In light of the low smoking rate, merely providing disclosure and putting the onus on members to act is not enough to support good member outcomes. 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I strongly encourage trustees to take into account the composition and needs of their membership and check whether their default settings for insurance coverage are reasonable,” she said. [7] On 13 April 2019, members and assets of OnePath MasterFund were transferred to the Retirement Portfolio Services superannuation fund. [8] Intrust has remediated affected members back to 2011. We find fund addresses, so you don't have to. The USI for Super Directions - Personal Super Plan is NML0258AU. If this is a new fund for you, your employer may need to provide the fund with some additional details, or they may need to contact the fund in order to receive details on how to make the correct super contribution payments on your behalf. When can you raise funds without a disclosure document? They are AMP, Colonial First State, Equity Trustees, IOOF (including OnePath), Intrust, Netwealth, and Suncorp. “All trustees we raised these concerns with have ended this practice with new members. For many Australians, insurance in superannuation offers quality coverage at a competitive price. Products in the Super Directions Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). [4] On 15 May 2020, affected members were successor fund transferred to the Super Directions Fund for which NM Superannuation Proprietary Limited is Trustee. No 4364.0.55.001). [6] FirstChoice Personal Super. Fund Name: AMP Super. Many Australians may not realise that default classifications can impact the price of their cover and therefore, reduce their retirement benefits. The phone number for AMP Super for the Super Directions for Business Rollover Section product is 133 056. We anticipate publishing an additional report by the end of December 2020. Fund USI: NML0258AU. I'm a company officeholder, what are my registration obligations? How ASIC regulates financial services and products and what to do when you have a problem with your finances. This address is primarily used for correspondance between your employer and your superfund. These are some of the reasons you're required to provide the address and phone number of the fund. Without a phone number, your employer would be unable to contact your chosen superfund. “Those trustees that have committed to remediation are heeding the lessons of the Financial Services Royal Commission – that trustees should seek to achieve outcomes for members in line with community standards and expectations,” she said. The USI for Super Directions for Business Rollover Section is NML0450AU. Important: This profile does not include fund performance because APRA only provides this on a fund-level, and not for a specific investment option. Ms Press said, “Superannuation funds play an important role in meeting the insurance needs of Australians. NM Super has outsourced its administration services to NMLA for the ‘National Mutual Pro-Super Fund’, ‘National Mutual Retirement Fund’ and ‘Super Directions Fund’. Products in the Super Directions Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). Fund Name: AMP Super. When planned remediation is complete, more than 5,000 members will have received more than $3.6 million in compensation. You are required to provide the address of your superfund when you fill out your Super Choice Form. “Insurance in super is complex. Information and guides to help to start and manage your business or company. You need to provide the phone number, for similar reasons you need to provide an address. On 31 January 2020, ownership of ANZ’s superannuation and investment business (including OnePath) changed to IOOF Holdings Limited. Information about applying for and maintaining your licence or professional registration. Fund Phone Number: 133 056. If members believe they have been inappropriately classified as ‘smokers’, they should approach their fund in the first instance. This practice was particularly common when members who changed employers, transferred to a personal plan from their employers’ plan. Superannuation is a financial product, and as a financial product is requires the statement of disclosure regarding the product. [3] 14% and decreasing according to recent ABS data (Cat. [5] FirstChoice Employer Super. Super Directions Fund is required to provide a product disclosure statement to ensure that each customers understands how their superannuation works. Lodging prospectuses and other disclosure documents. “Trustees should ensure that members are not disadvantaged due to disengagement or inertia. The first, to be known as the Super Directions Fund, will house AMP's MySuper accounts and super mandates, as well as AMP Bank deposits. ASIC media releases are point-in-time statements. Choosing appropriate default settings for insurance coverage is an important part of a trustee’s responsibilities in relation to group insurance. Many have decided to refund affected members, in part or in full, for the higher insurance costs. [2] Given the low prevalence of smoking among Australian adults[3], classifying members as ‘smokers’ for insurance offered through superannuation unless the member takes active steps to confirm non-smoking status is contrary to community expectations. Fast Facts. For more information on what these details describe, please scroll down for a more detailed description. The information below is current as at 5 August 2020 and based on information provided by each entity. Fund ABN: 78421957449. Ensure you include this phone number on your Super Choice Form. Remaining trustee NM Super … If you are interested in the top-performing funds, see the following SuperGuide articles:. [9] Netwealth has remediated affected members back to 2012. For more information, refer to: ASIC is also looking more broadly into the superannuation industry’s progress on improving insurance outcomes for consumers, and released a short report examining industry progress on the implementation of the Insurance in Superannuation Voluntary Code of Practice (REP 646). You could also use this address to send documents to your superfund (check with your superfund first, call 133 056). Fund ABN: Fund USI: NML0450AU. Check business name details are up to date, Request an alternative registration period for business name, Steps to transfer a business name to a new owner, Steps to register a business name with a transfer number, ASIC-initiated cancellation of business name. Members can contact the Australian Financial Complaints Authority (AFCA) for fair, free and independent dispute resolution if they have complaints. [1] Three superannuation funds had ceased defaulting new members to smoker status before ASIC raised this issue, initially in 2017; the rest have ceased the conduct since. [10] Suncorp have not finalised whether they will remediate members. Ensure you have provided the correct address. For more information on what these details describe, please scroll down for a more detailed description. What disclosure documents do you need to give potential investors when raising funds? Best performing super funds: All Growth category (96–100%) Best performing super funds: High Growth category (81–95%) About us, how we regulate and the laws we administer. Fast Facts. Between 2017 to 2020, ASIC engaged with seven superannuation businesses, (comprising nine superannuation trustees) that had been, either at the time or historically, assigning ‘smoker’ status to members in specific products unless the member took active steps to opt out of the categorisation. On 15 May 2020, affected members were successor fund transferred to the Super Directions Fund for which NM Superannuation Proprietary Limited is Trustee. Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid. The form asks for the postal address, not the office address of the fund. Product Name: Super Directions - Personal Super Plan. Following the engagement, ASIC was able to confirm that: ASIC Commissioner Danielle Press said, “Generally, insurance premiums for smokers are substantially higher than for non-smokers. Fund Phone Number: 133 056. Fundraising restrictions on advertising and cold calling, Consolidation of fundraising instruments and guidance, Public comment on ASIC's regulatory activities, Private court proceedings - ASIC involvement, Recovery of investigation expenses and costs, Lawful disruption of access to online services policy and procedures, 20-180MR Superannuation trustees compensate members wrongly classified as ‘smokers’, Wealth Personal Superannuation Pension Fund, Colonial First State FirstChoice Superannuation Trust, IOOF Portfolio Services Superannuation Fund, all seven superannuation businesses stopped charging new members life insurance premiums at smoker rates by default, all seven superannuation businesses moved, or are in the process of moving, existing members paying premiums at ‘smoker’ rates by default onto non-smoker or blended rates; and, four superannuation businesses refunded or agreed to refund members for the extra premiums paid because of the default ‘smoker’ classification (refer. Products in the Super Directions Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP). ASIC previously raised concerns about trustees’ practice of assigning smoker status to all new fund members. the postage address for superfund is most often a PO or Locked Bag address, and differs from the street address of the superfund. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters. Everything you need to know about the areas we regulate. Product Name: Super Directions for Business Rollover Section.

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