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: 01-09-17

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

Notice date: 17-11-15

Investment Returns Adjustment

During our annual end of financial year review, we identified that the Fund’s asset custodian had not properly credited franking credits to investment options with exposure to Australian shares. This means returns for these investment options may have been understated over the past two financial years and (depending on your investment choices) your Media Super account balance may increase.

This adjustment affects members with some, or all, of their super or pension funds in investment options with exposure to Australian shares between 1 July 2013 and 7 August 2015. Any adjustment required will be applied to affected current and exited members’ accounts. Please note, in no instance will a member’s account balance decrease as a result of the adjustments.

We are now in the process of calculating the necessary adjustments and, where applicable, we expect to credit affected members’ super and/or pension accounts by the end of November 2015.

The adjustment will be shown as a single transaction. Once credited, any additional amount will be visible in your account via online access and will be shown on the next statement we send you in February/March 2016.

For members invested in the Overseas Shares option

Nature of Event or Change Impact of the Change

Effective 1 November, changes to the Overseas Shares option

Media Super will no longer hedge movements in the various foreign exchange exposures within the Overseas Shares option.

More information: Download notice

Notice date: 1-9-15

Nature of Event or Change Impact of the Change

Effective 7 August, the investment objectives, strategic asset allocation and asset allocation ranges for some investment options have changed.

High Growth, Growth, Emerging Markets Shares - The return objective, strategic asset allocation and asset allocation range have changed.

Australian Shares - The return objective has changed.

Emerging Markets Shares - The return objective and asset allocation range have changed.

Global Natural Resoures - The risk and return objectives and asset allocation range have changed

Income Plus - The risk and return objectives have changed

Moderate Growth,  Passive Australian Shares, Australian Small Companies, Australian Shares Fund for Tax Exempt Investors, Diversified Shares, Passive International Shares, Hedged International Shares - The return objectives have changed

Lifetime Plus, SmartPath born 1949-1953, 1954-1958, 1959-1963 - The risk objectives have changed

SmartPath born before 1949 - The risk and return objectives have changed

Please read our Investment Guide for further information.

Effective 1 October, the investment objectives, strategic asset allocation and asset allocation ranges for some investment options will change.

Moderate Growth, Income Plus, SmartPath born before 1949, 1949-1953, 1954-1958, 1959-1963, 1964-1968, 1969 or later The risk and return objectives, strategic asset allocation and asset allocation range will change.


Please read our Investment Guide for further information.

Effective 1 August, Media Super has updated the timing for changing your investment option.

Investment switching requests are now processed on the Wednesday following the week it is received rather than the Thursday.

Effective 1 August, the Diversified Alternatives investment option has been discontinued.

The Diversified Alternatives investment option has been discontinued. All members within the option were redeemed prior to 1 August.

Effective 1 August, indexation has been applied to the dollar component of the Direct Investment option investment fee.

An investment fee of 0.10% p.a. of your Direct Investment option account balance plus $203.50 p.a. (indexed annually in line with AWOTE) applies for amounts invested in the Direct Investment option.

Correction to information in Direct Investment Guide regarding timing of investment switches to the Direct Investment option

The Direct Investment Guide states that requests to switch funds to the Direct Investment option received before 5pm Friday will usually appear in your Direct Investment option cash transaction account on the following Thursday. This should state that the switch is usually processed on the following Thursday and will be available in your cash transaction account on the following business day.

Effective 1 August, investment fees have changed.

Please read our Additional Information About Your Super Guide or Pensions Guide PDS for further information.

LifetimePlus is now available to Transition to Retirement members.

The LifetimePlus investment option was launched in 10 March for members with a Media Super retirement pension account. It is now available to members with a Transition to Retirement pension.

Deductions from your super account - for noting only

A fee or cost deducted directly from your account will be deducted from your account balance in each investment option in proportion to your total account balance (excluding any LifetimePlus or Direct Investment balance), except insurance premiums for Income Protection based on SG contributions which are deducted from the investment option(s) that apply to your future contributions on the date the premium is processed.

More information: Download notice

Notice date: 22-6-15

For members invested in the Direct Investment option.

Nature of Event or Change Impact of the Change

Effective 1 August, indexation of the dollar component of the Direct Investment option investment fee will occur.

An investment fee of 0.10% p.a. of your Direct Investment option account balance plus $195 p.a. (indexed annually in line with AWOTE) applies for amounts invested in the Direct Investment option. This will increase to $203.50 p.a. effective 1 August 2015. The investment fee of 0.10% p.a. of your account balance will remain the same.

Correction to information in Direct Investment Guide regarding timing of investment switches to the Direct Investment option

The Direct Investment Guide states that requests to switch funds to the Direct Investment option received before 5pm Friday will usually appear in your Direct Investment option cash transaction account on the following Thursday. This should state that the switch is usually processed on the following Thursday and will be available in your cash transaction account on the following business day.

More information: Download notice