Governance, policies and disclosures

Mercy Super (ABN 11 789 425 178) is a complying resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993. Mercy Super is governed by a Trust Deed which outlines our governing rules.

Mercy Super Pty Ltd (ABN 98 056 047 324, AFSL 418976) is the Trustee which has a Board of Directors that are responsible for the management and operation of Mercy Super. The Board of Directors consist of an equal number of Employer and Member Directors that are nominated, remunerated and appointed in accordance within the rules of the Mercy Super Pty Ltd Constitution.

The Fund’s Executive Team is responsible for the day-to-day administration and management of Mercy Super. You can find more details about our Directors and Executive team on the Our People page. The following provides further information on the Board’s operating charters, processes as well as Director interests, remuneration and meeting attendance:

• Director attendance at Board and Committee meetings and Remuneration
• Register of relevant duties and interests
• Board Charter
• Board Performance Review Process
• Board Skills Matrix
• Code of Conduct
• Diversity Statement
• Investment Committee Charter
• Audit Risk Compliance Committee Charter
• People, Culture and Remuneration Committee Charter
• Summary of Conflicts Management Policy
• Responsible Investment Policy

Here you will find our disclosure documents, annual report and financial accounts, along with the report from the most recent actuarial investigation into the Fund’s defined benefits:

• Product Disclosure Statement and Guides
• Financial Services Guide for Mercy Super Pty Ltd and Mercy Super Financial Services Pty Ltd
• Annual report 2019 and our “Year that was” video
• Financial statements 2019
• Actuarial defined benefit actuarial investigation at 30 June 2019
• Annual Members’ Meeting – Monday 24th February 2020 –  view Meeting Minutes and Meeting Recording

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.

Mercy Super engages a number of service providers to help manage the Fund. Here you will find the name and ABN of each outsourced provider that has a material business relationship with Mercy Super.