Significant Event Notices

Super funds have a responsibility to keep members informed of material changes and significant events that may affect member accounts. A notifiable significant event could be a change to fees and charges, insurance cover or premiums, or where a member’s benefit may be transferred without their consent.

Media Super communicates significant changes affecting members through Significant Event Notices mailed to affected members and made available to download from the Product Disclosure Statements area of this website. In addition, significant events may also be announced online through news items in the Fund Bulletins area of our Blog.

Changes announced in a Significant Event Notice are incorporated into subsequent releases of the applicable Media Super Product Disclosure Statement.

Media Super significant event notices

Notices issued in the last two years

Notice date 01-09-18

Nature of Event or Change Impact of the change
Change to Administration fee The administration fee will be $1.25 per week, or $65 p.a. (unchanged), plus 0.15% of the member's account balance, which is an increase from 0.10% p.a. This change is effective 1 December 2018. 

Media Super will apply an administration fee cap of $600 p.a. in relation to the 0.15% fee for both super and pension members, which will generally be effective for balances  of $400,000 or greater. 
Changes to investment options Various changes to asset domicile type, asset listing type, benchmark strategic asset allocation and asset allocation type took effect for a number of investment options from 1 July 2018. Please see the Significant Event Notice for full details. 

Please note, infrastructure assets for the Balanced, Growth, Stable and Unlisted Infrastructure investment options have an asset listing type of Unlisted. 
Changes to indexed fees and costs A number of fees are indexed at 1 Aprl each year. These fees are a component of the Direct Investment option investment fee, Exit fee, Family law application for information fee andFamily law benefit split fee. View current fees for super accounts and pension accounts
Changes to Investment fees and Indirect Cost Ratios Investment fees and Indirect Cost Ratios have been updated effective 1 July 2018, with changes to numerous investment options. Please see the  Significant Event Notice for full details. 
Changes to advice fee The Advice fee for persoanl advice will be $337 per hour, effective 1 October 2018.
Changes to complaints handling The Superannuation Complaints Tribunal (SCT) will stop accepting complaints after 31 October 2018. The Australian Financial Complaints Authority will start receiving complaints from 1 November 2018. See the Complaints Procedure page for further information. 
Change of administration for early release of super The administration for the release of superannuation on compassionate grounds has changed from The Department of Human Services to the ATO, effective 1 July 2018. 
Introduction of First Home Super Saver scheme Effective 1 July 2018, members can use their pre- and post-tax voluntary contributions to save money in super and withdraw it to purchase their first home. This will be administered by the ATO. 
Downsizing contributions Effective 1 July, members over 65 can contribute up to $300,000 from the sale of their house to their super. This will be administered by the ATO. Read 'New downsizer contribution takes effect' for more information.

More information: Download notice

Notice date: 01-09-18

Media Super has made a number of key changes to insurance arrangements, affecting Death, Total & Permanent Disablement, and Income Protection insurance cover. Some changes took effect on 1 July 2018, with further changes to take effect on 1 October 2018. 

Key changes effective 1 July 2018:

  • Premium reductions for Death only, Death and Total and Permanent Disablement (TPD), and Income Protection (IP*) cover.
  • No automatic default cover for new members under 25 years of age.

Key changes effective 1 October 2018:

  • Extension of benefits to age next birthday 70 for TPD and IP*, also extension of death benefits to age next birthday 70 for future service percentage of salary cover.
  • Increase to maximum levels of cover for Death, TPD & Terminal illness.
  • Changes to TPD taper rate.
  • Changes to IP benefit period for claims if aged 63+.
  • Changes to IP benefit maximum payment for claims if aged 65+.
  • Changes to important TPD definitions.
  • Increase to overseas cover period for Death, TPD and IP cover.

* Except voluntary IP cover with a benefit period to age 65 remains unchanged.

If you have any questions about how the changes affect your insurance cover, or any general questions re your cover, please call the Helpline on 1800 640 886. 

