To help members reach their retirement goals, the product offering at Aware Super is being simplified
We’re bringing your attention to these changes, so that you can support your clients. These changes will happen from 1 May 2023.
- In March, Aware Super members will be sent an ‘Important information about your account’ notice. This notice will explain the changes in detail.
- To make all the changes, we’ll be streamlining and simplifying our systems between 3pm Wednesday 26 April 2023 and 9am Wednesday 10 May 2023.
- Aware Super members will not be able to:
- Log in to their account online
- Log in to the ap
- Transact on or make any changes to their account
Note. The Adviser portal will also be unavailable at this time.
- Members won’t be able to perform online transactions such as investment switches and insurance changes, and they might experience delays in processing any requests.
- If members want to make changes, we must receive their paper instructions before 5pm Monday 24 April 2023 or online changes before 3pm Wednesday 26 April 2023. Any paper requests received during this time won’t be process until after 10 May, but will be effective from the date the request was received.
What's changing
- We're updating product names
We've designed some new product names to simplify the experience for our members.Current product name From 1 May 2023 this will become Aware Super Employer Sponsored Aware Super Future Saver Aware Super Personal Aware Super Future Saver - Investment changes
We’ve expanded our investment option menu to have a greater range of options focused on socially conscious investments, and more diversified and single sector options. Members will have greater flexibility and choice to meet their personal investment needs and preferences.
Most of our members are invested in our MySuper Lifecycle approach. The investment options that make up this approach will stay the same or have a name change only (High Growth, Growth, and Balanced Growth).
- Beneficiary nominations
We’ll no longer offer new non-binding nominations. However, if members currently have a non-binding nomination it will remain in place.
- Changes to insurance
We're making some changes to our insurance offering.
Key changes include:- making it easier for members to apply online for income protection (IP) cover
- changing our insurance premiums, which may result in members’ insurance premiums increasing
- replacing the unit-based insurance administration fee with a flat fee of $1.85 per month
- replacing unit-based cover with an age-based cover design
- tapering of fixed total and permanent disablement (TPD) cover from age 61introducing new online insurance application and claim processes
- changing the TPD and terminal illness definitions and IP terms
- updating member’s insurance categories.
- Confidential health support, at no extra cost.
We’ve teamed up with our insurer to give members and their families discrete access to health support services.
These include:- expert mental health support
- a personalised nutrition plan
- a tailored exercise plan
To find out more visit aware.com.au/health
What's next
- In March 2023, Aware Super members will be sent an ‘Important information about your account’ member notice. This is available for you to view at aware.com.au/sen from 10 March. This notice will explain the changes in detail.
- Members will be able to see their new arrangements in their online account and the mobile app from 9am Wednesday 10 May 2023
