Significant Event Notices

The Trustee is required to notify members of material changes or significant events (as defined in the Superannuation Industry Supervision Act 1993) relating to their entitlements with REI Super. Such changes or events generally include changes to fees and costs, insurance cover or premiums.

REI Super communicates such matters through Significant Event Notices (SEN) which may be issued exclusively or within other correspondence such as annual statements or newsletters. Changes or events announced in a SEN are generally incorporated into the subsequent version of the applicable Product Disclosure Statement (PDS).

ItemDateNature of Event or ChangeImpact of the ChangeImpacted Members

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.

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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.

 

 

 

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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

 

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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

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