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Significant Event Notice

What is a Significant Event Notice?

A Significant Event Notice is a document advising you of material changes or significant events that could impact your super or pension account. Examples of the sorts of events that would lead to us issuing a Significant Event Notice include changes to fees or charges, changes to insurance cover or premiums, or where investment targets or allocations are altered.

Our obligation

Statewide Super has a legal responsibility to notify members regarding these important changes or events. In addition to a Significant Event Notice, we also include these changes in the relevant Statewide Super Product Disclosure Statements (PDS).

Keeping you informed

We deliver all statements and important updates electronically in a bid to minimise member fees. Look out for these documents via email.

What you need to do

The Significant Event Notice will set out any action you need to take in response to the notice, and therefore you should carefully review the document regarding next steps. We recommend paying close attention to insurance information, as it may be specifically relevant to you.

May 2017 Significant Event Notice

  • Changes to Transition to Retirement (TTR) pension

    Important changes to Transition to Retirement (TTR) pensions

    Investment earnings on TTR income streams are currently tax exempt. As a result of the Federal Budget changes announced on 3 May 2016, investment earnings on your TTR will be taxed at a maximum rate of 15% effective 1 July 2017.  Statewide Super will be making changes to your account on 1 July 2017 in line with this legislation. 

    What will be changing?

    Based on this legislative change, we need to transfer any TTR investment options from the tax-exempt option(s) to the taxed option(s) effective 1 July 2017. The total dollar value of TTR accounts as at 1 July 2017 will not be affected by this change – however the number of investment units will change due to the difference in the unit prices from the tax-exempt option(s) to the taxed option(s). This change to unit holdings will be visible on Statewide Super Online accounts after 1 July 2017. 

    Administration Fees

    The total administration fees will remain unchanged. However, the method of deducting administration fees will change. The table below illustrates this change.

    Fee Current fees New fees from 1 July 2017
    Administration fee $78 pa $78 pa
    Indirect Asset-based admin fee 0.15% pa of your account balance 0.06% pa of your account balance
    Direct Asset-based admin fee n/a 0.09% pa of your account balance
    TOTAL $78 + 0.15% pa of your account balance $78 + 0.15% pa of your account balance

    Indirect fees are deducted from the investment option’s earnings before declaring the unit price and are not visible as a transaction on an account.  Direct fees are deducted directly from accounts at the end of each month and will appear on member statements.  The $1,000 cap on administration fees will continue to apply for TTR and Retirement Pension accounts.  Other fees which are not subject to the $1,000 cap still apply.

    All changes to taxation and our fees are reflected in the Statewide Pension PDS effective 1 July 2017, which can be downloaded from our website here

    To learn more about the TTR changes or the impact of other legislative changes on your Statewide Super account, please visit our website here. 

    Alternatively you can call 1300 65 18 65 and one of our Member Services Officers will be happy to assist you.

December 2016 Significant Event Notice

  • Choice Plus Decommission

    Choice Plus division is transitioning to the Statewide Super division

    At Statewide Super we are dedicated to acting in the best interests of members and this includes keeping your costs low. On 1 January 2017, we will be closing our Choice Plus division and your membership will fall within the lower-cost Statewide Super division. Please be assured you will not be disadvantaged in any way by this transition – the Statewide Super division will provide you with equivalent rights with respect to your benefits and entitlements.

    What does this mean for you?

    There are very few changes as a result of this transition, outlined below:

    Feature

    Choice Plus (current division)

    Statewide Super (new division)

    How this will affect you

    Fees

    Administration fee: $114 per year

    Administration fee: $78 per year

    You will save $36 per year in fees.

