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 this page. In addition, significant events may be highlighted 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 12-11-19

Nature of Event or Change Impact of the change
Income Plus investment option is closing

The Income Plus investment option will be closing effective 5 February 2020. Both super and pension members invested in this option will be affected.

 

Affected members have been sent the Notice and have until 31 January 2020 to switch out of Income Plus. 

 

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 effective Wednesday 5 February 2020.  

 

More information: Dowload notice for Super member or Pension member.

 

* We are required by to transfer you into our default investment option which is the Balanced option if you do not make a new investment choice. It should be noted that the Balanced option is a higher risk option to that of Income Plus, which you should take into consideration.

 

 

Notice date 20-09-19

Nature of Event or Change Impact of the change
Changes to Investment fees, Indirect Cost Ratios and Property Operating Costs

Investment fees, Indirect Cost Ratios and Property Operating Costs have been updated effective 1 July 2019, with changes to numerous investment options. Please see the  Significant Event Notice for full details.

Change to advice fee The Advice fee for personal advice will be $350 per hour, effective 1 July2019.
Change to family law benefit split The family law benefit split has changed to $18.45, effective 1 July 2019. Please see the Significant Event Notice for full details. 
Change to exit fee Media Super will no longer charge an exit fee to members requesting full or partial withdrawals, exiting or rolling over to other funds, effective 1 July 2019. 
Introduction of low balance fee cap Effective 1 July 2019, total combined admin fees, investment fees and indirect costs for accounts below $6000 will be capped at 3% for the financial year. Please see the  Significant Event Notice for full details.
New investment option - Indexed Balanced Effective 1 July 2019, Media Super has introduced a new investment option called Indexed Balanced. For further information, please see the Investment Guide
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 2019. Please see the Significant Event Notice for full details.
Policy changes

Media Super's Eligible Rollover Fund policy has been updated, effective 17 May 2019. 

Media Super's Environmental, Social and Governance (ESG) Policy has been updated, effective 1 July 2019.

 

Please see the Significant Event Notice for details. 

Legislation changes

Protecting Your Super (PYS) Legislation came into effect on 1 July 2019.

 

Cancellation of insurance on inactive accounts (super members only): Under the legislation, Media Super is required to cancel the insurance of mebers, regardless of balance, if their account is inactive. 

 

Transfer of inactive accounts to the ATO: The legislation requires Media Super to transfer all inactive low-balance accounts to the ATO. 

 

Please see the Significant Event Notice for full details of these legislation changes, including criteria for each measure. 

More information: Download notice

Notice date 24-05-19

Nature of Event or Change Impact of the change
Transfer of inactive accounts to AUSfund on 14 June 2019

Due to recent legislation changes, accounts considered inactive* will periodically be transferred to AUSfund, an Eligible Rollover Fund (ERF) in accordance with our ERF policy. The first transfer will take place on 14 June 2019. 

 

Affected members wishing to remain with Media Super have been sent the Notice and have until 7 June 2019 to reactivate their account. 

Inactive members who do not reactivate their account will have their account transferred to AUSfund on 14 June 2019 and will no longer be a Media Super member. 

 

AUSfund will attempt to identify if a member has an active account with another fund participating in its cross fund matching program. If an active account is identified, the member’s account will be transferred there. 

 

If no active account is identified, the member’s account may be transferred to the ATO, in accordance with the legislation. It will be the member’s responsibility to claim it back from the ATO. 

 

*Inactive for ERF purposes means, in the last 16 months, Media Super has not received a contribution into your account, your account balance is less than $6,000; and you haven’t made any updates to your account details, such as changing investment options, insurance cover, or making or amending a binding beneficiary nomination.

More information: Download notice

Notice date 01-02-19

Nature of Event or Change Impact of the change
Change to the Direct Investment option's service provider

Media Super’s Direct Investment option is currently provided by arrangement with Macquarie Investment Management Limited (MIML) ABN 66 002 867 003 AFSL 237492. From 13 February 2019 this will change to OneVue Wealth Services Limited (OneVue) ABN 70 120 380 627.

 

For existing Direct Investment investors - from 20 January to 13 February 2019 a Limited Service Period (LSP) will be in place to allow the transition of service providers.

 

The Direct Investment option will be closed to new investors from 16 January 2019 to allow both providers sufficient time to complete outstanding requirements ahead of the transition.

Changes to the Direct Investment product Various changes to share arrangements, investment and brokerage fees and term deposit arrangements. The term deposit option will be temporarily closed to members for new term deposits from 18 December 2018, and will re-open along with the 12 month option once the LSP has concluded. Please see the Significant Event Notice for full details. 

More information: Download notice

Notice date 19-12-18

This notice was revised on 1 February 2019. Please refer to the above Signficant Event Notice for details. 

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