Investment Option Closing - Income Plus1 Nov 2019
The Income Plus option will be closing in early 2020, please take this into consideration when choosing an investment option.
We regularly review all our investment options to ensure members have access to market-leading products and that all our options best serve our members' needs.
With this in mind, we believe that closing the Income Plus option is in the best interests of members, as while the option has performed strongly, the ongoing low bond yield market environment will continue to impact the distributable income and we anticipate the option’s scale benefits will be reduced in the future.
Additionally, we offer alternate investment options to members, that when used in combination could achieve similar risk return profile to the Income Plus investment option.
When will the option close?
The closure is scheduled for early 2020. Notification of the confirmed closure date will be available in late 2019.
What do I have to do?
You need to select a new investment option for your current balance and/or future contributions and transfers.
You need to select a new investment option for your current balance and notify us of the allocation of your investment option/s to be drawn down as part of your pension payments. If you don’t specify the allocation to drawdown, your pension payments will be drawn down proportionally which will override any allocation you currently have in place. If you’re unsure what your allocation is, please call our Super Helpline on 1800 640 886 for more information.
How can I change my investment option?
You can update your option in any of the following ways:
- Online – via your secure online account
- Phone - call our Super Helpline on 1800 640 886, or
- Form – please complete the Investment choice form super or pension as relevant.
When do I have to switch by?
We’re encouraging members to switch as soon as possible to avoid being caught out when Income Plus does close next year, but the final date we’ll accept switches out of Income Plus is Friday 31 January 2020. The switching fee will be refunded to you for this transaction.
Please read the FAQ below for further details.
Can I get some financial advice?
Yes, media super has a range of financial advice services available to you.
Is there a similar option I can choose?
You should carefully consider the investment options available to you and select one that best suits your needs. The Stable option has a similar risk/return profile to that of Income Plus.
What happens if I don’t make another choice?
If we have not received direction from you as to your new investment option by the above date, your allocation to Income Plus will be replaced with an allocation to the Balanced option. It should be noted that the Balanced option is a higher risk option to that of Income Plus, which you should take into consideration.
Why would you put me into Balanced which is higher risk if I don’t make a choice?
As the option will be closing permanently, all members are required to be moved out of the option. If we don’t receive a direction from you, as a super member we are required by law to transfer you into our MySuper investment option which is our Balanced option and as a pension member, as noted in the Pensions Guide PDS, if you do not make an investment selection you’ll automatically be invested in the default investment option, which is our Balanced option.
Is the management of the option going to change before it closes?
As at this time, Income Plus will continue to be managed and monitored according to the current investment objectives and strategy.
To find out more about our wide range of investment options please read our Investment Guide or call our Super Helpline on 1800 640 886 if you need any assistance.
The information above contains general information and does not take into consideration your personal objectives, situation or needs. Before making any financial decisions you should first determine whether the information is appropriate for you by reading the Product Disclosure Statement and/or by consulting a qualified financial adviser.