Communications
Retail Apparel Group’s Company Benefits Plan
2014-08-19 09:12Following the implementation of the MySuper legislation, ANZ as shareholders of OnePath – through no choice of ours – launched a very basic MySuper product in December 2013. The product, called the ANZ Smart Choice Superannuation Fund became the Company’s default superannuation fund for all employees with effect from 2 December 2013.
The consequence of this move to ANZ Smart Choice, was that all new employees of RAG would be unable to access insurance cover in line with that offered to existing employees. The ANZ Smart Choice Fund, whilst cheap from an investment fee perspective did not provide the flexibility necessary for a Company such as RAG to incorporate an associated employee insurance plan for new employees. In addition, existing employees who made a decision to roll over their OnePath Super fund balance to the ANZ Smart Choice Product would also lose their insurance cover.
RAG therefore decided to conduct a review of a number of superannuation fund providers including Colonial, BT, MLC, REST and Australian Super with a view to identifying a new product provider capable of delivering a Superannuation and Insurance offering in line with our previously established plan with OnePath.
Following the review, RAG has selected Colonial FirstChoice Employer Super (CFS – FCES) as the new RAG Default Superannuation Fund with effect from 1 October 2014.
Communication to employees of Retail Apparel Group regarding MySuper – November 2013
2013-12-05 09:18The recently enacted MySuper legislation has the effect of creating a new default product, to be known as ANZ Smart Choice Super.
This product will impact all employees who are a member of the current Retail Apparel Group Superannuation Plan with OnePath Integra Super
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