AMP Superannuation Savings Trust Register of significant event notifications

Transcription

1 AMP Superannuation Savings Trust Register of significant event notifications This register provides a summary of significant event and material change notifications issued to members of the AMP Superannuation Savings Trust (ABN ) on behalf of AMP Superannuation Limited (ABN , AFSL ) for the last two years. The register is provided for information purposes, as required by legislation. All affected members are contacted directly within the timeframe prescribed by legislation and provided with additional information, as appropriate. Date issued Products affected Reason for communication Description of significant event or material change 19 June 2015 SignatureSuper Transfer of accrued default amounts (ADAs) to MySuper 2 Feb 2015 Flexible Lifetime Super Flexible Lifetime Allocated Pension SignatureSuper CustomSuper 15 Sept 2014 AMP Flexible Lifetime Super AMP CustomSuper AMP Signature Super AMP SuperLeader 25 Aug 2014 AMP Flexible Lifetime Super AMP Retirement Savings Account AMP SuperLeader CustomSuper AMP Signature Super Termination of H3 Commodities investment option Legislated changes to Victoria State Stamp Duty Intra-fund Consolidation 11 Aug 2014 CustomSuper Annual Product Update covering product changes The Trustee is required to transition all remaining balances in default investment options (balances prior to 1 January 2014) to AMP MySuper by 1 July As part of AMP s transition plan this transfer will occur automatically on 28 September By taking no action, members can: have AMP move their default investment balance automatically to the AMP MySuper option; choose to stay in their existing default investment option by providing AMP with investment direction by 11 September 2015; or choose another investment option. All members can at any time move their money out of their ADA or MySuper to any other investment option(s). The H3 Commodities investment option will be terminated on or around 7 March Members may choose to switch out of the H3 Commodities investment option until 4 March. Member funds remaining in the H3 Commodities investment option at the time of termination on or around 7 March will be automatically switched to a replacement investment option selected by the Trustee the AMP Super Cash investment option. Members can switch out of the replacement investment option after the termination. Stamp duty is to be charged for a Total and Permanent Disability option and/or a Trauma option attached to Life insurance policies, at a rate of 10%. AMP has up to now, delayed passing these stamp duty costs on to customers, and has been paying the correct amount of stamp duty to the Victoria State Revenue. However from 1 October 2014, the new stamp duty charge will now be applied to premiums. Each year the trustee will identify members who have multiple accounts within the fund and will merge the accounts if the trustee reasonably believes it is in the best interests of the member to do so. If the accounts are consolidated, the member will receive an exit statement. Depending on the circumstances, members may be given prior notice and provided the opportunity to choose not to consolidate their accounts. The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year). Small Account Protection was removed from this product from 1 January AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 1

2 AMP Superannuation Savings Trust (ABN ) Register of significant event notifications Changes to Stamp Duty on insurance the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately. Changes to insurance in CustomSuper from 1 July 2014, the terms and conditions of Death cover and Total and Permanent Disablement (TPD) cover were updated to align to the terms and conditions the trustee uses to assess whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new insurance benefits will be subject to the revised terms and conditions. Performance Based Fees and other costs were paid for some investment options during New investment options added on 1 July Asset allocation benchmark and/or range changes for some investment options during the year. Benchmark index changes for some investment options. Aim and strategy changes for some investment options. Renamed investment options for some investment options from 1 July Closure of the following investment options to new investors from 1 July 2014: Future Directions Asian Share Future Directions Australian Bond Future Directions Emerging Markets Future Directions Extended Markets International Share Future Directions International Bond Advice on insurance, contributions and investment options from 1 July 2014, AMP can now provide members with simple advice on their insurance cover in CustomSuper, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling Consolidation of multiple accounts each year the trustee will identify members who have multiple accounts within the fund and determine whether it

3 24 July 2014 Flexible Lifetime Super Flexible Lifetime Allocated Pension Flexible Lifetime Term Pension Annual Product Update covering product changes is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate the accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts. MySuper Dashboard the latest AMP MySuper Balanced Dashboard is available at and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at Privacy Policy updated the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year). Small Account Protection was removed from this product from 1 January Changes to Stamp Duty on insurance the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately. Changes to insurance in Flexible Lifetime Super from 1 July 2014, the terms and conditions of the Extra Death Benefit (EDB) and Total and Permanent Disablement (TPD) Benefit were updated to align to the terms and conditions the trustee uses to determine whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new insurance benefits will be subject to the revised terms and conditions. Performance Based Fees and other costs were paid for some investment options during New investment options added on 3 March and 1 July Asset allocation benchmark and/or range changes for some investment options during the year. AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 3

4 24 July 2014 SignatureSuper SignatureSuper Allocated Pension SignatureSuper Select Annual Product Update covering product changes Benchmark index changes for some investment options. Renamed investment options for some investment options from 1 July Closure of the following investment options to new investors from 1 July 2014: AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 4 Future Directions Asian Share Future Directions Australian Bond Future Directions Emerging Markets Future Directions Balanced Future Directions Conservative Future Directions Growth Future Directions High Growth Future Directions Moderately Conservative Future Directions Extended Markets International Share Future Directions International Bond Advice on insurance, contributions and investment options from 1 July 2014, AMP can now provide members with simple advice on their insurance cover in Flexible Lifetime Super, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling Consolidation of multiple accounts each year the trustee will identify members who have multiple accounts within the fund and determine whether it is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate the accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts. MySuper Dashboard the latest AMP MySuper Balanced Dashboard is available at and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at Privacy Policy updated the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year).

