Perpetual MySuper Trust

Successor Fund Transfer (SFT) on 30 October 2020

Perpetual Superannuation Limited (the Trustee), as trustee of Perpetual MySuper has made a decision to transfer Perpetual MySuper members to CARE Super (Fund) ABN 98 172 275 725 (CareSuper) on 30 October 2020.

The Trustee has determined that this transfer is in the best interests of Perpetual MySuper members as CareSuper is likely to provide benefits of scale and deliver better outcomes for members over the long term. For more information, please see:

1. Letter to members – Perpetual MySuper Successor Fund Transfer

2. Successor Fund Transfer Guide

3. Change to Insurance Flyer (applicable to members on the standard default insurance)  

There will be a Limited Services period beginning 23rd October until the transfer date. Members that wish to update their account details or make a choice in relation to superannuation must provide instructions to Perpetual by 3pm 23 October 2020.

There will also be a limited services period in CareSuper from the date of transfer until 16 November 2020.

Changes to Perpetual MySuper insurance premium rates and insurance policy terms and conditions from 1 July 2020

As at 1 July 2020, MySuper insurance premium rates have changed and an updated ‘Insurance in your super’ document dated 1 July 2020, which forms part of the current Perpetual MySuper PDS dated 30 June 2019, has been issued.

There are also changes to the following insurance policy terms and conditions:

• A 14-day cooling-off period has been introduced from the commencement date for both new insurance cover and any increases to existing cover

• We have simplified the general eligibility for members

• Salary continuance benefits will be paid for a maximum of six months while you travel or reside overseas  (applicable for members with this cover)

Refer to the ‘Insurance in your super’ document dated 1 July 2020 for the new insurance premium rate tables and full details of the updated terms and conditions.

Download the ‘Your MySuper Plan - Changes to your insurance premiums’ letter.

PDS Update: Transaction Costs document updated

Effective 8 May 2020 the buy/sell spread for the Perpetual MySuper - Balanced Growth option is changing from 0.36%/0.00% to 0.34%/0.00%

Change to buy/sell spread

Effective 24 April 2020 the buy/sell spread for the Perpetual MySuper - Balanced Growth option is changing from 0.41%/0.00% to 0.36%/0.00%.

Early release of superannuation

The Commonwealth Government has passed legislation as part of its plan to cushion the economic impact of COVID-19 and help build a bridge to recovery.

The Government will allow individuals in financial stress as a result of the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

Eligible individuals will be able to apply online through myGov after mid-April 2020, for access of up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for another three months. They will not need to pay tax on amounts released, and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

Click here for more information

Delay of Successor Fund Transfer

Due to the market volatility and uncertainty caused by COVID-19, Perpetual Superannuation Limited (the Trustee), has decided to postpone the transfer until later in the calendar year.

This decision was made to protect the superannuation benefits of members from the increased risks of undertaking a transfer in the current market environment.  

We will provide you with updated information once the matter has been reviewed and a new transfer date is agreed.

If you have any questions, please contact us on 1800 003 001.

Change to buy/sell spread

Effective 27 March 2020 the buy/sell spread for the Perpetual MySuper - Balanced Growth option is changing from 0.39%/0.00% to 0.41%/0.00%.

Please refer to the flyer for more information. 

Change to buy/sell spread

Effective 20 March 2020 the buy/sell spread for the Perpetual MySuper - Balanced Growth option is changing from 0.34%/0.00% to 0.39%/0.00%.

Please refer to the flyer for more information. 

Successor Fund Transfer on 1 May 2020

Perpetual Superannuation Limited (the Trustee, as trustee of Perpetual MySuper has made a decision to transfer Perpetual MySuper members to CARE Super (Fund) ABN 98 172 275 725 (CareSuper) on or around 1 May 2020.

The Trustee has determined that this transfer is in the best interests of Perpetual MySuper members as CareSuper is likely to provide benefits of scale and deliver better outcomes for members over the long term. For more information, please see:

1. Significant Event Notice

2. Successor Fund Transfer Guide

3. Change to Insurance Flyer (applicable to members on the standard default insurance)  

*The SFT planned for on or around 1 May has been delayed. This information will be reissued to members when a new transfer date is set. 

Putting Members’ Interests First

The Putting Members’ Interests First legislation comes into effect on 1 April 2020. If you’re a member who recently joined, have a low account balance of less than $6,000, or are under the age of 25, you may be impacted by these changes.

On 1 April 2020 the legislation requires us to cancel insurance cover for members with balances of less than $6,000, unless you elect to maintain your insurance cover by completing an Insurance Election Form or you have made an active decision about your insurance cover (i.e. been underwritten for existing cover).

In addition, from 1 April 2020 any new members won’t have their cover commence until they’re at least over the age of 25 and have an account balance of at least $6,000 (subject to the policy terms, governing rules of Perpetual MySuper and superannuation law).

PDS Update: Accepting changes to bank account details by email

Effective from 8 October 2019, Perpetual MySuper will also accept changes to your bank account details by email.

All changes to your bank account details must be made in writing. The instruction must be signed and sent to us by mail or scanned attachment to email.

You are able to use the Application for Additional Investment and Features form.

