The following is a list of significant events that members have been notified of during the past three years.
Register of significant event notifications
2023 - 2024
| Effective date | Event | Communication date |
|---|---|---|
|
1 July 2024 |
We’ve made changes to our Return Objective for Managed Cash and Risk Objective for certain Active Super investment options from 1 July 2024. For details, please refer to the below SEN: |
30 August 2024 |
2022 - 2023
| Effective date | Event | Communication date |
|---|---|---|
|
11 May 2023 |
We’ve made changes to our asset allocation and risk labels for the Accumulation Scheme, Retirement Scheme, Account-Based Pension Scheme and Defined Benefit Scheme. There have been small changes to asset allocation between growth and defensive assets. These changes will affect yearly projected returns, which in turn affects the risk label for the investment option. For further details, including the changes to the asset allocation and risk labels for each product, please refer to the relevant SEN: SEN Accumulation Scheme |
4 September 2023 |
2021 - 2022
| Effective date | Event | Communication date |
|---|---|---|
|
1 November 2022 |
We’ve made some positive changes to the insurance cover within your Active Super account, making it easier to increase cover when things change in your life, and we’ve also improved definitions in our Total and Permanent Disablement (TPD) cover. When you join Active Super, you’re automatically provided with default Death and TPD cover when you meet certain eligibility criteria (if you’re over 25 years of age and have at least $6,000 in your super account). This is known as Basic cover. Generally speaking, if you want to increase your insurance cover with Active Super you need to apply for Voluntary Insurance cover and go through an application process known as underwriting. This involves completing forms about your health and other lifestyle factors, and in some cases may also involve a medical checkup. When your life changes significantly, your insurance needs may change too. The good news is that from 1 November 2022, if you experience a certain ‘life event’, you can apply for additional cover without underwriting. |
24 October 2022 |
|
1 July 2022 |
Active Super is committed to delivering value for money to our members. Last year, we let you know that we reduced our administration fees for the second year running, and we also removed switching fees. Now, to improve transparency, we’re changing the way we disclose our admin fee. Based on our modelling, we don’t expect your admin fee to materially change. Plus, we’re removing two fees altogether. |
27 June 2022 |
2020 - 2021
| Effective date | Event | Communication date |
|---|---|---|
|
14 December 2021 |
In response to legislative changes and supported by judicial advice from the Supreme Court of NSW, the Trustee for Active Super, LGSS Pty Limited (Trustee), amended the Fund’s Trust Deed on 14 December 2021. Recent changes to section 56 of the Superannuation Industry (Supervision) Act 1993 (SIS Act), mean that super funds are no longer able to pay any future Commonwealth penalties, infringement notices or liabilities from fund assets. This means that super fund trustees must have access to alternative sources of capital to meet any future penalties or fines if they arise. On 14 December 2021, the court handed down its decision stating that an amendment to the Trust Deed for Active Super was justified, allowing a new Trustee Fee to be charged in order to build up funds for the Capital Reserve. The Active Super Trust Deed was amended as a result. No new or increased fees are being charged directly to members at this point. However, there may be a requirement to charge this fee at a later date. Be assured we will notify you no later than 30 days prior to the introduction of a new fee, or any increase in an existing fee. |
28 April 2022 |
|
1 October 2021 |
Active Super is making changes to our MySuper product. From 1 October 2021, our MySuper Age-Based Investment Strategy will be known as the Active Super Lifestage Product. The age brackets for the Lifestage Product will also change from four brackets to three:
These age brackets were previously known as MySuper High Growth, MySuper Balanced Growth and MySuper Balanced, respectively. These changes are aimed to help MySuper members maximise their super balances and make them last longer in retirement. Also from 1 October 2021, we are renaming two of our Choice investment option to bring these product names in line with other super funds and make it easier for members to compare our performance. Balanced Growth will be known as Balanced, while Balanced will become Conservative Balanced. These changes affect the name only and will not affect how these investment options are managed. |
4 August 2021 |
|
1 July 2021 |
Active Super is reducing its administration fees. The dollar based administration fee for the Active Super Accumulation Scheme, Active Super Retirement Scheme and the Active Super Account-Based Pension Plan will be reduced from $1.37 to $1.27 per week. Switching fees are also being abolished across those schemes. For the Accumulation Scheme, the percentage based fee will also be reduced from 0.25% to 0.24%. |
25 May 2021 |
|
25 May 2021 |
From 25 May 2021, Local Government Super will be known by our new business name, Active Super. All product names have been changed accordingly, e.g. the Local Government Super Accumulation Scheme is now the Active Super Accumulation Scheme. Switching fees are also being abolished across those schemes. The legal names of our Trustee and Fund will remain unchanged as LGSS Pty Limited and Local Government Super, respectively. |
25 May 2021 |
|
1 July 2020 |
On 22 March 2020, the Federal Government announced that the minimum pension drawdown limits on Account-Based Pension Plans would be temporarily halved for the 2019/20 and 2020/21 financial years in order to allow members to better manage their pension payments during the COVID-19 pandemic. This minimum drawdown amount represents the minimum annual percentage of a member’s balance that they must withdraw from their account during the financial year. LGS members who have previously nominated a pension amount will continue to receive that amount. For members who have chosen to receive the minimum payment, the payment will be reduced automatically for the 2020/21 financial year. Members may choose to nominate a different amount they wish to receive from 1 July 2020. |
May 2020 |
|
1 April 2020 |
The Putting Members’ Interests First (PMIF) legislation aims to ensure that members are not paying premiums for insurance cover that may inappropriately erode their retirement savings. This new legislation became effective on 1 April 2020. New members joining the fund from 1 April 2020 must be at least 25 years of age and have a super balance of at least $6,000 to be eligible for automatic insurance cover. On 1 April 2020, the law requires we cancel insurance cover for members if they had a balance under $6,000 unless they opt in to keep their cover. |
November 2019
|
2019 - 2020
| Effective date | Event | Communication date |
|---|---|---|
|
1 October 2019 |
Insurance Changes Effective 1 October 2019, there will be an increase in the cost of LGS insurance cover. Insurance premiums for Death and Total and Permanent Disablement insurance will increase by 7%. There is no increase for Salary Continuance insurance premiums. This increase is due to the impact of the ‘Protecting Your Super’ legislation. |
23 August 2019 |
|
24 September 2019 |
Closure of Sustainable Australian Shares investment option We regularly review our investment options to make sure we’re providing a selection of appropriate and cost-effective investment options for our members. As a result of a recent review, the Sustainable Australian Shares investment option will be closed effective 24 September 2019. |
9 August 2019 |
2018 - 2019
| Effective date | Event | Communication date |
|---|---|---|
|
30 April 2019 |
Closure of DIY Investment Option Effective 30 April 2019, the DIY Investment Option will be closed as our provider will no longer be offering this service. |
23 November 2018 |
2017 - 2018
| Effective date | Event | Communication date |
|---|---|---|
|
30 September 2017 |
Fee changes and fee disclosure Effective 30 September 2017, there will be a small increase in some member fees. There will also be changes to the way fees are disclosed in line with the new ASIC RG97 requirements. |
23 August 2017 |
2016 - 2017
| Effective date | Event | Communication date |
|---|---|---|
|
1 April 2017 |
Insurance changes Effective 1 April 2017, changes are occurring to the insurance cover for Accumulation Scheme members. The changes include:
|
30 January 2017 |