5 Small Account Protection was removed from this product from 1 January Changes to Stamp Duty on insurance the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately. Changes to SignatureSuper insurance from 1 July 2014, the terms and conditions of Death cover and Total and Permanent Disablement (TPD) cover were updated to align to the terms and conditions the trustee uses to determine whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new insurance benefits will be subject to the revised terms and conditions. Performance Based Fees and other costs were paid for some investment options during New investment options added on 1 July Asset allocation benchmark and/or range changes for some investment options during the year. Benchmark index changes for some investment options. Renamed investment options for some investment options from 1 July Closure of the following investment options to new investors from 1 July 2014: AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 5 AMP All Growth AMP Balanced Growth AMP Conservative AMP High Growth AMP Moderate Growth AMP Growth Future Directions Asian Share Future Directions Australian Bond Future Directions Emerging Markets Future Directions Extended Markets International Share Future Directions International Bond Advice on insurance, contributions and investment options from 1 July 2014, AMP can now provide members with simple advice on insurance cover in

6 24 July 2014 SuperLeader Annual Product Update covering product changes SignatureSuper, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling Consolidation of multiple accounts each year the trustee will identify members who have multiple accounts within the fund and determine whether it is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate the accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts. MySuper Dashboard The latest AMP MySuper Balanced Dashboard is available at and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at Privacy Policy updated the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year). Small Account Protection was removed from this product from 1 January Changes to Stamp Duty on insurance the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately. Introduction of Terminal Illness from 1 January 2014, the terms and conditions of Death cover were updated to introduce a Terminal Illness benefit. The Terminal Illness benefit is an early payment of a member s Death cover if the member suffers a Terminal Illness, and it is included automatically with the Death cover. More details are provided in the AMP SuperLeader PDS and Fact Sheet available at Changes to TPD Definition from 1 July 2014, the terms and conditions of Total and Permanent Disablement (TPD) cover were updated to align to the AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 6

7 6 Feb 2014 Flexible Lifetime Super SuperLeader Custom Super Signature Super MySuper Insurance added to eligible member accounts terms and conditions the trustee uses to determine whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new insurance benefits will be subject to the revised terms and conditions. Performance Based Fees and other costs were paid for some investment options during Maintaining your account from 1 July 2013, if a member s account balance falls below $1,500 it will be transferred to the personal category of SuperLeader. Advice on insurance, contributions and investment options from 1 July 2014, AMP can now provide members with simple advice on their insurance cover in SuperLeader, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling Consolidation of multiple accounts each year the trustee will identify members who have multiple accounts within the fund and determine whether it is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts. MySuper Dashboard The latest AMP MySuper Balanced Dashboard is available at and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at Privacy Policy updated the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to On 1 January 2014 AMP added insurance to MySuper accounts that did not have the minimum level of insurance required under legislation. These members were informed of their eligibility for MySuper insurance, advised of the options for changing their insurance, and provided with premium rates and insurance definitions. 24 Nov 2013 AMPAK AMP Portfolio Plan, AMP Investment Linked Removal of small account protection The small account protection feature will be removed from plans following a change in legislation. This feature provides a rebate of any plan/policy fees in excess of the investment returns for accounts where the balance is below $1,000. AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 7

8 Superannuation Plan AMP Investment Linked Personal Superannuation Plan AMP Super Rollover Plan Personal Superannuation Bond AMP MultiFund Superannuation Bond AMP Personal Superannuation Plan AMP Investment Linked Personal Superannuation Bond AMP Investment Account Superannuation Bond Flexible Lifetime Super The change will apply from: 1 January 2014 for Flexible Lifetime Super, AMPAK, AMP Portfolio Plan. Next review date of policy anniversary date in 2014 for AMP Investment Linked Superannuation Plan, AMP Investment Linked Personal Superannuation Plan, AMP Super Rollover Plan Personal Superannuation Bond, AMP MultiFund Superannuation Bond, AMP Personal Superannuation Plan, AMP Investment Linked Personal Superannuation Bond, AMP Investment Account Superannuation Bond. 15 Nov 2013 AMP Retirement Savings Account New Retirement Savings Account members required to confirm choice Members who joined the AMP Retirement Savings Account (RSA) product between 1 April 2013 and 31 October 2013 must make a choice to remain in RSA or transfer to another fund and/or product. If no choice is made, the member s funds will be transferred to the AMP Eligible Rollover Fund (ERF) and the AMP will be unable to accept further contributions. 1 Oct 2013 Flexible Lifetime Super Custom Super SuperLeader Signature Super Introduction of MySuper and investment choice MySuper will be introduced in 1 January 2014 and members who have not previously chosen an investment option or whose contributions are automatically directed to the default investment option, will have their contributions automatically invested in the new AMP MySuper investment option from 1 January 2014 if they do not make an investment choice. The communication also details the members options for making an investment choice before 1 January A copy of the brochure sent to members with the letter is available on In line with ASIC Class Order CO14/509, this summary does not include significant events or material changes that only affect members in employer sponsored sub-plans. Any advice in this document is general in nature and does not take into account your personal objectives, financial situation or needs. Before making a decision about a product you should consider the relevant Product Disclosure Statement and other related material (available from AMP at amp.com.au, by calling or ing askamp@amp.com.au), and talk to your financial adviser. AMP Superannuation Savings Trust (ABN ) Register of significant event notifications 8