AMP Superannuation Savings Trust – Register of significant event notifications
This register provides a summary of significant event and material change notifications issued to members of the AMP Superannuation Savings Trust (ABN 76 514 770 399) on behalf of AMP Superannuation Limited (ABN 31 008 414 104, AFSL 233060) for the last two years. The register is provided for information purposes, as required by legislation. All affected members are contacted directly within the timeframe prescribed by legislation and provided with additional information, as appropriate.Date issued Products affected Reason for communication Description of significant event or material change
19 June 2015 SignatureSuper Transfer of accrued default amounts (ADAs) to MySuper
The Trustee is required to transition all remaining balances in default investment options (balances prior to 1 January 2014) to AMP MySuper by 1 July 2017. As part of AMP’s transition plan this transfer will occur automatically on 28
September 2015. By taking no action, members can: have AMP move their default investment balance automatically to the AMP MySuper option; choose to stay in their existing default investment option by providing AMP with investment direction by 11 September 2015; or choose another investment option. All members can at any time move their money out of their ADA or MySuper to any other investment option(s).
2 Feb 2015 Flexible Lifetime – Super
Flexible Lifetime – Allocated Pension SignatureSuper
CustomSuper
Termination of H3 Commodities investment option
The H3 Commodities investment option will be terminated on or around 7 March 2015. Members may choose to switch out of the H3 Commodities investment option until 4 March. Member funds remaining in the H3 Commodities investment option at the time of termination on or around 7 March will be automatically switched to a replacement investment option selected by the Trustee – the AMP Super Cash investment option. Members can switch out of the replacement investment option after the termination.
15 Sept 2014 AMP Flexible Lifetime Super AMP CustomSuper
AMP Signature Super AMP SuperLeader
Legislated changes to Victoria State Stamp Duty
Stamp duty is to be charged for a Total and Permanent Disability option and/or a Trauma option attached to Life insurance policies, at a rate of 10%.
AMP has up to now, delayed passing these stamp duty costs on to customers, and has been paying the correct amount of stamp duty to the Victoria State Revenue. However from 1 October 2014, the new stamp duty charge will now be applied to premiums.
25 Aug 2014 AMP Flexible Lifetime Super AMP Retirement Savings Account AMP SuperLeader
CustomSuper AMP Signature Super
Intra-fund Consolidation Each year the trustee will identify members who have multiple accounts within the fund and will merge the accounts if the trustee reasonably believes it is in the best interests of the member to do so. If the accounts are consolidated, the member will receive an exit statement. Depending on the circumstances, members may be given prior notice and provided the opportunity to choose not to consolidate their accounts.
11 Aug 2014 CustomSuper Annual Product Update
covering product changes
The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee – these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year).
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 2 2014.
Changes to Stamp Duty on insurance – the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August 2013. For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately.
Changes to insurance in CustomSuper – from 1 July 2014, the terms and conditions of Death cover and Total and Permanent Disablement (TPD) cover were updated to align to the terms and conditions the trustee uses to assess whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new
insurance benefits will be subject to the revised terms and conditions.
Performance Based Fees and other costs – were paid for some investment options during 2013.
New investment options added – on 1 July 2014.
Asset allocation benchmark and/or range changes – for some investment options during the year.
Benchmark index changes – for some investment options. Aim and strategy changes – for some investment options.
Renamed investment options – for some investment options from 1 July 2014. Closure of the following investment options – to new investors from 1 July 2014:
Future Directions Asian Share Future Directions Australian Bond Future Directions Emerging Markets
Future Directions Extended Markets International Share Future Directions International Bond
Advice on insurance, contributions and investment options – from 1 July 2014, AMP can now provide members with simple advice on their insurance cover in CustomSuper, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling 1300 769 736.
Consolidation of multiple accounts – each year the trustee will identify members who have multiple accounts within the fund and determine whether it
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 3 is reasonably in the best interests of the member to consolidate accounts. If it
is, the trustee will consolidate the accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts.
MySuper Dashboard – the latest AMP MySuper Balanced Dashboard is available at www.amp.com.au/customsuper and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at www.amp.com.au/trusteedetails.
Privacy Policy updated – the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to www.amp.com.au/privacy.
24 July 2014 Flexible Lifetime – Super
Flexible Lifetime – Allocated Pension Flexible Lifetime – Term Pension
Annual Product Update covering product changes
The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee – these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year).
Small Account Protection – was removed from this product from 1 January 2014.
Changes to Stamp Duty on insurance – the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August 2013. For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately.
