A few changes to Verve Super from 1 November 2023
There’s a few changes coming to your Verve Super account.
In short: From the 1st of November, we’re changing administrators (more on what an administrator is later) to provide an even better experience for our members.
What does that mean? Well it’s a little like moving house. There’s a short period where things will be a bit different for you, but we’re confident you’ll be happy with the new digs once we’re all set up!
How will this impact me?
There are three key things to know here:
- Temporary restrictions to your online superannuation account: As we make changes to our administration services, there will be a planned ‘blackout’ period from 1 November to 14 November 2023.
This means you won’t be able to make changes to your online account during this time. This includes things like: making contributions; rollovers in or out of your account; making withdrawals; applying for insurance; or adding a beneficiary to your account. Any transaction requests received during this period will be processed from 15 November 2023, and all access to your online account will resume as normal from then too.
To learn more: Read the Significant Event Notice on the blackout period.
- Bank account changes: We’re also changing the way members can make payments into Verve Super. A new administrator change = a new bank account and the introduction of BPAY as a payment method. So, if you make regular contributions via EFT you will need to move to BPAY from 15 November 2023. So if you, your spouse or another relative, are making regular contributions to your Verve Super account via EFT on your behalf, you will need to ask them to move to BPAY from 15 November 2023.
- Changes to your fees: In great news: From 1 November 2023 the percentage-based administration fee will drop from 0.725% p.a. to 0.541% p.a. In practical terms, this means that if you have $50,000 invested in your Verve Super account, the fees and costs payable reduce from $606 to $515 per annum. Also, from 1 November 2023, members with a balance under $5,000 will be charged the $60 ‘dollar-based’ administration fee (that means it’s a fixed annual fee, charged monthly).
Keen to know more about super administrators and how they work?
Here’s a quick summary for you.
What does an administrator of a super fund even do? An administrator of a superannuation fund keeps the ball rolling on all the backend operations that you won’t usually see. Think: establishing accounts for new members, making sure your contributions get to the right place and rolling money in and out of the fund.
From 1 November 2023, the administrator for Verve Super will be Apex Superannuation (Australia) Pty Ltd, replacing OneVue Super Services Pty Limited.
Why the change? Because it’s as good as a holiday, but also because Apex is a market leader in superannuation administration services. They have serviced superannuation funds in Australia since the late 1990s and we believe they will provide an enhanced administration experience for our members. You can find out more about Apex on their website.
I want to know more
We’re always happy to help! If you have any questions, please reach out to our friendly Member Engagement team at firstname.lastname@example.org or give us a call on 1300 799 482. They always love hearing from you and are here to support you.
Disclaimer: Content published by Verve Superannuation Pty Ltd (ABN 65 628 675 169, AFS Representative No. 001268903), a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956; AFSL 238184).