Further details of the insurance changes can be found in the Significant Event Notice - Insurance

Notice date: 01-09-17

Nature of Event or Change Impact of the change
Changes to investment options Changes to strategic asset allocations, ranges and/or investment objectives for some investment options, as well as the SmartPath option glidepath, effective 1 September 2017. Please refer to the current Significant Event Notice for further information
Change to advice fees The hourly fee for Media Super Financial Planners* is $330 from 1 July 2017. This fee is revised on 1 July each year, or more frequently where appropriate. Current fees will be advised to you before engaging the planner.
Legislative changes On 1 July 2017, the Government’s super changes came into effect. To read more about these changes visit mediasuper.com.au/superchanges.
Changes to LifetimePlus The LifetimePlus investment option has been closed and replaced by LifetimePlus2 effective 1 September 2017.  Please refer to the LifetimePlus Product Disclosure Statement for more information.
Changes to cooling-off period insurance From 1 September 2017 new members will now have 28 days (known as the cooling-off period) from the date of their welcome letter to cancel their insurance and have their premiums refunded. Please note this cooling-off period will not apply if there has been any claim or potential insurance claim made. Also no benefit will be payable to a member who has cancelled their cover during the cooling-off period.
Additional Income Protection cease clause A condition in regards to when Income Protection (IP) will cease has been added to the Insurance Guide to the ‘When does cover end?’ section effective 1 September 2017. The new condition states that once a member is paid a Total and Permanent Disablement benefit, their IP cover will cease from the date of disablement.
Australian Shares for Tax Exempt Investors no longer available The Australian Shares for Tax Exempt Investors investment option is no longer available to investors from 1 September 2017.
Changes to investment fees and indirect cost ratios Estimated investment fees have been updated and will increase for some options effective 1 November 2017. Estimated indirect cost ratios have been updated for 2016-2017. Please refer to the current Significant Event Notice for further information. 

 

The Growth investment option has been missed within the current Significant Event Notice, please find current figures below.

Investment option TOTAL estimated investment fee Including investment fee deducted from investment options or your account TOTAL estimated indirect cost ratio Including estimated transactional & operational costs
Growth 0.22% 0.06% 0.61% 0.08%

 

 

More information: Download notice

Notice date: 01-02-17

Nature of Event or Change Impact of the change
Effective 1 January 2017, the strategic asset allocations for SmartPath cohorts changed.  The allocation of the various asset classes in the option automatically changes annually each 1 January according to a predetermined ‘glidepath’. 
Indirect cost ratios have been updated  Estimates of Indirect cost ratios for 2015-2016 have been updated and are shown, together with current Investment fees, in the Significant Event Notice

More information: Download notice

Notice date: 07-09-16

Nature of Event or Change Impact of the Change

Effective 1 October, a new Unlisted Infrastructure Investment option will become available.

This option will be available to both super and pension members.

Please read our Investment Guide for further information. The Investment Guide will include this information after 01.10.2016

Effective 1 October, the investment return objective and asset allocation ranges for some investment options have changed.

Balanced (MySuper) – The investment return objective has changed. Moderate Growth, Stable, Australian Shares, Overseas Shares, Sustainable Future Shares, Property, Fixed Interest – The asset allocation ranges have changed.

Please read our Investment Guide for further information.  The Investment Guide will include this information after 01.10.2016 

Effective 1 March, there was a correction to the Global Natural Resources investment option. 

The asset listing type of the Global Natural Resources option was corrected.

Please read our Investment Guide for further information.The Investment Guide will include this information after 01.10.2016

Effective 1 July, the Lost Member definition was changed. 

As of 1 July 2016, the Trustee will also consider a Media Super member to be lost if the Trustee has attempted to contact that person either at the person’s residential address or via an email address provided to the Trustee by the Media Super member, and the Trustee believes on reasonable grounds that the Media Super member can no longer be contacted at any address known to it.

Please see our Product Disclosure Statement for further information. The Product Disclosure Statement will include this information after 01.10.2016

Effective 1 October, the disclosure of investment fees and the indirect cost ratios will change. 

