Welcome to our final Member Update for 2023.
On behalf of everyone at AvSuper, I wish you and your family a happy Christmas and New Year. We look forward to a successful 2024.
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.
Successor Fund Transfer update
Planning workshops are currently being held between AvSuper, Australian Retirement Trust (ART) and our administrator to ensure the transfer to ART can occur on 1 May 2024.
The workshops are intended to ensure a smooth transition to ART and consider items such as the mapping of your investments to similar investment options at ART and ongoing insurance arrangements. More detailed information will be communicated to you as it becomes available. The way your super is invested and your insurance remains your decision and we will help guide you through the transition with the information you need to make informed decisions.
We will continue to keep you updated over the next few months as the transition progresses.
Australian Retirement Trust
Watch the latest video for an introduction to ART and more information on the successor fund transfer.
Conservative and Stable Growth Option investment objectives
The investment objective for the Conservative and Stable Growth options changed on 1 November 2023.
| Investment option | Previous | From November 2023 |
|---|---|---|
| Conservative | Super members: CPI + 0.5% over rolling ten-year periods. Income stream members: CPI + 1% over rolling ten-year periods. |
Super members: CPI + 1.5% over rolling ten-year periods. Income stream members: CPI + 2.0% over rolling ten-year periods. |
| Stable Growth | Super members: CPI + 1.5% over rolling ten-year periods. Income stream members: CPI + 2.0% over rolling ten-year periods. |
Super members: CPI + 2.0% over rolling ten-year periods. Income stream members: CPI + 2.5% over rolling ten-year periods. |
These changes reflect revised forecasts for expected long term returns across asset classes particularly cash and fixed interest.
Investment fees change
The fees and costs for our investment options were updated on 1 November 2023. The new investment fees and costs can be found in the Fees section of our website at avsuper.com.au/fees
Please note, these changes relate to indirect fees and costs and have no effect on the fees deducted from your account.
Personal financial advice arrangements
Currently, as an AvSuper member, you can access personal financial advice about AvSuper (including AvSuper’s income streams) from one of our Senior Member Advice Consultants. Personal advice takes into account your relevant personal circumstances. Fees may apply, depending on the nature of the advice, and are advised to you where applicable.
Our Member Advice Consultants are unable to provide personal financial advice about other superannuation funds (including the Australian Retirement Trust (ART)).
AvSuper’s superannuation and pension products will cease on transition of the AvSuper membership to ART (forecast to occur on 1 May 2024) pursuant to a successor fund transfer (SFT).
This means the time horizon for providing personal financial advice about AvSuper is limited.
We have decided to cease providing personal financial advice with effect from 29 February 2024
For members who are currently under advice with AvSuper, contact us on 1300 128 751 by 31 January 2024, if you would like to review your superannuation arrangements within AvSuper prior to 29 February 2024.
For members who are not currently under advice with AvSuper, contact us on 1300 128 751 by 31 January 2024 if you would like to obtain advice about AvSuper.
AvSuper will continue to provide general financial advice and factual information to members until the proposed SFT date. General financial advice may include opinions or recommendations about AvSuper without considering your personal circumstances. However, you should consider whether general advice is right for you.
Questions
If you have any questions about any of the above, please contact us on 1300 128 751 or email us at avsinfo@avsuper.com.au
