Significant Event Notice – changes to superannuation from 1 July 2017

The Federal Government recently passed changes to superannuation which will come into effect from 1 July 2017.

As a result, there are some changes to NGS Transition to retirement accounts and Income accounts which will also take effect from 1 July that you need to be aware of.

  • Investment earnings on a Transition to retirement account will no longer be tax free.
  • There will be a new lifetime maximum amount of $1.6 million that can be transferred into a tax-free retirement account such as the NGS Income account. Any super balance above this limit will need to be retained in an Accumulation account.

We are required to make changes to the investment options available to accommodate some of these changes.

The following Significant Event Notices have been sent to all affected members on 26 May 2017. There are different versions that address members’ particular circumstances or arrangements and these can be determined by the heading of each notice.

Group SEN
Group 1
NGS Transition to retirement account members where none of the other groups apply
Download
Group 2
NGS Transition to retirement account members with Moderate Growth investment option
Download
Group 3
NGS Transition to retirement account members where account balance exceeds the new $1.6 million transfer balance cap
Download
Group 4
NGS Income account members where account balance exceeds the new $1.6 million transfer balance cap
Download
Group 5
NGS Transition to retirement account members with Income Generator investment option
Download
Group 6
NGS Income account members where account balance does not exceed the new $1.6 million transfer balance cap
Download