Crescent Wealth Superannuation Fund members transferring to the Salaam superannuation Division of the Russell Investments Master Trust

This Significant Event Notice (SEN) provides important information about the planned transfer of members and their benefits from the Crescent Wealth Superannuation Fund to the Salaam superannuation Division of the Russell Investments Master Trust (RIMT) ABN 89 384 753 567 (to be known as “Salaam superannuation”).

At this stage, it is expected that the transfer will occur on or around 1 June 2024.

If you have any questions about these changes prior to the transfer, you can contact the Crescent Wealth Superannuation Fund on 1300 926 626 or email super@crescentwealth.com.au. If you have any questions about your superannuation after the transfer you can contact the Salaam superannuation Division of the RIMT on the same number, 1300 926 626.

This SEN is being issued by Equity Trustees Superannuation Limited (ABN 50 055 641 757, AFS Licence Number 229757 RSE Licence Number L0001458) (ETSL) as Trustee of the Crescent Wealth Superannuation Fund (ABN 71 302 958 449, RSE R1075182).

For more information about the arrangements that will be applicable to you on transfer to Salaam superannuation, please refer to the Product Disclosure Statements (PDS) for the Salaam superannuation Division of the RIMT issued by Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790 (TRM), Trustee of Salaam superannuation, which will be made available after the completion of the Limited Processing Period (explained later in this SEN).

Why are you receiving this SEN?

Following a review of the Crescent Wealth Superannuation Fund, ETSL has agreed with TRM to transfer your account in the Crescent Wealth Superannuation Fund to the Salaam superannuation Division of the RIMT via a ‘Successor Fund Transfer’ (SFT), on the basis that certain conditions outlined below have been met.

A SFT involves the transfer of a member’s benefits from one superannuation fund to another superannuation fund (the successor fund) where the consent of the individual member isn’t required. To effect such a transfer, the Trustees of both funds need to agree that the rights in respect of the transferred benefits in Salaam superannuation Division of the RIMT will be equivalent to the rights that the member has in respect of those benefits in the Crescent Wealth Superannuation Fund immediately before the transfer.

ETSL must also satisfy itself that the transfer is in the best financial interests of the transferring Crescent Wealth Superannuation Fund members.

Having completed its due diligence, ETSL has confirmed that:

• the RIMT qualifies as a ‘successor fund’ to the Crescent Wealth Superannuation Fund;
• the rights in respect of the transferred benefits in Salaam superannuation Division of the RIMT are equivalent to the rights that the member has in respect of those benefits in the Crescent Wealth Superannuation Fund;
• the transfer to the Salaam superannuation Division of the RIMT is in the best financial interests of the Crescent Wealth Superannuation Fund members, and
• the transfer is planned to occur on or around 1 June 2024 (SFT date).

Completion of the SFT is also subject to the following conditions precedent being satisfied:

• Application by TRM to the Foreign Investments Review Board (FIRB), to give notice of the planned transfer. The application has been lodged by TRM; and
• Completion of any remediations by Crescent Wealth as the Promoter of the Crescent Wealth Superannuation Fund prior to the planned transfer.

You will receive another communication if the transfer does not proceed, or will be delayed, for any reason.

If you do not wish to be transferred to Salaam superannuation, you can choose to rollover or transfer to another super fund of your choice or (if eligible) request the payment of your benefits, but we must receive your instructions by 12pm (AEST), 24 May 2024. Further details on how to do this are outlined later in this notice.

 

Summary of changes

• Your Crescent Wealth Superannuation Fund account will be closed on 31 May 2024, and a new account will be opened for you in Salaam superannuation on 1 June 2024.
• As part of the preparation required before the transfer, there will be a temporary freeze on transactions and changes on your existing Crescent Wealth Superannuation Fund account (i.e. Limited Processing Period).
• After the Limited Processing Period (explained later in this notice) is complete, you will receive welcome communications from Salaam superannuation that will include:
• details of how to log onto the Salaam superannuation website and your account;
• information on how you and your employer can make contributions to your Salaam superannuation account (you will need to notify your employer of the Salaam superannuation details).
• Your Salaam superannuation account will have different characteristics. In summary, the investments you hold and the fees and costs you pay will change following your transfer to Salaam superannuation. If you have insurance cover, the amount of cover, insurance fees, and terms and conditions will not change as a result of the transfer.

For more information about the Limited Processing Period and other changes that will occur in the lead up to, and as a consequence of the SFT to Salaam superannuation, please see below.

 

How will the SFT affect you?

