Mercy Super keeps members informed of any material changes or significant events that affect their membership. These may advised through a member newsletter or other communication issued via email or mail. Below are notices issued to members within the previous two years:
Notice to Members – August 2020 edition and Members with retained cover edition
This edition provides details about changes to Mercy Super’s administration fees and insurance premiums which take effect from 1 October 2020:
- Administration fee reduction – from 1 October 2020 changes will be made to administration fees which will represent a reduction for all Super and Income Account members:
- The $1.10 per week administration fee (often referred to as the Member Fee) will be eliminated
- The 0.30% p.a. account balance fee (often referred to as the Asset Fee) will reduce to 0.25% p.a. subject to a $600 p.a. cap for both Super and Income accounts (reducing the current $1,000 cap for Income Account members)
- Death and Total and Permanent Disablement premiums are reducing by an average of 3.5% from 1 October 2020
- Income protection premiums are increasing by an average of 7.5% from 1 October 2020
Notice to Members – December 2019 edition and Defined Benefit Members edition
This edition provides details about some changes issued on 16 December 2019:
- Fee disclosure changes – changes to the way indirect costs incurred in the management of the Fund’s investments are disclosed with updated Investment fee and Indirect Cost Ratios for each of the Fund’s investment options.
- Providing a summary of legislative changes introduced by the Federal Government through the “Putting Members’ Interests First” reforms that have an impact on the ongoing provision of insurance within the accounts of some members.
- For defined benefit members, notification of changes being made to the ongoing provision of these benefits in 2020.
Notice to Members – May 2019 edition and Members with retained cover edition
This edition provides details about some changes from 1 July 2019:
- Fee changes – including the removal of exit fees, family law valuation/account splitting fees and fee caps for members with an account balance below $6,000.
- Changes to income protection premiums and for members with a 5 year benefit period, a reduction in the maximum level of income replacement benefit payable after the first two years of claim.
- Replacing the current Everyday Working Activities criteria within the Total & Permanent Disablement definition with new Activities of Daily Living
- The ability to cancel Total & Permanent Disablement cover independently of Death cover.
The Notice to Members also provides a summary of legislative changes introduced by the Federal Government’s Protecting Your Super legislative package.