Updated: August 2025
Summary of changes
| Notice date | Effective date | Nature of the event or change | Impact of change |
August 2025 | 1 October 2025 | Changes to the insurance premiums | Equip Super accumulation (excluding BOC and Rio Tinto plans) and defined benefit members: premium reduction for total and permanent disablement (TPD) cover From 1 October 2025, the cost of TPD cover will reduce by 2.8% for Equip Super members (excluding BOC and Rio Tinto members). The costs for death cover are unchanged. Defined benefit members (excluding BOC) with voluntary cover will also benefit from the premium reduction for any TPD cover they may have. Equip Super accumulation (excluding Toyota plan) members: premium reduction for income protection (IP) cover From 1 October 2025, the cost of IP cover will reduce by 2.8% for most Equip Super members.. |
August 2025 | 1 October 2025 | Changes to insurance premiums and the automatic acceptance limit (AAL) for Toyota members | Toyota employer plan members: premium reduction for TPD and IP cover and Automatic Acceptance Limit (AAL) increase From 1 October 2025, Toyota members will benefit from lower costs for TPD cover (reduced by 2.8%) and IP cover (reduced by 1.3%). The costs for death cover are unchanged. Defined benefit members with voluntary cover will also benefit from the premium reduction for any TPD and/or IP cover they may have. The AAL that applies to members’ basic insurance cover will increase from 1 October 2025:
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August 2025 | 1 October 2025 | Changes to the insurance policy terms | Equip Super accumulation and defined benefit members: removal of two exclusions for death, TPD and IP policies From 1 October 2025, the following exclusions will no longer apply to insurance claims payments:
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August 2025 | 1 July2025 | Investment related changes | Equip Super accumulation and Retirement Income products
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Notice date | Effective date | Nature of the event or change | Impact of change |
September 2024 | 1 November 2024 | Changes to asset-based administration fee | BOC Employees and Elgas plans: Asset-based administration fee reduction The asset-based administration fee charged will increase from to 0.15% pa to 0.19% pa. No changes to the maximum asset-based administration fee charged (this was reduced to $950 pa effective 1 July 2024). |
September 2024 | 1 November 2024 | Change to asset-based administration fee | BOC Retained and Spouse members plan: Asset-based administration fee increase for non-MySuper members The asset-based administration fee charged will increase to 0.19% pa from 0.15% pa on 1 November 2024. No changes to the maximum asset-based administration fee charged (this was reduced to $950 pa effective 1 July 2024). |
| September 2024 | 1 November 2024 | Introduction of insurance fee | BOC (Employees and Retained and Spouse members) and Elgas plans: Introduction of insurance fee A new insurance fee will apply to members with basic and/or voluntary cover. The fee is calculated at 4% of premiums. The cost of insurance cover from 1 November 2024 includes the premium that a member pays (which goes to the insurer) and the 4% insurance fee (which is paid to the Fund). |
September 2024 | 1 July 2024 | Change to asset-based administration fee | BOC Retained and Spouse members plan: Asset-based administration fee reduction for MySuper members The asset-based administration fee charged was reduced to 0.19% pa from 0.22% pa and the maximum asset-based administration fee charged was reduced to $950 pa effective 1 July 2024. |
May 2024 | 1 July 2024 | Changes to asset-based administration fee | Equip Super accumulation and defined benefit products: Asset-based administration fee reduction The asset-based administration fee charged on accumulation account balances, and voluntary additional accumulation account balances for defined benefit members, will reduce to 0.19% pa from 0.22% pa. As a result, the maximum asset-based administration fee charged will reduce from $1,100 to $950 pa. For most members in the BOC and Elgas plans, there is no change to the asset-based fees, but the maximum asset-based administration fee charged will reduce from $1,100 to $950 pa. |
May 2024 | 1 July 2024 | Changes to administration fees | Retirement products: Reductions to the weekly administration fee and asset-based administration fee The weekly fee will reduce to $1.00 per week from $1.95 per week. The asset-based administration fee will reduce from 0.20% to 0.19% pa. As a result, the maximum asset-based administration fee charged will reduce from $1,000 to $950 pa. |
