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IOOF Investment Management Limited

AvWrap Retirement Service
IOOF Portfolio Service Superannuation Fund
SMF Eligible Rollover Fund

Non-remuneration information

Trust deed

Trust deed includes governing rules and rules relating to the nomination, appointment and removal of trustees or trustee directors.

AvWrap Retirement Service

IOOF Portfolio Service Superannuation Fund

SMF Eligible Rollover Fund

Product disclosure statements

Annual financial statement

Financial services guide

Summaries of each significant event or material change notice made to members within the previous 2 years

Notice date Nature of event or change Impact of the change
May 2019 Change of administration fee for the Cash Hub for all members in Acquire Retirement Service. The administration fee for the Cash Hub will increase from 1 July 2019.
May 2019 Change to the premium rates for all members with group insurance Group Death and Total Permanent Disability and Income Protection premium rates will increase from 1 July 2019.
October 2018 Change to the Administration Fees and Account Keeping Fee for Shadforth Portfolio Service: Super & Shadforth Portfolio Service: Pension
  • The Administration Fee structure was simplified to one fee for all investment options (Previously Full and Select Fee options)
  • Clients in the Full menu had reduced Administration fees from 15 November 2018
  • Clients in the Select menu had a reduced Administration fee cap from $2 million to $1 million and an increase in the Account Keeping Fee from $117 to $180
May
2018
Crown - Increase to insurance premiums or decrease in sum insured, and a reduction in administration fees

Reduction in administration fees.

Members’ administration fees payable decreased by 15 per cent. It has reduced from 0.20 per cent per annum to 0.17 per cent per annum, effective 1 May 2018.

Increase to insurance premiums or decrease in sum insured

A majority of members experienced an increase to their IP and Death only and Death & TPD premiums of varying degrees. Some members experienced a decrease in their sum insured.

May
2018
BGC - increase to IP premiums The cost of BGC members’ income protection cover increased by an estimated 35%. There was no change to members’ Death or TPD cover.
May
2018
BASSP – increase to Income Protection (IP) premiums The cost of BASSP members’ income protection cover increased by an estimated 35%. There was no change to members’ Death or TPD (Total and Permanent Disablement) cover.
May & July 2018

Regulatory Expense Recovery Fee (Recovery Fee)

All super products including:

IOOF Personal Super including subplans (Choice members only)
IOOF Pursuit Select
IOOF Pursuit Focus
IOOF Pursuit Select - Count
IOOF Pursuit Select – Plan B
IOOF Pursuit Core
IOOF Portfolio Service
IOOF Lifetrack

Recovery fee of $24 for the 2017/2018 financial year, covering the cost of building and implementing:

  • Automated Centrelink schedules
  • Transition to Retirement changes
  • ATO reporting:
    • Transfer balance account reporting
    • Member account transaction service reporting
    • Member account attribute service
    • Attribution managed investment trust reporting
May
2018

Insurance Terms and Conditions

Changes & clarifications to definitions within Terms and Conditions for Group insurance provided by TAL.

All super products including:

IOOF Employer Super and sublans
IOOF Personal Super
IOOF Pursuit Select
IOOF Pursuit Focus
IOOF Pursuit Select - Count
IOOF Pursuit Select – Plan B
IOOF Pursuit Core
IOOF Portfolio Service
IOOF Lifetrack

Changes to definitions of:

  • Total and Permanent disability & Income protection to include stricture requirements for rehabilitation and modifications at work.

Clarification of definitions of:

  • Earned income
  • Benefit offsets
  • Other payments

These changes are applicable to a TPD incident or event on or after 1 July 2018. For IP, these changes are applicable to IP claims with a commencement date on or after 1 July 2018.

These insurance terms and conditions changes were incorporated into a flyer sent to all members of our IOOF retail and employer platforms as part of a significant event notice.

May
2018

Change of fee name

Disclosure to all AustChoice, IOOF Employer Super and subplans, IOOF Personal Super and IOOF Pension members.

Member Fee became Account Keeping Fee

May
2018

Removal of the requirement for MySuper members to retain a Cash Account

Disclosure to all MySuper members within AustChoice, IOOF Employer Super, IOOF Personal Super and IOOF Pension members.

