Sometimes things in superannuation change.

Changes occur in superannuation on a regular basis and information in our Member Booklets (Product Disclosure Statements) and Member Booklet Supplements may need to be updated from time to time. We use this section to inform members about changes to the information in these documents, which are not materially adverse.

Update to current information

Document Reference: Member Booklets and Member Booklet Supplements
Member Booklets: Employer Sponsored, Personal, Police Blue Ribbon Super, and Ambulance Officers’ Super - dated 1 October 2019, section 8 

The Australian Government has introduced new laws known as the ‘Protecting Your Super’ package, which may affect the insurance and fees on your First State Super account. The new rules, which come into effect 1 July 2019, are designed to protect members from paying unnecessary fees and insurance premiums.

The laws introduce three key changes to super:

  1. Insurance cover will be cancelled on inactive accounts.
  2. Inactive, low-balance accounts will be transferred to the Australian Taxation Office (ATO).
  3. There will be a cap on fees for accounts with balances under $6,000.

Document Reference: Member Booklets
Member Booklets: Retirement Income Stream and Transition to Retirement Income Stream – dated 1 October 2018

On page 4 of the Member Booklets: Retirement Income Stream, and Transition to Retirement Income Stream dated 1 October 2018, it  states that for more information on fees and costs, refer to the Member Booklet Supplement: Fees and costs. This supplement, however, does not apply to fees and costs for the First State Super Income Stream products. For more information on these fees and costs, you should refer to the Fees and costs section starting on page 34 of the Member Booklet: Retirement Income Stream and on page 35 of the Member Booklet: Transition to Retirement Income Stream.