12 December 2022
Our fund experienced significant transformation and growth in 2022, with many changes to our products and services.
This year, Energy Super and LGIAsuper teams and systems combined successfully into a single fund, renamed as Brighter Super. We also completed the acquisition of Suncorp’s superannuation business (SPSL).
The Brighter Super Group combines the strengths of three successful Queensland super funds, focused on delivering the best retirement outcomes for all our members.
Over time, we aim to use our increased size and scale to deliver better services and lower costs for all our members. Below is a summary of the changes we have made in 2022.
In September 2022, we transitioned Energy Super’s member systems to the Brighter Super platform.
Unifying the two funds within one system brings the following benefits to all our members:
Combining the strengths of both funds on one system can help us strengthen our products and personalised service to benefit of all our members.
In September 2022 we finished consolidating Energy Super and LGIAsuper investment options into a new single set of options.
Over the past 18 months, we evaluated and selected the strongest options for each category across the fund. Our new single set of options removes duplication, helping us save costs and strengthen our product offering for all members.
Find out more: Brighter Super’s investment options
Since the merger we have consolidated many of the products and services formerly provided by Energy Super and LGIAsuper. This has resulted in many of our members gaining new products and features previously not available to them, including:
From 1 February 2022, all members receive an annual tax refund of 15% of the percentage-based administration fee. As this fee is deducted from members' investment returns, the tax refund is also applied to the investment returns.
Find out more: Significant event notice, December 2021
In 2022, we launched our new mobile app, which is now available to all Brighter Super members. You can download it from Apple and Google app stores.
The Brighter Super mobile app gives you an easy, convenient and secure way to manage your super. It's a great way to see how your super is tracking towards your future retirement goals.
The app also gives you quick access to your account in Member Online, where you can make many other requests and updates.Find out more: Brighter Super mobile app
On 30 September 2022, we removed two restrictions on insurance cover for all members in the Local Government and associated industries insurance division:
Members who are under age 60 and have not fixed their Death & TPD or Death Only cover to a dollar amount can apply to increase their cover up to an extra 2 units without underwriting as they experience a life event. Members have previously been restricted to three life event changes to their insurance during their membership. Examples of life events are marriage or moving in together, divorce, a new child or a mortgage.
From 30 September 2022, members are no longer restricted on the number of changes they make to their insurance cover based on life events.
In addition, members with Income Protection cover can now apply to increase their cover if they receive a pay rise.
Previously, non-Australian residents’ insurance cover would end when they permanently leave Australia or temporarily leave Australia for more than three months.
This restriction was lifted on 30 September 2022. All members will now be provided with cover when overseas, subject to the terms of the policy.
Find out more: Significant event notice, August 2022
On 19 September 2022, we introduced two new features to our Pension account and Transition to Retirement (TTR) Pension account. These features were already available to members who previously had Energy Super accounts, but they are new to members who previously had LGIAsuper accounts.
Movements in investment markets and outgoing payments can change the asset allocation of a Pension account over time. So, over time your actual investment strategy can be different to your intended investment strategy.
Regularly reviewing and rebalancing your investment options may help keep an investment strategy on track. To make this a simpler, less manual process, members now have the option to request that their investment options are automatically rebalanced for them every financial year.
Members can now request to have regular payments from their Pension account or TTR Pension account automatically increase each financial year in line with the Consumer Price Index (CPI).
You can opt-in for CPI increases at any time.
Find out more: Information for Brighter Super members (page 3)
New regulations on how superannuation funds must disclose their fees and costs came into effect on 30 September 2022. The changes aim to improve consistency across super funds, making it easier for members to compare options.
To meet these regulations, we are now required to separate fees and costs into two groups:
Find out more: Significant event notice, December 2022