Members moving from MySuper to choice or pension accounts can keep their IBIT holdings.  A compulsory sell down is no longer required.

May
2018
Change to the Indirect Cost Ratio (ICR) for the Cash Account Estimated Indirect Cost Ratio to move from 0.22% to 0.80%
May
2018

Change of fund name.

Disclosure to all IOOF Employer Super, IOOF Personal Super and IOOF Pension members

IOOF Employer Super became Personal Division became IOOF Personal Super

IOOF Employer Super become Pension Division became IOOF Pension

March
2018
Changes to default insurance cover for Death and Total & Permanent Disability (TPD) for the Mundipharma Pty Ltd Employer Plan.

Mundipharma Pty Ltd has negotiated default insurance cover arrangements for their employer plan that will result in changes to the level of cover offered and the premiums payable by members but reimbursed by the employer.

The changes commence from 1 May 2018 and members are able to opt out of the changes by returning a form to the Trustee before 30 April 2018.

July
2017
Ventura – upgrade of default cover.

Effective from 1 July 2017, 200 members of Ventura employer sponsored plan were upgraded from premium nominated $3.00 per week Death and TPD cover to a formula based cover, and from the default MySuper income protection cover of $2,000 per month to a 75% of Salary formula with a window for cancellation post 1 July 2017.

July
2017
Implementation of $1.6 million transfer balance cap from 1 July 2017 (pensioners under age 56 where the pension was from a personal injury compensation payment) – new accounts opened before 1 July.

Account based pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super. Contributions made in relation to a compensation payment for personal injury are excluded from the $1.6 million transfer balance cap, if the client claimed an exemption from the non-concessional contributions cap for these contributions. Any other pension balance/s need to be assessed against the cap.

July
2017
Investment earnings on TTR income streams will no longer be exempt from tax from 1 July 2017 – new accounts opened before 1 July.

Earnings on investment assets held in a TTR income stream are being taxed at 15 per cent from 1 July 2017, rather than being tax free as they were previously. TTR account holders will need to let us know if they have retired, are retiring soon, or no longer want their TTR pension.

July
2017
Implementation of $1.6 million transfer balance cap from 1 July 2017 – new accounts opened before 1 July.

Account based pension, Term allocated pension (TAP) and complying pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super. Members will need to assess the balance of their Account based pension, TAP or complying pension alongside any other pension to make sure they do not exceed the cap. If they do, they will need to transfer funds out of an account based pension, where available, or be subject to additional tax.

May
2017
Plan Rating Factor removal for small employer plans – Change to insurance

For employer plans with low number of members we are no longer able to maintain a plan rating factor and members will be moved to an occupation rating factor. This will default to Category 4 – Blue Collar effective 1 July 2017, however we provided a copy of an Occupation Duties Questionnaire for members to update occupation details and remove the default category.

May
2017
Flight Centre – change to default insurance for some members. Effective 1 July 2017, 1200 members who were previously on a Death and TPD weekly premium of $1.50 as a result of an old benefit design have been offered automatic increase to $3.00 per week in line with the current default arrangements on an opt-out basis.
May
2017
Bendigo and Adelaide Bank Staff Superannuation Plan - Fee change and Insurance premium Increase.

For members with Standard Corporate Cover only.

Notice to inform about the administration fee discount and insurance premium rate increase for members with Standard Corporate Cover. Death and TPD premium rate increased by 35% and Income Protection premium rate increased by 10% from 1 July 2017. The account administration fee reduced from 0.20% to 0.15% per annum.

May
2017
Investment earnings on TTR income streams will no longer be exempt from tax from 1 July 2017 – new accounts.

Earnings on investment assets held in a TTR income stream are taxed at 15 per cent from 1 July 2017, rather than being tax free as they were previously. TTR account holders were asked to let us know if they had retired, were retiring soon, or no longer wanted their TTR pension. Members were also advised about an investment trading suspension from close of business on Friday 23 June 2017, until start of business on Monday 3 July 2017.

May
2017
Implementation of $1.6 million transfer balance cap from 1 July 2017 – new accounts.

