boc super pension members
TRANSCRIPT
Presented by Luke Bowman, Equip& Nathan Bell, BOC Super
BOC Super Pension membersWelcome to Equip
Fund transfer…
why is it happening?
BOC Super believe this is in the best interests of members
Increased complexity, demands and costs to run super funds
Equip was chosen as it’s a profit to member fund, delivering competitive overall fees, a wide range of benefits and has a history of strong returns
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General advice warning
Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 is the Trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017. This document and any information provided with it is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. Before making a decision to invest in the Equipsuper Superannuation Fund, you should read the appropriate Equip Product Disclosure Statement (PDS) and Target Market Determination (TMD). Past performance is not a reliable indication of future performance. Togethr Trustees Pty Ltd is licensed to provide personal and general superannuation advice under its AFSL. Member advisors are employees of Togethr Trustees. For more information about the remuneration of Equip and its employees, please refer to the EquipsuperFinancial Services Guide.
Togethr Financial Planning Pty Ltd (ABN 84 124 491 078, AFSL 455010) is licensed to provide financial planning services to retail and wholesale clients. Togethr Financial Planning Pty Ltd is owned by Togethr Holdings Pty Ltd (ABN 11 604 515 791). You can obtain the Togethr Financial Planning Pty Ltd Financial Services Guide and/or Privacy Statement by contacting our Helpline 1800 682 626.
Information in this presentation is correct as at October 2021 but may be subject to change based on Government legislation and other factors.
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Introduction to Equip
Transfer process Features & benefits
Important documentation
Interacting with Equip
Our agenda
Why is BOC Super moving to Equip?
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Equip’s history… supporting members for 90 years.
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Merger with water industry fund
1 9 3 1 Founded as a pension fund for the State Electricity Commission of Victoria (SECV)
Equip becomes public offer fund
Merger with Gas and Fuel super fund
Multiple corporate transfers, a merger and a joint venture (Rio Tinto, Catholic Super, Toyota Super)
Merger with BOC Super Fund2 0 2 1
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Preferred Defined Benefit partner for Australian Super
Equip today…
$30 billion FUM
150,000 members
SuperRatingsPlatinum Pension product
Experienced with fund mergers
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Fund transfer… what’s happening?
Assets and members of BOC Super will transfer to Equip on 1 November 2021
The transfer of all the members and assets is automatic:
▪ No action required by BOC Super pension members
Both trustee boards must sign-off on the transfer for it to proceed
▪ Equivalent rights
▪ Best interest of members
No transfer cost to members
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Transition period
Keydates
Letter & statement flyer advising merger investigation
September 2021
BOC Super Significant Event Notice letter issued
21 October 2021
Commencement of limited service period
17 – 24 November 2021
End of limited service period
21 October2021,4pm
Deadline for last BOC investment switch
1 November 2021
Transfer of members into Equip
Mid November onwards
BOC Super exit statement, Equip welcome letter & call
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7 - 20 October2021
Member webinars
Services impacted during LSP…
Updating pension payment amount and/or frequency
After the transfer, Equip will continue to pay your pension at the same frequency into your nominated bank account, unless you request a change to your payment frequency
Paying benefits and processing rollovers to other funds
Updating personal details and beneficiary nominations
Switching investments
Accessing the member website
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Equip Pension payment options
Fortnightly Monthly (15th of each month)
Yearly
Quarterly Half Yearly
Payment frequency
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Your Pension will continue to be paid at the same level and frequency as you had arranged in BOC Super.
Some minor adjustments may be necessary in the first year to ensure that both BOC Super and Equip satisfy minimum (and maximum if you are a Transition to Retirement Pension Member) payment rules.
We will write separately to any member that this may impact.
Equip Minimum Pension
If you currently receive the minimum pension payment, your minimum pension payment will be recalculated as the relevant % of your balance on 1 November 2021 and pro-rated for the remainder of the financial year ending 30 June 2022.
This means you'll receive a different pension amount than you did before the SFT.
You can change your pension amount with Equip after the Limited Service Period.
Age% of account balance
2021/22
Under 65 2%
65 -74 2.5%
75 -79 3%
80- 84 3.5%
85 - 89 4.5%
90 -94 5.5%
95 + 7%
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When will I get paid?
The Fund Administrator will bring forward payments normally made on 28 October 2021 to 21 October 2021.
Payments will be made normally from Equip on 11 November 2021.
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Investing with Equip
Switches can be made at any time (post LSP)
No switching fee or buy/sell costs
Strategy effective within 1-2 days
11 investment options
Five ‘diversified’
Six ‘sector specific’
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Ability to choose multiple investment options
Different investment strategy…
Equip Financial Planning can help you decide
Financial planning…
Please refer to the PDS for a detailed description of each investment option and its risks.
