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 – July 2021 edition
This edition provides details about:
- The restructure of Mercy Super’s Socially Responsible investment option which was implemented from 30 June 2021.
- Changes to the investment objectives, investment fees, strategic asset allocations and risk measures for a number of Mercy Super’s investment options from 1 July 2021 as part of a regular review and modelling of expected outcomes for these options.
Notice to Members – May 2021
This notification provides details about the deferral of the planned disruption to normal services that was previously advised in the April 2021 Notice to Members.
Notice to Members – April 2021 edition
This edition provides details about changes to Mercy Super’s administration partner. This change will involve a temporary disruption to member services as we transfer and reconcile data and account details during the transition period:
- A period of limited services will commence from the close of business on Tuesday 25 May 2021 with normal services expected to return from Wednesday 16 June 2021
- Transactions will be held over and will be processed after the end of the transition period, however they will be processed with an effective date in line with normal business rules based on the date of receipt
- Member Online will be unavailable during this period with details on how to register for the new Member Online service issued after the end of the transition period
- Regular Income Account payments scheduled during the transition period will be paid in advance on Thursday 27 May 2021
- The Member Centre will be operating as normal, however the information the team will have access to during this time will be limited
This Notice to Members also provides details on voting in the election for a Member Director which opened on Monday 3 May 2021. The notice also provided details of changes to superannuation caps from 1 July 2021.
For more details, refer to the Member Notice.
Notice to Members – February 2021 edition
This edition provides details about:
- Changes to Mercy Super’s Socially Responsible investment option including interim investment arrangements while alternative investment managers and structures are being investigated.
- Opening of nominations for a Member Director vacancy from 1 July 2021
- Details for the upcoming Annual Members’ Meeting on 1 March 2021 which is being held as an online meeting.
Notice to Members – December 2020 edition
This edition provides details about changes to Mercy Super’s investment options which took effect from 1 October 2020:
- The Standard Risk Measure changed for most options
- The Strategic Asset Allocation for the MySuper Balanced, Balanced and Stable options changed
- The investment objectives for the Stable and Cash options changed
This Notice to Members also provides details of the upcoming Annual Members’ Meeting on 1 March 2021 and the brief closure of the Mercy Super office over the Christmas period.
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.