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 (SuperNews), a letter or an email.
| Notice date | Change | Impact of the change | Notice to members |
|---|---|---|---|
| 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. | Notice advising members of Putting Members' Interest First legislation |
| 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. |
Notice advising members on fee structure changes |
| 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. |
Notice advising members on fee structure changes |
| 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. |
Notice advising members on fee structure changes |
| 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. |
Notice advising members of switch to digital communication Frequently Asked Questions for members |
| 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. |
Letter to members announcing the legislative changes You're welcome to grow with us brochure LGIAsuper's solutions brochure - Trusted advice, investment and insurance |
| 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. | Notice to members announcing the rebrand |
| 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. |
Members aged under 60 with an Accumulation account Members aged 60 and over with an Accumulation account Members with a Defined Benefit account (former City Super members) Defined Benefits Fund members without additional cover Defined Benefits Fund members with additional cover |
| 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. | Failure of health benefit no longer available |
| 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). | Members with no change to their investment strategy or fees Members with a change in their investment strategy or fees |
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