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Planning for retirement

Zurich Superannuation Plan

A plan designed to help you reach financial independence in retirement. Includes investment options to suit all risk profiles as well as award winning insurance.

Zurich Account-Based Pension

Designed to provide you with a regular income in retirement. It includes a range of investment options to suit all risk profiles.

Trustee and Fund Information

Important information about the management of the Zurich Master Superannuation Fund can be found here

Performance and pricing

Find the latest performance and unit pricing for all of Zurich's investment products including superannuation and retirement here.

Find an adviser

Choosing the right superannuation or retirement income plan to suit your individual needs is an important decision. If you need help in finding a financial adviser, you may want to try one of the following websites:

ASIC’s MoneySmart website also has valuable information on what to look for when choosing a financial adviser.

Non-English Speaking Customers

Visit this link for information on language interpreting services which may be able to provide assistance to non-English speaking customers.

This link is to the Australian Government's TIS -Translating and Interpreting Services website:

https://www.tisnational.gov.au

ZMSF Annual Member Meeting

We hope you will be able to join Equity Trustees Superannuation Limited, the Trustee for the Zurich Master Superannuation Fund, at the 2021 Annual Member Meeting on 13 December 2021. This is a great opportunity for you to hear how your Fund operates, its investment performance and outlook for the future.  Registrations are required to attend this meeting.  For further information including the registration process please click here.

ZMSF Member Outcome Statement

As of 2021, all superannuation funds are required to assess the outcomes provided to their members (a Member Outcome Statement) and, based on that assessment, publish the results on how well the Fund provides member outcomes and promotes members’ financial interests. A separate Member Outcome Statement has been done for each product offered in the Zurich Master Superannuation Fund and can be accessed here.

Can't find what you need?

Call 131 551
Monday-Thursday: 8.30am – 7.00pm
Friday: 8.30am – 5.30pm

Email: client.service@zurich.com.au

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My Zurich

Login in to manage your superannuation or retirement income account

Access your investments, superannuation and life cover details 24 hours a day online with My Zurich*. Here you can view your personal information including balances, transactions and statements. You can also nominate to receive information relating to your account, such as the Annual Fund Report, online rather than as a printed paper copy.

You will need to provide your Zurich investment number which can be found on your statement. If you are unsure what your investments number is, please call Zurich Customer Care on 131 551.

* Members with a Capital Guaranteed investment option plan, or with an older style product may not have access to My Zurich.

Performance and pricing

View the latest performance and unit prices of Zurich Superannuation and Retirement plans here.

Unit Prices

View the daily unit prices of your investment, superannuation and retirement products.

A performance benchmark provides an overall measurement of the performance of a particular asset class. Each asset class has a specific, recognised market index. The current benchmarks for the Zurich single sector investment options are set out in the table below.

Investment option Performance benchmark
Cash Bloomberg AusBond Bank Bill Index
Australian Fixed Interest Bloomberg AusBond Bank Bill Index
Australian Property Securities S&P/ASX 300 Accumulation Index
Global Property Securities FTSE EPRA/ NAREIT Developed Real Estate Index (hedged in $A) (Net TRI)
Australian Value Share S&P/ASX 300 Accumulation Index
Global thematic Share MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested)


The benchmarks for the Zurich multi-sector (diversified) investment options will generally be a combination of these indices. The actual combination will be based on the percentage each asset class (eg property) represents as a proportion of the total portfolio of assets held by the investment option. The current benchmarks for each asset class are shown in the table below.

Asset class Performance benchmark
Australian Shares 1 S&P/ASX 300 Accumulation Index (ex-property)
Australian Shares2 S&P/ASX 300 Accumulation Index
International Shares

90% MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested)

10% MSCI Emerging Markets Accumulation Index in $A (net dividends reinvested) 

Australian Property Securities

S&P/ASX 300 A-REIT Accumulation Index

Global Property Securities

FTSE EPRA/NAREIT Developed Real Estate Index (hedged in $A) (net TRI) 

Australian Fixed Interest

Bloomberg AusBond Composite Bond Index

International Fixed Interest

Barclays Global Aggregate Index hedged into $A 

Alternative Investments

Bloomberg AusBond Bank Bill Index 

Cash

Bloomberg AusBond Bank Bill Index 

1 Benchmark for the Australian Shares sector in all diversified investment options managed directly by Zurich except Managed Share option.
2 Benchmark for the Australian Share sector in the Australian Value Share and Managed Share options only.