Investments	On transfer to the Salaam superannuation, your account balance will be invested in the Salaam superannuation investment option(s), depending on the Crescent Wealth Superannuation Fund investment option(s) you are invested in immediately before the SFT as follows:   Current investment options in the Crescent Wealth Super Plan Investment options in the Salaam superannuation Division of the RIMT Conservative Salaam Defensive Balanced Salaam Balanced Balanced Global Salaam Balanced Growth Salaam Growth The investment options in Salaam superannuation will continue to be Islamic compliant, with a focus on ethical and socially responsible investing based on Islamic principles and screening processes applied by the trustee of the underlying funds into which TRM invests for the Salaam superannuation investment options. The investment option(s) in Salaam superannuation have a similar (but not identical) asset allocation/risk profile based on growth and defensive type assets. A comparison of the investment options (including applicable ongoing fees and costs) in the two funds is set out in Schedule A to this notice.   Once you receive your welcome communications from TRM with details of your account in Salaam superannuation and register for online access, you will be able to change your investment option(s) for your account balance and any future contributions.   You can find more detailed information on the Salaam superannuation investment options in the investment guide issued by TRM, which will be made available online after the Limited Processing Period.
Account details and account balance	Member information including your name, date of birth, Tax File Number (TFN), email address (if any), postal address (if any), beneficiary details (see below ‘Death Benefit beneficiary nominations’) and your account balance will be transferred automatically to Salaam superannuation with effect from the SFT date.   Note: Some account details or arrangements will not transfer automatically. Also, you cannot make changes to your account details (including beneficiary nominations) on or after 5pm (AEST), 24 May 2024   See ‘Key dates and what you may need to do’ below.
Ongoing Fees and costs	The ongoing fees and costs in both funds are set out in Schedule B to this notice.
Member activity related fees and costs (other than insurance fees)	Salaam superannuation member activity related fees and costs are different.   The Member activity related fees and costs (other than insurance fees) in both funds are set out in Schedule B to this notice.   See below for information about insurance fees.
Insurance Cover	Your insured benefits and insurance costs (ie premiums) will not change as a result of the SFT, although they may change in the future.
Death benefit beneficiary nominations	If you have an existing binding or non-binding beneficiary nomination with the Crescent Wealth Superannuation Fund, it will transfer across to your Salaam superannuation account and will continue to be recognised as a binding or non-binding nomination (as applicable) by the TRM.
Limited Processing Period	The receipt of contributions and other transactions will be suspended during a Limited Processing Period from 5pm (AEST), 24 May 2024 and, as at the date of this letter, is expected to cease by 5pm (AEST), 12 June 2024 inclusive.   This pause in processing contributions and other transactions will enable a smooth and prompt transfer of the Crescent Wealth Superannuation Fund’s assets and records to TRM as Trustee for Salaam superannuation.   Any contributions received by the Crescent Wealth Superannuation Fund on or after 5pm (AEST), 24 May 2024 will be forwarded to the Salaam superannuation for processing. This may result in a delay in the contributions being allocated to your account. You will not receive investment earnings on contributions received on or after 5pm (AEST), 24 May 2024 until they are allocated to your Salaam superannuation account (i.e. with effect from the allocation date).   Other transactions that will be suspended include: ·            cash withdrawals (if eligible) ·            transfers to another fund ·            investment switches ·            account closures ·            insurance cover changes. We’re sorry for any inconvenience but you can still make investment or insurance changes, or payment or transfer requests, by 12pm (AEST), 24 May 2024.   Any instructions for the above transaction types (other than investment switches) received after 12pm (AEST), 24 May 2024 will be processed in Salaam superannuation after the Limited Processing Period. Investment switches during this period will be rejected (i.e. they will not be processed in Salaam superannuation after the SFT date).   See also ‘Key dates and what you may need to do’ section below.
Online access to your Crescent Wealth Superannuation Fund account	Online access to your Crescent Wealth Superannuation Fund account will be impacted. From 4pm Friday 24 May until the end of 31 May 2024 you will have read-only access to your account online. Your account information (including insurance details) will be static, and you will not be able to initiate any changes to the information or transactions. From 1 June till the end of the Limited Processing Period you will not be able to access your account online.  After the Limited Processing Period is complete, you will receive details on how to obtain online access your new Salaam superannuation account in the Welcome communications that you will receive from TRM.

 

You can find more detail on the features of Salaam superannuation by referring to the PDS issued by TRM, which will be available after the Limited Processing Period.

Also refer to the ‘Key Dates and what you may need to do’ section below for important things to consider and their cut-off dates.

 

Key dates and what you may need to do

Set out below are things you should consider about your account because of the transfer to Salaam superannuation and relevant cut-off dates. It’s important you’re aware of them in case there are activities you’d like to undertake.

Any requests received after the cut-off dates or that we can’t complete before the SFT, we will forward to Salaam superannuation to complete instead. They will make your requested change after your account is transferred or will contact you directly if there’s a reason they can’t. Salaam superannuation will endeavour to process the backlog of contributions, transfers, and withdrawal requests as soon as practical after the Limited Processing Period.

What	How and When
If you want to make changes to your account, such as nominating a beneficiary, or updating your personal details.	Send us an email at super@crescentwealth.com.au with this request and the relevant completed form by 12pm (AEST), 24 May 2024.
If you want to transact on your account such as make a withdrawal payment, or switch your investment option or transfer to another fund	Send us an email at super@crescentwealth.com.au with this request and the relevant completed form by 12pm (AEST), 24 May 2024.   See ‘What if you do not wish to participate in the SFT’ below for more information.
If you intend to claim a tax deduction on contributions you’ve made to your Crescent Wealth Superannuation Fund account	Complete a Notice of intent to claim or vary a deduction for personal super contributions form available at ato.gov.au/forms under the ‘Super for individuals’ section. Eligibility conditions apply. Please email completed forms to super@crescentwealth.com.au by 12pm (AEST), 24 May 2024.
If you or your employer/s are making contributions to your account, you’ll need to update these arrangements with your new Salaam superannuation account details.	You and your employer can still make contributions to your existing Crescent Wealth Superannuation Fund account until 5pm (AEST), 24 May 2024.   From the SFT date, contributions can be made to your new Salaam superannuation account. The Welcome communications that you will receive from TRM will include your account details and information about how your employer can contribute to your account.   You’ll need to provide new payment details to your employer/s if you would like them to contribute to Salaam superannuation.   Also, you will need to update any standing instructions such as instructions to your employer in relation to salary sacrifice or additional personal contributions, for regular personal contributions you may make.
If you have any third-party authorities on your account - such as a Power of Attorney or a letter of authority - you will need to provide new authorities to Salaam superannuation.	You can provide Salaam superannuation with details of your third-party authorities after the SFT.
If you have an insurance claim or insurance application in progress (or need to lodge a claim before the SFT date) at the time of the SFT, we’ll transfer the details to Salaam superannuation to finalise.   Any new claims or applications for new or increased cover submitted after the SFT will be managed by the Salaam superannuation.	We will continue to communicate with you about your insurance claim or application for insurance cover until the SFT is complete.   Contact Salaam superannuation after the SFT.
If you have a complaint in progress at the time of the SFT, your current fund (the Crescent Wealth Superannuation Fund), will retain responsibility for dealing with it.	We will continue to communicate with you about your complaint.
Tax File Number (TFN) – If you have not provided your TFN, your employer contributions, and any other concessional contributions, are subject to a much higher rate of tax (rather than the usual maximum rate of 15% applicable to concessional contributions).	If you have not already provided your TFN to the Crescent Wealth Superannuation Fund, you should provide it by 5pm (AEST), 24 May 2024.   You can provide your TFN to us by calling us on 1300 926 626.

 

If you want to make any requests or have enquiries after your account has been transferred to Salaam superannuation, please contact Salaam superannuation 1300 926 626.

What if you do not wish to participate in the SFT?

If you do not wish to have your Crescent Wealth Superannuation Fund account balance transferred to Salaam superannuation, you can either:

• Transfer your Crescent Wealth Superannuation Fund account to another fund of your choice as follows:
  • By completing a Payment Instruction form available at crescentwealth.com.au/super and ensuring it is received by email to super@crescentwealth.com.au by 12pm (AEST), 24 May 2024.
• Contacting your chosen super fund and ensuring they send us a transfer request so we receive the request to initiate the transfer before 12pm (AEST), 24 May 2024 — they’ll contact us with their details so we can transfer your super balance to them, or
• Requesting the transfer via your MyGov account to make sure we receive the request before 12pm (AEST), 24 May 2024.
• Request a full payment of your account balance (if you satisfy a condition of release) by completing the relevant withdrawal form available at crescentwealth.com.au/super
•  or by contacting us at 1300 926 626 and sending it to us at super@crescentwealth.com.au no later than 12pm (AEST), 24 May 2024.

Once your transfer or withdrawal payment request is completed, you will be mailed an exit statement and any insurance cover you hold will be cancelled on the closure of your Crescent Wealth Superannuation Fund account.

What’s next?

Unless you request otherwise, your super account balance will automatically be transferred to Salaam superannuation on the SFT date.

• You should consider the items in the ‘Key dates and what you may need to do’ section and ensure any action you would like to take is made before the applicable cut-off dates. If you provide us with an incomplete instruction or form, the action may not be able to be processed before the SFT date.
• After the SFT date, you’ll receive an exit statement from us with your closing account balance and benefits as at the SFT date.
• After the Limited Processing Period, you will be provided with further information about your Salaam superannuation account from TRM including confirmation of the amount transferred into your account in Salaam superannuation.

Any questions?

If you have any questions about the transfer, we’ll be happy to help. You can:

Contact us – before SFT date	Contact Salaam superannuation – After SFT date
1300 926 626	1300 926 626

 

 

General advice warning

This SEN is issued by Equity Trustees Superannuation Limited (ABN 50 055 641 757, AFSL 229 757, RSE License No. L0001458) in its capacity as the Trustee of the Crescent Wealth Superannuation Fund.

The information contained in this SEN is general information only and doesn’t take into account your personal objectives, financial situation, needs or circumstances. You should consider obtaining professional advice about your particular circumstances before making any financial or investment decisions based on the information in this notice. You should also consider the The Crescent Wealth Superannuation Fund PDS, and other information incorporated by reference, which is referred to in the relevant PDS as well as the Target Market Determination. The Crescent Wealth Superannuation Fund PDS and the documents incorporated by reference into the relevant PDS are available free of charge by calling us on 1300 926 626 or go to our website at www.crescentwealth.com.au.

 

Click here to read Schedule A

Click here to read Schedule B