Changes to insurance in Flexible Lifetime – Super – from 1 July 2014, the terms and conditions of the Extra Death Benefit (EDB) and Total and Permanent Disablement (TPD) Benefit were updated to align to the terms and conditions the trustee uses to determine whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new insurance benefits will be subject to the revised terms and conditions.
Performance Based Fees and other costs – were paid for some investment options during 2013.
New investment options added – on 3 March and 1 July 2014.
Asset allocation benchmark and/or range changes – for some investment options during the year.
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 4 Benchmark index changes – for some investment options.
Renamed investment options – for some investment options from 1 July 2014. Closure of the following investment options – to new investors from 1 July 2014:
Future Directions Asian Share Future Directions Australian Bond Future Directions Emerging Markets Future Directions Balanced Future Directions Conservative Future Directions Growth Future Directions High Growth
Future Directions Moderately Conservative
Future Directions Extended Markets International Share Future Directions International Bond
Advice on insurance, contributions and investment options – from 1 July 2014, AMP can now provide members with simple advice on their insurance cover in Flexible Lifetime – Super, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling 1300 769 736.
Consolidation of multiple accounts – each year the trustee will identify members who have multiple accounts within the fund and determine whether it is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate the accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts.
MySuper Dashboard – the latest AMP MySuper Balanced Dashboard is available at www.amp.com.au/flexiblelifetimesuper and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at www.amp.com.au/trusteedetails.
Privacy Policy updated –the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to www.amp.com.au/privacy.
24 July 2014 SignatureSuper
SignatureSuper Allocated Pension SignatureSuper Select
Annual Product Update covering product changes
The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee – these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year).
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 5 Small Account Protection – was removed from this product from 1 January
2014.
Changes to Stamp Duty on insurance – the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August 2013. For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately.
Changes to SignatureSuper insurance – from 1 July 2014, the terms and conditions of Death cover and Total and Permanent Disablement (TPD) cover were updated to align to the terms and conditions the trustee uses to determine whether superannuation benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new
insurance benefits will be subject to the revised terms and conditions.
Performance Based Fees and other costs – were paid for some investment options during 2013.
New investment options added – on 1 July 2014.
Asset allocation benchmark and/or range changes – for some investment options during the year.
Benchmark index changes – for some investment options.
Renamed investment options – for some investment options from 1 July 2014. Closure of the following investment options – to new investors from 1 July 2014:
AMP All Growth AMP Balanced Growth AMP Conservative AMP High Growth AMP Moderate Growth AMP Growth
Future Directions Asian Share Future Directions Australian Bond Future Directions Emerging Markets
Future Directions Extended Markets International Share Future Directions International Bond
Advice on insurance, contributions and investment options – from 1 July 2014, AMP can now provide members with simple advice on insurance cover in
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 6 SignatureSuper, contributions or investment options without an Advice Fee
being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling 1300 769 736.
Consolidation of multiple accounts – each year the trustee will identify members who have multiple accounts within the fund and determine whether it is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate the accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts.
MySuper Dashboard – The latest AMP MySuper Balanced Dashboard is available at www.amp.com.au/signaturesuper and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at www.amp.com.au/trusteedetails.
Privacy Policy updated –the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to www.amp.com.au/privacy.
24 July 2014 SuperLeader Annual Product Update covering product changes
The following changes are described in the 2014 Annual Product Update: Annual indexation of Member Fees and the MySuper Exit Fee – these fees increased in line with the Consumer Price Index (CPI) on 1 July 2014 (which occurs on 1 July each year).
Small Account Protection – was removed from this product from 1 January 2014.
Changes to Stamp Duty on insurance – the stamp duty rate on insurance premiums varies by state and by type of insurance benefit and is included in the base premium rates charged to members. The stamp duty rate reduced for ACT residents from 6% to 4% on 1 July 2014 and increased for QLD residents from 7.5% to 9% on 1 August 2013. For VIC residents, a higher rate of 10% will apply to TPD insurance linked to Death cover effective from 1 July 2014 and this will be charged separately.
Introduction of Terminal Illness – from 1 January 2014, the terms and conditions of Death cover were updated to introduce a Terminal Illness benefit. The Terminal Illness benefit is an early payment of a member’s Death cover if the member suffers a Terminal Illness, and it is included automatically with the Death cover. More details are provided in the AMP SuperLeader PDS and Fact Sheet available at www.amp.com.au/superleader.
