Key documents

Take the time to read the important documents below including the Virgin Money Super Product Disclosure Statement, product guide and insurance guide to understand all the details of the product.

Important documents

Document name Description
Product Disclosure Statement This is a summary of Virgin Money Super's important information that you should read in conjunction with the Virgin Money Super product guide before making a decision about investing your retirement savings with us.
Product guide A very, very, very important document for you to read when considering Virgin Money Super as the place to invest your retirement savings. It's where we keep all the little details, including insurance information and should be read in conjunction with the Virgin Money Super Product Disclosure Statement.
Insurance guide Being protected is important, that’s why with Virgin Money Super, and we offer a range of insurance benefits. Please carefully read our insurance guide for full details.
Financial services guide Another important document which we are required to give you. This FSG is intended to help you understand who we are, how we work, our relationship with the administrator, Mercer outsourcing (Australia) Pty Ltd and the services we will provide you.
Target Market Determination A Target Market Determination is a document which describes a group of retail clients (the target market) for whom a product is likely to be appropriate or consistent with their likely objectives, financial situation and needs, plus any conditions around how the product can be distributed.

It also describes the events or circumstances where the Target Market Determination will need to be reviewed.
Fact sheet - Proof of Identity This guide will help you get the right documents to provide proof of your identity.
Fact sheet - accessing your super Super is for your retirement, and there are restrictions around when and how you can access your super. The "Accessing your Super" fact sheet outlines how and when you can access your Virgin Money Super.
Fact sheet - beneficiaries If you don't make a binding death benefit nomination (or if it's invalid or has expired when you die), the trustee of Virgin Money Super can decide to pay your super to any of your dependants and/or your estate in any proportion.
That's why we would like you to tell us who you would like to receive your payout. The "Beneficiaries" fact sheet outlines how to nominate your beneficiary.
Fact sheet - contributions The "contributions" fact sheet outlines the different types of contributions, when you can make them, the tax associated with them and any limits which may apply.
Fact sheet - government contributions Co-contributions are a government initiative to help people save for their future. The "government contributions" fact sheet outlines the details and benefits you may be eligible for.
Fact sheet - tax on super payouts The "tax on super payouts" fact sheet outlines any tax implications that may occur at the time a payout is made from your superannuation fund. It is important you read this and understand how you may be impacted.
Fact sheet – Splitting super contributions The splitting super contributions fact sheet outlines the information and rules relating to  splitting super contributions with your spouse.
Fact sheet – Insurance in super This fact sheet relates to Virgin Money Super’s Automatic Insurance Cover.

Reports

Document name Description
Annual report 2020 With 2019/2020 turning out to be an unexpected, ever-changing year, the focus remained on delivering the best outcomes for Virgin Money Super customers. Promisingly, customers continued to see investment returns above both industry and retail averages throughout the year. The 2020 Virgin Money Super Annual Report provides you with an overview of the past years performance. This document needs to be read in conjunction with Part One – your Mercer Super Trust 2020 Annual Report, and Part Two – the Investment Options Details booklet.
Historical annual reports 2019 Annual report
2018 Annual report
2017 Annual Report
2016 Annual Report
2015 Annual Report
2014 Annual Report
2013 Annual Report
2012 Annual Report
2011 Annual Report
2010 Annual Report
MySuper Product Dashboard Information about the return, risk, and investment mix of the Virgin Money Super options.

Virgin Money Super Annual Member Outcomes Assessment:

  1. MySuper
  2. Choice Investments
Full details available here for MySuper
Full details available here for Choice Investments

Important information

Document name Description
Virgin Money Super Significant Event Notice

Notice date: 1 November 2021

Nature of event or change:

There are upcoming changes that apply to Virgin Money Super customers. This includes changes to some asset allocations and tax rebates. The new arrangements come into effect on 1 December 2021.

Also, due to changes to the Insurance Contracts Act, the current ‘duty of disclosure’ for customers is changing. Your responsibilities under the new ‘duty to take reasonable care not to make a misrepresentation’ can be found below.

There’s nothing you need to do, but please refer to the Product Disclosure Statement you received when you first joined Virgin Money Super, together with any other customer materials you have received since, when considering how these changes apply to you.

1.  Asset allocation changes

We regularly review our investment options to take account of market conditions. As a result of the latest review LifeStage Tracker®, Enhanced Passive Growth and Enhanced Passive Conservative Growth investment options will have changes to their asset allocations from 1 December 2021. The updated ranges and Strategic Asset Allocations (SAA) are outlined in the Product Disclosure Statement.