The current buy/sell spreads and performance benchmarks applicable to the investment options are listed below.

The buy/sell spread represents the estimated costs of buying and selling assets for applications to and withdrawals from each investment option and is included in the unit entry and exit price. Refer to the Product Disclosure Statement for further details.

The current buy and sell spreads for each investment option are set out in the table below.

Diversified options

Buy spread

Sell spread

Capital Stable Nil Nil
Balanced Nil Nil
Managed Growth Nil Nil
Priority Growth Nil Nil
Managed Share Nil Nil
 

Sector-specific options

Buy spread

Sell spread

Australian Fixed Interest Nil Nil
Australian Property Securities Nil Nil
Australian Value Share Nil Nil
Cash Nil Nil
Equity Income 0.10% 0.10%
Global Property Securities 0.30% 0.30%
Global Thematic Share Nil Nil
 

Externally managed options

Buy spread

Sell spread

Colonial First State Australian Share 0.20% 0.20%

Find a form

There are administrative forms that you may need to complete if you want to make a particular transaction or update the details of your plan.

Tax File Number declaration

Please refer to www.ato.gov.au for Tax file number declaration form (reference number NAT3092).

Withholding declaration form

Please refer to www.ato.gov.au for Withholding declaration - short version for seniors and pensioners form (reference number NAT5072).

Useful information

Looking for information on superannuation and retirement?

Here you will find news, updated key rates and thresholds, together with articles that will help you take control of your future.

ZMSF Annual Member Meeting

We hope you will be able to join Equity Trustees Superannuation Limited, the Trustee for the Zurich Master Superannuation Fund, at the 2021 Annual Member Meeting on 13 December 2021. This is a great opportunity for you to hear how your Fund operates, its investment performance and outlook for the future.  Registrations are required to attend this meeting.  For further information including the registration process please click here.

ZMSF Member Outcome Statement

As of 2021, all superannuation funds are required to assess the outcomes provided to their members (a Member Outcome Statement) and, based on that assessment, publish the results on how well the Fund provides member outcomes and promotes members’ financial interests. A separate Member Outcome Statement has been done for each product offered in the Zurich Master Superannuation Fund and can be accessed here.

Federal Budget Update – 2021-22

An overview of the Federal Budget announcement made on 11 May 2021:


Product Disclosure Statements

Zurich Superannuation Plan closed to new members from 1 October 2021

Please be advised that effective 1 October 2021, the Zurich Superannuation Plan (ZSP) is closed to new members.    

Existing ZSP members

There is no impact to existing ZSP members from this announcement.  All aspects of their existing policy remain the same, including the ability to make additional contributions to their ZSP account.

Zurich Account-Based Pension

The Zurich Account-Based Pension (ZABP) remains open to new members.

KDEG-017697-2021

Income protection cover can no longer be added to a Zurich Superannuation Plan

This information updates information set out in the Zurich Superannuation Plan (ZSP) and Zurich Account-Based Pension (ZABP) PDS, dated 1 July 2019.

Income protection cover, available through the Zurich Income Protector policy, is no longer available to members applying for ZSP Optional Protection Benefits. From 29 March 2021, Zurich Income Protector will no longer be available to:

- existing members wishing to add income protection cover to their ZSP for the first time; or
- new members joining the fund.

Existing members who currently have Zurich Income Protector as part of their ZSP are unaffected by this change and remain covered under the terms and conditions that applied when their cover started.

More information about the insurance cover available as part of the Zurich Superannuation Plan can be found in the Zurich Superannuation Plan Optional Protection Benefits Information Document, dated 29 March 2021.

Both the Zurich Superannuation Plan (ZSP) and Zurich Account-Based Pension (ZABP) PDS and the Zurich Superannuation Plan Optional Protection Benefits Information Document are available online at zurich.com.au/ZSPandZABP or by contacting us.

MMEA-016718-2021

Zurich Australia Limited ABN 92 000 010 195 AFSL 232510 has re-located its head office.

