Important changes are on the way

We are pleased to announce that following a detailed tender process, we will transfer Group Super’s member administration to Mercer Outsourcing (Australia) Pty Ltd from 1 March 2022. We have also appointed State Street Australia Limited as our new master custodian and our financial advice provider will be Mercer Financial Advice (Australia) Pty Ltd.

In addition to the appointment of these providers, insurance changes will apply to Accumulate Plus effective 1 March 2022.

A notice of changes for Accumulate Plus, Retirement Access and some Defined Benefit members was mailed in January 2022, providing detailed information about these changes. We’ll continue to update the information below, so check back for further updates.

How the change in administrators affects Accumulate Plus, Retirement Access and Defined Benefit Divisions CB, CC, CD, CE, CF, CH, CN, COA, COB

  • From 3pm 22 February until early April 2022, the processing of all transactions including investment switches will stop while the transition between service providers occurs. Retirement Access regular pension payments will continue to be made during the limited services period. With the large volume of data needing to be reconciled with the transfer, daily unit prices will not be available during the limited services period. For this reason, we are unable to process any transaction requests in relation to your account during this time.
     
  • FirstNet will move to read-only access on 20 February and permanently close on 28 February 2022, which will be replaced by a new member portal in early April 2022
     
  • For Defined Benefit divisions CB, CC, CD, CE, CF, CH, CN, COA and COB, your online account will be unavailable from Tuesday 23 February until early April 2022.

Key dates and deadlines before limited services commence

  • Transaction processing for Accumulate Plus, Retirement Access and Defined Benefit Divisions CB, CC, CD, CE, CF, CH, CN, COA, COB
    • From 3pm 22 February 2022 until early April 2022, the processing of all transactions including investment switches (but excluding Retirement Access regular pension payments) will stop while the transition of Group Super’s accumulation data and accounts occurs.

      Electronic transactions via FirstNet must be received before 8pm 20 February as you won’t be able to transact online after this time.

      Paper or phone based transactions must be received before 3pm 22 February.

  • Access to FirstNet and deadline for online transactions
    • Electronic transactions via FirstNet must be received before 8pm 20 February as you won’t be able to transact online after this time.

  • The closure of FirstNet
    • From 8pm Sunday 20 February 2022 your access to the online member portal, FirstNet, will move to read only. This means you will not be able to modify or update your details or make online transactions. You will be able to view your account details and download copies of your statements.

      If you are planning to make an investment switch, or any other online transaction, your request must be submitted in FirstNet before 7:30pm Sunday 20 February.

  • Access to the Mercer Online portal and deadline for online transactions for Divisions CB, CC, CD, CE, CF, CH, CN, COA, COB and Preserved - CB, CC, CE, CF
    • While we transfer member data and records, your online account will be unavailable from Tuesday 23 February until early April 2022. This is also due to not being able to update your account with daily unit prices and having to place transactions on hold.

      During this time, you can continue to contact the Helpline who will be able to assist you with general enquiries, updates to your personal details and urgent enquiries.  

  • Deadline for banking a cheque from us
    • Tuesday 22 February 2022: If you have received a cheque from us, please ensure you bank it by Tuesday 22 February 2022 to avoid the need for it to be reissued as we update banking arrangements.

  • Deadline for paper and phone-based investment switches and other transactions
    • 3pm Tuesday 22 February 2022: Paper or phone-based transactions must be received by us by 3pm Tuesday 22 February 2022. If you are sending us forms in the post, please ensure you allow enough time for your paperwork to reach us, particularly if you live outside a metropolitan area. 

      Any transactions received after this time will be temporarily held and processed in early April 2022. Transactions will be processed using the most recent unit price available at the time the request is processed in April 2022.

  • New membership details for Accumulate Plus and Retirement Access
    • Early April 2022: New member number, BPAY® details and registration instructions for Group Super Online and the Group Super App will be issued.

Transaction enquiries from 22 February to April 2022

  • What happens if I need to submit an urgent claim?
    • If you need to submit a claim, the current administrator will process and progress your claim as much as possible up until 22 February 2022 when transactions stop.

      The outstanding aspects of your claim will then be provided to Mercer, who will finalise your claim. Please note that your claim will be subject to the no transaction processing period from 22 February until early April 2022.

      Where possible, please submit your claim as early as you can.

  • Changes to our contact centre
    • 1 March 2022: Transition from Colonial First State Investments Limited to, Mercer Outsourcing (Australia) Pty Ltd means our call centre arrangement will also switch on this date.

      The new Mercer Helpline will have access to limited information for Accumulate Plus and Retirement Access members during this period. They will have access to your basic data to complete a security check and assist with managing urgent enquiries.

Retirement Access pension payments 

  • Will my pension payment be affected during March?
    • No, your pension payments during February and March 2022 will not be affected and will continue to be paid as normal.

      Retirement Access pension payments will continue to be paid on the following dates during February and March 2022:

      • Fortnightly: 24 February, 10 March, 24 March
      • Monthly: 25 February, 25 March
      • Quarterly: 25 March 

  • Changes to how pension payments can be deducted from multiple investment options
    • If your account is invested in more than one investment option, you can give instructions for how you’d like your pension payments to be deducted from the options you’ve selected. From 1 March 2022, you will have the following 3 choices:

      • Proportionately across all of your options
      • By percentage – where we deduct your pension payment as a percentage. For example, if your balance is invested in 75% Balanced and 25% Cash, you can choose to receive your payments from the Balanced option only, or from the Cash option only – or you could choose a percentage combination of these options
      • In priority order – where we’d deduct each pension payment from one investment option at time based on the order you nominate. Once there are no funds left in your first priority option, we will deduct from the second option you nominate. 

Changes to insurance in Accumulate Plus

  • Changes to insurance premiums
    • From 1 March 2022, if you have:

      • Death and Total and Permanent Disablement (TPD) cover, you will see an increase in your Death and TPD insurance premiums; and

      • If you have Salary Continuance cover, your premiums will decrease.

      It’s never easy to increase the premiums our members pay, but our insurer has determined after a long period of unchanged Death and TPD premium rates that an increase is now required to continue to appropriately cover the cost of providing insurance to our members.

      Our focus remains to keep fees and costs low and it’s worth noting that Death and TPD premiums haven’t increased for some time, since 2011.

      Group Super is entitled to a tax benefit for the gross insurance premiums paid to the insurer, we pass this tax benefit on to you. From 1 March 2022, we will deduct the gross premium amount from your account balance and then credit your balance with the amount of any tax benefit that applies. Please note that the premiums shown in the Significant Event Notice you received in January are gross of any applicable tax credit.

  • Changes to the definition of Total and Permanent Disablement (TPD)
    • From 1 March 2022, we’re also introducing some changes to the current TPD definition in order to make our standard TPD definition more accessible to more members. The TPD definition will be amended to remove some of the more restrictive components to the definition including:

      • ‘Activities of Daily Living’ definition, and
      • ‘Domestic Duties’ definition.

      Members aged under 67 will have access to the standard TPD definition irrespective of employment status, and members aged 67 and above will now be assessed under a new ‘Activities of Daily Work’ TPD definition.

      However, if you are:

      • aged under 65 and were not employed any time between 28 November 2021 and 28 February 2022; or
         
      • aged 65 or 66 at 28 February 2022, you will have access to the standard TPD definition for any new events that occur on or after 1 March 2022, but not pre-existing conditions at 28 February 2022, unless you have been in Active Employment for the 30 consecutive days prior.

      If not, you will be able to access the standard TPD definition for pre-existing conditions once you have been in Active Employment for 30 consecutive days thereafter. 

      The pandemic/epidemic illness exclusion will also be removed. 

      These changes will be reflected in the Reference Guide: Insurance cover (Death & TPD) which will be issued on 1 March 2022.