Changes to TPD Definition – from 1 July 2014, the terms and conditions of Total and Permanent Disablement (TPD) cover were updated to align to the
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 7 terms and conditions the trustee uses to determine whether superannuation
benefits can be released. There are no changes to the terms and conditions already in place for existing insurance but any new insurance benefits will be subject to the revised terms and conditions.
Performance Based Fees and other costs – were paid for some investment options during 2013.
Maintaining your account – from 1 July 2013, if a member’s account balance falls below $1,500 it will be transferred to the personal category of SuperLeader. Advice on insurance, contributions and investment options – from 1 July 2014, AMP can now provide members with simple advice on their insurance cover in SuperLeader, contributions or investment options without an Advice Fee being charged. This advice will be provided by AMP Direct Pty Ltd and is available by calling 1300 769 736.
Consolidation of multiple accounts – each year the trustee will identify members who have multiple accounts within the fund and determine whether it is reasonably in the best interests of the member to consolidate accounts. If it is, the trustee will consolidate accounts and the member will receive an exit statement. Depending on the circumstances, members may be provided the opportunity to choose not to consolidate their accounts.
MySuper Dashboard – The latest AMP MySuper Balanced Dashboard is available at www.amp.com.au/superleader and provides a summary of the investment performance, risk and fees of the AMP MySuper Balanced investment option. Information about the fund and the trustee, including its executive officers can be found at www.amp.com.au/trusteedetails.
Privacy Policy updated –the Privacy Policy has been updated in line with the new Australian Privacy Principles. For information about how AMP safeguards personal information, go to www.amp.com.au/privacy.
6 Feb 2014 Flexible Lifetime – Super SuperLeader
Custom Super Signature Super
MySuper Insurance added to
eligible member accounts On 1 January 2014 AMP added insurance to MySuper accounts that did not have the minimum level of insurance required under legislation. These members were informed of their eligibility for MySuper insurance, advised of the options for changing their insurance, and provided with premium rates and insurance definitions.
24 Nov 2013 AMPAK
AMP Portfolio Plan, AMP Investment Linked
Removal of small account protection
The small account protection feature will be removed from plans following a change in legislation. This feature provides a rebate of any plan/policy fees in excess of the investment returns for accounts where the balance is below $1,000.
AMP Superannuation Savings Trust (ABN 76 514 770 399)
– Register of significant event notifications 8 Superannuation Plan
AMP Investment Linked Personal Superannuation Plan
AMP Super Rollover Plan Personal Superannuation Bond
AMP MultiFund Superannuation Bond AMP Personal Superannuation Plan AMP Investment Linked Personal Superannuation Bond
AMP Investment Account Superannuation Bond Flexible Lifetime – Super
The change will apply from:
1 January 2014 for Flexible Lifetime – Super, AMPAK, AMP Portfolio Plan. Next review date of policy anniversary date in 2014 for AMP Investment
Linked Superannuation Plan, AMP Investment Linked Personal
Superannuation Plan, AMP Super Rollover Plan Personal Superannuation Bond, AMP MultiFund Superannuation Bond, AMP Personal
Superannuation Plan, AMP Investment Linked Personal Superannuation Bond, AMP Investment Account Superannuation Bond.
15 Nov 2013 AMP Retirement Savings Account New Retirement Savings Account members required to confirm choice
Members who joined the AMP Retirement Savings Account (RSA) product between 1 April 2013 and 31 October 2013 must make a choice to remain in RSA or transfer to another fund and/or product. If no choice is made, the
member’s funds will be transferred to the AMP Eligible Rollover Fund (ERF) and the AMP will be unable to accept further contributions.
1 Oct 2013 Flexible Lifetime – Super Custom Super
SuperLeader Signature Super
Introduction of MySuper and investment choice
MySuper will be introduced in 1 January 2014 and members who have not previously chosen an investment option or whose contributions are automatically directed to the default investment option, will have their
contributions automatically invested in the new AMP MySuper investment option from 1 January 2014 if they do not make an investment choice. The
communication also details the members’ options for making an investment choice before 1 January 2014. A copy of the brochure sent to members with the letter is available on http://www.amp.com.au/mysuper.
In line with ASIC Class Order CO14/509, this summary does not include significant events or material changes that only affect members in employer sponsored sub-plans.
Any advice in this document is general in nature and does not take into account your personal objectives, financial situation or needs. Before making a decision about a product you should consider the relevant Product Disclosure Statement and other related material (available from AMP at amp.com.au, by calling 131 267 or emailing askamp@amp.com.au), and talk to your financial adviser.
