We conduct yearly reviews of our investment options to make sure they’re set up in the best way to deliver for our members. On 1 April 2022, we made changes to a number of our investment options.

Changes to return objectives

We are reducing the long-term return objectives for Aggressive, Take-off, and Thrifty options.

The reduction is based on our long term view of market conditions and what returns we believe we can achieve for members over the stated investment timeframe.

Investment optionOld objectiveNew objective
AggressiveCPI + 4.5% p.a. over 10 yearsCPI + 4.0% p.a. over 10 years
Glidepath: Take-offCPI + 4.5% p.a. over 10 yearsCPI + 4.0% p.a. over 10 years
ThriftyCPI + 3.5% p.a. over 7 yearsCPI + 3.0% p.a. over 7 years

Changes to risk levels

Each of our investment options is designed with a particular level of risk in mind, with the level of risk typically correlating to the potential for reward. One of the ways we measure risk is by calculating the estimated number of negative annual returns each option may see over any 20 year period and, in turn, assessing the risk of each option on a scale from 1 to 7.

We are amending the risk measures of a number of our options to better reflect expectations for investment market risk.

Investment optionOld risk scale
(1-7)
New risk scale
(1-7)
Old estimated number
of negative annual returns
New estimated number
of negative annual returns
Glidepath: Take-off664.75.5
Glidepath: Cruising563.34
Glidepath: Destination452.73.5
Aggressive664.75.5
Growth663.84.5
Balanced452.73.5
Conservative341.62.5
Thrifty664.65

Note: The version of this table mailed to members in April 2022 incorrectly stated 6 as the new risk scale for Glidepath: Destination.

Adjustments to foreign currency exposure

Investing in assets outside Australia, such as shares listed on foreign stock exchanges, means the value of those assets can change as the value of foreign currencies change. All investment options (with the exception of the Cash option) have exposure to global assets, and therefore to movements in exchange rates.

We are adjusting our foreign currency exposure limits, which will improve our ability to achieve our investment return objectives.

Investment optionOld range (%)Old strategic foreign
currency exposure weight (%)
New range (%)New strategic foreign
currency exposure weight (%)
Glidepath: Take-off22 - 584024 - 5137.5
Glidepath: Altitude16 – 443018 - 3727.5
Glidepath: Cruising15 – 4027.516 - 3425
Glidepath: Destination14 – 362515 - 3022.5
Aggressive22 – 584024 - 5137.5
Growth16 – 443018 - 3727.5
Balanced14 – 362515 - 3022.5
Conservative8 – 22158 - 1712.5
Thrifty37 – 434037 - 4340
Cash0 - 000 - 00

Changes to the Cruising option

We are making a number of changes to the Cruising option.

Reducing the investment timeframe

Each of our options is designed with a particular investment time horizon in mind, that is, the length of time over which it will achieve its return objective.

We are reducing the investment timeframe for Cruising from 6 years to 5 years, to bring this option in line with the industry standard. This will make it easier for members to compare the performance of Cruising with similar options across different super funds.

Changes to the asset allocation ranges

Your super investments are categorised into four asset classes: equities, alternatives, fixed interest, and cash. Each of our investment options has a different strategic allocation to these asset classes, which is chosen with the aim of achieving our investment return objectives. The actual allocation to each asset class will be within an asset allocation range and typically varies with investment decisions and market movements. The range defines the minimum and maximum amounts we invest in each asset class.

To align with reducing the investment timeframe for Cruising, we are also shifting the strategic asset allocation for this option.

Asset classOld strategic
asset allocation (%)
New strategic
asset allocation (%)
Old range (%)New range (%)
Equities5047.2535 - 6532.25 – 62.25
Alternatives1820.003 - 335 - 35
Fixed interest2424.759 - 399.75 – 39.75
Cash88.000 - 230 - 23

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