Frequently asked questions about 2020 annual statements
Published on 12/08/2020
When is my 2020 annual statement coming and what’s included in it?
You will receive your 2020 annual statement from 11 August this year. It includes a summary of your account and a list of transactions from 1 July 2019 to 30 June 2020. Note that statements delivered by mail may be delayed due to the changes in business operations by Australia Post as it adapts to the challenges of operating during the Covid-19 pandemic.
Will I receive an online statement or a paper statement?
You will receive an online summary linked to your statement if you have selected email as your preference. If we are unable to send you an email, then you will receive a paper statement. Please check if we hold a valid email address for you. You can update your contact details through your MemberOnline account.
Where can I see my statement online?
We will send you an email with your interactive account summary and you can log into your MemberOnline account to access and download your annual statement in full.
When is the Annual Members’ Meeting (AMM)? Where can I register for it?
The AMM will be held online on Thursday 29 October 2020 at 12 noon AEST. You can register for it on amm.primesuper.com.au
Will I be able to ask questions at the Annual Members’ Meeting (AMM)?
Yes. There are two ways you can do this. You can ask questions in advance by using the form on the website where you register your interest in attending the AMM. Or you can ask them on the day of the AMM by typing them into the text box. Questions asked on the day of the AMM are likely to be read out and answered at the end of the meeting.
Why doesn’t my return on investments match the investment return of the fund?
Your individual rate of return could be different to the fund’s investment returns due to the size and timing of transactions in your account during the year.
The investment return for the year shows as a positive. Why have I lost money?
Several factors can impact the overall earnings on your account, especially when the transactions were paid into your account. While the overall return for the year was positive, negative returns were experienced in February and March. Insurance premiums also detract from your overall balance. If you joined in the latter half of the year you may have a negative return. If you switched investment options, that would impact your return depending on the timing and to the options you switched between.
Please explain the various fees charged on my account?
Other fees on your investment
This includes investment fees which are the fees you pay for the professional management of your investment. They can vary based on the investment options you are invested in. These are usually charged as a percentage of your super balance and may include performance fees, if applicable.
>This fee is charged to look after running your super account. The administration fee charged by Prime Super, after the benefit of tax deductions, is currently $1.30 per week plus 0.5% p.a. of your account balance to $100,000. Accounts over $100,000 do not attract the 0.5% p.a. fee on the amount above $100,000. Prime Super does not charge an administration fee for balances below $6,000.
Fees deducted from your account for the insurance cover you may have with Prime Super including Death Only, Death & Total Permanent and Disablement (TPD) and Income Protection.
I have unitised insurance and my insured amount is decreasing from 1 October 2020. I would like to keep my current level of cover; how can I do that?
If you want to keep your current level of insurance cover, you can consider Fixed Cover which provides an agreed sum of Death & TPD insurance. The amount of your Fixed Cover does not change with age, but your premium will generally increase with age.
To fix your cover at your current insured value, your application needs to be received by us by 30 September 2020. Please submit the completed insurance variation form to firstname.lastname@example.org, or if you need help, call us on 1800 675 839.