ve also reduced the buy / sell spread for our International Shares option in super and pension, effective 1 October 2020.
September 2020 Australian Ethical Super
SEN: Our insurance offering is changing
We’re making changes to our insurance offering from 14 October 2020, including changes to Death cover, Death and Total and Permanent Disablement (TPD) cover and Income Protection. We’ve reviewed our offering to take into consideration the ‘Putting Members’ Interests First (PMIF)’ legislation introduced by the Federal Government on 1 April 2020. Our aim is to make our premiums fairer by changing our insurance offering to better reflect our members’ stage of life and characteristics.
Default Death and TPD Cover is changing and the amount of cover you receive will be based on your age. Further, we’ll now be looking at your age, sex at birth and your occupation to determine your premiums, which will change each year on your birthday.
For Fixed Cover, the premiums are also changing and there'll no longer be a distinction between Employer-Sponsored Members and Personal Members.
There are also updates to the terms and definitions.
Further information can be found here including copies of the SENs sent to members.
July 2020 Australian Ethical Super and Pension
News & updates: Processing your transactions
Generally, investment switch requests submitted online before 4.00pm (Sydney time) on a Business Day will be processed using that day’s unit price. If the online investment switch is submitted after 4pm (or on a day other than a Business Day) the following Business Day’s unit price will be used. An exception to this process is if a pending transaction (such as a contribution) has been received but is yet to be processed. In this case, the pending transaction will be processed first and the investment switch will be processed within 2 business days after it was submitted online and will receive the unit price for the day it was processed, not the day it was submitted.
June 2020 Australian Ethical Pension
SEN: Reduced pension minimums
In response to COVID-19, the Federal Government has temporarily reduced the minimum Pension payment requirements by 50%. This reduction applies for the 2019/2020 and 2020/2021 financial years. This measure is designed to help retirees by reducing their need to sell investments to meet minimum drawdown requirements when the market may be under pressure.
Members were previously notified of these changes via our website in March 2020 and our Pension Product Disclosure Statement and Additional Information Booklet were updated to reflect these changes on 1 April 2020.
March 2020 Australian Ethical Super and Pension
SEN: Updates to fees and insurance
From 1 April 2020 the percentage-based part of the administration fee for all our super investment options will reduce from 0.41% to 0.29% per annum. More information can be found here.
New insurance limitations and Ts & Cs will apply to existing members with an account balance less than $6,000 and who lose their insurance on 1 April 2020.
New insurance definitions and reinstatement Ts & Cs will apply for all members.
Details on the insurance changes can be found here.
A copy of the email sent to members is here.
December 2019 Australian Ethical Super and Pension
SEN: Updates to fees
From 1 December 2019 the investment fee for three of our super investment options will reduce. Further details can be found here.
From 1 December 2019 the investment fee for two of our pension investment options will reduce. Further details can be found here.
November 2019 Australian Ethical Super
SEN: Putting Members’ Interests First (PMIF)
Members with Default insurance with an account balance of less than $6,000 as at 1 November 2019 could lose their cover on 1 April 2020 unless they opt in to retain their cover or their account balance reaches $6,000 before 1 April 2020. A copy of the email sent to members is here.
Further details on the PMIF changes can be found on our website.
October 2019 Australian Ethical Super and Pension
SEN: Account closures
If your account reaches a $0 balance, we will automatically close your account.
If you join the Fund and we haven’t received any funds in your account within 4 months of the date of opening the account, we may automatically close your account.
SEN: Super Changes effective 1 July 2019
In February 2019, the Federal Parliament introduced legislation called the Protecting Your Super (PYS) reforms. The following changes will take effect from 1 July 2019:
- No exit fees
- Fees are capped at 3% for low balances
- Insurance cancellation for inactive accounts
- Combining inactive low balances
- Updates to insurance pricing and new definitions
Further information can be found here.
February 2019 Australian Ethical Super and Pension
SEN: Updates to Trust Deed and consolidation and mid-year statement changes
Effective 1 February 2019, there was an amendment and consolidation of the Australian Ethical Retail Superannuation Fund Trust Deed. These changes won’t affect the way your super works. We’ve simply consolidated the existing Trust Deed documents and made some minor amendments to bring the Trust Deed up to date including:
- inserted a clause for when the member has exceeded their transfer balance cap
- deleted references to ‘units’ and included a new provision that allows the Trustee determines the value of a member’s account
- given the Trustee the ability to amend fees (subject to superannuation law) without having to update the Trust Deed each time
- deleted clauses where the content is already covered by superannuation legislation or is no longer relevant.
Mid-year statements will no longer be sent to members. Members can access all the information in the member portal at australianethical.com.au > LOGIN > Super