SAA is the longer term target allocation for the relevant asset classes in which an investment option invests and reflects the type of option, investment objectives, risk profile and suggested time horizon.

2. Tax rebate changes

Virgin Money Super is a plan in the Retail Division of the Mercer Super Trust. Currently, the Mercer Super Trust receives a tax saving for deductible expenses (including administration fees) which it generally passes back to customers via a credit to their accounts, either as a dollar amount or an adjustment to the unit price.

From 1 December 2021 these tax savings, in relation to administration fees, will no longer be passed back to customers in this manner. They will instead be paid into a reserve and used for the benefit of all customers, including you as a Virgin Money Super customer, which may include payment of certain costs of the Mercer Super Trust.

By way of example, if a customer currently pays a dollar based administration fee of $10 per month, they receive a tax saving of 15% ($1.50) credited to their account monthly. From 1 December 2021 they will no longer receive the 15% tax saving on dollar based administration fees. The removal of the tax saving will also apply to any asset based administration fees paid by customers. The overall impact of this change on your account will be based on the administration fees applicable to your account.

The Mercer Super Trust will pay certain costs associated with product and strategic services, which are estimated to be up to 0.036% per annum of Mercer Super Trust assets.

3. Take Reasonable Care

Mercer Superannuation (Australia) Ltd (‘the trustee’) has entered into a life insurance contract with OnePath (‘the Insurer’), to provide insurance arrangements for you as a Virgin Money Super customer. You have a legal duty to take reasonable care not to make a misrepresentation to the trustee or to the Insurer.

A misrepresentation is a false answer, an answer that is only partially true, or an answer which does not fairly reflect the truth.

This duty also applies when extending or making changes to existing insurance, and reinstating insurance.

If you do not meet your duty

Not meeting your legal duty can have serious impacts on your insurance. Your cover could be voided (treated as if it never existed), or its terms may be changed. This may also result in a claim being declined or a benefit being reduced.

Please note that there may be circumstances where the trustee or the Insurer later investigates whether the information provided was true. For example, when a claim is made.

If they believe you have not met your duty, the trustee and/or the Insurer will explain their reasons, how to respond and provide further information, and what you can do if you disagree.

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.

Virgin Money Super – Investment Option and Fee Updates Notice 

Notice date: 23 February 2021

Nature of event or change:

As part of a regular review of our superannuation products and services, we have identified opportunities to improve retirement outcomes for our customers.

1. Changes to Lifestage Tracker investment option and Choice investment options - effective 1 April 2021

We have refined the objectives, investment details and asset allocations.

Changes to LifeStage Tracker glidepath from 1 April 2021.

On the current glidepath, as customers reach age 47, their exposure to growth assets decrease as they age. Following this year’s product review, we’ve decided to move this out to age 52. The changes are being made to allow for the fact people are living and working longer, so there is a need for their retirement products to reflect the evolving landscape. We believe this active approach to investing will lead to stronger retirement outcomes.

You can find details of changes to your asset allocation in the Investment Details document.

2.  Changes to Investment details

As part of the review process we refine the objectives of each investment option to ensure they align with current market conditions and provide the best possible outcomes for our customers.  Asset allocation ranges and targets for Virgin Money Super – the Life Stage Tracker paths and the Enhanced Indexed Options will be changing as of 1 April 2021.

You can find details of changes to your asset allocation in the Investment Details document.

3. Fee Changes to Indirect Cost Ratio (ICR)

Managing your super involves some indirect costs incurred by the underlying investment vehicles which Virgin Money Super invests in. These include some investment management and performance related fees, underlying investment vehicle expense allowances, net explicit transactional and operational costs and over-the-counter derivative costs. The Indirect Cost Ratio (ICR) for each investment option for the year ended 30 June 2020 are set out on page 19 of the 2020 Annual Report.

Changes to ICRs

Managing your super involves some indirect costs, such as investment management fees and operational costs. There have been some changes to how the ICRs are calculated. Effective from 1 July 2020, investment fees for direct property and infrastructure managers will now be included in the ICR, while property operating costs will no longer be included.

Based on these changes, we expect the ICR for each option to remain largely unchanged.

4. Eligible Rollover Fund closure

The government has announced that all Eligible Rollover Funds will close to new transfers from 1 May 2021. Under the proposed rules, super funds will be able to voluntarily transfer amounts to the Australian Tax Office (ATO).