Changes to NetBank, CommBank App and FirstNet

  • Changes to FirstNet, NetBank and CommBank App
    • From 8pm AEST Monday 28 February 2022 FirstNet will permanently close. This will be replaced by a brand new member portal, Group Super Online, in early April 2022.

      From 28 February 2022 your super balance will no longer appear within NetBank and the CommBank App.

      From early April, you’ll be able to use the new Group Super App to keep track of your super balance, make an investment switch or find and consolidate your other super.

Changes to Accumulate Plus contributions, BPAY® and direct debit

  • What will happen to my SG contributions when transactions pause on 22 February 2022?
    • CBA Payroll will continue make contributions and contributions via SuperStream will continue to be received. However, these contributions will
      not be processed until the transfer is complete in early April 2022.

  • Changes to making additional contributions
    • Personal or spouse contributions can only be made by BPAY® or cheque once processing resumes in early April 2022.

      If you are contributing by direct debit or EFT: these arrangements will no longer be available as payment methods for making
      additional contributions. If you have an arrangement in place, please cancel this before 22 February 2022 to avoid your payment being rejected.

      If you are contributing by BPAY®: there will be changes to our current biller codes and your reference number. If you have an arrangement in place, please cancel this before 22 February 2022 to avoid your payment being rejected. You’ll be able to set up a new contribution arrangement via BPAY® in early April once you receive your new details.

      If you are contributing by cheque: we must receive your contribution by 22 February 2022 when transaction processing will stop. Any
      cheques received after this time will not be banked and our new administrator will contact you in early April to make alternative arrangements. Don’t forget to send it with our additional investment form so we know who is making the contribution and what type of contribution it is, which you can find at oursuperfund.com.au/forms.

      If you do not cancel existing arrangements before 22 February 2002 and your transaction is unable to be processed by your financial institution, it may charge you a fee for the failed transaction

  • Are my BPAY details changing?
    • Yes, there will be changes to our current biller codes and your reference number.

      If you currently have a BPAY arrangement in place, please cancel this before 22 February 2022 to avoid your payment being rejected. You’ll be able to set up a new contribution arrangement via BPAY in early April 2022 once you receive your new details.

Other changes to Accumulate Plus and Retirement Access processes

  • Changes to the timing of the deduction of administration fees (and insurance premiums)
    • Up until 1 March 2022, administration fees and insurance premiums are deducted from your account balance in advance at the
      beginning of each month.

      From 1 March 2022, administration fees and insurance premiums will be deducted in arrears from your account balance at the end of each month, or on the date your cover ends or you close your account.

  • I have multiple investment options, will the deduction order for administration fees (and insurance premiums) change?
    • Up until 1 March 2022, if you invest your account in more than one investment option, you can choose the one option from which we deduct your fixed monthly administration fee, as well as any premiums if you have insurance cover.

      If you don’t nominate an option for deductions, or if there’s not enough money in your nominated option, we deduct your fixed administration fee and premiums according to our default investment option order, which is generally from the most conservative of your selected investment options first. 

      From 1 March 2022, if your account balance is invested in more than one investment option, we will deduct your fixed monthly administration fee, as well as any premiums if you have insurance cover, from each option in the same proportion as your balance. 

  • Are there changes to the way I can choose to withdraw a payment from my investment options?
    • Up until 1 March 2022, if you make a partial withdrawal from your account, you can choose to withdraw the payment in either dollars or units, from a specific investment option, in line with investment selection weightings or in-line with auto-rebalancing weightings.

      From 1 March 2022, you will only be able to withdraw the payment in a dollar amount in the same proportion as your balance.

  • Can I still rebalance my account via the auto-rebalancing facility after 1 March 2022?
    • From 1 March 2022 the auto-rebalancing instruction to automatically switch amounts between your investment options on a regular basis will no longer be available. Depending on your chosen auto-rebalancing frequency, the final rebalance date for your account is as follows:

      • Annually – 14 May 2021
      • Quarterly – 14 February 2022

      This means if you currently have your account auto-rebalanced on an annual basis, the last time this occurred was 14 May 2021.

