Forms and documents

Non-concessional contribution caps

Non-concessional (after-tax) contributions are tax-free up to a cap of $120,000 pa. If your total super balance at 30 June of the previous financial year is equal to or greater than $1.9 million then your non-concessional contributions cap is $0.

Generally, if you’re under 75 you can bring forward two years of future entitlements, equalling a cap of $360,000 over three years (if your total super balance on 30 June of the previous financial year is equal to or greater than $1.66 million, your eligibility to bring forward is reduced).

Concessional contribution caps

The annual cap for concessional (pre-tax) super contributions is $30,000.

Increase to the Super Guarantee (SG) contribution rate

The law requires Australian employers to pay a percentage of your Ordinary Times Earnings or OTE (generally your gross salary) as Superannuation Guarantee (SG) contributions.

From 1 July 2024, the SG contribution rate increases from 11% to 11.5% for the 2024/25 financial year and is scheduled to increase to 12% in July 2025.

Changes to government co-contribution thresholds

To encourage Australians to build their super, the government has a co-contribution initiative. If you’re eligible the government will contribute $0.50 for every $1 of personal (after-tax) contributions you make into super in a financial year, up to a maximum of $500. The amount you can receive is based on your income and can change each financial year.

From 1 July 2024, the government co-contribution lower income threshold increased from $43,445 to $45,400, and the higher income threshold increased from $58,445 to $60,400 for the 2024/25 financial year.

This means to receive the maximum co-contribution of $500, you have to earn equal to or less than $45,400 in the 2024/25 financial year and you need to make a personal contribution of $1,000. The maximum co-contribution reduces for every dollar of income you earn over $45,400 per annum, phasing out completely if your total income is $60,400 per annum or greater.

To find out more about the government co-contribution initiative, contact the ATO Superannuation Infoline on 13 10 20 or visit ato.gov.au.

Update to tax on withdrawals (preservation age)

As of 1 July 2024, the preservation age for all members is 60 which means the “preservation age but under age 60" tax treatment is no longer relevant.

Update to tax on withdrawals (thresholds)

The upper threshold for the untaxed element has increased from $1,705,000 to $1,780,000.

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The Off Duty Cover amount is increasing

Change to PDS - Death (including Terminal Illness) Off duty cover

The amount of off duty death (including terminal illness) cover as at 2 July 2022 is currently disclosed on page 9 of the PDS for Ambulance Officers, as shown below:

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¹ Refer to the Insurance Handbook – Ambulance Officers for more information about the salary used to determine your sum insured

Change to PDS – Death (including Terminal Illness) Off duty cover effective 1 January 2024

The amount of off duty death (including terminal illness) cover increased on 1 January 2024. The amount of off duty cover from this date is shown in the table below.

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¹ Refer to the Insurance Handbook – Ambulance Officers for more information about the salary used to determine your sum insured.

Change to Insurance Handbook - Ambulance Officers Death (including Terminal Illness) Off duty cover

The amount of off duty death (including terminal illness) cover as at 2 July 2022 is currently disclosed on page 54 of the Insurance Handbook for Ambulance Officers, as shown below:

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Change to Insurance Handbook – Ambulance Officers Death (including Terminal Illness) Off duty cover effective 1 January 2024

The amount of off duty death (including terminal illness) cover increased on 1 January 2024. The amount of off duty cover from this date is shown in the tables below:

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Changes to Investment and Fees Handbook – Our investment restrictions and exclusions, effective 22 July 2024

On page 43 under the heading "3: Engagement", remove the following wording:

"In some cases, we may consider divestment from a particular sector or company. See the 'Our investment restrictions and exclusions' section for more information."

On page 44 under the heading “Our investment restrictions and exclusions”, replace the following wording:

"These circumstances include:

• if we consider that an investment is inappropriate to the extent it may have a negative impact on the
  reputation of the fund
• if the investment would lead to contravention of international treaties or conventions that Australia
  is a signatory to, or
• if it isn’t deemed possible to influence a company through engagement or proxy voting."

With the updated wording below:

"These circumstances include where we consider the investment:

• would lead to contravention of an international treaty or convention that Australia is a signatory to, or breaching international law that Australia recognises; or
• may have a significant short and/or medium-term impact on the portfolio due to stranded asset risk or an obsolete business model that cannot be mitigated; or
  
• may have a significant negative impact on the Fund’s reputation which causes a significant negative financial impact on the Fund by materially reducing member flows, scale, and the ability to reduce costs to members over time."