Risk
Growth Assets
Defensive Assets
100%
Cash
100%
FixedInterest
70%
30%
Conservative49%51%
Balanced35%
65%
BalancedGrowth
16%
84%
Growth 100%
Property
94%
6%
GrowthPlus
100%
OverseasShares
100%
AustralianShares
100%
SRI
Sector Specific Options
HigherLower
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Extensive investment menu F
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Investment option mapping
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BOC Super Pension investment options
Aggressive 100% Growth
Moderate 70% / 30%
Conservative 30% / 70%
Cash Plus 100% Defensive
Equip Pension investment options
Growth Plus 94% / 6%
Balanced Growth 65% / 35%
Conservative 30% / 70%
Cash 100% Defensive
Asset mix Growth / Defensive
Investment returns are net of investment fees and tax. Past investment performance is not a reliable indicator of future performance.SuperRatings figures are taken from investment option surveys published by SuperRatings Pty Ltd.
Investment returns for Equip Pension options to 30 June 2021
10 years p.a. (%) 5 years p.a. (%) 1 year (%)
Equip Growth Plus 12.21 13.97 28.05
BOC Super – Aggressive 11.36 11.96 26.09
SuperRatings Median 11.16 11.79 28.44
Equip Balanced Growth 9.58 9.97 18.61
BOC Super – Moderate 8.59 8.08 16.00
SuperRatings Median 9.11 9.24 19.18
Equip Conservative 6.09 5.4 8.6
BOC Super - Conservative 5.76 4.68 7.72
SuperRatings Median 5.91 5.15 8.42
Equip Cash 2.26 1.41 0.13
BOC Super – Cash Plus 2.61 1.7 0.36
SuperRatings Median 2.35 1.47 0.24
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Equip Investment optionInvestment related
fees and costs* p.a.
BOC Super Investment
option
Investment related
fees and costs* p.a.
Conservative 0.48% Low Growth 0.49%
Balanced 0.52% - -
Equip MySuper 0.61% High Growth 0.75%
Balanced Growth 0.61% - -
Growth 0.61% - -
Growth Plus 0.65% Aggressive Growth 0.67%
Cash 0.06% Cash 0.14%
Fixed Interest 0.42% - -
Property 1.01% - -
Overseas Shares 0.64% - -
Australian Shares 0.52% - -
Sustainable Responsible 0.68% - -
* Investment related fees and costs consist of investment fees and an indirect cost ratio.
Investment related Pension fees & costs
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Fee comparison F
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Before 1 May 2021 From 1 November 2021 Projected overall fee saving
Administration fees and costs (total annual)These are deducted directly from your account.
$2 per weekPlus:0.23% p.a. of account balance(up to a maximum of $1,150 per annum)
Example $1,254
$2.50 per weekPlus:0.25% p.a. of account balance (up to a maximum of $1,250 per annum)
Example $1,380
The average Pension member invested in Equip Balanced
Growth will
save$924 p.a.
with Equip
Investment fees and costs (total annual)These are deducted from investment earnings before they are applied to your account. Indirect cost ratio included.
0.75%
Example $5,625
0.61%
Example $4,575
Average total fees paid Example $6,879 Example $5,955
Equip does not charge buy-sell spreads or switching fees
Pension member with a $750,000 balance invested in Moderate / Balanced Growth
BOC Equip microsite
www.equipsuper.com.au/boc
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Key dates
Features and benefits
Investment information
Important documents
Book a Financial Advice appointment
FAQs
Contact details
www.equipsuper.com.au/login
Member portal
View your super balance
Review and update investment options
Check your insurance cover
Make a beneficiary nomination
Update your personal details
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Mobile app
Same functionality as Member Portal
Available on Android and Apple
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Equip Financial Planning
Personal financial product advice may be provided by Togethr Financial Planning Pty Ltd (trading as Equip Financial Planning), ABN 84 124 491 078, AFSL 455010. Togethr Financial Planning Pty Ltd is a related entity of Togethr Trustees Pty Ltd, the trustee of the Equipsuper Superannuation Fund.
Maximising Centrelink benefits
Retirement planning
Choosing appropriate insurance cover
Affordable financial advice
Investment strategies
Aged care advice
Wealth creation outside of super
Superannuation strategies
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Significant event notice & other informationwww.equipsuper.com.au/boc
1800 682 626
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Our service offering
Member Services
Equip Financial Planning1800 065 753
Financial complexity
Pers
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tailo
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Equip Helpline1800 682 626
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Key take-aways…
Competitivefees
Multiple service channels
Greater investment choice
Automatic transfer to Equip
Important documentation
Payments maintained
Questions?
www.equipsuper.com.au/BOC
1800 682 626