Good vibes are in the air as we move from our parent fund Grow Super SMA to a larger parent fund called the DIY Master Plan.
How will this affect you?
Here's all the key information you need to know.
In November 2020, GigSuper will transition from our parent fund Grow Super SMA (where your Super account currently sits) to a larger parent fund called the DIY Master Plan.
As part of this evolution, we need your consent to bring your Super account over when we make the move.
Log into GigSuper now to give your consent.
Just a heads up that you’ve got until the 6th of December 2020 to provide your consent.
Once we have your consent, we’ll transfer your Super account over to the DIY Master Plan on the 7th of December 2020.
After the 7th of December 2020, the Grow Super SMA fund will no longer be in use by GigSuper.
Please note that if we haven’t received your consent by the cut off date, we’ll transfer your Super account to an Eligible Rollover Fund called the Super Money Eligible Rollover Fund for safekeeping until you choose to transfer it to another super fund (which you’ll be able to do through your myGov account). Alternatively, if you have another super account, you can also roll over your super to that fund via your myGov account.
Most things to do with your GigSuper account aren’t changing. The team behind it, the app, the Trustee and your Saver account are all staying the same.
What we’re changing is the Responsible Superannuation Entity (RSE) that your superannuation is held with. Here’s what that means...
As you probably know, superannuation is just the government's way of incentivising you to save for your retirement so you’re not relying solely on a pension when you stop working.
The way they incentivise you is by offering lower tax rates for money held in super.
The special bucket that your superannuation is held in, which allows for these lower tax rates, is called a Responsible Superannuation Entity or RSE.
Until now, any superannuation money you’ve got with GigSuper has been held in an RSE called the Grow Super SMA. But going forward, if you consent to move across with us, any superannuation money you’ve got with GigSuper will be held in an RSE called the DIY Master Plan.
And because we’re changing RSEs it means GigSuper’s USI and your GigSuper Member Number will change.
Each super fund in Australia has its own USI number. As a result of our move to the DIY Master Plan, GigSuper’s USI is changing.
Our new USI number is 46074281314006.
If you have an employer that is paying super contributions on your behalf and you wish to continue to have these contributions flow into your GigSuper account, you’ll need to complete a Standard Choice form (with our new USI number, plus your new member number) and give it to your employer.
If you don’t currently have an employer paying super contributions on your behalf, you don’t need to do anything in relation to the new USI number.
Yes. The administrator of the DIY Master Plan uses a different system to administer the fund. As a result your GigSuper member number will change.
If you consent to move across with us to the DIY Master Plan fund, your new GigSuper member number will be sent to you via email once your super has been moved across. Pop this number away somewhere handy for your reference.
If you have an employer that is paying super contributions on your behalf and you wish to continue to have these contributions flow into your GigSuper account, you’ll need to complete a Standard Choice form (with our new USI number and your new member number) and give it to your employer.
The first difference is that the DIY Master Plan fund has approximately $630m funds under management as at 30 June 2020, so it’s much larger than our current parent fund.
The second difference is that in the new fund, the structure we use to manage your investments will be slightly different.
Your investments in the Grow Super SMA fund have been managed via a Separately Managed Account (SMA) structure. In this structure, your investments are not unitised and the value of your account is the sum of the value of the underlying investments in your chosen SMA.
In the DIY Master Plan, your investments will be unitised. This means that when contributions and rollovers are paid into your Super account, you’ll be allocated a number of units in the investment option you have selected. Each of these units represents an equal part of the market value of the portfolio of investments that the option holds. As a result, each unit has a dollar value, or “unit price”.
It’s worth noting that most other public offer super funds in Australia operate using a unitised model.
We need your consent to open an account for you inside the DIY Master Plan, as well as to move any superannuation money you’re currently holding with us across to your new account.
No. Our pricing will stay the same at $78 p.a. + 0.95% p.a. The cost of the insurances inside GigSuper (Death, TPD, and Income Protection cover) will also remain the same.
As part of the move we’ll sell your investments in the Grow Super SMA fund and buy them back inside the DIY Master Plan. To make sure that you are not negatively impacted we’ll make an additional contribution to your new superannuation account to compensate you for the buy-sell spread on the transaction and the value of any tax credits from capital losses that cannot be transferred across to your new account. The amount of the additional contribution will depend on your specific circumstance at the date of transition.
Apart from the change from a separately managed account structure to a unitised structure described above, no. The investment options and the underlying fund managers we use to manage those investments – Vanguard, Black Rock, BetaShares & State Street – will all remain the same.
If you provide your consent to move across, when the transfer occurs, we’ll automatically carry over whatever investment option you already have selected.
No. The cost of any Life and Income Protection cover you may have will remain the same.
If you consent to move, any cover you’ve currently got with GigSuper will be carried across and the start date of your cover will be the date you originally opened your GigSuper account in Grow Super SMA, and not the date you moved into the DIY Master Plan.
No. Your Saver account will continue to operate exactly as it does now.
We’d love for you to come with us to the DIY Master Plan fund, but if you’re not keen to do that, you’ll need to move your superannuation money to another super fund. The easiest way to do this is generally to open an account with another super fund, then request to roll your GigSuper account over to that new super fund via your MyGov account.
If we don’t get your consent to move your Super account by the 6th of December 2020 your current GigSuper account will be closed and:
* any money held in your GigSuper Superannuation account will be transferred to a nominated Eligible Rollover Fund called the Super Money Eligible Rollover Fund for safekeeping until you choose to transfer it to another super fund (which you’ll be able to do through your myGov account), and;
* any money held in your GigSuper Saver account will be transferred back to your nominated bank account.
If you have any other questions, please give us a call on 1800 735 798 anytime and we’ll be happy to help.