Significant Event Notices

Summary of significant event notices and material change notices in the last two years

The following table provides a summary of the significant event notices and material change notices sent to members in the past two years.  These notices are generally included in a Fund newsletter or the Annual Report, however where only a small number of members are affected or we wish to provide tailored information to each member, the notice may be via separate communication to individual members.

Where a general notice was sent, you can view a copy by clicking on the link provided under the ‘nature of the event or change’.                                                                                                            

 

   Notice date

Nature of event or change

Description of the change

    October 2017

Change to Buy-Sell spread

The Fund’s buy-sell spread for each option has changed.

    October 2017

Change to the socially responsible investing statement

The Trustee has updated its statement on socially responsible investing.

July 2007

Change to investment objectives

The Fund has amended the Growth MySuper/Pension Growth and Balanced/Pension Balanced option objectives to use the Australian CPI rather than the Perth CPI.

June 2017

Change to fees

The actual fees for the year ending 30 June 2017 are provided.


June 2017

   

         New Investment Option

The Cash Option was introduced for accumulation members.

April 2017

Update to Unit Pricing Policy

 

 

 

 

 

 

 

 

 



CBH Super will offer a MySuper Product from 1 May 2017

 

 

 

 

 


No accrued default amounts (ADAs) remain in the Fund from 1 May 2017

 

The Fund’s Unit Pricing Policy has been updated to reflect our full range of investment options, the processes used by SuperBPO in calculating unit prices and changes that have occurred to allow the Fund to offer a MySuper product.

Approx 1100 member affected.

 

CBH Super will offer a MySuper product "Growth MySuper" from 1 May 2017.  As part of this offering, the Growth option will now be called the Growth MySuper option.

 

CBH Super does not hold any accrued default amounts from 1 May 2017 and as such, no member will have their previous ADA amount compulsorily transferred to Kinetic Super.

February 2017

Compulsory transfer of accrued default amount

Any member with amount held in the Balanced option (formerly known as the Managed option) in CBH Super Fund at 31 December 2013, less any amounts that have been transferred out of this option since that date -‘accrued default amount’ (ADA) are required to transfer the ADA to a MySuper product, unless the member opts out of this transfer.

Approx 750 members affected.

September 2016

Advice of the Fund’s Management Expense Ratio (MER) for the 2015/16 year.

The MER has increased from 0.28% for the year ending 31 October 2015 to 0.31% for the 8 months ending 30 June 2016.

The 2016 MER is made up of an investment fee of 0.12% and indirect costs of 0.19%.

September 2016

Asset allocation change – Balanced and Pension Balanced options

The investment strategy is regularly reviewed by the Trustee. The strategic asset allocation for the Balanced and Pension Balanced options was amended to suit current market conditions.

July 2016

Removal of member protection for account balances under $1,000

To ensure that all members are treated equally, CBH Super has removed member protection for members with account balances of under $1,000 effective 1 July 2016. This means all members will pay the same direct Administration fee of $65 per annum.

July 2016

Introduction of new Investment choices - Growth and Pension Growth options

The Trustee introduced the Growth and Pension Growth options effective 1 July 2016.  All members now have a choice of how their account is invested in the Fund and they can switch between the two options on request.

June 2016

The Fund’s Trust Deed was amended 1 June 2016

The amendments:

  •          allow CBH Super to appoint and remunerate more than one independent director
  •          permit the Fund to pay all expenses over and above the financial contribution made to cover the operating costs by CBH
  •          permit the Trustee to hold a MySuper authorisation should one be granted by the APRA
  •          permit CBH and the Fund to agree to admit other employee classes to the Fund.

March 2016

Change in Fund’s investment risk level.

Subsequent to the Strategic Asset Allocation changes in November 2015, the level of risk for the Managed Option was re-evaluated taking into account future expected market volatility.

The level of risk is now Medium to High – with expected negative returns over a 20 year period of 3 to less than 4 times.  Previously this was Medium - with expected negative returns over a 20 year period of 2 to less than 3 times.

March 2016

Change of year end for the Fund.

CBH Super will move to a 30 June year end from 30 June 2016 (previously 31 October each year).

The move to 30 June aligns the Fund’s year end with most other superannuation funds.

This will ensure members can easily compare investment returns with the rest of the superannuation industry as well streamlining in house administration processes.

March 2016

The Fund’s Trust Deed was amended effective 8 December 2015.

The amendments made to the Trust Deed were:

  • to allow CBH Super to appoint and remunerate more than one independent director in line with draft governance legislative requirements;
  • to permit the Fund to pay all expenses over and above the financial contribution made to the operating cost by the sponsoring employer CBH Group; and
  • to permit CBH Group and the Fund to agree to admit other employee classes to the Fund.

March 2016

Advice of the Fund’s Management Expense Ratio (MER) for the 2014/15 year.

The MER has increased from 0.22% for the year ending 31 October 2014 to 0.28% for the year ending 31 October 2015.

The 2015 MER is made up of an investment fee of

0.16% and indirect costs of 0.12%.

December 2015

Change to strategic asset allocation range and benchmarks for the Managed and Pension Managed Option

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













A change to the timing of SCI premium deductions from member accounts.

 

The Trustee has set new asset allocation ranges and benchmarks for all asset classes.

The benchmark for Australian Shares has decreased to 25% and the new strategic asset allocation range is 20% - 40%.

The benchmark for Overseas Shares has increased to 33% and the new strategic asset allocation range is 20% - 40%.

Direct Property and Listed Property have been combined under the class of ‘Property’ with a benchmark of 10% and range of 0 - 20%.

Fixed Interest now has a benchmark of 25% and a range of 10 - 35%.

The benchmark for Cash is 5% and the range is 2 - 15%

These changes affect the way assets are invested for all members other than any members who are invested entirely in the Pension Cash option.

 

Premiums for SCI cover will be deducted at the commencement of the insurance year (1 April) for the year in advance for all members.

 

October 2015

Unit pricing policy has been updated and there is no longer a buy-sell spread for the Pension Cash option.

A spread between the buy and sell prices for the Pension Cash option previously applied.

As part of the review of the Fund’s Unit Pricing Policy, this spread has been removed from 1 November 2015.

September 2015

Change to strategic asset ranges and benchmarks for Australian and International Shares.

 
















International fixed interest securities will now be included in the portfolio.

The Trustee has set new asset allocation ranges and benchmarks for the Australian Shares and International Shares asset classes.

The target exposure for Australian Shares has decreased from 38% to 30% and the new strategic asset allocation range is 20% - 45%.

The target exposure for International Shares has increased from 18% to 25% and the new strategic asset allocation range is 15% - 35%.

 

The Fund’s investment guidelines have been amended to include international fixed income securities.  Previously the Fund invested in Australian fixed interest only.

These changes affect the way assets are invested for all members.