Protecting Your Super

The ‘Protecting Your Super’ legislation comes into effect from 1 July 2019. It introduces the following new laws designed to protect members from paying unnecessary fees and insurance premiums:

• Insurance cover ceases on inactive accounts unless an election to keep insurance is made;

• Inactive accounts with a balance of less than $6,000 will be transferred to the ATO;

• Removal of exit fees;

• 3% fee cap on accounts with a balance of less than $6,000.

Please refer to the flyer for more information.

Forms to assist you with maintaining your insurance or account balance can be found here:

• Insurance Election Form

ATO Form authorisations for low balance accounts.

If your cover is cancelled due to ‘inactivity’, you may be able to reinstate your insurance cover within 60 days of cover cancelling:

• Reinstatement Form

Investment changes to Perpetual MySuper – Balanced Growth

From 1 March 2019 there have been some investment changes to the investment guidelines and investment approach for the Perpetual MySuper – Balanced Growth investment option.

Please refer to the flyer for more information.

Perpetual MySuper review

The trustee of Perpetual MySuper is assessing the MySuper market to determine if a successor fund transfer to another MySuper provider is in the best interest of Perpetual MySuper members.

Download the Perpetual MySuper letter.

Change to external dispute resolution (EDR) scheme.

From 1 November 2018 there will be a change to the EDR scheme which unresolved complaints can be referred to.

Please refer to this transitional disclosure for more information.

Changes to Perpetual MySuper insurance premium rates and insurance policy terms and conditions from 1 July 2018

Insurance premiums are decreasing on average by:

• 22% for death and/ or total and permanent disablement cover (TPD) only cover

• 18% for salary continuance insurance (SCI).

There will be changes to the insurance policy terms and conditions:

• The default occupation loading factor is changing from “White-Collar” to “Light-Blue”. If you haven’t provided us with your occupation details this means your premiums will increase on average by 18%

• Introduction of a new occupational loading factor guide.

Refer to the flyer for further information and insurance rate tables.

Download the MySuper ‘Changes to your insurance from 1 July 2018’ letter.

Download the occupational loading factor guide.

Reduction of fees and costs for all members from 1 April 2018

From 1 April 2018, the investment fees and administration fees will be reduced for all new and existing members of Perpetual MySuper. In addition, we are removing the exit fee members pay when they withdraw their super. Reducing our fees is part of our continued commitment to helping our members manage and grow their retirement savings.

Refer to this flyer for more information.

For all members, the reduced fees will apply to your account from 1 April 2018. You can find information about your account in member statements.

PDS update

The replacement Perpetual MySuper PDS has been issued.  It contains updated information in relation to your investment in Perpetual MySuper, including:

• Fees and costs information following changes to ASIC Class Order [CO 14/1252].  The information on indirect costs and other costs have been updated in line with those changes,

• Information on recent superannuation changes.

• Default white collar loading for automatic death and TPD insurance cover (if you or your participating employer don’t advise us of your occupation). 

For a copy of the PDS to obtain this information click here, or ask us for a copy free of charge by contacting us on  1800 003 001.

Superannuation Reforms 

Significant changes to superannuation are coming into effect generally from 1 July 2017 that may or may not impact you.

Refer to the flyer for further information

The relevant changes will be reflected in the updated Product Disclosure Statement which will be available online from 1 June 2017.

Changes to Perpetual MySuper insurance premium rates and insurance policy terms and conditions from 1 July 2016

Insurance premiums are increasing by approximately:

• 59.5% for death only cover

• 22.8% for total and permanent disablement cover (TPD) only cover

• 34-51%* for combined death and TPD.

*The increase to the combined death and TPD cover varies with age.

Insurance premium rates for salary continuance insurance (SCI) cover are also changing and will increase or decrease depending on gender, age, waiting period or benefit period.

• The Terminal Illness life expectancy period will align with the superannuation ‘terminal medical condition’ condition of release of 24 months

• Continuation option will be removed.

Refer to the flyer for further information and insurance rate tables.

Download the MySuper ‘Changes to your insurance from 1 July 2016’ letter.

MySuper Fee restructure

Effective from 15 March 2016, we are restructuring the fees for MySuper. Importantly, total fees will remain the same.

Download the MySuper fee restructure letter.  

The Standard Risk Measure (SRM) for Perpetual MySuper has changed

The SRM rating for MySuper is updated from 5 – Medium to high; to 6 - High.

Changes to release condition ‘Terminal Medical Condition’

Effective from 1 July 2015, the Government has amended the ‘terminal medical condition’ definition of release. The life expectancy period which enables members’ tax-free access to their superannuation benefits where a member is suffering a terminal illness (as certified by two medical practitioners, at least one of whom must be a specialist) has changed from less than 12 months to 24 months.

Under the insurance policy available through Perpetual MySuper, a terminal illness benefit is payable where you are diagnosed with a terminal illness and have less than 12 months to live.

As a result, a member may meet the terminal medical condition of release and be entitled to withdraw their investment benefit but may not qualify to receive their insured benefit amount under terminal illness definition of the insurance policy until their life expectancy is less than 12 months.

In this circumstance and in order to continue the insurance cover in Perpetual MySuper, account members will need to ensure their investment balance is sufficient to cover ongoing insurance premiums and any other fees and taxes.

Increase in insurance premium rates effective 1 July 2014.

Death and TPD rates are increasing by 22% and salary continuance cover by up to 38%. All members with this type of cover will have their premiums increased by these amounts effective 1 July 2014.