Phone 1800 444 396
Web brightersuper.com.au
Email info@brightersuper.com.au
Post GPO Box 264, Brisbane QLD 4001

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Brighter together

Delivering streamlined investment options and low fees to members

As a 100% member-owned fund, Brighter Super is dedicated to providing you with value to help you retire with confidence. We would like to thank you for your membership.

Brighter Super has been on a journey of transformation, realising the benefits of our mergers with a continuing commitment to being ‘brighter together’.

So, we are pleased to let you know that from 31 May 2024, we are making some important changes to your fee arrangements and investment options. These changes are designed to help you grow your retirement savings, in line with our commitment to improve our service offering and reduce costs. The changes will also allow us to make further fee reductions for most members in January 2025.

The information below is only a summary of some of the changes which may impact you. Please refer to our April 2024 Significant Event Notice for full details of all the changes and to understand how these changes may affect you.

You can also view our short video below featuring Brighter Super CEO, Kate Farrar, and retirement advocate, David ‘Kochie’ Koch.

What is changing?

We’re creating a single set of options

From 31 May 2024, we are streamlining our investment options into one investment menu for all members. This will make it easier for you to understand the investment options available to you when deciding how you like your superannuation to be invested.

To create a single set of investment options, we reviewed all options provided by the Fund. We evaluated and compared similar options for Brighter Super and Optimiser accounts for performance, fee structure and management.

As a result of this review, we determined that it was in members’ best interests to close selected investment options. Members invested in the closing options will be switched to similar, continuing investment options with a history of better performance on 31 May 2024. We will send you a confirmation when the investment switch has been completed.

Below is our new set of investment options available from 31 May 2024.

 

We’re changing certain fees and improving fee transparency

From 31 May 2024, members will benefit from fee reductions across most of our investment options, including:

  • For Brighter Super accounts, changing the disclosure of the administration fee to a direct fee deducted monthly from your account rather than reducing your allocated investment return.
  • For Brighter Super Optimiser members invested in the MySuper option, changing the disclosure of the administration fee to a direct fee deducted monthly from your account rather than reducing your allocated investment return. The administration fee for all other Brighter Super Optimiser investment options is already disclosed in this way. 
  • For Brighter Super Optimiser accounts, changing the percentage-based administration fee for all investment options to 0.18% (except for the MySuper option, which is already 0.18%). This change does not apply to members who are Suncorp Group employees.
  • For Brighter Super Optimiser accounts, reducing the administration fee cap from $2,950 to $900 per financial year for all investment options (excluding the MySuper option, which is already capped at $900 per financial year). This change is effective from 31 May 2024 with a prorated adjustment for the remainder of this financial year (2023/24). The full fee cap will take effect from 1 July 2024. 

What do you need to do?

You do not need to do anything, but if you would like to review or change your investment option(s), you can do so at any time by logging in to your Member Online account.

Please note that switches processed between 31 May and 2 June 2024 may take 4-5 days to display on your account.

If you are considering a change to how your super is invested, talking to a financial adviser can help. If you do not already have a financial adviser, Brighter Super’s in-house team of financial advisers are here to help you.

Or if you have general questions about the changes, refer to our Frequently Asked Questions section below or contact us.

  • Am I required to do anything?

    If you are invested in one of the closing investment options, you are not required to do anything. You will be automatically switched to the new option effective 31 May 2024.

    If you would like to change your investment option(s) prior to 31 May 2024, you can do so by logging in to Member Online or submitting an investment switch form (which we would need to receive prior to 3.00 pm on Thursday 30 May 2024).

  • Can I select a different investment option?

    You can switch some or all of your balance out of a closing investment option by logging in to Member Online and completing an online switch, or submitting an investment switch form (which we would need to receive prior to 3.00 pm on Thursday 30 May 2024).

    Completing an online switch is preferred as it ensures the switch will be effective the same business day. When switching investments using the investment switch form, the switch will not be effective until the form is received by Brighter Super.

    Of course, you can also switch investment options at any time after 31 May 2024, using the new set of investment options.

  • What will happen to my future contributions?

    Any contributions received on or after 31 May 2024 that would have been allocated to the closing investment options will be invested in the replacement options, unless you change your future investment strategy.

  • How will this affect my pension payments?

    From June 2024, any proportion of pension payments that were funded from the closing options will be funded from the replacement options, unless you change your pension payment strategy.

  • Are there any changes to the Asteron Capital Guaranteed option?

    No, there are no changes to this option and it will remain closed.