All references to “5 Blue Street North Sydney NSW 2060” in the following PDSs are replaced with “118 Mount Street North Sydney NSW 2060”:

  • Zurich Ezicover Income Protection, with issue date 27 May 2019
  • Zurich Ezicover Life Insurance, with issue date 1 November 2018
  • Zurich FutureWise, with issue date 1 October 2016
  • Zurich FutureWise (Supplementary PDS), with issue date 27 May 2019
  • Zurich Insurance-only Superannuation Plan, with issue date 27 May 2019
  • Zurich Superannuation Plan and Zurich Account-Based Pension, with issue date 1 July 2019
  • Zurich Superannuation Plan Optional Protection Benefits, with issue date 1 July 2019

Contact details in the above documents are otherwise unchanged, including the postal address: Locked bag 994 North Sydney NSW 2059.

MMEA-016261-2020

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option Booklet: Change to Buy/Sell spread for the Global Growth Share option

The buy/sell spread for the Global Growth Share option changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the change effective 1 December 2020.
 

Option

Previous buy/sell spread

New buy/sell spread

Global Growth Share

0.06% / 0.06%

0.03% / 0.03%


Please refer to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option booklet for further information on buy/sell spreads and transaction costs.

KDEG-016284-2020

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information

The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.

Investment options are graded across seven ‘risk bands’; from ‘very low risk’ to ‘very high risk’ (refer to the table below).

Risk Band

Risk Label

Estimated number of negative annual returns over any 20-year period

1

Very low

Less than 0.5

2

Low

0.5 to less than 1

3

Low to Medium

1 to less than 2

4

Medium

2 to less than 3

5

Medium to High

3 to less than 4

6

High

4 to less than 6

7

Very high

6 or greater

 
The current Standard Risk Measures (measured at 1 December 2020) are as follows:
 

Investment option

Standard Risk Measure

Capital Stable

Medium

Cash

Low*

Australian Fixed Income

Medium to High

Balanced

Medium to High

Managed Growth

High

Australian Property Securities

Very High

Global Property Securities

Very High

Priority Growth

High

Managed Share

High

Australian Value Share

High

Global Thematic Share

High

Global Growth Share

High

Colonial First State – Australian Shares

High

*The SRM change for the Cash Investment Option is predominantly due to current lower interest rate environment.
 

Note:

  • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
  • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.
KDEG-016284-2020

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Indirect Cost Ratio

The Indirect Cost Ratio (ICR) for all investment options have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the underlying investments during the period 1 July 2019 to 30 June 2020.  The current ICRs are shown in the table below.   

It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line the Fund’s disclosure obligations* and there have been no changes to way in which the investment options are managed.

Investment option

Current ICR

New

Capital Stable

0.48%

0.42%

Balanced

0.48%

0.43%

Managed Growth

0.45%

0.43%

Priority Growth

0.42%

0.42%

Managed Share

0.49%

0.45%

Australian Cash Pool

0.01%

0.01%

Zurich Australian Fixed Interest

0.38%

0.36%

Australian Property Securities Fund

0.36%

0.36%

Global Property Fund

0.51%

0.60%

Australian Value Share Fund

0.48%

0.44%

Global Thematic Share Fund

0.48%

0.48%

Global Growth Share Fund

0.47%

0.47%

Colonial First State – PST Australian Share Option

1.09%

1.07%

*Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’). RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return but were not previously required to be specifically disclosed in the ICR.

KDEG-016284-2020

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Indirect Cost Ratio

The Indirect Cost Ratio (ICR) for all investment options have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the underlying investments during the period 1 July 2018 to 30 June 2019.  The current ICRs are shown in the table below.   

It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line the Fund’s disclosure obligations* and there has been no changes to way in which the investment options are managed.

Investment option

Previous ICR

Current ICR

Capital Stable

0.51%

0.48%

Balanced

0.51%

0.48%

Managed Growth

0.48%

0.45%

Priority Growth

0.45%

0.42%

Managed Share

0.47%

0.49%

Cash

0.01%

0.01%

Australian Fixed Interest

0.38%

0.38%

Australian Property Securities

0.36%

0.36%

Global Property Securities

0.52%

0.51%

Australian Value Share

0.46%

0.48%

Global Thematic Share

0.47%

0.48%

Global Growth Share

0.47%

0.47%

Colonial First State – Australian Shares

1.08%

1.09%

*Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’).  RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return, but were not previously required to be specifically disclosed in the ICR.

KDEG-015630-2020

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information

The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.

Investment options are graded across seven ‘risk bands’; from ‘very low risk’ to ‘very high risk’ (refer to the table below).

