Employees of Retail Apparel Group – MySuper
The 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.
OnePath/ANZ are launching ANZ Smart Choice on 2 December 2013 as a new stand alone product. All future employer superannuation contributions post 2 December 2013 will be affected and therefore your consideration of the issues summarized below is required.
ANZ Smart Choice Super’s MySuper option is a Lifestage option. This will become the new Default Plan option with effect from 2 December 2013. There are 6 investment options automatically allocated based on the decade of your birth date.
The new Investment menu comes into effect on 2 December 2013.
What are my options in respect of your future contributions?
- Option 1 – If you are in the current default investment fund with OnePath ie Onepath Balanced, and you do nothing, your new contributions will be allocated to the appropriate Lifestages investment option in the new ANZ Smart Choice Super Product.
- Option 2 – If you have already elected an investment option other than the current default investment fund being Onepath Balanced, and you do nothing, your new contributions remain in your currentOnePath Integra Super investment choice option/s.
- Option 3 – Make an alternative investment selection.
To view an enlarged version of this flowchart in a new window, please click here.
Option 1 – Do nothing and remain in the Plan Default investment option
If you have never elected an Investment Option, your current contributions are being directed into the current Default option, being OnePath Balanced. All future contributions from 2 December 2013 will automatically be paid to one of the 6 new Default options noted above, based on your date of birth.
Option 2 – Do nothing and remain in your chosen OnePath Integra Super investment option
If you have a current OnePath Integra SuperInvestment choice option/s other than the Default investment option, all future contributions will be paid to the same fund.
You should refer to the OnePath Integra Super correspondence you have received to determine the specific costs related to your particular investments.
Option 3 – Make an alternative investment selection in respect of your future contributions
You may wish to continue to direct your future contributions to the OnePath Balanced Fund, or change your current OnePath Integra Superinvestment selection, in which case you will need to switch online or phone the Call Centre on 133 665 BEFORE 15 November 2013.
What are my options in respect of the current balance in my superannuation fund?
Once the new PDS (Product Disclosure Statement) has been established on 11 November 2013, you may switch your existing balance by completing a Rollover Form or do a Rollover online.
Please note: If you are currently invested in the current Default option (OnePath Balanced), your future contributions will be invested in 1 of the 6 Lifestages options. You will therefore have funds in both OnePath Balanced AND ANZ Smart Choice Super Lifestages Product. Should you wish to combine both fund balances into your new investment selection, you will need to complete a Rollover Form or do a Rollover online.
Comparison of costs associated with the:
- Current Default Fund (OnePath Balanced) – up to 2 December 2013
- New (ANZ Smart Choice Super Lifestages) Default Product – post 2 December 2013, and
- Current Default Fund (OnePath Balanced) – post 2 December 2013
In the table below:
· The first column relates to the costs in respect to your current balance pre 2 December 2013.
· The 2nd column is the new default option post 2 December 2013.
· The 3rd column relates to the costs applicable to contributions post 2 December 2013 (should you wish to remain in OnePath Balanced).
· Should you wish to continue with the current default option (OnePath Balanced) or your current investment selection, you will need to switch online or phone the Call Centre on 133 665 before 15 November 2013.
· In this case the fee per the table below, will continue to apply for new contributions from 2 December 2013.
· The current default asset allocation of OnePath Balancedis 60% Growth and 40% Defensive.
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Pre 2 December 2013
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Post 2 December 2013
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ANZ Smart Choice Super Lifestage investment options
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OnePath Balanced Fund
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(New Default)
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OnePath Balanced Fund
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Total retail MER
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1.52%
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0.50%
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1.52%
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Member Fee
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$0
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$50 per annum
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$0
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Asset allocation is a key consideration in fund selection and is dependent on your personal risk profile and risk appetite.
Can I select from any of the 6 Lifestage options?
No, you are placed in the Lifestage fund based on your decade of your date of birth.
Please feel free to call Brian or Karen if you have any questions, concerns or suggestions at anytime.
Brian May
phone: +61 2 9392 8700
Kind regards
Karen Symonds
General Advice Disclaimer
This document is not meant to replace or contradict the PDS (Product Disclosure Statement). You are advised to read the PDS should you wish to obtain the full meaning of any terms or benefits noted above. This information was prepared by Horizon Wealth Management. It is of a general nature and does not take into account your personal investment objectives, financial situation or particular needs. You should assess whether this general advice is appropriate to your individual objectives, financial situation and needs. You can make this assessment yourself or seek the help of a professional financial advisor or taxation professional