SIGNIFICANT EVENT NOTICES

We're excited to announce that our merger with TWUSUPER will take place on Friday, 21 March 2025

13 February 2025

Team Super is merging with TWUSUPER on 21 March 2025. To complete the merger some member services will be unavailable, including our online account, for a period of time while we on-board TWUSUPER members. The start date varies depending on the transaction type (as outlined in the SEN) and services will be back up and running on 14 April 2025. 

This SEN also updated members on:

Insurance changes

• A reduction in insurance premiums.
• Minor changes to the Age Bands for Basic Cover.
• Minor changes to the IP Waiting Period factors in the Mining Division.
  
  

Nominating beneficiary changes

• Renewal of Binding Beneficiary nominations will no longer need to be witnessed.
• Introduction of non-binding beneficiary nominations for pension members.
• Greater choice with reversionary pensions – pension members will now be able to nominate any dependant (spouse, child, any other person financially dependent on you) to receive their pension as a reversionary pension if they die.

Merger

• No direct impact on existing Team Super members, outside of some services being unavailable.

Insurance changes

• Reduced insurance premiums.

Nominating beneficiary changes

• Easier nominating beneficiaries process (i.e. no witnesses required for renewal of expiring binding nominations).
• Greater choice for pension members.

Important changes to your account

• Super
• Pension
• Defined Benefit

11 April 2024

A number of changes are being made to our products effective 20 May 2024:

• Reduced direct fee (super account only) – fixed dollar administration fee reducing by 25% from $1 per week to $0.75 per week (from $52 per year to $39 per year).
• Simplified Lifecycle Investment Strategy (LIS) – reduced from 16 stages down to three: under age 50 = High Growth; aged 50-54 = Growth; aged 55 and above = Balanced.
• Introduction of two new pre-mixed investment options – Moderate and Defensive.
• Closure of Term Deposit investment option.
• Closure of Conservative Balanced (Pension) investment option.
• Closure of Capital Guarded (Pension) investment option.
• New default insurance for new Mine Super members – existing Mine super members are not affected by this change.

This SEN also updated members:

• on our merger with TWUSUPER which is progressing. We’ll let members know more closer to the finalisation date in early 2025.
• on recent changes to the pre-mixed options’ SAA and allowable ranges (as part of the annual SIOP process).
• other changes made in the past 12 months.

Simplified LIS
On 17 May 2024 members aged 50 and over will automatically be moved into the investment option of the new LIS based on their age at that date.

Term Deposit investment option closure 
Existing term deposits will continue unchanged until they mature. Term Deposits will no longer be offered.

Conservative Balanced (Pension) investment option closure
On 17 May 2024, members invested in this option will be moved to the Moderate investment option.

Capital Guarded (Pension) investment option closure
On 17 May 2024, members invested in this option will be moved to the Defensive investment option. The new default investment option will be the Balanced investment option.

• Super members invested in the Conservative Balanced ‘Choice’ investment option will automatically transfer to the Balanced investment option on Friday, 26 May 2023.
• Super members will no longer be able to choose this investment option to invest in from Friday, 26 May 2023.

NOTE: The Conservative Balanced investment options that are part of our Lifecycle Investment Strategy and pension accounts are not affected.