May 2023

1 July 2023

Closure of MyLife MySuper (and Transport Industry Super) as a separate division

From 1 July 2023, MyLife MySuper (a separate division of Catholic Super) is closed, and all current members (including Transport Industry Super members) are transferred to Catholic Super.

May 2023

1 July 2023

Accumulation members - Changes to administration fees

The weekly administration fee is reduced from $1.80 per week to $1 per week.

The asset-based administration fee is increased to 0.22% pa from 0.18% pa. A maximum asset-based administration fee of $1,100 is introduced, which means the asset-based administration fee is not charged on the portion of members’ account balance that exceeds $500,000.

A 15% tax rebate on administration fees and costs will be passed directly back to members’ accounts, rather than to the Fund’s Administration Reserve.

May 2023

1 July 2023

Accumulation members - Changes to the default MySuper lifecycle strategy

The MySuper default lifecycle strategy is replaced with a single diversified MySuper option. This option is broadly diversified with 70% growth assets (such as shares, property and some alternative investments) and 30% defensive assets (including traditional and alternative fixed interest, as well as cash).

May 2023

1 July 2023

Accumulation and pension members - Changes to investment options

New investment option: A new low-cost, indexed option is added to the investment menu – Index Diversified. This option allocates money to a broad range of listed assets, with 70% of growth assets, and 30% of defensive assets.

Investment option changes: A number of investment options are changing names and asset allocations.

• Conservative is renamed to Capital Stable: adoption of a more aggressive asset allocation of 35% growth / 65% defensive assets from 30% / 70%.
• Diversified Fixed Interest asset allocation is changed to 100% into traditional fixed interest assets, from the previous split of 30% in alternative fixed interest and 70% in traditional fixed interest.
• PositiveIMPACT is renamed Future Focus. The Future Focus option is a broadly diversified option, investing mainly in growth assets (i.e. shares, property and infrastructure), with the balance invested in more stable assets like fixed interest and other defensive assets. Some consideration is given to Environmental, Social and Governance (ESG) factors when investing. Future Focus will have a less aggressive asset allocation, moving to 70% growth assets and 30% defensive assets, from the previous PositiveIMPACT split of 76% growth assets and 24% defensive assets.

May 2023

Effective 1 July 2023

Account-based pension members – new default strategy

The pension default strategy is replaced with the Catholic Super MyPension strategy. This strategy divides members’ balance into three investment buckets: Cash, Capital Stable and Growth. The strategy is rebalanced twice a year.

May 2023

Effective 1 July 2023

Account-based pension members – investment option closure

The RetirePlus and RetireStable options are closed. Any balances in RetirePlus will be transferred to Balanced; and balances in RetireStable will be transferred to Capital Stable.

May 2023

Effective 1 July 2023

Accumulation members - Insurance changes

TPD definition: The TPD definition is changed to simplify and broaden the eligibility for an insured TPD benefit. With these changes, there’s a 6.7% increase of the cost of TPD cover, across all age group.

More flexibility in death and TPD cover: Members will have more flexibility to tailor their insurance cover. Death and TPD cover are no longer combined, so members will be able to choose to have TPD cover that is higher than death cover.

May 2023

Effective 1 July 2023

Pension members – other product changes

Pension product name changes: The MyLife MyPension brand will be decommissioned from 1 July 2023. The pension product will now be known as Catholic Super Retirement Income (previously MyLife MyPension Retirement Pension) and Catholic Super Transition to Retirement Income (previously MyLife MyPension Transition to Retirement Pension).

Reversionary nominations: Members will be able to make a reversionary binding nomination from 1 July 2023; they will also be able to make a non-binding nomination through their online account.

Changes to annual income payments:

• From 1 July 2023, Retirement Income members will no longer be able to nominate a specific percentage as their annual income payment. Members will need to nominate the dollar amount they’d like to receive, or to receive the minimum annual amount.
• From 1 July 2023, Transition to Retirement Income members will no longer be able to nominate a specific percentage as their annual income payment. Members will need to nominate the dollar amount they’d like to receive (must be within the minimum and maximum amount permitted), the minimum amount permitted, or the maximum amount permitted.

December 2022

16 December 2022

Update to the trust deed

In response to a change in the laws that govern super funds, Equip’s Trust Deed has been changed to include a right for the Trustee of the Fund to be paid a limited Trustee Fee. This Trustee Fee is not an additional fee charged to members, and it is paid from Equip’s Administration Reserve to allow for certain costs incurred in its role as Trustee of Equip.

July 2022

1 July 2022

Cover reinstatement changes for 2020 Putting Members’ Interests First (PMIF) members

For members who had their insurance cover turned off due to not meeting the PMIF age and account balance thresholds in 2020, from 1 July 2022 these members need to apply for cover if they wish to have it at a later date, as it will no longer automatically switch on if they subsequently meet the thresholds.

May 2022

1 July 2022

Insurance changes Catholic Super and MyLife MySuper

Insurance provider: Change of provider to MetLife.

Changes to death and TPD cover:

• For members on default cover – new age-based cover scale applies, unless a member locks in their cover.
• For members with fixed cover – cover gradually reduces from age 61.
• TPD cover ceases from age 65 (down from age 70).
• Cost per $1,000 of cover decreases.

Changes to IP cover:

• Default IP waiting period increases from 60 days 90 days.
• 180-day and 365-day waiting periods removed for all benefit period options.
• Age 70 benefit period removed.
• IP premiums for default cover decrease; they increase for all non-default options.

Other terms and conditions changes

• Default cover commencement: will automatically commence on the date an employer contribution is received after member has met the automatic acceptance conditions.
• Change of TPD definition.
• Plus benefit exclusions updated; new interim accident cover rules, payment of insurance proceeds.

May 2022

1 July 2022

Insurance changes Transport Super

Insurance provider: Change of provider to MetLife.

Changes to death and TPD cover:

• For members on default cover – new age-based cover scale applies, unless a member locks in their cover.
• For members with fixed cover – cover gradually reduces from age 61.
• TPD cover ceases from age 65 (down from age 70).
• Cost of death and TPD cover increases.

Changes to IP cover

• 180-day and 365-day waiting periods removed for all benefit period options.
• Age 70 benefit period removed.
• IP premiums change, depending on a member’s waiting and benefit period from 1 July.

Other terms and conditions changes

• Default cover commencement: will automatically commence on the date an employer contribution is received after member has met the automatic acceptance conditions.
• Change of TPD definition.
• Plus benefit exclusions updated; new interim accident cover rules, payment of insurance proceeds.

May 2022

1 July 2022

Fee changes

Reduction of MyLife MyPension asset-based administration fee: Fee is calculated on a maximum account balance of $500,000 (maximum of $1,000 pa), down from a $1,250,000 balance.

Changes to the investment fees: Most investment fees for the diversified and sector specific options are reduced, apart from Australian Shares (up from 0.42% to 0.44%).

Removal of activity fees: contribution splitting, and family law account splitting fees removed

Removal of insurance administration fee: 5% administration fee on death and TPD premiums no longer applies

April 2022

1 June 2022

Investment options closure

Catholic Super, MyLife MySuper and MyLife MyPension – Pre-retirement pension: RetireStable, RetirePlus, Property, Balanced Plus and FlexiTerm Deposit investment options are closed, and balances moved into other options.

MyLife MyPension – Retirement pension: Property, Balanced Plus and FlexiTerm Deposit investment options are closed, and balances moved into other options.