ART Product Update
From 1 July, we made some important changes to our Retirement Bonus, insurance, investments, ongoing fees and costs, and other topics related to super.
We’ve outlined below some the changes that happened for Super Savings accounts. It’s also important that you read the Product update for full details.
Quick guide to the changes
Retirement Bonus changes
- The Retirement Bonus has increased to 0.50% of the eligible amount transferred to a Retirement Income account or Lifetime Pension,1 up to a maximum of $9,500 in aggregate across all Australian Retirement Trust accounts.
1The Retirement Bonus does not apply to the Super Savings - Corporate Lifetime Pensions.
- If you opened a Retirement Income account or Lifetime Pension in the 2022-23 financial year, there will be some transitionary arrangements in respect to your bonus.
- You may be eligible to receive more than one bonus.
- Changes to how the Retirement Bonus gets reported to the ATO.
- Other questions we expect you might have about the change to the bonus.
Insurance rule changes
- Opt-in Income Protection cover is now available for more contract workers.
- If leaving a Super Savings – Business or Super Savings – Corporate employer, to keep your existing Income Protection cover you’ll need to let us know within 60 days of us being notified by your employer.
- Various insurance definitions have changed.
Super Savings Accumulation insurance premiums changes
- For most members with a Super Savings Accumulation account, insurance premiums have increased.
- The increase to premiums will depend on your age, gender, and cover amount.
- The Tailored Income Protection indexation amount will be 3.2%.
- The changes do not apply to members with a Super Savings – Business, Super Savings – Corporate, or Super Savings Ex-IAG/NRMA Accumulation account.
Investment changes
- We updated investment performance benchmarks and objectives for various options.
- We updated strategic asset allocations and ranges for various options.
Super rules, rates and thresholds
From 1 July, a range of super rates and thresholds were adjusted to reflect changes to the Consumer Price Index (CPI) or Average weekly ordinary time earnings (AWOTE).
For a detailed list of rules, rates and thresholds that apply to super from 1 July 2023, download our factsheet.
Quick guide to the changes
- The super guarantee rate (SG) increased to 11%.
- The transfer balance cap increased by $200,000 to $1.9 million.
- The maximum super contribution base increased to $62,270 per quarter.
- For government co-contributions, the lower income threshold increased to $43,445 and the higher income threshold increased to $58,445.