To view the Privacy Policy and download the accompanying Privacy Collection Statement click here .

The APSS Conflicts Management Policy and Framework sets out a framework to identify, assess, mitigate, manage and monitor any conflicts of interest or duty accross its operations, including any actual or potential conflicts that directors, committee members and APSS staff may have.

Such persons are also required to be well informed about their responsibilities in relation to identifying, disclosing, managing and/or avoiding conflicts of interests and duty, as well as complying with various APSS policies that are relevant to their duties and interests.

Download the latest APSS Conflicts Management Policy and Framework

How are labour standards and environmental, social or ethical considerations taken into account?

The Trustee invests the assets of the APSS with the aim of achieving the best financial outcomes for members, whilst keeping risks within acceptable levels and adhering to the laws and regulations across all jurisdictions in which investments are held.

The Trustee believes that labour standards and environmental, social or ethical considerations (commonly referred to as 'environmental, social and governance', or 'ESG' factors), have the potential to affect the long-term financial value of the APSS’s investments. These factors include, but are not limited to the financial risks created by climate change, the use of natural resources, cyber security, human rights, responsible labour practices, workplace health and safety and employee relations. Inadequate management of ESG risks may result in regulatory penalties, brand and reputational damage, asset damage or loss of revenue, any of which can undercut investment outcomes.

A proper regard for the environmental or social practices and proper governance of the entities in which the APSS invests is therefore part of the responsible management of the financial interests of our members.

The Trustee invests the assets of the APSS by appointing investment managers or investing in managed funds. Therefore, to give effect to the management of ESG risks and ensure appropriate monitoring and review of ESG factors, the Trustee’s Investment Committee will, on an ongoing basis, assess and monitor its appointed investment and fund managers on the extent to which they integrate ESG considerations into their investment decisions.

The Trustee does not prescribe how its investment managers or managed funds should apply ESG considerations but it has a preference for managers that maintain and apply policies and frameworks that consider ESG factors as part of investment decisions. Specific ESG methods – and the type of actions taken if an investment no longer meets a manager's ESG policy – are applied according to the managers’ discretion, as appropriate for each investment. Managers that do not apply ESG considerations may still be appointed or retained by the APSS provided that the risk to the APSS is not material and is proportionate to the expected financial outcome.

Excluded Investments

The Trustee has elected to restrict its public market equity investment managers from investing in the shares of companies that produce tobacco products. