Changes to Ethically Minded Investment Option – 18 September 2020
April 25 2024
From 15 September 2020 the following changes were made to the Ethically Minded Investment Option available to ESSSuper members who have an Accumulation Plan, Beneficiary Account and Income Streams Account.
| Change | Impact of the change |
Changes to Ethically Minded investment option
| ESSSuper has terminated AMP Capital Ethical Leaders Balanced Fund effective 15 September 2020 as the sole investment manager for the Ethically Minded Option. ESSSuper felt that it was in members’ best interests to end the relationship after carefully considering the appropriateness of the investment and taking into account recent organisational changes at AMP which have increased investment risks for members in our Ethically Minded Option. The Ethically Minded Option will remain open for members, with proceeds from AMP’s termination temporarily reinvested in ESSSuper’s other investment options while we carefully consider alternative investment managers with a strong focus on ethical investing. |
What does this mean for you?
Members in the Ethically Minded Option will have their super reinvested in a portfolio that very closely matches the risk and return objectives of the Ethically Minded Option. The portfolio will comprise a 70% allocation to the Growth Option and 30% allocation to the Shares Only Option. Please refer to our product disclosure statements available on our website for further details about the Growth Option and the Shares Only Option. To learn more about the Ethically Minded Option, please click here.
From 16 September 2020, Investment fees for members in the Ethically Minded Option will temporarily decrease from 0.73% per annum to 0.47% per annum while a new investment manager search is underway.
The temporary investment will be made in accordance with ESSSuper’s Responsible Investment Policy. This excludes tobacco and controversial weapons investments but has fewer ethical exclusions than the Ethically Minded Option’s investment with AMP.
We’re working very hard to protect members’ super and identify an alternative investment manager for the Ethically Minded Option in the near term. Once we have done this, we will inform you through another Significant Event Notice.
Should you wish to change your asset allocation selection, please login to your Members Online account or complete an Investment Options Change form (E146), available from our website at esssuper.com.au/Forms and return to us.