Market Update - Change to interim crediting rates

Please note the Trustee has determined interim March 2020 crediting rates (applicable for the period from 1 March 2020 to date of payment for benefit payments) using market return data now available. These interim crediting rates will apply until the final March Crediting rates are determined around 20 April or an earlier review is completed, depending upon market movements.
 
Subject to members remaining in the Plan, the special interim crediting rates calculated for March will NOT ultimately be applied to members’ superannuation or pension account balances. Once determined, the final March crediting rates for each investment option will be applied in determining superannuation accounts balances from approximately 20 April.
 
INTERIM CREDITING RATES

Interim crediting rates are in place for each of the Plan’s investment options where the monthly crediting rate is not known.  These interim crediting rates are ONLY used in the event that a member transfers to the Pension Section of the Plan or rolls over or cashes out some or all of their super from the Plan.  Interim crediting rates are usually based on cash rates.  However, in the interest of treating all members fairly, and given the recent extreme market volatility we are changing the usual approach to interim crediting rates.  Should there be continued market volatility, the interim crediting rates will be reviewed daily with adjustments made to the rates where there is significant market volatility.  The Plan will be updating interim crediting rates based on market volatility from 17 March.  As a result, there may be short delays in processing benefit payments and rollovers.  We will continue to keep you updated. 
 
Member account balances currently reflect both the February declared rate and the March special interim crediting rate. We are continuing to monitor the markets while the volatility continues.
 
Should members require additional information feel free to contact the Plan Helpline on 1800 355 028.
This information has been prepared by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. Any advice contained in this document is of a general nature only, and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this document, you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering, and seek professional advice from a licensed, or appropriately authorised, financial adviser if you are unsure of what action to take. "MERCER" is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2014 Mercer LLC. All rights reserved.

18 March 2020