Risk Band

Risk Label

Estimated number of negative annual returns over any 20-year period

1

Very low

Less than 0.5

2

Low

0.5 to less than 1

3

Low to medium

1 to less than 2

4

Medium

2 to less than 3

5

Medium to high

3 to less than 4

6

High

4 to less than 6

7

Very high

6 or greater

 
The current Standard Risk Measures (measured at 25 October 2019) are as follows:
 

Investment option

Standard Risk Measure

Capital Stable

Medium

Cash

Very Low

Australian Fixed Income

Medium to High

Balanced

Medium to High

Managed Growth

High

Australian Property Securities

Very High

Global Property Securities

Very High

Priority Growth

High

Managed Share

High

Australian Value Share

Very High

Global Thematic Share

Very High

Global Growth Share

Very High

Colonial First State – Australian Shares

Very High


Note:

  • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
  • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.
KDEG-015630-2020

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option Booklet: Change to Buy/Sell spread for Global Property Securities option

The buy/sell spread for the Global Property Securities option changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the change effective 18 October 2019.

Option

Previous buy/sell spread

New buy/sell spread

Global Property Securities

0.30% / 0.30%

0.20% / 0.20%

Please refer to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option booklet for further information on buy/sell spreads and transaction costs.

KDEG-015630-2020

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Indirect Cost Ratio

The Indirect Cost Ratio (ICR) for all investment options have been reviewed taking into consideration transaction costs and certain investment-related costs incurred within the underlying investments during the period 1 July 2016 to 30 June 2017.  The current ICRs are shown in the table below.

It is important to note these changes do not represent new or increased costs charged by Zurich but simply reflect updated information in line with the Fund’s disclosure obligations* and  there has been no changes to the way in which the investment options are managed.

Investment option

Previous ICR

Current ICR

Capital Stable

0.49%

0.52%

Balanced

0.50%

0.52%

Managed Growth

0.48%

0.50%

Priority Growth

0.46%

0.47%

Managed Share

0.53%

0.62%

Cash

0.02%

0.01%

Australian Fixed Interest

0.39%

0.38%

Australian Property Securities

0.36%

0.36%

Global Property Securities

0.63%

0.52%

Australian Value Share

0.52%

0.63%

Global Thematic Share

0.49%

0.47%

Equity Income

1.49%

1.56%

Global Equity Income

1.49%

1.94%

Global Growth Share

0.50%

0.47%

Colonial First State – Australian Shares

1.09%

1.09%

*Disclosure requirements of fees and costs for superannuation funds and managed investments are set out in the Australian Securities and Investment Commission (ASIC) Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (‘RG 97’).  RG97 was recently enhanced requiring the calculation of ICRs to also take into account transaction costs and certain investment-related costs incurred within the underlying investment. These types of costs have always existed and were taken into consideration into your net-of-fee return, but were not previously required to be specifically disclosed in the ICR. 

KDEG-013101-2018

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Fee Guide and Additional Information Booklet: Non-commutable account-based pension (transition to retirement pension)

The non-commutable account-based pension (transition to retirement pension) described on page 15 of the Zurich Superannuation Plan and Zurich Account-Based Pension Fee Guide and Additional Information Booklet, with an issue date of 1 January 2017, has been closed to new pensioners and is no longer available.

KDEG-013101-2018

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option Booklet: Change to Buy/Sell spread for Global Growth Share option

The buy/sell spread for the Global Growth Share option changed following a review of the underlying transaction costs incurred by the fund. Refer to the table below for the change effective 1 December 2017.

Option

Previous buy/sell spread

New buy/sell spread

Global Growth Share

0.08% / 0.08%

0.06% / 0.06%

Please refer to the Zurich Superannuation Plan & Zurich Account-Based Pension Investment Option booklet for further information on buy/sell spreads and transaction costs.

KDEG-013101-2018

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information

The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.
Investment options are graded across seven ‘risk bands’; from ‘very low risk’ to ‘very high risk’ (refer to the table below).

