Governance, policies and disclosures

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

• Product Disclosure Statement and Guides
• Target Market Determinations
• Financial Services Guide for Mercy Super Pty Ltd and Mercy Super Financial Services Pty Ltd
• Annual report 2020 and our “2020 Mercy Super story” video
• Financial statements 2020
• Actuarial defined benefit actuarial investigation at 30 June 2019
• Annual Members’ Meeting – Monday 1st March 2021 –  view Meeting Minutes and Meeting Recording
• 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 – September 2021 edition

This edition provides details about changes to superannuation law that will come into effect from 1 January 2022 increasing the potential regulatory penalties that could be incurred by the Trustee which cannot be paid from the Fund.

Following discussions with the Principal Employer, they have agreed to enter into a legal agreement to indemnify the Trustee and directors from any liabilities, if they are incurred, which cannot be met from the Fund’s assets because of the restrictions imposed by superannuation law.

These arrangements include a payment to the Principal Employer which will be sourced from the Fund’s reserves with no impact on members’ benefits.

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 – July 2021 edition

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.