Virgin Money Super customer’s super that would previously have been transferred to SuperTrace Eligible Rollover Fund will remain in Virgin Money Super until it can be transferred to the ATO.  Any insurance cover you have in Virgin Money Super will cease when your super is transferred. These changes have not yet been legislated, however when it does pass Virgin Money Super will move to implement the new rules as stated above.

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.

Virgin Money Super - Insurance Premium Reduction and Investment Option Updates Notice

Notice date: 12 November 2019

Nature of event or change:

1. Reduction to your insurance premiums – effective 1 December 2019

We regularly complete a comprehensive review of the insurance arrangements offered through Virgin Money Super. Following the review of the insurance policies and premiums, OnePath Life Limited ABN 33 009 657 176 AFSL 238341 (OnePath) has been re-appointed as the insurer for Death, Total & Permanent Disablement (TPD) and Income Protection (IP) cover for another three years. Effective from 1 December 2019:

  • Premiums for Death, TPD and IP cover will be decreasing. The premium rates are decreasing by about 21% for Death Only cover, 22% for Death & TPD cover and 20% for IP cover. The cost of insurance cover (if any) will continue to be deducted from your account balance at the end of each month.
  • As a Virgin Money Super customer, if you hold insurance in your super account, there is no change to the way your insurance cover is calculated, and how the cost is paid.

Both the new and current insurance premiums can be found in Schedule A.

2. Changes to Lifestage Tracker investment option and Choice investment options - effective 1 January 2020

Virgin Money Super offers a range of investments, which have different investment styles or asset classes, including a LifeStage Tracker investment option and a range of Choice investment options.

The LifeStage Tracker investment option is an age path option based on the year of your birth. Each LifeStage Tracker age path aims to outperform the Consumer Price Index (CPI) by a certain percentage each year, for a certain time period.

Looking ahead, we believe economic growth will continue to be slow with investment returns generally expected to be lower than in recent years, particularly with respect to defensive investments such as fixed interest investments, which are sensitive to the low interest rate environment.

For this reason, to enhance the probability of the investment options meeting their investment objectives, effective from 1 January 2020 we will be:

  • Increasing the growth allocation by 5% for all LifeStage Tracker age paths;
  • Amending the investment objectives for a number of the LifeStage Tracker age paths; and
  • Increasing the growth allocation by 5% for the Enhanced Index Growth and Enhanced Index Conservative Growth investment options.

You find details of changes to your asset allocation under the ‘Asset Allocation Table’ in Schedule B.

Full details of both of these changes are included in the Notice.

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.

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.

  • Virgin Money Super - Important Updates , Notice Date: September

    Notice date: September 2017

    Nature of event or change:

    • Notification to customers of change to Virgin Money Super Indirect Cost Ratios (ICR) disclosed in PDS in response to new legislation
    • Notification to customers of changes to contribution limits

    Impact of the change:

    • The change to Indirect Cost Ratio is not a fee increase, but a broadening of costs which are included in the calculation of ICR such as brokerage costs associated with buying and selling shares. 
    • Legislative changes to contributions caps will be  customer dependant.
    • The change to Virgin Money Super Indirect Cost Ratios (ICR) is effective from 1 October and can be viewed in the Virgin Money Super Product Disclosure Statement

    Read more detailed information relating to the changes.

  • Virgin Super Successor Fund Transfer Significant Event Notice, Notice Date: 28 October 2016

    Notice date: 28 October 2016

    Nature of event or change:

    Successor Fund Transfer (SFT) to the new superannuation fund, Virgin Money Super, a separate plan within Mercer Super Trust.

    Impact of the change:

    The transfer will take place between 28 November 2016 and 12 December 2016. During this period, some of our services will be interrupted and members will not have access to their online account or be able to transact on their account (such as rolling money in, insurance or investment changes, personal contributions, general updates and general withdrawals).

    Other impacts include: -

    • Member numbers will change
    • BPAY Customer Reference Number will change
    • All members’ insurance cover and insurance premiums remain unchanged.

    From mid-December, Virgin Money Super will be up and running and expected to deliver benefits for members including a simplified product structure, improved LifeStage Tracker® option, a decrease in administration and investment fees, access to personalised superannuation advice and a state of the art online account.

    Detailed information relating to these changes can be found here.

    Frequently asked questions (FAQs) can be found here.

