Material changes include any changes that may impact on your retirement savings, including (but not limited to):
Depending on the timing of the change and our members' communication preferences, a significant event notice may be communicated through our member newsletter, a letter or an email.
|Notice date||Change||Impact of the change||Notice to members|
|29 April 2022||Changes to LGIAsuper products
On 31 March 2022, we made some changes to the investment fees and indirect cost ratios for our investment options.
In June 2022, LGIAsuper will have access to a new Indexed Balanced option and a new Socially Responsible option, established by Energy Super.
LGIAsuper’s Socially Responsible Balanced option will close on 11 June 2022, and any members invested in this option will be automatically transferred to the new Socially Responsible option.
|Notice advising members of changes to superannuation products|
|18 February 2022||Changes to LGIAsuper products||On 31 March 2022, LGIAsuper is making some changes to some of our products.||
Accumulation, TTR and DB: Notice advising members of changes to superannuation products
|23 December 2021||Important changes to LGIAsuper's superannuation accounts.||
On 20 December 2021, we made some changes to the indirect cost ratios to our investment options.
On 20 December 2021, we also improved our reversionary beneficiary nomination process for LGIAsuper pension accounts.
|9 December 2021||Passing on the tax benefit on administration fees and changes to the tax refund on insurance premiums.||
On 1 February 2022, LGIAsuper is making two changes to the tax refund that you receive for your administration fee and insurance premium.
|8 November 2021||Removing our weekly administration fee of $1 per week ($52 per year) per account.||
On 30 September 2021, LGIAsuper completely removed its weekly administration fee of $1 per week ($52 per year) per account.
|1 July 2021||Changes to LGIAsuper’s MySuper investment option.||
On 1 July 2021, we made some changes to how we invest in our MySuper investment option. These changes only impact members who have an Accumulation account and are invested in the MySuper option.
|21 May 2021||Important changes to LGIAsuper's superannuation accounts.||
On 1 May 2021, we reduced most of our Indirect Cost Ratios. The table below shows the changes.
On 1 July 2021, we are reducing our administration fee cap,
|19 March 2021||Important changes to LGIAsuper’s superannuation accounts.||
On 1 May 2021, we are making some changes to our insurance and our MySuper Lifecycle investment option.
|21 January 2021||Change of manager for our Socially Responsible Balanced option.||
During the week of 11 January 2021, the investment manager for our Socially Responsible (SR) Balanced option transferred from AMP Capital to Pendal Group.
|1 November 2020||Reducing our weekly administration fee and changes to our investment fees, investment program and insurance cover.||
From 1 November 2020, LGIAsuper is reducing our weekly administration fee.
We are changing our investment fees, and for some investment options, we are reducing them.
We are also reporting to you the higher indirect costs that have already been included in last financial year’s returns.
|11 May 2020||Changes to minimum pension payment amount||
The Australian Government has temporarily reduced the minimum annual payment required for account-based pensions and similar products by 50%. This reduction will be for financial years 2019/20 and 2020/21. This is being done to assist retirees during the financial market volatility caused by COVID-19.
|19 Nov 2019||Changes to automatic insurance cover||
On 1 April 2020, new government legislation comes into effect to help protect members’ superannuation balances. These changes are known as Putting Members’ Interests First. They require all members with a balance of less than $6,000, and all new members who are under 25 years of age, to let us know if they would like to have insurance.
|22 May 2019||Changes to administration fees||
On 1 July 2019 LGIAsuper is introducing a flat administration fee of $1.50 per week charged to each of account.
To offset some of this new fee, the percentage-based administration fee is being lowered from 0.21% to 0.18% per annum.
|22 May 2019||Change to International shares portfolio investment approach||
LGIAsuper is changing the structure of its International shares portfolio by adopting a more active management approach.
From 1 July 2019 the investment fee for investment options with exposure to the portfolio may increase.
|22 May 2019||Change to insurance service and treatment||
From 28 June 2019 any rebate in relation to tax deductions associated with insurance premiums will be pooled to a general reserve.
This reserve will be owned by all members to fund insurance and other associated operations.
|7 November 2018||LGIAsuper will send all communications via digital channels||
From 19 January 2019 LGIAsuper will send all communication to their members via digital channels, where possible.
This includes important notifications, links to a member’s annual statement and other information about LGIAsuper and the member’s account.
|13 Sep 2016||Proposed legislative changes to LGIAsuper's membership rules||
In July 2016 the Queensland Government announced legislative changes that, once passed, will allow LGIAsuper to welcome new members outside of Queensland local government.
Queensland local government employees will be offered Choice of Fund while LGIAsuper will remain the default super fund for Queensland local government.
The change will not impact the fees members pay, how their super is invested or LGIAsuper's structure.
|18 Dec 2015||New name for the fund||
From 8 February 2016, LGIAsuper will become Local Government Investment Australia (LGIAsuper). There will be no changes to the fund's services, members' contributions and fees, or the management of members' super investments.
|15 May 2015||Changes to insurance arrangements||
From 1 July 2015, LGIAsuper's insurance will change. Premiums will increase, a new TPD definition will apply, and changes to some of the terms and conditions will also take effect.
At the same time, members of the Defined Benefits Fund (excludes former City Super Defined Benefit account members) will experience a change to the way the Minimum Requisite Benefit and Contributions plus earnings calculations will be adjusted.
|5 Mar 2015||Withdrawal of failure of health benefit from product offering following Australian Prudential Authority (APRA) review.||
From 8 January 2015 all permanently employed local government employees under age 55 can no longer claim the failure of health benefit as a lump sum payment of their super if they are permanently incapacitated through injury or illness and unable to continue working for their local government employer.
|5 Nov 2013||Launch of LGIAsuper's new default investment option, MySuper Lifecycle||
Members who had never made a choice about how their money was invested or had made an investment choice to have 100% of their money in the default option had their account balance and/or future contributions transferred to the MySuper Lifecycle option (unless they opted out).
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