Upcoming super changes

Upcoming super changes

I’ve never been the type to stand still.
We’re making some exciting changes. Discover what they’ll mean for you.

We’re always seeking to improve our services and offer the best value for our members.

So, at the end of March we’ll be moving our outsourced admin services to a new provider – Mercer Australia – as well as upgrading our systems and changing some of our fees.

Introducing our newest service provider

Like most large super funds, we outsource some of our services (like our contact centre, online systems and payment processing functions) to an external admin service provider with a dedicated CareSuper team. We think of this team like an extension of our fund.

As one of the world’s leading service providers, Mercer is known for its state of the art technology, world-class customer service and experience managing admin for more than 2.5 million super accounts in Australia.

What it means for you

By now you should have received your Significant Event Notice, outlining the changes and enhancements we’re making for your super. We’ve summarised the key changes below.

Can’t find what you need? We’ll update the website with more information about the changes over the coming weeks, so check back here for the latest details. 

You can also check our FAQs or call us on 1300 360 149.

Better service
We’re taking advantage of Mercer’s state-of-the-art technology and industry-leading customer service functions to offer you a better super experience.
New online portal and mobile app

After 24 April 2019, you’ll have access to a new MemberOnline, which will have a different look and feel and some enhanced functionality. We’ll let you know more about the new online portal in the coming weeks.  

We’re also launching a new mobile app, which will be available from late May 2019. Our current app will be discontinued from 29 March, so you’ll need to delete it and download the new one when it’s available (watch this space for details).

More transactions online and over the phone

Sometimes, it can be easier and quicker to tell us what you’d like to do with your super, rather than filling in a form. When we move to our new administrator we’re making sure you can make transactions (like changing your investment options or making a non-binding beneficiary nomination) over the phone with our customer service staff.

We're also trying to reduce paper usage and streamline our processes when it makes sense. So, we’ve decided to remove or consolidate paper forms for transactions you can make online or over the phone.

Daily unit prices and more frequent switching

From 1 April 2019 we’ll start calculating unit prices (which give you a snapshot of what your account is worth) daily instead of weekly and any switches you make between investment options will be processed daily instead of each week.

Why are we doing this? We all know markets can move quickly, so more frequent pricing means you’ll have access to more up-to-date information on how these movements affect your super account. You’ll be able to see the daily prices on our unit pricing page.

We’ll also be calculating and publishing a daily ‘mid price’ for our Managed and Asset Class options from 1 April 2019. The mid price is the price we use for a transaction when we are not passing on the cost of a buy-sell spread to the member.

Want to know how we’ll apply our daily unit prices from 1 April? Check out our FAQs. And keep in mind there will be some temporary changes to how we calculate unit prices during the transition (see your Significant Event Notice for details).

A new way to keep your accounts connected

When we move to our new administrator, all members will receive a new client ID number, and your ‘member number’ will become your ‘member account number’. This will make it easier to keep your accounts connected if you have more than one (e.g. if you have a pension and a super account) and you’ll be able to manage them all via one login in MemberOnline.*

*Please note online access will be unavailable for term allocated pension accounts after 29 March 2019. Term allocated pension members should contact our call centre on 1300 360 149 for any assistance they need after this time.

Better value
While our focus is on actively seeking the best returns for your super, we work hard to keep our fees as low as possible. We’re delighted to let you know we’ll be making the following changes to our fees.
Fees we’re removing (for super and pension)
  • $40 exit fee
  • $50 contribution splitting fee (for super members)
  • $40 family law splitting fee
Fees we’re reducing (for pension)

The dollar-based fee for pension members will halve from $3 to $1.50 per week, and the cap on the asset-based administration fee will reduce by 25%.

New product features
At the same time as changing administrators, we’re making some changes to our Direct Investment option.
Changes to our Direct Investment option (DIO)

We’re changing our DIO provider from Macquarie Investment Management Limited to OneVue Wealth Services Limited from 30 March 2019.

There will be a new look and feel for the DIO online portal, along with a reduced monthly DIO administration fee and other changes outlined in your Significant Event Notice.

We’ll be in touch with all current DIO members to provide further detail, including the transitional arrangements that will apply. For now, please refer to your Significant Event Notice.

Changes to online access and services
During March, April and May 2019, there will be some temporary disruptions to our usual services as we move over to the new administrator, as well some ongoing changes to our processes.
Early pension payments for April

If you’re due to receive a pension payment on 8 April 2019, we’ll process your payment earlier on Tuesday 26 March 2019 to avoid the scheduled delays. Your other scheduled pension payments will not change.

Limited access to MemberOnline during March and April

From 5pm on Friday 22 March 2019, if you have a MemberOnline account you’ll have read-only access. You won’t be able to change your investment options, insurance or beneficiary nominations online.

Access to MemberOnline will be closed altogether from 4pm on Friday 29 March 2019 until around Wednesday 24 April 2019. If we have an up-to-date email address for you, we’ll let you know when you can log in to the new MemberOnline. If you don’t have an online account yet, you’ll be able to register once MemberOnline is live again after 24 April.

Online access for Guaranteed Income members

For Guaranteed Income members, you won’t be able to access your Guaranteed Income account details online after 29 March 2019. We’ll notify you when access resumes.

Transaction processing delays during March and April

As we move to our new administrator and launch our new systems, there will be some scheduled disruption to processing - mostly between 22 March and 30 April 2019.

To avoid any potential processing delays, we recommend you submit any transaction requests before 5pm on Friday 8 March 2019.

Please read your Significant Event Notice carefully for details.

Access to historical transactions in MemberOnline

From 24 April to 8 May 2019, you won’t be able to access your historical transactions in MemberOnline that took place before 1 July 2018.

After 8 May 2019 you’ll be able to see individual transactions to 1 July 2016 within the transaction activity page on MemberOnline, but you won’t be able to see individual transactions from before 1 July 2016.

To view your historical transactions, check your historical annual statements (which will continue to be available in the new MemberOnline).*

*Please note online access will be unavailable for term allocated pension accounts after 29 March 2019. Term allocated pension members should contact our call centre on 1300 360 149 for any assistance they need after this time.

Changes to how you can contribute to super accounts

From 20 March 2019, we’ll be streamlining how we receive super contributions.

As a result, direct debit will no longer be available as a payment method for new additional contribution arrangements. If you already have a direct debit arrangement in place, it will continue, and you won’t need to do anything.

If you’d like to set up a new contribution arrangement, you can do this via BPAY®. Find your personal BPAY® details on your latest annual statement (or in MemberOnline, as long as it’s before or after the limited service period) or contact us on 1300 360 149.

Frequently asked questions
Want to know more? Our FAQs will help answer any questions you have about what’s changing and why, and key dates you need to be aware of.