Changes to the Fund's benefits and costs effective from 1 July 2013
SIGNIFICANT EVENT NOTICE - 27 MAY 2013
This notice is issued by Meat Industry Employees’ Superannuation Fund (MIESF, the Fund) with details of changes to the Fund’s benefits and costs that are effective from 1 July 2013.
INTRODUCTION OF A WITHDRAWAL FEE
The Trustee has decided to begin charging a withdrawal fee by deducting $35 from your Member Account each time you make a withdrawal from the Fund after 1 July 2013. This includes cash withdrawals, rollovers to other superannuation funds, payments to the ATO and any other withdrawals. This deduction is based on the cost of processing withdrawals from the Fund. Prior to 1 July 2013, these costs were met from the $1.30 per week administration fee.
CHANGES TO THE DEATH BENEFIT & A NEW DISABLEMENT BENEFIT
Although our records indicate that you are not eligible for the Death cover benefit provided by the Fund, you may be interested to know that as from 1 July 2013 we have made changes to our Death cover benefit and introduced a total and permanent disablement benefit. Details relating to the new insurance cover arrangements are shown on our website: www.miesf.com.au in the Insurance Booklet.
Please note that you are not eligible for insurance cover in the Fund if you are:
- age 65 or over, or
- a Spouse, Rollover or Pension member, or
- you have previously opted out of Death cover.
Members aged 55 or over who have their Death and TPD cover reinstated due to the recommencement of employer contributions from a participating employer have restricted cover as explained in the Insurance Booklet.
Should you have any further queries regarding these matters, please contact us directly via the details shown above.
This notice is issued by Meat Industry Employees’ Superannuation Fund Pty Ltd (ABN 58 005 793 199) (AFSL 239953)
as Trustee of the Meat Industry Employees’ Superannuation Fund (ABN 17 317 520 544).