    Other fees – investment fee: 0.02%  + asset-based administration fee: 0.06% of your account balance per annum + investment management fees: according to your chosen investment option/s

    Other fees – investment fee: 0.02%  + asset-based administration fee: 0.06% of your account balance per annum + investment management fees: according to your chosen investment option/s

    All other fees will remain unchanged

    Investment option

    Growth investment option

    MySuper investment option

    If you are currently invested in the Growth investment option, from 1 January 2017 you will be invested in the MySuper option and this will be reflected on your member statement. The MySuper and Growth investment options have an identical asset allocation.

    All other investment options

    No change

    If you are invested in any option other than Growth, there will be no change to your investment option/s and all asset allocations will remain unchanged.

    Financial planning

    You may receive a financial planning discount

    No change

    We will honour your existing arrangements.

    Insurance arrangements

    You may have special insurance arrangements

    No change

    We will honour your existing arrangements.

    The Choice Plus Growth investment option is known as the MySuper investment option in the Statewide Super division. We are proud to report that our MySuper investment option was the top-performing MySuper investment option nationally* over the three years to 30 June 2016.^ 

    What do you need to do?

    You don’t need to do anything. This transition will automatically take place on 1 January 2017 and will be reflected in your next annual statement.

    To learn more about the Statewide Super division, we encourage you to read our Product Disclosure Statement which is available on our website at www.statewide.com.au or call our Member Services team on 1300 65 18 65. We’re here to help you.

    * SuperRatings Fund Crediting Rate Survey June 2016
    ^ Past performance is not an indication of future performance.

May 2016 Significant Event Notice

  • Insurance Changes

    We’ve got a lot of members (around 145,000) and that means we've got buying power that we use to benefit everyone. So the insurance that we offer members (it’s sometimes called group insurance) is generally more cost effective than insurance purchased at an individual level.

    The number of people making disability claims has increased over the last few years, and one reason for this is because members have an increased awareness of their insurance benefits. This increase in claims has created a pricing pressure on the insurers that provide group insurance to super funds.

    But insurance is important – one in five Australians between the ages of 21 and 64 are expected to experience a catastrophic event at some point in their lives that means they won’t be able to work – either temporarily or permanently.  So we’re really serious about providing you with the best possible insurance, and finding a good balance between pricing and benefits.

    We’re feeling confident the changes we are making on 1 July 2016 represent good value and that what we’ve got to offer is extremely market competitive.

    Here’s a summary of the important changes that Statewide will introduce from 1 June 2016:

    1. We're changing the name of our insurance from Death and TPD cover to Life and TPD cover.
    2. We've changed the structure of regular Income Protection premiums to link to members’ ages; in a nutshell, the change has been made to ensure a fairer spread of pricing across age groups, and is in line with the premium structures offered by most other superannuation funds and non-superannuation life insurance products.
    3. Younger members will start off with fewer default units of Life and Total and Permanent Disablement cover, and their units will increase until they reach the standard default of 4 units at age 26. This change reduces the chance of a younger member’s account balance being eroded by premiums for cover, which they may not need. Members who this change applies to will be given an opportunity to act within a certain time period to maintain their current level of cover.
    4. Life and TPD insurance cover for members under 26 years of age will automatically increase (to the maximum default level) until they reach age 26, when they will receive the maximum default units of 4 units of cover. It works like this:
      1. 15 - 18 years of age (1 unit of cover)
      2. 19 - 21 years of age (2 units of cover)
      3. 22 - 25 years of age (3 units of cover)
      4. 26+ (4 units of cover)
    1. We understand that members with a small account balance, and not receiving regular contributions, may find their balance being eroded by insurance premiums. We’ve introduced a new minimum super account balance threshold for members who have not received an employer contribution for over a year to their Statewide super account, as a means of protecting their balances. Members in this situation with balances of $4,000 or less, will be notified that unless their employer begins contributing regularly to their account or they consolidate super that they may have elsewhere (thus increasing their balance above $4,000), their insurance will be cancelled.
    2. We’ve changed the timeframe under which we provide a Terminal Illness insurance benefit (of an amount equal to your Life insurance benefit). In circumstances where a member is suffering from an illness that is expected to result in their death, the timeframe will change from 12 months to 24 months (this means they’ll be able to access the benefit sooner).
    3. We’ve simplified the definition of Total and Permanent Disablement. As well as being easier to understand, it has been strengthened to ensure, in fairness to all members that we’re paying legitimate claims when they’re needed the most. To read the full definition, please click here.
    4. We recognise that generally people are working to older ages so regular Income Protection cover has been extended from age 65 to age 67. This will affect members who turn 65 after 1 July 2016 and already have regular income protection insurance with Statewide and are currently not receiving an IP benefit. If a member is currently in receipt of an income protection benefit as at 1 July 2016, or they are injured or ill and their benefit waiting period commences prior to 1 July 2016, then their benefit will cease at the earlier of: turning age 65, their return to work, or the expiry of their benefit period (generally 2 years).
    5. We're changing our insurance offering for White Collar and Professional members. Instead of receiving more insurance cover per unit than the ‘standard’ scale for the same premium, these members will receive the same insurance cover per unit as the ‘standard’ scale, but for discounted premiums. The classifications of White Collar and Professional occupation have also been amended. To read the new classifications in full, please click here. If you think your occupation may meet these criteria and you would like to apply for the discount, please contact our member services team on 1300 65 18 65.
    6. If a member is injured or becomes ill while overseas and makes a claim for Total and Permanent Disablement or Terminal Illness, our insurer may require the member to return to Australia for assessment. If the member does not return within 6 months of the request, their claim will be closed and they will not be able to be reassessed until the return to Australia and request reassessment in writing.
    7. We're changing our eligibility requirements for new or increased insurance cover. If you are not in Active Employment for 30 consecutive days, any new or increased cover (including new Life Events Cover, converting units of cover to fixed cover, or reinstatement of cover after cancellation) will be subject to you being in Active Employment for 30 consecutive days.  Active Employment means you are employed and either working or capable of working at least 35 hours per week.
    8. We're changing our eligibility requirements for new members. Members who join Statewide after 1 July 2016 and who are eligible to receive, or have received a lump sum benefit for terminal illness or total and permanent disablement from any source will not be eligible for insurance cover under Statewide.
    9. We're reducing our Automatic Acceptance Level so that the maximum number of units a member may have is 4 units of cover above default cover.

    The new Product Disclosure Statement and Insurance booklet will be available on the Statewide Super website from 1 July 2016.

  • Fee Changes

    As a profit-for-you industry fund, we are continuously looking at ways we can increase benefits and services to members. As a matter of fact, every decision we make is designed to support our mission of producing better retirement lifestyles.

    Technology is changing almost every aspect of everyday life – and we are no exception. Many new product features are continually being introduced and the way some of our tech-savvy members want to talk to us is expanding across a growing range of channels.

    Regardless of this increasing rate of change, we realise that many of our members have been with us for a great number of years – and like the way things have always been done. It is our intention to look after the best interests of all our members, regardless of their communication preferences.

    With this environment of change in mind, we recognise the need to invest more to deliver a better experience to you. So that we can be in the best position to introduce these improvements, we’ve made some changes that will come into play from 1 July 2016.

    It is important you know about the changes, and they are detailed below.

    Introduction of Exit Fee

    From 1 July 2016, an exit fee will be charged to members who withdraw funds from Statewide.

    Going forward, we will charge $50 for full account withdrawals, and $35 for partial withdrawals.

    Exit fees will not be charged in the following circumstances:

    • Internal transfers (i.e. to a Statewide super or pension account)
    • Life insurance benefit paid to beneficiaries
    • Total and Permanent Disablement payment
    • Terminal illness
    • Financial hardship
    • Compassionate grounds
    • Family Law split payment
    • Payments to the ATO for Excess contributions tax, Excess concessional contributions and Division 293 tax, except lost super payments
    • Contribution split payments
    • Payment from a UK pension account

    Introduction of an Investment Fee

    An investment fee of 0.02%pa of your account balance will be introduced from 1 July 2016. This is to recover increased costs associated with investing your super. The new investment fee is deducted from the earnings of each of the investment options before the allocation of earnings to accounts through unit prices.

