Significant member events
The following is a list of significant events that members have been notified of during the past three years.
2020 - 2021
| Effective date | Event | Communication date |
|---|---|---|
|
1 July 2020 |
On 22 March 2020, the Federal Government announced that the minimum pension drawdown limits on Account-Based Pension Plans would be temporarily halved for the 2019/20 and 2020/21 financial years in order to allow members to better manage their pension payments during the COVID-19 pandemic. This minimum drawdown amount represents the minimum annual percentage of a member’s balance that they must withdraw from their account during the financial year. LGS members who have previously nominated a pension amount will continue to receive that amount. For members who have chosen to receive the minimum payment, the payment will be reduced automatically for the 2020/21 financial year. Members may choose to nominate a different amount they wish to receive from 1 July 2020. |
May 2020 |
|
1 April 2020 |
The Putting Members’ Interests First (PMIF) legislation aims to ensure that members are not paying premiums for insurance cover that may inappropriately erode their retirement savings. This new legislation became effective on 1 April 2020. New members joining the fund from 1 April 2020 must be at least 25 years of age and have a super balance of at least $6,000 to be eligible for automatic insurance cover. On 1 April 2020, the law requires we cancel insurance cover for members if they had a balance under $6,000 unless they opt in to keep their cover. |
November 2019
|
2019 - 2020
| Effective date | Event | Communication date |
|---|---|---|
|
1 October 2019 |
Insurance Changes Effective 1 October 2019, there will be an increase in the cost of LGS insurance cover. Insurance premiums for Death and Total and Permanent Disablement insurance will increase by 7%. There is no increase for Salary Continuance insurance premiums. This increase is due to the impact of the ‘Protecting Your Super’ legislation. |
23 August 2019 |
|
24 September 2019 |
Closure of Sustainable Australian Shares investment option We regularly review our investment options to make sure we’re providing a selection of appropriate and cost-effective investment options for our members. As a result of a recent review, the Sustainable Australian Shares investment option will be closed effective 24 September 2019. |
9 August 2019 |
2018 - 2019
| Effective date | Event | Communication date |
|---|---|---|
|
30 April 2019 |
Closure of DIY Investment Option Effective 30 April 2019, the DIY Investment Option will be closed as our provider will no longer be offering this service. |
23 November 2018 |
2017 - 2018
| Effective date | Event | Communication date |
|---|---|---|
|
30 September 2017 |
Fee changes and fee disclosure Effective 30 September 2017, there will be a small increase in some member fees. There will also be changes to the way fees are disclosed in line with the new ASIC RG97 requirements. |
23 August 2017 |
2016 - 2017
| Effective date | Event | Communication date |
|---|---|---|
|
1 April 2017 |
Insurance changes Effective 1 April 2017, changes are occurring to the insurance cover for Accumulation Scheme members. The changes include:
|
30 January 2017 |
