ANZ Smart Choice Super Investor Update : Member Update Winter 2013
Government increases to the Australian Prudential Regulation Authority (APRA) Levy The Federal Government has recently increased the APRA Levy to be paid by superannuation funds. The Levy is set to recover the operational costs of APRA and other specific costs, such as, to provide financial assistance to members of failed superannuation funds (Financial Assistance Levy) and to implement the Government's SuperStream reforms. The SuperStream reforms are designed to make the superannuation system operate more efficiently for the benefit of members. The APRA Levy is an expense to the OnePath Masterfund and will apply each year. The component of the APRA Levy related to SuperStream will only apply to 2018. What does this mean for you? The Trustee will recover the APRA Levy from members by deducting it from the unit price of each investment option (excluding cash, term deposits and guaranteed products). The first recovery for the year ending 30 June 2013 will occur at the end of August 2013. It is estimated the impact on members will be 0.01% of unitised investment options (excluding cash, term deposits and guaranteed products). For example, a member with a balance of $50,000 will pay a $5 APRA Levy. The APRA Levy for future years will be assessed and charged annually. What do you need to do? You do not need to do anything, the unit price adjustment will take place automatically. This information updates, and should be read together with, the ANZ Smart Choice Super Product Disclosure Statement and Additional Information Guide, both dated 1 December 2012. Change of name for Holding Company OnePath Australia Limited has changed its name to ANZ Wealth Australia Limited. Change of Registered Address As of 17 June 2013, ANZ Wealth's new registered address has changed from 347 Kent Street, Sydney, NSW, 2000 to 242 Pitt Street, Sydney, NSW, 2000.
Member Update Autumn 2013
Member Update Spring 2013