Risk Band

Risk Label

Estimated number of negative annual returns over any 20-year period

1

Very low

Less than 0.5

2

Low

0.5 to less than 1

3

Low to medium

1 to less than 2

4

Medium

2 to less than 3

5

Medium to high

3 to less than 4

6

High

4 to less than 6

7

Very high

6 or greater



The current Standard Risk Measures (measured at 1 December 2017) are as follows:

 

Investment option

Standard Risk Measure

Capital Stable

Medium

Cash

Very Low

Australian Fixed Interest

Medium

Balanced

High

Managed Growth

High

Australian Property Securities

Very High

Global Property Securities

Very High

Equity Income

High

Global Equity Income

High

Priority Growth

High

Managed Share

High

Australian Value Share

High

Global Thematic Share

Very High

Global Growth Share

High

Colonial First State – Australian Shares

Very High

 

Note:

  • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
  • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.

KDEG-013101-2018

Effective 1 April 2017 the minimum monthly Portfolio Management Charge for the Zurich Superannuation Plan and Zurich Account-Based Pension, increased from $21.56 to $21.88.

As disclosed in the PDS, the increase has been calculated on the Consumer Price Index (‘CPI’) increase measured over the 12 months ending 31 December of the previous year (ie. 2016). The CPI is the “Weighted Average of Eight Capital Cities Index” published by the Australian Bureau of Statistics.

KDEG-012133-2017

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Information Booklet on Investment options: Change in objective for the Zurich Global Thematic Share option

With effect 1 October 2015, the primary objective of the option is to provide long term capital growth with the benefits of global diversification. The option aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years.

KDEG-010735-2015

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Information Booklet on Investment options: Change in objective for the Zurich Global Thematic Share option

With effect 1 October 2015, the primary objective of the option is to provide long term capital growth with the benefits of global diversification. The option aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years.

KDEG-010735-2015

Update to the Zurich Superannuation Plan / Zurich Account-Based Pension Additional information guide: death benefits

The following text is added at the end of the booklet:

From 1 July 2016 there will be a change in the way death benefits are paid. From that date, the arrangements described elsewhere in this booklet will no longer apply and the following will apply instead:

What happens on death?

Binding Death Benefit Nomination (ZSP and ZSBP)

If you die with a valid Binding Death Benefit Nomination, the Trustee must pay your death benefit to your nominated beneficiaries in the proportions specified in the nomination.  

For a nomination to be valid:

  • The proportion  of your death benefit to be paid to each beneficiary must be clearly set out (and total 100 per cent)
  • The nomination must be signed and dated by you in the presence of two witnesses, both of whom are over 18 years of age and are not nominated to receive a benefit
  • The nomination must have been made, or confirmed within 3 years of the your death and
  • You must not have revoked your nomination.


Each nominated beneficiary must be your Dependant (refer below), or your Legal Personal Representative (generally the executor of your will or the administrator of your estate).

Generally, you may choose for benefits to be paid as a lump sum or as a pension.  However, it must be paid as a lump sum if  the benefits are payable to your Legal Personal Representative or to a child aged over 18, unless the child is: 

  • Under 25 and financially dependent on you immediately prior to your death, or
  • Permanently disabled.
     

Definition of Dependant

A Dependant includes:

  • Your current spouse (including de facto spouse) of either gender,
  • Your children of any age (including adopted children, stepchildren and your spouse’s children),
  • Someone who is financially dependent on you, or
  • Someone with whom you have an ‘interdependency relationship’


Two people have an ‘interdependency relationship’ if:

  • They have a close personal relationship;
  • They live together; and
  • One or each of them provides the other with financial support; and
  • One or each of them provides the other with:
    • Domestic support and personal care, but not if one of them provides domestic support and personal care to the other under an employment contract or a contract for services or on behalf of another person or organisation such as a government agency, a body corporate or a benevolent or charitable organisation; or
    • Support or care of a type and quality normally provided in a close personal relationship, rather than by a mere friend or flatmate 
  • Two people also have an interdependency relationship if they have a close personal relationship but they do not meet the other requirements of interdependency because:
    • Due to either or both of them suffering from a disability including a physical, intellectual or psychiatric disability, or
    • They are temporarily living apart. 


A Dependant must be alive and meet the definition of Dependant immediately before your death.

What if a nominated beneficiary is not your Dependant or your Legal Personal Representative?

In such cases, the portion of the benefit to be paid to that nominated beneficiary will be paid as if there is no valid Binding Death Benefit Nomination.

