Updated June 2024
Summary of changes
| Notice date | Effective date | Nature of the event or change | Impact of change |
May 2024 | 1 July 2024 | Changes to the asset-based administration fee | Equip Super accumulation and defined benefit products: Asset-based administration fee reduction The asset-based administration fee charged on accumulation account balances, and voluntary additional accumulation account balances for defined benefit members, will reduce to 0.19% pa from 0.22% pa. As a result, the maximum asset-based administration fee charged will reduce from $1,100 to $950 pa. For members in the BOC and Elgas plans, there is no change to the asset-based fees, but the maximum asset-based administration fee charged will reduce from $1,100 to $950 pa. |
May 2024 | 1 July 2024 | Changes to administration fees | Retirement products: Reductions to the weekly administration fee and asset-based administration fee The weekly fee will reduce to $1.00 per week from $1.95 per week. The asset-based administration fee will reduce from 0.20% to 0.19% pa. As a result, the maximum asset-based administration fee charged will reduce from $1,000 to $950 pa. |
May 2024 | 1 July 2024 | Introduction of insurance fee | Equip Super accumulation and defined benefit products: Introduction of insurance fee A new insurance fee will apply to accumulation members with basic and / or voluntary cover and defined benefit members with voluntary cover. The fee is calculated at 4% of premiums. The cost of insurance cover from 1 July 2024 includes the premium that a member pays (which goes to the insurer) and the 4% insurance fee (which is paid to the Fund). |
May 2024 | 1 July 2024 | Changes to insurance terms and conditions | All plans with insurance cover There will be some changes to insurance terms and conditions:
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May 2024 | 1 July 2024 | Changes to insurance terms and conditions | Permanent employees working for a Rio Tinto, QAL, Yancoal, Glencore or Kestrel employer: Members will maintain their salary-based cover and will no longer change to unit-based cover when they cease employment or elect Choice of Fund. |
May 2024 | 1 July 2024 | Investment-related changes | Investment objectives The time horizon to meet the respective objectives of the Balanced, Capital Stable and Defined Benefit options will increase to 10 years. Strategic asset allocation range changes The strategic asset allocation permitted ranges were lowered for the Australian shares asset class (Growth Plus, Growth, Balanced options) and overseas shares (Growth Plus option). The standard risk measures for each investment option were recalculated. The transaction costs and performance fees were recalculated for each investment option, based on the experience of the past 12 months. |
| Notice date | Effective date | Nature of the event or change | Impact of change |
May 2023 | 1 July 2023 | Changes to administration fees | Equip accumulation products / defined benefit products - administration fee reduction: The asset- based administration fee charged on account balances (and voluntary additional accumulation account balances for defined benefit members) will reduce to 0.22% pa from 0.25% pa. As a result, the maximum asset-based administration fee charged will reduce from $1,250 to $1,100 pa. For members in the BOC and Elgas plans, there is no change to the asset-based fees, but the maximum asset-based administration fee charged will reduce from $1,250 to $1,100 pa. |
May 2023 | 1 July 2023 | Changes to administration fees | Dow and Pitcher Partners corporate plans: The time-limited, reduced asset-based administration fee charged on account balances will end; it will increase to 0.22% pa. As a result, the asset-based administration fee, charged on balances up to $500,000, will increase to a maximum of $1,100 pa. |
May 2023 | 1 July 2023 | Changes to investment options | Equip accumulation / pension / defined benefit products New investment option: A new low-cost, indexed option is added to the investment menu – Index Diversified. This option allocates money to a broad range of listed assets, with 70% of growth assets, and 30% of defensive assets. Investment option changes: A number of investment options are changing names and asset allocations.
Replacement of the Sustainable Responsible Investment (SRI) option: SRI will be replaced by the new Future Focus option, which is a broadly diversified option. This option invests mainly in growth assets (i.e. shares, property and infrastructure), with the balance invested in more stable assets like fixed interest and other defensive assets. Some consideration is given to Environmental, Social and Governance (ESG) factors when investing. |
May 2023 | 1 July 2023 | Changes to the TPD definition and/or TPD premiums | Equip accumulation / defined benefit products: For most plans, the TPD definition is changed to simplify and broaden the eligibility for an insured TPD benefit. With these changes, there’s a 5% increase of the cost of TPD cover, across all age groups, in all products (BOC excepted). |
May 2023 | 1 July 2023 | New product name | Equip pension products: The pension products will be known as Equip Super Retirement Income (previously Account Based Pension) and Equip Super Transition to Retirement Income (previously Transition to Retirement Pension). |
May 2023 | 1 July 2023 | Changes to MyPension rebalancing | Members in the Equip Super MyPension default strategy: From 1 July 2023, the MyPension investment strategy will be rebalanced twice a year, in April (using the unit prices as at 31 March) and October (using the unit prices as at 30 September). |
| Notice date | Effective date | Nature of the event or change | Impact of change |
December 2022 | 16 December 2022 | Update to the trust deed | In response to a change in the laws that govern super funds, Equip’s Trust Deed has been changed to include a right for the Trustee of the Fund to be paid a limited Trustee Fee. This Trustee Fee is not an additional fee charged to members, and it is paid from Equip’s Administration Reserve to allow for certain costs incurred in its role as Trustee of Equip. |
May 2022 | 1 July 2022 | Insurance changes for Equip plans | Change of insurance provider: Consolidation of several insurance providers into one (MetLife). Policy changes: Changes to terms and conditions comprise of additional benefit exclusions (illness or injury suffered due to unlawful participation in terrorism or resulting from illegal or criminal acts), as well as a number of enhancements, such as better provisions for cover reinstatement, an increase in maximum TPD cover members can have in the fund, access to a 5-year IP benefit period and more. Insurance premiums: Premiums increase for Equip Corporate - BOC, and decrease for corporate plan Equip Corporate – Rio Tinto, QAL, Yancoal, Glencore, Kestrel. |
May 2022 | 1 July 2022 | Changes to administration fees | Equip Account Based Pension administration fee reduction: The weekly fee reduces to $1.95 per week (from $2.50 per week); the asset-based fee decreases from 0.25% to 0.20% pa (with a new maximum charge of $1,000). Low-balance accounts: We are removing the $3,000 balance threshold, under which we previously did not charge the weekly administration fee; legislated 3% fee cap applies for accounts of $6,000 or less, with a refund of excess fees paid at year end or upon exit if applicable. |
April 2022 | 1 June 2022 | Investment option closure | The Property investment option is closed for all members from 6 June 2022, with balances transferred to Equip MySuper. |
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