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There are some important changes to your super that you should be aware of. We’ve highlighted some of the changes below but you should read the relevant Member Notice below to understand what it means for your super:

Fee changes

From 1 July 2019 the current $75 exit fee and the $110 Family Law Valuation/Account splitting fees will be removed. Fees for members with an account balance less than $6,000 will be capped.

Insurance premium and cover changes

Since 1 July 2016 the comprehensive insurance cover package provided to Mercy Super members has not been subject to any increases to insurance premium rates or changes to the important terms and conditions.

Following a recent review, there are a number of changes which will be made from 1 July 2019 to ensure insurance benefits for our members can continue to be provided cost-effectively. These include:

Income protection cover changes

  • Premiums for income protection cover will change. On average, the increase passed on to members will be 2% of the current income protection premium rates. However, the amount that applies to individual members varies depending on age and benefit options selected.
  • For members with a 5 year benefit period the income replacement benefit after the first two years of claim will reduce to a maximum of 50% of salary from the current maximum of 85% of salary.

Other insurance changes

  • Members will be able to cancel Total & Permanent Disablement cover independently of their Death cover providing the option to have Death only cover. The terminal illness benefit for members with Death only cover will be their Death cover amount.
  • The current Everyday Working Activities criteria within the Total & Permanent Disablement definition will be replaced with new Activities of Daily Living criteria.

Importantly, the premiums for Death and Total & Permanent Disablement cover will remain unchanged.

Other important information

A number of changes have been introduced by the Federal Government’s Protecting Your Super legislative package aimed at ensuring members’ superannuation balances are not unnecessarily eroded.

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We exist solely to look after you as part of our membership community.
If you’re not sure about the changes to your Mercy Super account just contact us.