Account based pension, Term allocated pension (TAP) and complying pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super. Members will need to assess the balance of their Account based pension, TAP or complying pension alongside any other pension to make sure they do not exceed the cap. If they do, they will need to transfer funds out of a pension, where available or be subject to additional tax.

May
2017
Investment earnings on TTR income streams will no longer be exempt from tax from 1 July 2017. In addition, a small group of clients would get a new IPS TTR account, as we had to close some products in order to be able to administer the new tax arrangements.

Note: this SEN was sent to members in Bendigo Financial Services Standard Allocated TTR pension, IOOF Portfolio Service Wholesale Standard Allocated TTR pension, and LifeTrack Cashback pension products only.

Earnings on investment assets held in a TTR income stream are taxed at 15 per cent from 1 July 2017, rather than being tax free as they were previously.

Some tax relief was made available for investments that are in a capital gain position, and have been held in TTR pension since 9 November 2016, which would have the cost base reset based on the most recent value available as at 30 June 2017. TTR account holders were asked to let us know if they had retired, were retiring soon, or no longer wanted their TTR pension. Members were also advised about an investment trading suspension from close of business on Friday 23 June 2017, until start of business on Monday 3 July 2017.

This included information about the changes to the members account, including changes to fees where applicable.

May
2017
Implementation of $1.6 million transfer balance cap from 1 July 2017 (pensioners under age 56 where the pension was from a personal injury compensation payment) – new accounts

Note: this SEN was sent to Pursuit clients only.

Account based pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super. Contributions made in relation to a compensation payment for personal injury are excluded from the $1.6 million transfer balance cap if the member claimed an exemption from the non-concessional contributions cap for these contributions. Any other pension balance/s need to be assessed against the cap.

May
2017
Regulatory expense recovery fee

In order to recover a proportion of the costs incurred by the Trustee in implementing regulatory requirements, a Regulatory Expense Recovery Fee was charged for the 2016/17 financial year. Members were advised that $60 would be deducted from each account held on 29 June 2017, except where the account balance was less than $2,000.

May
2017
Implementation of $1.6 million transfer balance cap from 1 July 2017 (pensioners under age 56 where the pension was from a personal injury compensation payment).

Note: this SEN was sent to Pursuit clients only.

Account based pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super. Contributions made in relation to a compensation payment for personal injury are excluded from the $1.6 million transfer balance cap if the member claimed an exemption from the non-concessional contributions cap for these contributions. Any other pension balance/s need to be assessed against the cap.

May
2017
Investment earnings on TTR income streams will no longer be exempt from tax from 1 July 2017.

Earnings on investment assets held in a TTR income stream are taxed at 15 per cent from 1 July 2017, rather than being tax free as they were previously.

Some tax relief was made available for investments that are in a capital gain position, and had been held in a TTR pension since 9 November 2016, which would have the cost base reset based on the most recent value available as at 30 June 2017.

TTR account holders were asked to let us know if they had retired, were retiring soon, or no longer wanted their TTR pension. They were also advised about an investment trading suspension from close of business on Friday 23 June 2017, until start of business on Monday 3 July 2017. For IOOF Pursuit, IOOF Portfolio Service and LifeTrack members only, a new account would be set up, so that the tax on investment earnings could be applied.

May
2017 
Implementation of $1.6 million transfer balance cap from 1 July 2017.

Account based pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super.

Members will need to assess the balance of their IOOF account based pension alongside any other pension/s to make sure they do not exceed the cap. If they do, they will need to transfer funds out of the pension or be subject to additional tax.

April
2017
Implementation of $1.6 million transfer balance cap from 1 July 2017.

Term allocated pension (TAP) and complying pension members are subject to the $1.6 million transfer balance cap from 1 July 2017, as part of a package of reforms to super.

Members will need to assess the balance of their TAP or complying pension alongside any other pension/s to make sure they do not exceed the cap. If they do, they will need to transfer funds out of an account based pension where available or be subject to additional tax.

March 2017 Adjustment to Choice IES Employer Super Staff Plan Fees

IIML, as Trustee of the IOOF Employer Super Staff Plan, amended the staff administration fees applicable to Choice members.