      No further changes will automatically be made to your investment option weightings as a result of the auto-rebalancing facility after the above dates.

      From early April 2022, you will be able to use Group Super Online and the Group Super App to view, manage and make any changes to your investment options.

Changes to Accumulate Plus and Retirement Access communication channels

  • You’ll now receive your member statement once a year
    • As Group Super Online and the App will display all of your account information, from 1 March 2022, you’ll receive a single member statement in the second half of the calendar year and no longer receive a statement in the first half of the calendar year. Your annual statement will have the same information as before, but will cover 12 month period ending 30 June.

  • Changes to the way we send will send communications
    • From 1 March 2022, if we have a valid email address for you, or we receive an email address for you in the future, we’ll
      automatically provide you with communications electronically, which helps us keep the fees and costs for your account down.  

      You may already be receiving your benefit statement electronically, so you’ll automatically receive any transaction confirmations and significant event notices in this way too.  

      It’s important to note that you must have a unique email address as part of the activation process for the new portal, Group Super Online. If you currently share an email address with another member of our fund, only one of you can use the email address to activate an account online. 

      You can update your email address by calling us before 3pm Tuesday 22 February 2022. Alternatively you can give us a call from early April 2022 when you are activating your online account to provide your email address.

  • Will I have the option to receive my communications by post?
    • From early April, if you do not wish to receive communications from us electronically, you can tell us how
      you would like to receive your communications in the future.  

      Simply log in to Group Super Online and visit the Your details page where you can update your communication preferences for a range of different communications.

More information about Mercer

  • What services will Mercer provide?
    • We use external service providers to assist in the running of the fund, and to manage various functions such as administration services which include processing contributions to your account, answering enquiries to our call centre and providing members with intra-fund advice

      After a detailed tender process, we appointed Mercer (to manage the fund’s administration services from 1 March 2022.

  • Will my current investments change when you transfer to the new providers?
    • Your super will continue to be managed by the trustee of Group Super, and the available investment options and how they are invested will not change at transition. We will be writing to members after the transition to let them know about the new feature of Lifecycle investment default
      options.

      This is a change in the administration of your account and not how it is invested.

  • Who is Mercer?
    • Mercer has provided administration services to Group Super’s defined benefit divisions since 2013.

      Mercer is a global organisation providing superannuation and investment services. In Australia, Mercer works with some of the nation’s largest super funds to deliver member administration services, such as maintaining member records, processing contributions and providing a helpline to answer your questions

New features for Accumulate Plus and Retirement Access

  • What new features can I look forward to?
    • From April 2022, you can expect:

      • enhanced online services such as an improved member portal and Group Super App to make managing your super even easier, along with access to tools to help you forecast your future super balance and retirement income needs
      • tailored communications including personalised, relevant insights and clear actions to take to help ensure your super is on the right track 
      • a reshape of our financial advice services to help you access greater advice support over the phone and online 

  • What else will change?
    • There will also be a number of changes including:

      • You will have a new member number
      • You’ll no longer be able to see your Group Super account balance in NetBank or the CommBank App 
      • Updates to our contact details and website address

Changes to contact details

  • Changes to Group Super’s contact details
    • From 1 March 2022 there will be changes to our contact details. Where possible, for a period of time we have arranged redirections from the current contacts. This may results in delays so we ask you to use these details from 1 March 2022. 

      Calling us

      1800 023 928

      +61 3 8306 0977 from outside of Australia

      Our opening hours haven’t changed and we’ll still be here to take your call from 8am to 7pm (AEST/AEDT) Monday to Friday.

      Post

      Commonwealth Bank Group Super
      GPO Box 4303
      Melbourne VIC 3001

      Website

      groupsuper.com.au.

      Email

      The oursuperfund@cba.com.au email address will close. Please use the online form on our login page, or through the new member portal once you have activated your Group Super Online account in early April.