Great new benefits for UniSuper pension members

In the September edition of Super Informed eNews, we shared with you a number of enhancements that we're making to our UniSuper Flexi Pension and Term Allocated Pension products from 1 December. The enhancements are designed to provide pension members with excellent service and the ability to better manage your pension.

Here’s a short recap of the enhancements, and how they might be of benefit to you.

Receive your pension payment fortnightly

With life's many financial commitments – bills, loan repayments, and general expenses, etc – it's sometimes easier to manage your cash flow on a fortnightly basis. That's where changing the frequency of your UniSuper pension payments to fortnightly can help. With this added flexibility, you can decide on the payment frequency that best suits your lifestyle.

Switch investment options weekly (including the introduction of daily crediting rates)

Do you keep a keen eye on the financial markets and want the flexibility to regularly switch the investment options that your pension is invested in? From 1 December, you'll be able to switch your investment options weekly if you wish.

To enable the transition to weekly investment switching, daily crediting rates were introduced on 1 November. From now on, each time you log into MemberOnline you’ll be able to see an up-to-date account balance.

Have your pension payments paid to more than one bank account

Do you have separate bank accounts for separate purposes? And would you like to have your pension paid into those separate accounts to avoid transferring money between accounts? From 1 December, you’ll be able to nominate up to four financial institutions to have portions of your pension paid into.

Increase death benefit payments to your beneficiaries with the introduction of anti-detriment payments

An anti-detriment payment is an amount that is paid in addition to a lump sum death benefit paid to certain beneficiaries upon your death. This payment is a reimbursement of the contributions tax that UniSuper has paid on your taxable contributions. An anti-detriment payment can generally only be made where the lump sum is paid to your spouse, former spouse or your child (including an adult child).

Nominate one of your dependants as a reversionary beneficiary to receive your regular pension payments after your death (Flexi Pension members only)

We don’t like thinking about what happens when we die, but it pays to give it some thought to make things easier for our loved ones.

By nominating a reversionary beneficiary, the balance of your pension will continue to be paid to one of your eligible dependants after your death as a pension rather than a lump sum. This provides both you and your nominated reversionary beneficiary with the certainty of an ongoing income stream.

What next?

The great thing about these enhancements is you don’t need to do anything if you’re happy with your pension the way it is. We’re simply providing you with more choice and greater flexibility to help meet the needs of our diverse membership.

Further details about the enhancements can be found in the new Product Disclosure Statement, Your guide to pensions.

If you have any questions about the pension enhancements and how you can take advantage of them, please call the UniSuper Helpline on 1800 331 685 between 8.30 am and 5.30 pm, Monday to Friday.


Prepared by UniSuper Management Pty Ltd (ABN 91 006 961 799, AFSL No. 235907) on behalf of UniSuper Limited ABN 54 006 027 121 the trustee of UniSuper (ABN 91 385 943 850).
This information is of a general nature only and includes general advice. It has been prepared without taking into account your individual objectives, financial situation or needs. Before making any decision in relation to your UniSuper membership, you should consider your personal circumstances, the relevant product disclosure statement for your membership category and whether to consult a licensed financial adviser.
The information is current as at 30 November 2011 and is based on our understanding of the legislation. Information is subject to change.