Welcome to 2021
Published on 01/02/2021
New for 2021
It’s a new year and we have made some adjustments to the Fund for 2021.
Our fee structure disclosure has changed, but the fees you pay will remain the same. Some asset allocations of our investment options have been adjusted, and we have also introduced a new, non-lapsing binding beneficiary nomination.
Fee structure disclosure changes
As part of our continuous improvement processes, from 30 December our fee structure was adjusted to align better with the industry standard and allow for more accurate fee comparisons.
Importantly, the total fees you pay has not changed, including that no administration and investment fees are charged if your account balance is less than $6,000 and investment fees are capped for account balances over $100,000. Find out more about this on our fees and costs page.
Asset allocations updated
We have adjusted the asset allocations of some investment options and updated any associated risk profiles as part of our continual review of our investments.
The adjustments reflect the economic environment and the outlook for investments. They are designed to make sure our investment options asset allocation can take advantage of market growth, but also protect against market dips.
New binding beneficiary introduced
A non-lapsing binding beneficiary nomination has been introduced so you can make a legally binding nomination that does not expire and sets out the dependants and/or legal personal representatives to receive your death benefit.
Previously, binding beneficiary nominations had to be updated every three years, but the new, non-lapsing binding nomination is enduring and does not expire. Even so, the Trustee will write to you every three years to remind you of your non-lapsing binding beneficiary nomination so you can update it in case your circumstances have changed. You can do so by completing a Nomination of Beneficiaries form.
Product Disclosure Statements and member guides dated 30 December 2020 provide details on the changes outlined above.
This article is current at the date of publication and is subject to change. It contains general information and does not take account of your specific objectives, financial situation or needs or personal circumstances. You should seek professional financial advice, consider your own circumstances and read our Product Disclosure Statement (PDS) before making a decision about Prime Super. For a PDS call 1800 675 839 or visit primesuper.com.au/pds. Prime Super Pty Ltd ABN 81 067 241 016 AFSL 219723 RSE L0000277 (Trustee), Prime Super ABN 60 562 335 823 RN 1000276.