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Fund Statements

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 membership and/or entitlements with First Super. Such changes or events generally include changes to fees and costs, insurance cover or premiums, Government contribution limits or tax rates, composition of investment options or transfer of members’ benefits without consent.

First Super communicates such matters through Significant Event Notices (SEN) which may be issued exclusively or within other correspondence such as annual statements or newsletters. SENs may also be published online or emailed depending on the nature of the matter. Changes or events announced in a SEN are generally incorporated into the subsequent version of the applicable Product Disclosure Statement (PDS).

Notice Date Nature of event or change Impact of the change Link to Notice
July 2023 This notice explains changes to Insurance cover and cost, how the Fund applies the crediting rate to withdrawals from the Fund, and how the Fund communicates with members.
  • On 1 May 2023, the Fund reduced the weekly cost of insurance for death (including terminal illness), total and permanent disablement (TPD) and Income Protection.
  • The Fund has changed the definitions it uses when assessing TPD claims.
  • If a member leaves the Fund between monthly crediting rate declarations, an interim crediting rate is applied.
  • If a member has provided their email address and/or phone number, the Fund may use these to communicate with members.
 SEN – July 2023
July 2023 This notice clarifies how the Fund credits investment earnings if a member leaves the Fund, how we communicate with members, and updating an incorrect date on our Pension PDS.
  • If a member leaves the Fund between monthly crediting rate declarations, an interim crediting rate is applied.
  • If a member has provided their email address and/or phone number, the Fund may use these to communicate with members.
  • The incorrect date on the printed Pension PDS will not impact members.
 SEN – Pension – July 2023
27 October 2022 Typographical error in More About First Super Incorrect information for the ‘Cost of product’ information, there is no impact to fees and costs charged. Changes to More about First Super PDS 
21 December 2021 This notice explains the changes to First Super’s Trust Deed clause 17.1 (a) and 18.2 (c).
  • The change to Clause 17 1 clarifies the ability of the Trustee that it may charge and be paid fees that it may retain for its own benefit.
  • The change to Clause 18 2 (c) clarifies what is meant by a ‘civil penalty order’, defining it to mean a non-SIS penalty order and a non-SIS infringement notice.
 Changes to Trust Deed
20 December 2021 This notice explains the changes to First Super’s Constitution. The change will allow the Company to establish a reserve to pay for items such as Trustee Liability Insurance. Changes to Constitution
2 December 2021 This notice explains the changes to First Super’s investment strategy. Increased likelihood of achieving the return objectives. Changes to First Super’s Conservative Balanced investment objectives
1 December 2021 This notice explains the changes to First Super’s investment strategy. Increased allocation to growth assets for the Balanced, and Growth investment options. Changes to First Super’s investment strategy
1 December 2021 This notice explains the changes to First Super’s insurance occupation categories The only change is to the name of the categories. Insurance occupation category changes
1 November 2021
This notice explains the changes to First Super Accumulation product. It includes the impact and changes to the information provided within the Product Disclosure Statement (PDS) of that product including the associated supplementary documents. Reduction of the First Super Administration fee for First Super Accumulation product Reduction of the First Super Administration fee SEN – 1 NOV 2021
1 July 2021 This notice explains the legislated changes that came into effect on 1 July 2021.
  • Changes in contribution caps
  • Increase in the Super Guarantee
  • Transfer balance cap
 Super and Pension legislative changes
1 September 2020 This notice identifies a typographical error contained in the Pension Product Disclosure Statement (PDS) and Investing Your Super booklet regarding asset allocation target ranges. A supplemental Pension PDS and updated Investing Your Super booklet were issued 18 May 2020.
  • This error has in no way impacted the investment option outcomes. This notice is to alert members who may have been received the Pension PDS and/or Investing Your Super booklet between the 1 April 2020 and 18 May 2020.
  • Where possible, impacted members have received an updated copy of these documents if these were requested from our Member Services Team.

 

 Pension Product Disclosure Statement (PPDS) and Investing Your Super booklet SEN Sept-2020
31 January 2020 This notice explains the changes to First Super Accumulation product. It includes events that impact, and changes to, the information provided within the Product Disclosure Statements (PDS) of those products, including the associated supplementary documents.
  • Changes to insurance cover provision and eligibility due to the Putting Members’ Interests First reforms, which are effective from 1 April 2020
  • Increases to administration and asset fees for accumulation accounts.

 

 Putting Members’ Interests First – insurance inside super and Administration fees 
30 August 2019 This notice explains the changes to First Super Accumulation and Transition to Retirement Allocated Pension products. It includes events that impact, and changes to, the information provided within the Product Disclosure Statements (PDS) of those products, including the associated supplementary documents.
  • Review of First Super insurance cover fees
  • Transition to Retirement: limit on opening accounts
  • Changes due to Protecting Your Super Package legislation:
    – Removal of exit fees
    – Capping of fees
    – Inactive low-balance account transfers to the Australian Taxation Office
    – Cancellation of insurance cover on inactive member accounts
  • Work Test Exemption rules
 Superannuation and Transition to Retirement Allocated Pension SEN Aug-2019
30 September 2018 This notice explains the changes to First Super Accumulation product. It includes events that impact, and changes to, the information provided within the Product Disclosure Statements (PDS) of those products, including the associated supplementary documents.
  • First Home Super Saver Scheme (FHSS)
  • Downsizer contributions
  • Early Release of Super
  • Caps and thresholds
  • Administration Fees
  • Advice Fees
  • Investment Changes

 

 Superannuation SEN
Sep-2018.pdf
30 September 2018 This notice explains the changes to First Super Pension products. It includes events that impact, and changes to, the information provided within the Product Disclosure Statements (PDS) of those products, including the associated supplementary documents.
  • Early Release of Super
  • Complaints Handling
  • Advice Fees
  • Caps and thresholds
  • Investment Option Objectives
  • Standard Risk
  • Investment Fees and Costs
  • Property Operational Costs
 Pension SEN
Sep-2018.pdf
1 July 2017 This notice explains the changes implemented from the 2016 Federal Budget, where a number of reforms to superannuation were proposed, and which came into effect on 1 July 2017.
  • Changes in contributions caps
  • Claiming a tax deduction on superannuation contributions
  • Spouse offset eligibility requirements
  • High-income earnings tax
  • Changes to anti-detriment payments
  • Transfer balance cap
 Legislative
Changes
1-July-2017.pdf
1 April 2017 This notice explains the changes that will come into effect from 1 July 2017 relating to investment earnings for members who hold a Transition to Retirement (TTR) income stream.
  • Transition to Retirement (TTR) income stream accounts were subject to legislative change
 TTR
Jul-2017.pdf