Welcome to our final Member Update for 2022. On behalf of everyone at AvSuper, I wish you and your family a relaxing Christmas and New Year. We look forward to continuing to be of service in 2023.
This year has again seen investment market volatility. Having said that, I am very pleased to report that for the current financial year to 30 November, the Growth option has returned over 5%* and we’ve also been able to apply a further reduction in administration fees for our members.
If you have any questions about any of the following, please get in touch on 1300 128 751 or email us at avsinfo@avsuper.com.au.
Kind regards,
Michael Sykes
Chief Executive Officer
Fee reduction
Following on from the introduction of the administration fee cap last year, on 1 December 2022 we reduced the weekly administration fee from $1.15 to $0.50 per week plus a capped asset-based fee.
For more information about this change, please read the Significant Event Notice.
Investment update
Following the market downturn for the first half of 2022, it is pleasing to see that our Growth Option has bounced back more than 5%* since 30 June this year.
For further investment information please read our latest monthly update.
Annual members meeting – video now available
We held our Annual Members Meeting on November 22. The full recording, minutes and Q&As are now available here.
Merger update
Due diligence is now nearing completion between AvSuper and Commonwealth Super Corporation (CSC). The next step is to seek government approval for the merger, which is being managed by CSC with support from the AvSuper Board and Executive.
While Government approval has already been given in order for CSC to participate in the Expression of Interest process and subsequently to sign the MOU, further approval must be provided in a timely manner to proceed to signing a Heads of Agreement.
Board update
Independent Director, Susan Darroch recently retired from the AvSuper Board. As well as the AvSuper Trustee Board, Susan has been a valuable member of the Investment and Administration & Member Service Committees. We thank Susan for her service and wish her well in her future endeavours.
REMINDERS:
Insurance cover if you leave Australia for an extended period of time
Your insurance cover may continue for up to three years if you are out of Australia whether you are travelling for work or pleasure, subject to the terms and conditions of the Policy and provided cover does not cease for some other reason. If you plan to leave Australia for an extended period and wish to maintain your cover, please advise us in writing to see if we can arrange cover beyond 3 years.
Switching your investment options (for Income Stream members)
You can switch the way your Income Stream is invested at any time. Investment switches can be done through our secure member portal, AvSuper Online (AOL) or by completing a Nominate or switch Income Stream investment options form (available on our website or upon request by phone or email).
Please note you cannot make an investment switch within 3 business days of your regular Income Stream payment. If you make an investment switch via AOL, and it impacts your pension payment, your switch will be cancelled.
*1 July 2022 to 30 November 2022, after investment fees, costs and taxes. Past performance is not an indicator of future performance, and it is important to note that your super is invested with a long term focus. The investment earnings on your account balance may vary from above depending on when (if) you made any switches and contributions.