No nomination

Where there is no valid Binding Death Benefit Nomination, the Trustee must pay the death benefit (or applicable proportion) in accordance with the trust deed. This generally means that the benefit will be paid to your Legal Personal Representative, unless the Trustee:

  • Is unable to identify  your Legal Personal Representative within 6 months of the Trustee being notified of your death; or
  • Has reason to believe your estate is insolvent


If either of the above apply, benefits are instead paid to spouses or, if none, children in equal shares (where there are more than one).  For example, if you have no spouse and two children, both children would receive 50 per cent. 

Note that a person is only a 'spouse' or a 'child' if the Trustee is aware of the person's existence and is satisfied of their status as such.

If there is no spouse or child, then the Trustee must pay the death benefit to your Legal Personal Representative (even if the estate is insolvent) or deal with the death benefit under applicable laws relating to unclaimed super. 

Making a Binding Death Benefit nomination

For further information on binding nominations, including the nomination form, please ask your financial adviser to provide you with a copy of the Zurich Super Estate Management Binding Nomination brochure. Alternatively a copy of the brochure can also be obtained by contacting the Zurich Client Service Centre on 131 551 or through our website at www.zurich.com.au. There may be taxation or other implications to consider. You should consult your financial adviser for information regarding the nomination of a beneficiary.

You must confirm your nomination every 3 years in order for it to remain valid. You can do this by giving us a written notice, signed and dated by you, to that effect before it expires, or simply complete the confirmation form we send to you. It is your responsibility to ensure your Binding Death Benefit Nomination is confirmed before it expires.

If you wish to amend your nomination, you need to complete and submit a new binding nomination form which will then completely replace all previous nominations.

Reversionary pensioner nomination (ZABP only)

Instead of a Binding Death Benefit Nomination, under the ZABP, you can alternatively elect a reversionary pensioner. Your reversionary pensioner must be a Dependant who is eligible to receive a pension (as explained above).

If you elect a reversionary pensioner, in the event of your death, the regular payments will continue to be made to the Dependant you nominate as a reversionary pensioner on the application form. Only one reversionary pensioner can be nominated, who must be nominated when your pension is commenced.

If your reversionary pensioner dies before you, or your reversionary pensioner is not a Dependant (or in the case of a spouse, no longer your spouse) at the time of your death, your nomination will become invalid and the money will be paid as if there is no nomination in place (as explained above).

If payments to the reversionary pensioner have commenced, and the reversionary pensioner subsequently dies whilst still entitled to a pension, the balance of the benefit will be paid as if the reversionary pensioner is you and there is no nomination in place (refer above).

A reversionary pensioner nomination is binding on the Trustee and is irrevocable. This means that you cannot change your decision once you have nominated a reversionary pensioner. The only way to change your nomination  is to commute your pension (provided you did not elect to make it non-commutable when setting it up) and then set up a new one.

Making a reversionary pensioner nomination may have taxation and other implications. We recommend you discuss the appropriateness of such a nomination with your financial adviser.

KDEG-010554-2015

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension PDS: Taxable component of superannuation lump sum

The taxable component of a superannuation lump sum is as follows:

Below preservation age*:             Whole amount - 20% + medicare levy

Preservation age* to 59:               Amount up to low rate cap* - Nil
                                                           Amount above low rate cap* - 15% + medicare levy

Age 60 and above:                        Whole amount - Nil

*For information regarding your preservation age and the low rate cap amount, refer to the Superannuation Rates & Thresholds page.

KDEG-010274-2015

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension Information Booklet on Investment options: Zurich Equity Income option fee reduction

With effect 1 July 2015, the Indirect Cost Ratio (Investment management cost deducted from the underlying assets) reduced from 1.87% pa to 1.39% pa.

KDEG-010274-2015

Update to the Zurich Superannuation Trustee Investment Plan Information Booklet on Investment options: Zurich Equity Income option fee reduction

With effect 1 July 2015, the Indirect Cost Ratio (Investment management cost deducted from the underlying assets) reduced from 1.87% pa to 1.39% pa.

KDEG-0102735-2015

Update to the Zurich Superannuation Plan & Zurich Account-Based Pension PDS and Fee Guide: Increase to the minimum Monthly Portfolio Management Charge

Effective 1 April 2015 the minimum monthly Portfolio Management Charge for the Zurich Superannuation Plan and Zurich Account-Based Pension, increased from $20.85 to $21.20.