    To put this in context – for an account with a balance of $50,000 this equates to an investment fee of $10 a year.

    Tax Deduction on Administration Fee

    Statewide Super superannuation members pay an administration fee of $1.50 per week. This fee has not increased in over ten years.

    Statewide is able to claim a tax deduction of 15% of that fee (which amounts to 22.5 cents per week). For the 2015-16 financial year, Statewide will rebate this to your account. From 1 July 2016, we will retain the tax deduction, however, your annual administration fee of $1.50 per week will remain unchanged.

  • Our investment targets, asset allocations and ranges are also changing

    From 1 July 2016 we are making the following changes to Statewide Super’s investment options.

    We are adjusting the investment objectives for the High Growth and MySuper Investment options in keeping with market expectations, as follows:

    High Growth - down by 0.5% from CPI+5% pa to CPI+4.5% pa

    • New objective: To achieve returns after tax and fees that exceed CPI + 4.5% per annum over rolling seven-year periods.

     MySuper - down by 0.5% from CPI+4% pa to CPI+3.5% pa

    • New objective: To achieve returns after tax and fees that exceed CPI + 3.5% per annum over rolling ten-year periods.

    Our Investment Team produces a Quarterly Investment Update. To read the latest update from the team click here.

    We’ve also made adjustments to our Strategic Asset Allocations (SAA) and Investment Ranges.

    A SAA is the percentage of each investment option (like MySuper) that we invest in different asset classes (like cash, bonds or shares) due to our view on calculations of various asset classes.

    1. This table shows the changes to the SAA from 1 July 2016:
      New SAA (%) Changes to SAA (%)
      High growth MySuper Active balanced Conservative balanced Conservative High growth MySuper Active balanced Conservative  balanced Conservative
    Australian Shares 40 31 27 18 10 -4 -2 -3 -1 -
    International Shares 33 25 23 15 7 4 2 3 1 -
    Property 7 10 10 10 10 - - - - -
    Infrastructure 10 10 8 5 3 - - - - -
    Growth Alternatives 5 4 2 2 3 - - - - 3
    Growth Assets 95 80 70 50 33 - - - - 3
    Diversified Bonds - 11 20 30 30 0 0 0 -5 -10
    Alternative Debt 3 3 5 10 12 0 0 0 5 7
    Cash & Equivalents 2 6 5 10 25 - - - - -
    Defensive Assets 5 20 30 50 67 - - - - -3
    TOTAL 100 100 100 100 100 - - - - -

    An Investment Range is how much we’re allowed to have in each of the asset classes (just in case we want more or less of those cash, bonds or shares).

    1. The following range changes apply from 1 July 2016 for the Conservative Balanced and Conservative options:
      Conservative balanced Conservative
    Diversified Bonds 10 – 50% 15 – 60%
    Alternative Debt 0 – 15% 0 – 20%
    Growth Alternatives No change 0 – 10%
    1. In addition to the above changes, there have also been some changes to our Sustainable Diversified Option. These changes are determined by AMP Capital, who provide the underlying product for the Sustainable Diversified option.

    This table shows the Strategic Asset Allocation (SAA) changes and range changes from 1 July 2016:

    Asset Class New SAA (%) Change to SAA (%) Updated Range
    Australian Shares 30 -2 20-40
    International Shares 27 +2 15-42
    Property 9 -1 0-20
    Infrastructure 3 +2 0-7
    Growth Alternatives 1 0 0-6
    Growth Assets 70 +1  
    Diversified Bonds 25 -1 0-45
    Alternative Debt 0   0
    Cash and Equivalents 5 0 0-15
    Defensive Assets 30    
    Total 100    
  • We're restructuring

    You know us as Statewide Super, but you may or may not remember that Statewide Superannuation Pty Ltd is our trustee. Currently administration services for Statewide Super are outsourced to a related party service provider, Statewide Financial Management Services Ltd. From 1 July 2016, those administration services will be conducted in-house by the trustee.

