| Item | Date | Nature of Event or Change | Impact of the Change | Impacted Members |
|---|
| Changes to Conservative investment option | 21/06/2022 | From 30 June 2022, changes to Conservative investment option. | This notice is to provide an update on some changes to the Conservative investment option. | All Super and Pension members. |
| Changes to Insurance Premiums | 1/12/2021 | From 1 December 2021, changes to insurance premiums. | This notice details premium reductions for Income Protection, Death and TPD insurance, definition changes to TPD insurance and Occupational category names being adjusted in 2022. | Super members with insurance coverage |
| Changes to Investment Fees and Costs | 7/10/2021 | From 7 November 2021, changes to investment fees. | The investment fees paid by members, for both Super and Pension accounts, are expected to change on or after 7 November 2021. | All Super and Pension members. |
| Changes to Admin Fee | 7/10/2021 | From 28 October 2021, changes to administration fee. | The administration fee paid by members, for both Super and Pension accounts, will reduce as from 28 October 2021. | All Super and Pension members. |
| Changes to Insurance Premiums | 1/10/2020 | From 1 November 2020, changes to insurance premiums. | This notice details the changes to insurance premiums for members as a result of the Putting Members' Interests First legislative reforms. | Super members with insurance coverage |
Introduction of the Putting Members' Interests First reforms, changes to investment fees & costs | 1/12/2019 | From 1 April 2020, insurance cover for members with a balance below $6,000 will cease. New members under age 25 will not be provided with insurance cover. ___________________ From 1 January 2020, changes to investment fees & costs | The notice details the changes to insurance coverage for some members as a result of the Putting Members' Interests First legislative reforms. _____________________________________ The total investment management fees paid by members, for both Super and Pension products, are expected to change on or after 1 January 2020. | Super members with a balance below $6,000, Super members aged under 25 ______________ All Super and Pension members |
Introduction of the Protecting Your Super (PYS) legislation
| 22/05/2019
| Changes to insurance and fees
| The notice details the changes to member accounts as a result of the implementation of the PYS legislation; namely around insurance fees and cessation rules, treatment of Inactive member and changes to other fees.
| All Super members
|
Changes to Investment Fees | 1/11/2017 | A change to the total investment management fees for both Super and Pension products. | The total investment management fees paid by members, for both Super and Pension products, are expected to change on or after 1 November 2017.
| All Super and Pension members
|
Changes to Salary Continuance Insurance | 24/05/2016 | Effective 1 July 2016, there are changes to Salary Continuance Insurance (SCI) premiums. | The premiums for SCI will be changing for those members who previously had cover under the unit-based scale. Premiums will be calculated using an age-based scale instead of a unit-based scale, which is independent of a member’s age. | Members with SCI prior to 1/10/2013 |
Asset allocation and fee updates | 28/05/2015 | From 1 July 2015, new strategic asset allocations, as well as changes to the investment management fees, performance fees and buy/sell spreads will take effect. | There will be new strategic asset allocations for the Stable option, Premium Income option, Trustee Super Balanced option and Growth option. Investment management fees, performance fees and buy/sell spreads charged by the Fund’s investment managers are expected to change. | Pension |
Insurance fee changes | 28/05/2015 | From 1 July 2015, insurance fees for new and existing members will be changing. | From 1 July 2015, insurance fees for new and existing members will be changing. Members who have unit-based cover for Death and Total and Permanent Disablement Insurance, fixed cover for Death or Total & Permanent Disablement Insurance or Salary Continuance Insurance will change. | All |
MySuper Accrued default amount | 5/09/2014 | As at 1 October 2013, REI Super’s Trustee Balanced Option for super accounts is authorised as a MySuper product for REI Super Elite members. | The Trustee Super Balanced option (MySuper) became REI Super’s MySuper product REI Super Elite members and all members that met the definition of a MySuper member were transferred into our MySuper product. There was no change to the fees charged, and all transferred benefits and insurance cover remain the same. | REI Super Elite MySuper members |
Pension fee changes | 22/06/2014 | Effective 24 September 2014, the fees for an REI Super Pension account will change. | The fees for existing and new REI Super Pension members will change. | Pension |
MySuper Accrued default amount | 9/03/2014 | As at 1 July 2013, REI Super's Trustee Balanced Option for super accounts is authorised as a MySuper product. | The Trustee Super Balanced option (MySuper) became REI Super’s MySuper product and all members that met the definition of a MySuper member were transferred into our MySuper product. There has been no change to the fees charged, and all transferred benefits and insurance cover remain the same. | MySuper |
Member Benefit Protection fee changes | 12/09/2013 | Effective 1 October 2013, the fund can no longer provide Member Benefit Protectionfor accounts with balances under $1,000. | Any administration charges incurred will be debited from your account. | Members with balances under $1,000 |
Changes to Salary Continuance Insurance | 1/08/2013 | Effective 1 October 2013, there are changes to Salary Continuance Insurance (SCI) premiums. | The premiums for SCI will be changing for those members who apply for new cover after that date or alter their levels of cover. | All |
REI Super is MySuper ready | 31/05/2013 | Effective 1 July 2013, REI Super's Trustee Balanced Option for super accounts is authorised as a MySuper product. | The Trustee Super Balanced option will become REI Super’s MySuper product and all members that meet the definition of a MySuper member will be transferred into our MySuper product. There will be no change to the fees charged, and all transferred benefits and insurance cover remain the same. | All |
Accumulation fee changes | 1/09/2012 | Effective 1 November 2012, the administration fee and asset based administration fee will increase. | The administration fee deducted from members' accounts will increase from $1.50 to $1.65 per week. The asset based administration fee will also increase from 0.21% to 0.28% (21 to 28 basis points). | Accumulation |
Changes in standard insurance cover level | 22/05/2012 | Effective 22 June, 2012, the standard or 'default' level of insurance cover will change. | The standard or ‘default’ level of cover will increase from two to four units. The automatic acceptance level for new members who join the Fund will increase from 3 to 6 units. A change in the premium table for each age to implement a ‘lifestyle’ cover scale to better reflect members’ insurance needs during their careers. | All |