To align fees with all other Choice members in the Plan, the administration fee on accounts was changed to 0.15 per cent per annum (inclusive of GST less any applicable reduced input tax credits) from 01 May 2017. The member fee will continue to be waived, which is a saving of $3.50 per week.

For general questions about accounts, call the Client Services Team on 1800 333 500 or email employersuper@ioof.com.au.

October 2016 Transfer of insurance cover from Macquarie Life to Zurich Australia Limited. Clients who had insurance cover or had applied for insurance cover through Macquarie Life had their insurance transferred to Zurich Australia Limited on 1 October 2016.
June
2016
Change of insurance providers from Zurich to TAL group life insurance

On 1 July 2016, insurance providers will be changing from Zurich Australia Limited to TAL Life Limited – no action is required by members. From 1 July 2016, current terms and conditions will continue under the new TAL policy – any existing exclusions or special conditions applicable to the cover with Zurich will continue to be applied.

There will be no change to insurance premiums as a result of the transfer.

June
2016
Income Protection Benefit payments – TAL

Currently, TAL Life Limited (TAL), pays Income Protection benefits to IOOF directly; From 1 July 2016, TAL will pay the Income Protection benefits directly to members’ nominated bank accounts, and will be responsible for withholding any PAYG tax prior to making payment. TAL will then also send a PAYG summary to the member for tax purposes.

Members will be required to complete a Tax File Number Declaration form, and return directly to TAL by 24 June 2016 (form will be provided to member with a reply paid envelope.

For further information, members should contact their TAL Claims Case Manager, or speak to their Financial Adviser.

January 2016 Change in Exit Fees – IOOF Employer Super

From 1 March 2016, members of IOOF Employer Super Fund will be charged a flat $75 exit fee when making a partial withdrawal, closing their account, or transferring to another plan.

The fee will be waived if the member is moving to another division within IOOF Employer Super, they retire, or are forced to close the account due to disablement or death.

For more information, please call the Client Services Team on 1800 333 500 or email employersuper@ioof.com.au.

Outsourced service providers

Name Australian Business Number Relevant RSE
Australian Executor Trustees Limited 84 007 869 794 IOOF Investment Management Limited
BNP Paribas Securities Services 87 149 440 291 IOOF Investment Management Limited
IOOF Service Co Pty Ltd 99 074 572 919 IOOF Investment Management Limited
Macquarie Investment Management Limited 66 002 867 003 IOOF Investment Management Limited
Nexon Asia Pacific Pty Ltd 70 095 335 023 IOOF Investment Management Limited
PricewaterhouseCoopers 52 780 433 757 IOOF Investment Management Limited
SuperChoice Services Pty Ltd 78 109 509 739 IOOF Investment Management Limited

Director's record of attendance at board meetings

IOOF Investment Management Limited
2018 (as at 30 June 2018) Meetings Held Meetings Attended
George Venardos 9 9
Christopher Kelaher 9 7
Dawn Oldham 9 9
Martin Walsh 9 9
Elizabeth Flynn1 8 7
John Selak 9 8
2017   
Roger Sexton 8 4
George Venardos 8 8
Jane Harvey 8 5
Allan Griffiths 8 4
Elizabeth Flynn 8 4
Christopher Kelaher 8 7
Dawn Oldham 8 4
Martin Walsh 8 4
John Selak 8 4
2016  
Roger Sexton 7 7
Christopher Kelaher 7 7
Ian Griffiths 7 2
Jane Harvey 7 7
George Venardos 7 7
Allan Griffiths 7 6
Elizabeth Flynn 7 6
2015   
Roger Sexton 6 6
Christopher Kelaher 6 6
Ian Griffiths 6 6
Jane Harvey 6 6
George Venardos 6 5
Allan Griffiths 6 6
2014   
Roger Sexton  12  11
Christopher Kelaher  12  11
Ian Griffiths  12  10
Jane Harvey  12  12
George Venardos  12  10
2013   
Roger Sexton 9 9
Christopher Kelaher 9 8
Ian Griffiths 9 8
Jane Harvey 9 7
George Venardos 9 9
2012   
Roger Sexton 4 4
Christopher Kelaher 4 3
Ian Griffiths 4 4
Jane Harvey 4 4
George Venardos 4 3

1 Appointed 29 August 2017