Important Notice for Defined Benefit Members
Effective from 31 December 2021 Lutheran Super will close the Defined Benefit Section. From 1 January 2022 all Defined Benefit Members will become Standard members of the Accumulation Division of the Fund.
Things to note for Defined Benefit Members
Please refer to the Significant Event Notice for Defined Benefit Members (Notice) for more details:
- On 31 December 2021, your defined benefits will cease to accrue and a Transfer Value will be calculated and transferred into your Accumulation Account on the Transfer Date. See Section 3 of the Notice for more details about your Transfer Value, and Section 4.2 of the Notice about how your Transfer Value will be invested from the Transfer Date.
- From the Transfer Date, fees will be deducted directly from your Accumulation Account. The fees and costs applicable to you will be a combination of those deducted directly from your Accumulation Account and those deducted from and reflected in the unit prices of the investment option(s) in which you are invested. See Section 6 of the Notice for information about fees.
- Any valid ‘preferred beneficiary’ or ‘binding death benefit’ nominations you have made as a Defined Benefit Member will continue to apply once you are a Standard Member.
What do I need to do?
You don’t have to do anything – this change will happen automatically. However, we encourage you:
- To read the Significant Event Notice as it contains important details about your Accumulation Account. You can also review the important information booklets for the Accumulation Division located in the Forms & Publications section under the heading ‘Product Disclosure Statement: Super members’;
- To take care to properly consider your own personal circumstances and consider obtaining financial advice before making a decision about how your super is invested. Remember there is an offer available to you for financial planning advice in relation to the transfer to your Accumulation Account;
- If you wish to change the way your Transfer Value is invested after the Transfer Date, you should complete the ‘Changing your investment options’ form located under Member forms: Super Members in the Forms & Publications section of the Lutheran Super website You can also make your investment option changes online or via the Helpline on 1800 635 796. Refer to Section 4 of the Notice for more details; and
- As a Standard Member, the cost of the transferred Death and TPD insurance cover will be deducted from your Accumulation Account. You should review the insurance details in Section 7 of the Notice, including information on how you may change your level of cover or opt out of cover.