News and updates
Keep up to date with the latest news and information about Virgin Money Super.
Virgin Money Super product updates
Virgin Money Super - Protecting Your Super Package Significant Event Notice
Notice date: May 2019
Nature of event or change:
Protecting Your Super Package Significant Event Notice
From 1 July 2019, legislative changes known as the Protecting Your Superannuation Package will come into effect.
Impact of the change:
- No exit fee. From 1 July 2019 Virgin Money Super will no longer charge an exit fee when you withdraw funds from your super account. This includes both full and partial withdrawals. This is across all funds, regardless of your account balance.
- Fees will be capped at 3% p.a for low balances. From 1 July 2019 for all super accounts with a balance below $6,000, there will be a cap of 3% p.a on administration and investment fees to maximise your savings in retirement. Virgin Money Super customers currently receive one of the lowest fees in the market.
- Insurance. On and after 1 July 2019, if a contribution has not been made to a super account for a continuous period of 16 months, and a person has not opted in to take out or maintain their insurance, the insurance benefits with the super fund will be ceased.
- Inactive low-balance accounts. From 1 July 2019, customers with inactive low-balance accounts below $6,000 will have their account transferred to the Australian Tax Office (ATO). An inactive low-balance account is defined as customer who hasn’t made a contribution to a particular super fund account for 16 months or more, and has an account of $6,000 or less. There are some other activities outside of contributions that do stop a customer being considered inactive including nominating or changing a beneficiary or opting in to retain insurance cover. Once a customer’s super is transferred to the ATO they will then attempt to merge the inactive amounts in the active super account (if there is one, and if the total of the combined balance is greater than $6,000). If the ATO can’t combine the balance automatically, it will remain with them until it is claimed.
If you are a customer with Virgin Money Super and have questions regarding how these changes might affect your super please call the Customer Care Team on 1300 652 770.
2018 'We want to hear from you' competition winners
Congratulations to Michael Baird, Matthew Lennon, Christine Nicholson. Winners of the 2018 ‘We want to hear from you ‘competition. NSW Permit Number LTPM/18/03172.
Virgin Money Super insurance premiums reduced from 1 September 2016
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.
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.
Detailed information relating to these changes can be found here.
Frequently asked questions (FAQs) can be found here.
December 2015: Transition to new Administrator
Significant Event Notice notifying members of change to administrator in December 2015.
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 2015 and important changes to Virgin Super FAQs, Oct 2015 for 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.
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.
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.