As disclosed in the PDS, the increase has been calculated on the Consumer Price Index (‘CPI’) increase measured over the 12 months ending 31 December of the previous year (ie. 2014). The CPI is the “Weighted Average of Eight Capital Cities Index” published by the Australian Bureau of Statistics.

KDEG-010274-2015

Update to the Zurich Superannuation Trustee Investment Plan PDS:  Increase to the minimum Monthly Portfolio Management Charge

Effective 1 April 2015 the minimum monthly Portfolio Management Charge for the Zurich Superannuation Trustee Investment Plan (ZSTIP), increased from $20.85 to $21.20.

As disclosed in the PDS, the increase has been calculated on the Consumer Price Index (‘CPI’) increase measured over the 12 months ending 31 December of the previous year (ie. 2014). The CPI is the “Weighted Average of Eight Capital Cities Index” published by the Australian Bureau of Statistics.

KDEG-0102735-2015

Updates to the Zurich Superannuation Plan and Zurich Account-Based Pension PDS (and Investment Option Booklet): Standard Risk Measure information
The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period.
Investment options are graded across seven ‘risk bands’, from ‘very low risk’ to ‘very high risk’ (refer to the table below).

Risk Band Risk Label Estimated number of negative annual returns over any 20-year period
1 Very low Less than 0.5
2 Low 0.5 to less than 1
3 Low to medium 1 to less than 2
4 Medium 2 to less than 3
5 Medium to high 3 to less than 4
6 High 4 to less than 6
7 Very high 6 or greater

 

The system also estimates how many negative annual returns are expected for each option over a 20-year period, to give you a clear idea of how a particular risk level may affect a long-term investment.


The Standard Risk Measures at 31 December 2014 are as follows:

Investment option Standard Risk Measure
Capital Stable Low
Cash Very Low
Australian Fixed Income Low
Balanced Medium
Managed Growth Medium to High
Australian Property Securities Very High
Global Property Securities High
Equity Income High
Global Equity Income Very High
Priority Growth High
Managed Share High
Australian Value Share High
Global Thematic Share Very High
Global Growth Share Very High
Colonial First State – Australian Shares High

 

Note:

  • The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
  • Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.

KDEG-009888-2015

The following types of fees shown in the Zurich Superannuation Plan / Zurich Account-Based Pension PDS (‘PDS’) have the following meaning in superannuation legislation.

How the fees apply is set out in the PDS. Note that the Zurich Superannuation Plan and Zurich Account-Based Pension are not MySuper Products.

PDS issued by Equity Trustees Superannuation Limited ('ETSL') ABN 50 055 641 757, AFSL 229757.

A fee is an activity fee if:

a) the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee,
    i) that is engaged in at the request, or with the consent, of a member, or
    ii) that relates to a member and is required by law, and

b) those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an advice fee or an insurance fee.

An administration fee is a fee that relates to the administration or operation of the superannuation entity and includes costs that relate to that administration or operation, other than:

a) borrowing costs; and

b) indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee of the entity or in an interposed vehicle or derivative financial product; and

c) costs that are otherwise charged as an investment fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

A fee is an advice fee if:

a) the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product advice to a member by:

i. a trustee of the entity, or
ii. another person acting as an employee of, or under an arrangement with, the trustee of the entity, and

b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an insurance fee.

A buy-sell spread is a fee to recover transaction costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assets of the entity.

An exit fee is a fee, other than a buy-sell spread, that relates to the disposal of all or part of members’ interests in the superannuation entity.

The indirect cost ratio (ICR), for a MySuper product or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option.

Note: A dollar-based fee deducted directly from a member’s account or paid out of the superannuation entity is not an indirect cost.

A fee is an insurance fee if:

a) the fee relates directly to either or both of the following:

i. insurance premiums paid by the trustee of a superannuation entity in relation to a member or members of the entity,
ii. costs incurred by the trustee of a superannuation entity in relation to the provision of insurance for a member or members of the entity, and

b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk, and

c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an advice fee.

An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:

a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees), and

b) costs that relate to the investment of assets of the entity other than:

i. borrowing costs; and
ii. indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees incurred by the trustee of the entity or an interposed vehicle or derivative financial product; and
iii. Costs that are otherwise charged as an administration fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

A switching fee for a:

a) MySuper product means is a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another and,

b) for superannuation products other than a MySuper product, is a fee to recover the costs of switching all or part of a member’s interest in the superannuation entity from one investment option or product in the entity to another.