  • Premium tables as at 1 July 2016

    Insurance premiums from 1 July 2016

    The following tables show the new premiums for insurance as of 1 July 2016.

    Weekly premium for standard life and TPD insurance per unit of insured benefit

    The weekly cost, or premium, for standard life and TPD is fixed at $1.62 per unit.

    Annual premium for fixed life and TPD insurance per $1,000 of insured benefit

    Age next birthday Fixed cover rates as of 1 July 2016 Age next birthday Fixed cover rates as of 1 July 2016
    Standard $ White collar $ Professional $ Standard $ White collar $ Professional $
    16 1.385 0.769 0.692 44 2.379 1.322 1.190
    17 1.385 0.769 0.692 45 2.521 1.401 1.261
    18 1.385 0.769 0.692 46 2.681 1.490 1.341
    19 1.385 0.769 0.692 47 2.863 1.590 1.432
    20 1.385 0.769 0.692 48 3.128 1.738 1.564
    21 1.385 0.769 0.692 49 3.448 1.915 1.724
    22 1.385 0.769 0.692 50 3.754 2.085 1.877
    23 1.385 0.769 0.692 51 4.120 2.289 2.060
    24 1.385 0.769 0.692 52 4.446 2.469 2.223
    25 1.385 0.769 0.692 53 4.969 2.760 2.484
    26 1.385 0.769 0.692 54 5.449 3.027 2.725
    27 1.385 0.769 0.692 55 6.257 3.476 3.128
    28 1.385 0.769 0.692 56 6.757 3.754 3.379
    29 1.385 0.769 0.692 57 7.679 4.265 3.839
    30 1.385 0.769 0.692 58 9.385 5.213 4.693
    31 1.420 0.789 0.710 59 10.558 5.865 5.279
    32 1.456 0.809 0.728 60 12.995 7.218 6.497
    33 1.495 0.830 0.747 61 14.078 7.820 7.039
    34 1.536 0.853 0.768 62 15.358 8.531 7.679
    35 1.579 0.877 0.789 63 16.893 9.384 8.447
    36 1.624 0.902 0.812 64 18.770 10.427 9.385
    37 1.689 0.938 0.845 65 21.117 11.730 10.558
    38 1.760 0.977 0.880 66 21.117 11.730 10.558
    39 1.836 1.020 0.918 67 24.133 13.406 12.067
    40 1.920 1.066 0.960 68 24.133 13.406 12.067
    41 2.035 1.131 1.018 69 24.133 13.406 12.067
    42 2.166 1.203 1.083 70 28.156 15.640 14.078
    43 2.283 1.268 1.141        