The way in which investment fees and the indirect cost ratios are disclosed will change. An indication of how these were previously disclosed and how they will be shown from 1 October 2016 can be found on page three of the Significant Event Notice

Effective 1 November, the investment fees for some investment options will increase.

Balanced (MySuper), Growth – The investment fees will increase; details are shown on page four of the Significant Event Notice.

 

More information: Download notice

Notice date: 01-02-16

Changes to insurance arrangements 

From 31 March 2016, the insurance arrangements in place for Media Super members will change. The changes will affect Death, Total & Permanent Disablement, and Income Protection insurance cover. The purpose of the changes is to provide members with a more sustainable and member-focused insurance arrangement.

All current members with insurance will have their insurance cover automatically moved into the new insurance arrangements effective from 31 March 2016. 

Key changes effective from 31 March 2016:

  1. For the majority of members, the default level of Total & Permanent Disablement (TPD) cover will reduce but members will have access to Income Protection (IP)insurance cover for up to five years, rather than the current two years. The philosophy behind this change is that the new default level of TPD cover is intended to cater for early medical and other requirements, with higher total levels of ongoing income support benefits available to most members (provided the member also has IP cover).
  2. There are important changes to the definition of TPD which must be met in order to receive a TPD benefit.
  3. Changes to the value of cover per unit and premiums for unitised and non-unitised Death only, TPD only, and Death and TPD cover. 
  4. Changes to the level of cover for members with certain types of existing insurance.
  5. Move to a unit-based IP cover, with each unit of cover providing a $500 benefit per month and changes to the premiums for IP cover. 
  6. Change to the IP replacement ratio to 87% (being 75% of salary plus 12% super contribution), down from 94.5% (being 85% of salary plus 9.5% super contribution) but with an increased benefit payment period of up to five years (from two years). 
  7. New ability to apply for IP cover that will provide benefits through to age 65, with different premium rates.
  8. The six-month waiting period for TPD claims will be waived and assessment will commence immediately if you are suffering from an Immediate Assessment Condition. 
  9. The definition for Terminal Illness has been updated.

How changes affect you will depend on the type and level of cover you currently have. You can log in to your account to see your current cover, and the Significant Event Notice linked below details how it will change. Members who joined after 31 December 2015 will receive a letter outlining their cover and how it will change.  

Members on unit-based cover will have their Death cover maintained at approximately the same level as their current cover.

Members on fixed or formula-based cover will maintain their current levels of insurance, and their premiums will be adjusted accordingly.

Please note, for some members this may mean quite significant premium increases.  Members have the option to vary their insurance cover, and thus their premium costs.  

We encourage you to call the Media Super Helpline on 1800 640 886 to speak with a financial planner about your personal situation and insurance needs.

Further details of the insurance changes and details of the conversion can be found in Significant Event Notice – More Sustainable Insurance Cover

It is important to note that in the event of a claim, if death or disablement occurred before 31 March 2016, insurance will be assessed and payable under the old arrangements.

At this time we expect details of your new insurance cover to be available in your online account by late April. We will provide further updates as they become available.

Notice date: 01-02-16

Nature of Event or Change Impact of the Change

Effective 1 January 2016, the strategic asset allocations for SmartPath cohorts changed. 

The allocation of the various asset classes in the option automatically changes annually each 1 January according to a predetermined ‘glidepath’. 

The definition for terminal illness has changed.  The period for determining terminal illness has changed. A person suffering from a terminal illness may now access super benefits within 24 months of expected death, if they meet the terminal illness definition in the Insurance Guide. 
Effective approx 7 March 2016, the settlement period for the Direct Investment option is changing. 

The settlement period for Australian share market trades will be shortened by one day.

This change will affect all financial products traded on a securities market in Australia, including and not limited to shares and exchange traded products (including exchange traded funds).

The date of change is to be confirmed by the ASX.

Effective 31 December 2015, the small lost threshold for super accounts increased. The small lost threshold for super accounts increased from $2,000 to $4,000. Any inactive and un-contactable accounts below the  new threshold are required to be transferred to the ATO. From 31 December 2016 the threshold will increase to $6,000.

More information: Download notice