Important changes to your account

• Super
• Pension
• Defined Benefit

11 April 2024

A number of changes are being made to our products effective 20 May 2024:

• Reduced direct fee (super account only) – fixed dollar administration fee reducing by 25% from $1 per week to $0.75 per week (from $52 per year to $39 per year).
• Simplified Lifecycle Investment Strategy (LIS) – reduced from 16 stages down to three: under age 50 = High Growth; aged 50-54 = Growth; aged 55 and above = Balanced.
• Introduction of two new pre-mixed investment options – Moderate and Defensive.
• Closure of Term Deposit investment option.
• Closure of Conservative Balanced (Pension) investment option.
• Closure of Capital Guarded (Pension) investment option.
• New default insurance for new Mine Super members – existing Mine super members are not affected by this change.

This SEN also updated members:

• on our merger with TWUSUPER which is progressing. We’ll let members know more closer to the finalisation date in early 2025.
• on recent changes to the pre-mixed options’ SAA and allowable ranges (as part of the annual SIOP process).
• other changes made in the past 12 months.

Simplified LIS
On 17 May 2024 members aged 50 and over will automatically be moved into the investment option of the new LIS based on their age at that date.

Term Deposit investment option closure 
Existing term deposits will continue unchanged until they mature. Term Deposits will no longer be offered.

Conservative Balanced (Pension) investment option closure
On 17 May 2024, members invested in this option will be moved to the Moderate investment option.

Capital Guarded (Pension) investment option closure
On 17 May 2024, members invested in this option will be moved to the Defensive investment option. The new default investment option will be the Balanced investment option.

• Super members invested in the Conservative Balanced ‘Choice’ investment option will automatically transfer to the Balanced investment option on Friday, 26 May 2023.
• Super members will no longer be able to choose this investment option to invest in from Friday, 26 May 2023.

NOTE: The Conservative Balanced investment options that are part of our Lifecycle Investment Strategy and pension accounts are not affected.

We regularly review the investment strategies for our investment options. Following our most recent review, we’ve made some changes to the options from 30 September 2022:

• A small number of our investment options’ risk profiles have changed.
• There have been adjustments to the investment mixes (or ‘strategic asset allocation’) of the pre-mixed investment options.
• The Balanced and Indexed Defensive investment options have had a change to their allowable ranges.

On 1 April 2022 we introduced a number of changes to our insurance policy: 

• The definition of TPD was broadened:
  • To be eligible for a claim, member needs to meet a new ‘Everyday working activities’ condition (replacing ‘Activities of daily living’ condition).
  • The waiting period to receive a claim has been reduced to 90 days from 183 days.
  • Members now eligible for a TPD claim under ‘Minimum hours worked’ condition if they work any hours (previously a minimum of 15 hours).
  • Members aged between 65 and 70 now eligible to make a claim under the ‘Education, Training and Experience’ condition.
• A new IP waiting period of 14 days.
• Super payments will now increase in line with government rates.
• Centrelink benefits will no longer affect IP benefit payments.
• Cover will now stop after 12 months of unemployment (previously from when a member stopped working).

Four SENs produced for different product segments:

• Super – We’re reducing our fees and enhancing our investment offer.
• Account-based Pension – Changes to our administration fee.
• Pre-retirement Pension – Changes to our administration fee and investment offer.
• Account-based Pension (Lifecycle Investment Strategy) – Changes to our administration fee and investment offer.

• Super – fixed administration fee reduced by 50% from $104 pa to $52 pa.
• Pension – current fixed administration fee of $180 pa replaced with a percentage-based administration fee of 0.16% pa of account balance.
• All products – Enhancement to our Lifecycle Investment Strategy.
• All products – Aggressive investment option renamed High Growth, Balanced investment option renamed Conservative Balanced.
• All products (inc. WA Coal) – Specific account information will be sent digitally, unless member opts-out where they’ll continue to receive hard copies by post.

• Administration fee changes – New fees will apply to all members from 25 March 2021. All super members will benefit while the impact on pension members will be determined by their account balance. Taking into consideration the changes to investment fees and indirect costs, 87% of pension members will be paying less in total fees than 18 months ago.
• Lifecycle Investment Strategy – All members invested in the Lifecycle Investment Strategy will automatically move to the new strategy effective from 25 March 2021, which will be a percentage mix of the High Growth and Conservative Balanced investment options based on a person’s age. Refer to the SEN for full table of ages and percentage mixes.
• Investment option name changes – This is simply a name change to make options simpler and easier to understand. There are no changes to how they’re invested and their investment return objectives, which are reviewed on an ongoing basis in line with our standard review process.
• Digital communications – Members will find information such as Significant Event Notices (SENs), Annual Statements and account transactions in their online account inbox. For SENs and Statements, we’ll let members know document is available.