Updates to current information from 1 September 2024

The products and disclosure documents listed below are impacted by the 1 September 2024 changes covered on this page.

Reductions in the cost of insurance

The reductions in this section apply to:

• Future Saver – Employer Sponsored and Personal
• Future Saver – Ambulance Officers (Part 1: Insurance through Future Saver)

From 1 September 2024, the premium rates for Death only, Death and TPD, and IP cover are reducing. We’ve also lowered some of the insurance category factors, which further reduces the cost of cover. For IP cover, your waiting period and benefit period are also taken into account. The premium rates for IP cover with a ‘to age 65’ benefit period are not changing.

The cost of insurance cover is based on a number of factors:

• Your age
• Your cover type and amount
• Your insurance category
• Any premium loadings the insurer applies

Refer to the tables below for the premium rates and insurance category factors applying from 1 September 2024.

Cost of Death and TPD cover (Future Saver – Employer Sponsored and Personal, and Future Saver – Ambulance Officers)

The table below shows the annual cost for $1,000 of death and TPD cover, before applying the relevant insurance category factor and any premium loading, from 1 September 2024.

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Insurance Category factors Death & TPD (Future Saver – Employer Sponsored and Personal, and Future Saver – Ambulance Officers)

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Cost of IP cover (Future Saver – Employer Sponsored and Personal, and Future Saver – Ambulance Officers)

The table below shows the annual cost for $1,000 of annual IP cover with a 90-day waiting period, before applying the relevant insurance category factor and any premium loading. Other waiting period factors are also shown below.

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Income Protection waiting period factors

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Changes to Death (including Terminal Illness), TPD and IP Insurance

The changes apply to the following products:

• Future Saver – Employer Sponsored and Personal
• Future Saver – Ambulance Officers (Part 1: Insurance through Future Saver)

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Changes to IP Insurance only

The changes apply to the following products:

• Future Saver – Employer Sponsored and Personal
• Future Saver – Ambulance Officers (Part 1: Insurance through Future Saver)
   

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Definition of Other Disability Income from 1 September 2024

Other Disability Income means, subject to paragraph (d) and (e) of this definition, any amount which you receive, or are entitled to receive, in connection with, or arising out of, the Injury or Illness causing your Total Disability or Partial Disability, which you may receive or be entitled to receive during a month when a benefit is payable (whereby lump sum, periodic payment or otherwise), whether that amount was actually received or not, including:

a. any amount paid or payable, including any superannuation components:

(i) under another income protection insurance policy, salary continuance insurance policy, loan protection insurance policy, or similar policy, in any jurisdiction
(ii) under any workers’ compensation, motor accident compensation, statutory compensation or similar scheme, however named, in any jurisdiction or other similar state, federal, territory or extraterritorial legislation
(iii) under common law or under state, federal, territory or extraterritorial legislation unless excluded under (d) or (e) below
(iv) as employer-funded sick leave (paid amount only), personal leave or any other employer paid leave in any jurisdiction

b. any out of court settlement sum, or any award of money sum by a court, tribunal, arbitrator or government body in any jurisdiction

c. whether an amount under paragraph (a) of this definition is:

(i)      a lump sum, a periodic payment, a combination of a lump sum and a periodic payment, or otherwise or
(ii)    in the nature of a capital payment or income payment (as those terms are understood having regard to normal accounting standard and practice)
has no bearing on whether that amount is Other Disability Income or otherwise

d. note that Other Disability Income does not include:

(i) an amount paid or payable under this policy or Return to Employment Income
(ii) Centrelink, Department of Veterans Affairs, or any equivalent or replacement agencies benefits
(iii) any amount paid under an insurance policy providing total and permanent disablement benefits or a terminal illness or critical illness benefits
(iv) annual leave or long service leave or
(v) a pension or annuity paid from a superannuation fund other than a disability pension
whether a lump sum, a periodic payment, a combination of a lump sum and a periodic payment, or otherwise

e. in addition to the amounts, benefits and payments excluded under paragraph (d), the insurer will not consider any portion of an amount paid or payable to you to be Other Disability Income, if you establish to the insurer’s reasonable satisfaction, that it represents or covers compensation for or payment in respect of:

(i) pain and suffering
(ii) the loss of a part, or the use of a part of the body to the extent that such compensation is not income or capital [as those terms are understood having regard to normal accounting standards and practice]
(iii) medical expenses, or
(iv) reasonable legal expenses
and, for clarity, to the extent that you cannot establish to the insurer’s satisfaction, acting reasonably, that any portion of an amount paid or payable to them represents compensation for or payment in respect of those items set out in (i) to (iv) above, the entirety of that amount will be deemed to be Other Disability Income and

f. where Other Disability Income is in the form of a lump sum or is commuted to a lump sum, unless agreed between us and the insurer otherwise, the monthly benefit will be reduced by an amount equal to one sixtieth (1/60) of the lump sum over a period of 60 months or the remainder of the Benefit Period, whichever is the less.

Changes to Ambulance Officers’ Death (including Terminal Illness) Insurance

The changes apply to the following product:

• Future Saver - Ambulance Officers (Part 2: Ambulance Officers’ Insurance)

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The products and disclosure documents listed below are impacted by the 1 September 2024 changes covered on this page.

Reductions in the cost of insurance

The reductions in this section apply to:

• Future Saver – Police Blue Ribbon (Part 1: Death only cover)

From 1 September 2024, the premium rates for Death only cover are reducing. The cost of this cover is based on several factors:

• Your age
• Your amount of cover
• Any premium loadings the insurer applies

Refer to the table below for the premium rates applying from 1 September 2024.

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Changes to Death (including Terminal Illness) Insurance

The changes apply to the following products:

• Future Saver – Police Blue Ribbon (Part 1: Death only cover)

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Preservation age (This relates to all references to ‘preservation age’ in the PDS)

From 1 July 2024 the preservation age for all new members is 60 years. This is the earliest age you can access your super at retirement (or commence a Retirement Transition account).

Taxes section (page 64 to 67 of the PDS)

From 1 July 2024 preservation age is now 60. This makes content relating to members at preservation age but under 60 no longer applicable (including the examples on page 65).

Income payment processing rule change

The Product Disclosure Statement (PDS) – Aware Super Retirement Income, dated 1 November 2023, discloses that if your income payment date falls on a public holiday or weekend, your payment is processed on the next business day.¹

With the income payment processing rule change that took effect from 6 th February 2024, if your income payment date falls on a public holiday or weekend, your payment will now be processed on the business day before.

¹ A business day is all weekdays excluding the following public holidays: New Year’s Day, Australia Day, Good Friday, Easter Monday, ANZAC Day (when it falls on a weekday), King’s Birthday (in June), Christmas Day and Boxing Day.

Changes to our investment restrictions and exclusions, effective 22 July 2024

On page 46 under the heading "3: Engagement", remove the following wording:

"In some cases, we may consider divestment from a particular sector or company. See the 'Our investment restrictions and exclusions' section for more information."

On page 47 under the heading “Our investment restrictions and exclusions”, replace the following wording:

"These circumstances include:

• if we consider that an investment is inappropriate to the extent it may have a negative impact on the
  reputation of the fund
• if the investment would lead to contravention of international treaties or conventions that Australia
  is a signatory to, or
  
• if it isn’t deemed possible to influence a company through engagement or proxy voting."

With the updated wording below:

"These circumstances include where we consider the investment:

• would lead to contravention of an international treaty or convention that Australia is a signatory to, or breaching international law that Australia recognises; or
• may have a significant short and/or medium-term impact on the portfolio due to stranded asset risk or an obsolete business model that cannot be mitigated; or
• may have a significant negative impact on the Fund’s reputation which causes a significant negative financial impact on the Fund by materially reducing member flows, scale, and the ability to reduce costs to members over time."

DDO requires issuers and distributors of financial products to have a customer-centric approach to the design and distribution of their products, with the aim of helping customers to obtain financial products that are appropriate for their objectives, financial situation and needs. It is applicable to all our products that require a Product Disclosure Statement excluding MySuper and closed products.

We’re required to have Target Market Determinations as a result of changes that have been made to the Corporations Act 2001.

This is to make sure we’re keeping customers at the centre of our approach to the design and distribution of our financial products.

For Aware Super Group Product Distributors Only:
As per ASIC Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784, you no longer need to report if nil complaints are received. We will be incorporating these changes to our TMDs in the next TMD review cycle.

Target Market Determinations are regularly reviewed.