Significant event notices
A summary of significant changes and events from the last two years that may affect your account, including changes to fees, insurance cover and investment.
Media Super keeps our members informed of material changes and significant events that may affect their accounts. This includes information about changes to fees and charges, insurance cover or premiums, or investment option changes.
We generally send members Significant Event Notices (SEN) by mail, although changes impacting a small group of members may be sent by email. SEN are also available to download from this page.
For complex changes, such as major changes to insurance cover or legislative changes, more information can also be found on the blog.
Changes announced in SEN are incorporated in subsequent releases of the relevant Product Disclosure Statement.
The SEN below were issued in the last two years.
Notice date 02.07.2022
Your weekly administration fee has decreased
We regularly review the fees you pay to ensure you’re getting the products and services you need at a competitive price. As a result of our most recent review, your weekly administration fee dropped to $1.50 a week on 2 July 2022.
Read the Significant Event Notice for full details.
Notice date 23 February 2022
Super Members: Media Super and Cbus Super prepare to merge
The planned merger of Media Super with Cbus Super is due to take place on 9 April and will impact all Media Super members across super and pension accounts.
For super members, the merger between Media Super and Cbus will result in your benefits being transferred to a new Media Super Division within Cbus*. The current Media Super Fund will be wound up. This notice will help you understand the changes for your super account and includes:
- The proposed merger by way of Successor Fund Transfer and other important changes
- How the changes will affect your account and benefits including:
- Fees
- Investments
- Insurance
- Services
- Actions you might need to take before the merger.
The notice also includes information about cut-off dates and a Limited Services Period as we transfer your data to your new account in the merged fund.
* Members with an investment in the Media Super Direct Investment Option at the time of the merger will have their account transferred to a Cbus branded product and should also refer to Direct Investment Option Members - Media Super and Cbus Super are preparing to merge below.
Read the Significant Event Notice, Media Super and Cbus Super are preparing to merge in conjunction with your corresponding personal cover letter or email.
Notice date 23 February 2022
Members invested in the Direct Investment Option at the time of the merger
The planned merger of Media Super with Cbus Super is due to take place on 9 April and will impact all Media Super members across super and pension accounts.
For super members with an investment in the Media Super Direct Investment Option at the time of the merger, the merger between Media Super and Cbus will result in your benefits being transferred to a Cbus account with an investment in Cbus Self Managed. The current Media Super Fund will be wound up. This notice will help you understand the changes for your super account and includes:
- The proposed merger by way of Successor Fund Transfer and other important changes
- How the changes will affect your account and benefits including:
- Fees
- Investments
- Insurance
- Services
- Actions you might need to take before the merger.
The notice also includes information about cut-off dates and a Limited Services Period as we transfer your data to your new account in the merged fund.
Importantly, members will need to choose by 3 April whether to:
1. Request Media Super to switch your investment and transfer all your assets out of the DIO by no later than 3 April 2022, and move to the Media Super Division to retain your insurance as described in the Significant Event Notice – Media Super and Cbus Super are preparing to merge.
2. Move to a Cbus account and invest in the Cbus Self Managed offering with accompanying changes to your insurance to reflect the Cbus provisions on the merger date.
Read the Significant Event Notice, Members invested in the Direct Investment Option (DIO) at the time of merger in conjunction with your corresponding personal covering letter or email, and also refer to Super Members - Media Super and Cbus Super are preparing to merge above.
Notice date 23 February 2022
Pension Members: Media Super and Cbus Super prepare to merge
The planned merger of Media Super with Cbus Super is due to take place on 9 April and will impact all Media Super members across super and pension accounts.
For pension members, the merger between Media Super and Cbus will result in your benefits being transferred to a Cbus Super Income Stream. The current Media Super Fund will be wound up. This notice will help you understand the changes for your pension account and includes:
- The proposed merger by way of Successor Fund Transfer and other important changes
- How the changes will affect your account and benefits including:
- Fees
- Investments
- Services
- Actions you might need to take before the merger.
The notice also includes information about cut-off dates and a Limited Services Period as we transfer your data to your new account in the merged fund.
Information for Pension Members who are invested in the Direct Investment option at the time of the merger is included in this Pension Significant Event Notice.
Read the Pension Significant Event Notice, Media Super and Cbus Super are preparing to merge in conjunction with your corresponding personal covering letter or email.
Notice date 19 January 2022
Closure of the Direct Investment Option for Transition to Retirement (TTR) Members
The Direct Investment Option will no longer be available for existing TTR pension accounts as this option is no longer supported by Media Super’s current investment platform. You will need to take action by 18 February 2022.
Read the Significant Event Notice for full details.
Notice date 16 December 2021
| Nature of event or change | Impact of the change |
|---|---|
| Changes to Direct Investment Option | The Direct Investment Option for Transition to Retirement (TTR) pension accounts is closed to new TTR members from 16 December 2021. There is no impact to existing TTR members with existing Direct Investment Option arrangements. See the Significant Event Notice for full details |
| Changes to existing investment options | The Strategic Asset Allocations and Investment Objectives for a number of investment options changed on 5 October 2021. The changes apply to all existing super and pension members. See the Significant Event Notice for full details. |
| Corrections to information errors relating to benefit projections | Out of date information relating to fees was used on benefit projections in members statements for the financial years 2018/19 and 2019/20. The default assumptions for administration fees, insurance premiums and investment returns were based on out-of-date information for: • the Retirement Income Simulator on the website since 2015 • retirement projections on the online member dashboard since 2018. There is no impact to members accounts. See the Apology notice for full details |
Read the Significant Event Notice for full details.
Read the Apology notice.
Notice date 11 May 2021
| Nature of event or change | Impact of the change |
|---|---|
Changes to insurance premiums | Death, Total & Permanent Disablement and Income Protection premium rates will increase for unitised, dollar-based and formula-based cover from 1 July 2021. |
| Changes to default Income Protection | Default Income Protection cover will change to a 60-day waiting period and a 2-year benefit period from 1 July 2021. Existing members with default Income Protection cover will be able to opt in by 30 June 2021 if they’d like to keep their current 30-day waiting period and 5-year benefit period. See the SEN for full details of how to opt in. |
Read the Significant Event Notice for full details.
Notice date 11 May 2021
| Nature of event or change | Impact of the change |
|---|---|
| Changes to the fixed administration fee | The fixed administration fee will rise to $2 a week (from $1.25 a week) for all super and pension members from 1 July 2021. |
| Changes to fees and costs deducted from Media Super’s assets | The fixed percentage-based investment fee for the Moderate Growth option will increase by 0.02% to 0.05% from 1 July 2021. |
UPDATE 31 MAY 2021: Since the SEN was issued, the Federal Government has announced an extension of the temporary reduction in pension minimum drawdown rates for a further year, to 30 June 2022. Get the latest information on our blog.
Read the Significant Event Notice for full details.
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