What’s new from Plum
Plum is introducing a few initiatives to help our members reach their retirement goals. These include:
- Changing our MySuper investment option
- A direct communication, Tune Up, to help members make the most of their super.
They’ll help ensure our member's super grows in the long term and make it more convenient for them to monitor their accounts.
1. We’re changing our MySuper investment option
Why are we doing this? We’re making these changes to give members who are invested in MySuper more opportunity to grow their super while they’re younger.
What are the changes?
Currently, our MySuper option has a long-term allocation of 70% growth and 30% defensive assets. We’re changing the way MySuper works to provide members a long-term allocation mix of growth investments and defensive investments that changes as they age.
When members are younger, they’ll have a long-term allocation of 85% growth investments and 15% defensive investments – to allow their super to grow faster. As they get closer to retirement, we’ll gradually move some of their MySuper balance towards more defensive investments, which may help reduce the impact of market ups and downs. When they reach 65, they’ll have a long-term allocation of 70% growth investments and 30% defensive investments.
The graph below shows the gradual change in asset allocation for members aged 55 - 64
We’ll be changing the way MySuper works by April. The changes only apply to members who are in the MySuper investment option and we’ll write to them ahead of the changes.
We’ll be writing to you in early 2019, before we communicate with affected members, to provide you with more details and confirm the dates of the change.
2. Enhanced engagement
We’ve also launched Tune Up, a communication to help our members see exactly what shape their super is in and how they’re faring with their ‘health score’.
With a progress bar to help visualise where they stand, as well as handy ‘next steps’, members can gauge not only what they’ve accomplished so far, but what steps they need to take most advantage of their super.