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Virgin Money Super - News and Updates

Keep up to date with the latest news and information about Virgin Money Super.

Virgin Money Super Product Updates

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Virgin Money Super Insurance Premiums reduced from 1 September 2016

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Product Updates

Virgin Money Super Insurance Premiums

From 1 September 2016, insurance premiums will be reducing by an average of 14% for Death and TPD insurance and 5% reduction for Income Protection insurance cover.

OnePath has been Virgin Money Super's insurer since our launch in 2005. This long term relationship has enabled OnePath to lower our premiums and make them even more competitive.

Your level of insurance cover will not change. You will receive the same level of cover at a lower premium. The lower premiums will be reflected in your insurance transactions in your online account after 1 September 2016. 

To review or update your insurance options, login to your online account and head to the insurance section.

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Virgin Super Successor Fund Transfer Significant Event Notice

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Virgin Super Successor Fund Transfer Significant Event Notice

Notice date: 25 October 2016

Nature of event or change:

Successor Fund Transfer of Virgin Superannuation to Mercer Super Trust.

Virgin Money is pleased to announce that our partnership with the Mercer group is expanding to deliver further enhancements for our superannuation customers. In order to implement these enhancements, we will be transferring all members investments from the existing Virgin Super fund (ABN 88 436 608 094) to a new fund called Virgin Money Super (ABN 19 905 422 981), by way of a Successor Fund Transfer (SFT) on 1 December 2016.

Impact of the change

Some of the improved benefits include a simplified product structure, improved LifeStage Tracker® option, a decrease in administration and investment fees, access to personalised superannuation advice and a brand new, state of the art online account.

More Information

Detailed information relating to these changes can be found here.
Frequently asked questions (FAQs) can be found here.

Virgin Money Blog
 

Archive

2015 Super Stars and Super Cars competition winner

 
Congratulations to Ayla from Daisy Hill, QLD. She was the 2015 winner of the Virgin Money Super Stars & Super Cars competition. Ayla headed to LA for the premier of Angry Birds to rock the red carpet at a Hollywood movie premiere.
 

Important changes to Virgin Super

 
Virgin Super introduced some exciting new services and features for our members. For a limited time, there were interruptions to some of our services. There were also changes to the way members manage their Virgin Super account from 14 Dec 2015. Please refer to  Important Changes to Virgin Super OVERVIEW, Oct 2015and Important Changes to Virgin Super FAQs, Oct 2015for specific information about these changes.
 

2014 Super Stars and Super Cars competition winner

 
Congratulations to Stacey L from West Wodonga, Victoria. She was the 2014 winner of the Virgin Money Super Stars & Super Cars competition. Stacey headed off to feel the roar of the Monaco Formula One Grand Prix
 

Super’s getting stronger

 
The Government’s StrongerSuper reforms include two very important changes:
  • MySuper –making it easier and more transparent for people to compare default super products. Super funds will need to offer a low cost product for members who haven’t made a choice.
  • SuperStream–makes processing super transactions easier, faster and cheaper by introducing electronic payment systems and standardising data.

Virgin Money Super LifeStage Tracker® is a MySuper authorised product.

About MySuper

By 1 January 2014, all employers must pay contributions into a MySuper authorised product for any employee who has either not made a choice of fund or an investment option within the fund.

MySuper product must be authorised by APRA and include:

  • A single diversified investment option.
  • Same fees for all – fees must be the same for all members and there must be no entry fees, adviser fees or commissions.
  • Automatic Insurance – to ensure all members are protected, Automatic Death and Total & Permanent Disablement Insurance will be added to every account which members can tailor or opt-out completely.

Please note that the addition of Automatic Insurance is a regulatory requirement for MySuper. We’re pleased to announce that Virgin Money Super Lifestage Tracker is now an authorised MySuper compliant product.

 

About SuperStream

SuperStream aims to make processing super transactions easier, faster and cheaper by introducing electronic payment systems. There’s no action for you as an individual member of a super Fund, it just means that processing super across the board will get faster and more efficient. We’ve included a snapshot of some of the changes in legislation in case you’re interested:

  • July 2013: the SG Contributions will increase from 9.00% to 9.25%.
  • July 2013: employers will need to report the super contributions actually made on employees payslips.
  • July 2013: the upper age limit for paying super to an employee is being removed to encourage mature workers to remain in the workforce. You may need to make SG Contributions for eligible employees aged 70+.

Jan 2014: if an employee doesn’t make a choice of fund or investment strategy within the default fund, employers will have to make all default payments to a MySuper compliant product. We expect Virgin Super Essentials to achieve MySuper authorisation later this year. Please keep checking this page for the latest updates.

 

2013 Super Stars and Super Cars competition winner

 
Congratulations to David M from Richmond, Victoria 3121. He was the 2013 winner of the Virgin Money Super Stars and Super Cars competition. David headed off to enjoy the music gig of his choice – Creamfields in Argentina.
 

Superannu-what? Jargon costing Aussies billions

 

The verdict is in: a staggering 80% of Australians find the jargon used around Super confusing; meaning they’re potentially missing out on billions of dollars at retirement. 71% think that language is a barrier to managing their funds effectively. 9 out of 10 Aussies said they’d support a campaign to simplify superannuation terminology - and that’s exactly what we’re doing.

 

More about Virgin Money Super

 

Important stuff

The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO.

As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.

QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.

This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don't know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the Insurance Guide.

The Superannuation Fees described on the Fees page apply from 12 December 2016. Here you'll find the official Superannuation Industry (Supervision) Act 1993 ('SIS Act') definition for each fee type.

While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).

Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees.

It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.

Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.

Source: https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/

SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.

The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2016-2017 Financial Year.

Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 30 June 2016. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.

The median results are provided by SuperRatings and are current as at 30 June 2016 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.

Eligibility crtieria and fees apply. Aged 15-64 Death and Total and Permanent Disablity cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.

Automatic Death & TPD cover for Australian residents aged 15-64 with our default insurance offering. Conditions and Exclusions (such as pre-existing medical conditions) apply. See the Virgin Money Super Insurance Guide for more information.

The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.