Helpful information

Document name Description
Fee definitions Official SIS Act definitions for each fee type.
Trust Deed

These are the documents that govern Virgin Money Super.

The trust deed is a legal document that sets out the rules for establishing and operating Virgin Money Super. It includes things such as:

  • Who can be a customer of Virgin Money Super
  • The powers of the trustee
  • Rules around how the fund will operate
Trustee policies and remuneration

These are important documents about the trustee including conflicts of interest policy, trustee remuneration and other important documents.

The documents the way in which the trustee is remunerated by Virgin Money Super to ensure full disclosure for our customers.

Information for employers

Document Name Description
Guide to SuperStream SuperStream is the name of the new government standard for the creation and submission of superannuation contributions data and payments between employers and super funds

Virgin Money's Super Engagement Program

Document Name Description
Virgin Money's Super Engagement Program Terms and Conditions For details of the terms and conditions for Virgin Money's Super Engagement Program

Virgin Money Super Baby Break

Document Name Description
Baby Break Form Planning to go on maternity/paternity leave? Apply for your Baby Break benefit using this form.
Virgin Money Super Baby Break – Terms and Conditions The offer: Virgin Money Super will discount the asset based administration fee from 0.394% to 0.044% for Virgin Money Super members who are on maternity or paternity leave, for up to 12 months per child. No more than one application per child will be approved.
  • Full Baby Break Terms and Conditions

    Virgin Money Super Baby Break – terms & conditions

    The offer: Virgin Money Super will discount the asset based administration fee from 0.394% to 0.044% for Virgin Money Super members who are on maternity or paternity leave, for up to 12 months per child. No more than one application per child will be approved.

     

    To be eligible to receive the offer, the applicant must:

    • Be a Virgin Money Super customer (either new or existing);
    • Be on or about to go on maternity/paternity leave from their employer or self-employment;
    • Complete and submit a Baby Break application form; and
    • Provide a letter from the employer on company letterhead, including the following details: 
    1. Employee name; 
    2. HR/Finance contact name, address, telephone number and email address; 
    3. Maternity/Paternity leave start and end dates that correlate to the dates on the customer’s Baby Break Application form. 

     

    If self-employed, a letter on company letterhead detailing;

    1. Company name, address, ABN; and
    2. Maternity/Paternity leave start and end dates that correlate to the dates on the customer’s Baby Break Application Form

    Only the Asset Based Administration Fee as defined in the current Virgin Money Super Product Disclosure Statement is discounted under this offer.

    Activity Fees, Dollar Based Administration Fees, Investment Management Fees and Insurance premiums are excluded from the offer and will continue as normal.

    Following completion of maternity/paternity leave or 12 months (whichever is less), the Asset Based Administration Fees discount will be removed and the fee you pay will recommence as per the current Virgin Money Super Product Disclosure Statement.

    The offer only applies to maternity or paternity leave (either paid or unpaid) from an employer, including same sex couples for a period of 12 months or less.

    The period to which the offer applies: 

    • Concludes no more than 12 months after the baby has first arrived;
    • Will not be greater than 12 months per child; and
    • Must be declared on the Baby Break Application Form and confirmed in writing by the customer’s employer. 

    If the period you apply for is less than 12 months and you later decide to extend your leave period, please complete another Baby Break Application Form and we will extend the offer up to the maximum of 12 months.

    Should a customer in receipt of the offer cease to be on maternity/paternity leave prior to the date shown on the Baby Break Application form, they must notify Virgin Money Super immediately.

    Please allow 14 business days for Virgin Money Super to receive, process and accept the Baby Break Application Form and the Employer confirmation letter.

    Applications cannot be back dated and are not valid until processed and accepted by Virgin Money Super.

    Virgin Money Super may contact the employer nominated on the Baby Break Application Form during the period of the offer. If the contact, name, and/or leave periods details cannot be confirmed or are no longer valid, the offer may be withdrawn immediately.

    Virgin Money Super reserves the right to amend, vary or withdraw this offer at any time without notice.

    Other than is required under consumer protection law, under no circumstances will Virgin Money Financial Services Pty Limited and its related companies be liable for any loss or damage caused directly or indirectly by a user's reliance on information provided.

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Customer Care team

Talk to our Customer Care Team on 1300 652 770
Mon-Fri 8am-6pm (AEST) apart from public holidays.

Business Specialists

Talk to one of our business specialists on 1300 855 040
Mon-Fri 9am-5pm (AEST) apart from public holidays.