May 2024 | 1 July 2024 | Introduction of insurance fee | Equip Super accumulation and defined benefit products: Introduction of insurance fee A new insurance fee will apply to accumulation members with basic and / or voluntary cover and defined benefit members with voluntary cover. The fee is calculated at 4% of premiums. The cost of insurance cover from 1 July 2024 includes the premium that a member pays (which goes to the insurer) and the 4% insurance fee (which is paid to the Fund). |
May 2024 | 1 July 2024 | Changes to insurance terms and conditions | All plans with insurance cover There will be some changes to insurance terms and conditions:
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May 2024
| 1 July 2024 | Changes to insurance terms and conditions | Permanent employees working for a Rio Tinto, QAL, Yancoal, Glencore or Kestrel employer Members will maintain their salary-based cover and will no longer change to unit-based cover when they cease employment or elect Choice of Fund. |
May 2024
| 1 July 2024 | Investment related changes | CPI and investment objectives The time horizon to meet the respective CPI+ objectives for the Balanced, Capital Stable and Defined Benefit options will increase to 10 years. Strategic asset allocation range changes The strategic asset allocation permitted ranges were lowered for the Australian shares asset class (Growth Plus, Growth, Balanced investment options) and overseas shares (Growth Plus investment option). The standard risk measures for each investment option were recalculated. The transaction costs and performance fees were recalculated for each investment option, based on the experience of the past 12 months. |
| Notice date | Effective date | Nature of the event or change | Impact of change |
May 2023 | 1 July 2023 | Changes to administration fees | Equip accumulation products / defined benefit products - administration fee reduction: The asset- based administration fee charged on account balances (and voluntary additional accumulation account balances for defined benefit members) will reduce to 0.22% pa from 0.25% pa. As a result, the maximum asset-based administration fee charged will reduce from $1,250 to $1,100 pa. For members in the BOC and Elgas plans, there is no change to the asset-based fees, but the maximum asset-based administration fee charged will reduce from $1,250 to $1,100 pa. |
May 2023 | 1 July 2023 | Changes to administration fees | Dow and Pitcher Partners corporate plans: The time-limited, reduced asset-based administration fee charged on account balances will end; it will increase to 0.22% pa. As a result, the asset-based administration fee, charged on balances up to $500,000, will increase to a maximum of $1,100 pa. |
May 2023 | 1 July 2023 | Changes to investment options | Equip accumulation / pension / defined benefit products New investment option: A new low-cost, indexed option is added to the investment menu – Index Diversified. This option allocates money to a broad range of listed assets, with 70% of growth assets, and 30% of defensive assets. Investment option changes: A number of investment options are changing names and asset allocations.
Replacement of the Sustainable Responsible Investment (SRI) option: SRI will be replaced by the new Future Focus option, which is a broadly diversified option. This option invests mainly in growth assets (i.e. shares, property and infrastructure), with the balance invested in more stable assets like fixed interest and other defensive assets. Some consideration is given to Environmental, Social and Governance (ESG) factors when investing. |
May 2023 | 1 July 2023 | Changes to the TPD definition and/or TPD premiums | Equip accumulation / defined benefit products: For most plans, the TPD definition is changed to simplify and broaden the eligibility for an insured TPD benefit. With these changes, there’s a 5% increase of the cost of TPD cover, across all age groups, in all products (BOC excepted). |
May 2023 | 1 July 2023 | New product name | Equip pension products: The pension products will be known as Equip Super Retirement Income (previously Account Based Pension) and Equip Super Transition to Retirement Income (previously Transition to Retirement Pension). |
May 2023 | 1 July 2023 | Changes to MyPension rebalancing | Members in the Equip Super MyPension default strategy: From 1 July 2023, the MyPension investment strategy will be rebalanced twice a year, in April (using the unit prices as at 31 March) and October (using the unit prices as at 30 September). |
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