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...
The main purpose of this notice is to provide members of the Meat Industry Employees’ Superannuation Fund (“the Fund” or “MIESF”) details of a significant improvement to the Fund’s death benefit that will be effective from 1 July 2011. Currently, the Fund provides a death benefit which is made up of the member’s Account Balance plus Death Cover of $100,000 to all eligible members under age 65. The cost of the $100,000 Death Cover is met by deductions from members’ accounts of $3 per week payable as $156 at 30 June each year or a pro rata amount at the date of leaving the Fund. Members not eligible to receive the Death Cover portion of the death benefit do not have the $3 per week charge deducted from their Account Balance. With effect from 1 July 2011, the Death Cover will be increased to $200,000 at a cost of $5 per week. Part or all of the Death Cover will not be paid in some limited circumstances, as described later in this notice.
Introduction of a “High Growth” Investment Option
Up until now, the Meat Industry Employees’ Superannuation Fund (MIESF or the Fund) did not offer investment choice to members. All of the Fund’s assets have been invested in accordance with a single investment strategy determined by the Trustee. All Main section and Rollover section members received the investment earnings achieved on that “Trustee Option”.
The Trustee of the Fund has decided to offer members a “High Growth” investment option. This will provide members with an investment option that has an exposure to Australian and International Shares and Listed Property Shares of around 90%. This option is designed to deliver higher long term returns to members, but is likely to experience significantly higher volatility than the Trustee Option with the...
MIESF ABN: 17 317 520 544
USI: 17 317 520 544 000