    Annual premium for fixed life only insurance per $1,000 of insured benefit

    Age next birthday Fixed cover rates as of 1 July 2016 Age next birthday Fixed cover rates as of 1 July 2016
    Standard $ White collar $ Professional $ Standard $ White collar $ Professional $
    16 0.666 0.370 0.333 44 1.144 0.636 0.572
    17 0.666 0.370 0.333 45 1.213 0.674 0.606
    18 0.666 0.370 0.333 46 1.290 0.717 0.645
    19 0.666 0.370 0.333 47 1.377 0.766 0.689
    20 0.666 0.370 0.333 48 1.504 0.837 0.753
    21 0.666 0.370 0.333 49 1.658 0.922 0.829
    22 0.666 0.370 0.333 50 1.805 1.004 0.903
    23 0.666 0.370 0.333 51 1.981 1.102 0.991
    24 0.666 0.370 0.333 52 2.138 1.189 1.069
    25 0.666 0.370 0.333 53 2.389 1.329 1.195
    26 0.666 0.370 0.333 54 2.621 1.458 1.311
    27 0.666 0.370 0.333 55 3.009 1.674 1.505
    28 0.666 0.370 0.333 56 3.250 1.807 1.625
    29 0.666 0.370 0.333 57 3.693 2.054 1.847
    30 0.666 0.370 0.333 58 4.513 2.510 2.258
    31 0.683 0.380 0.341 59 5.077 2.824 2.540
    32 0.700 0.390 0.350 60 6.249 3.476 3.126
    33 0.719 0.400 0.360 61 6.770 3.766 3.386
    34 0.739 0.411 0.369 62 7.385 4.108 3.694
    35 0.759 0.422 0.380 63 8.124 4.519 4.064
    36 0.781 0.434 0.391 64 9.027 5.021 4.515
    37 0.812 0.452 0.406 65 10.155 5.648 5.079
    38 0.846 0.471 0.423 66 10.155 5.648 5.079
    39 0.883 0.491 0.442 67 11.606 6.455 5.805
    40 0.923 0.513 0.462 68 11.606 6.455 5.805
    41 0.979 0.544 0.490 69 11.606 6.455 5.805
    42 1.042 0.579 0.521 70 13.540 7.531 6.773
    43 1.098 0.611 0.549        

    Cost per week for Regular Income Protection Insurance

    Standard occupation White Collar occupation Professional occupation
    Age next birthday Cost per unit per week $ Age next birthday Cost per unit per week $ Age next birthday Cost per unit per week $
    16 - 30 0.313 16 - 30 0.250 16 - 30 0.209
    31 0.371 31 0.297 31 0.247
    32 0.429 32 0.343 32 0.286
    33 0.498 33 0.399 33 0.332
    34 0.556 34 0.445 34 0.371
    35 0.603 35 0.482 35 0.402
    36 0.672 36 0.538 36 0.448
    37 0.730 37 0.584 37 0.487
    38 0.788 38 0.631 38 0.525
    39 0.846 39 0.677 39 0.564
    40 - 67 0.916 40 - 67 0.733 40 - 67 0.610

     Annual premium for long term income protection per $1,000 of insured benefit

    Age next birthday Male $ Female $ Age next birthday Male$ Female $
    16 6.650 12.774 41 20.523 49.542
    17 6.504 12.583 42 22.574 54.083
    18 6.314 12.378 43 24.786 58.829
    19 6.240 12.276 44 27.173 63.751
    20 6.152 12.202 45 29.664 68.805
    21 5.977 11.807 46 32.359 73.888
    22 6.094 12.305 47 35.157 79.059
    23 6.065 12.671 48 38.072 84.156
    24 6.152 13.125 49 41.119 89.269
    25 6.240 13.565 50 44.166 94.074
    26 6.358 14.019 51 47.300 98.688
    27 6.504 14.561 52 50.435 102.951
    28 6.782 15.352 53 53.585 106.877
    29 7.149 16.392 54 56.676 110.275
    30 7.588 17.637 55 59.635 113.088
    31 8.101 19.131 56 62.433 115.226
    32 8.789 20.962 57 64.732 116.149
    33 9.536 22.954 58 66.388 115.754
    34 10.415 25.269 59 66.886 113.322
    35 11.426 27.920 60 65.831 108.561
    36 12.583 30.806 61 62.213 100.036
    37 13.843 33.985 62 55.123 87.013
    38 15.279 37.413 63 42.789 67.267
    39 16.861 41.207 64 0.000* 0.000*
    40 18.604 45.235 65 0.000* 0.000*

    * At this age your regular Income Protection already provides the maximum cover relevant to your age.

    Cost per week for Choice Plus Income Protection Insurance

      Standard White Collar Professional
    Unit cost 0.958 0.766 0.638