We are merging – important information for you and your employees
The merger between Energy Super and LGIAsuper is planned to go ahead on 1 July 2021. The merger will see the two funds continue to operate under their existing brands, managing more than $20billion in retirement savings for around 120,000 members.
Why are we merging?
Across the superannuation industry, we are continuing to see ongoing merger activity driven by the need to drive costs lower for your employees whilst still maintaining exceptional levels of service.
The Trustees of both funds believe that this merger will be in the best interests of your employees with potential benefits that a greater size and scale can bring for members. These include the immediate removal of some transaction based fees and reduction in pension fees from 1 July 2021. We also expect to bring further benefits for your employees including new investment options over the course of 2022 and 2023.
What does that mean to you as an employer?
While we will continue to operate under the Energy Super brand, as we transition to the new Trustee there are some key changes that, as an employer, you will need to make and some key dates to remember.
Updates required to your superannuation contributions systems
From 1 July 2021 we will be operating under a different Australian Business Number (ABN) and Unique Superannuation Identifier (USI).
You don’t need to do anything in the QuickSuper system at this stage. All of your contributions after the merger on 1 July 2021 will automatically be redirected to the new USI/ABN for the Fund. Please, over time, update your member records with the new details in QuickSuper.
For your new employees from 1 July 2021 you will need to use the new USI/ABN or search under the organisation Energy Super. The old USI will not be available in the QuickSuper system.
For all other system users
On or after 1 July, and before you make superannuation contributions to your employees, you will need to update your records to reflect the new USI or ABN. The old USI will no longer exist and any payments made using the old details will be automatically rejected. Our new USI for contributions will be 23 053 121 564 004 and our new ABN is 23 053 121 564. Please Note: if the USI is updated on your records before 1 July, your contributions will be rejected, please wait until 1 July to update your records.
For your new employees from 1 July 2021 you will need to use the new USI/ABN or search under the organisation Energy Super.
Please note that the new USI will not be available until 1 July 2021 in the system for any ATO requirements.
If you need any assistance with this please contact your Energy Super Relationship Manager or contact us on 1300 436 374.
Delay in processing of transactions
In the lead up to the merger date, some service and processing interruptions will occur. We understand this may be an inconvenience to you, however we will do our utmost to ensure these interruptions are as limited as possible, and we are available to help you understand these timeframes. In particular, you need to be aware that:
For 1 July 2021 only, no transaction processing will occur. Any transactions received for that day will be held over and processed with an effective date of 2 July 2021. This one day suspension is to enable the transfer of accounts and membership details.
Any contributions or other transactions between 1 July 2021 until 12 July 2021 will not be processed until 12 July 2021. This is to allow time to ensure an orderly transfer of assets, and that all reconciliations are completed.
Key cut-off dates for payments
As part of normal end of financial year processes, any contributions that you wish to make within the 2020-21 financial year, will need to be made by Thursday 24 June.
To ensure that your employees payments are successful please process before the cut-off date of 24 June 2021. Any payments made after that date may be rejected and therefore will not be processed until next financial year
What does this mean to your employees?
Existing Energy Super accounts of your employees will automatically transfer to the LGIAsuper Trustee on 1 July 2021. They will not see any changes to their account with Energy Super and they don’t need to do anything.
If your member is invested in the MySuper option immediately prior to the merger date, their MySuper balance will be invested in a new MySuper option that has been created for both Energy Super and LGIAsuper members.
A Significant Event Notice has been sent your employees with an Energy Super account and you can view a copy of this notification here. We will also be communicating on a regular basis with your employees who have an Energy Super account throughout May and June to keep them up to date with key information.
We’re here to help
During and after the merger, we’ll still be continuing operations as Energy Super and our same friendly team will be on hand for all your questions.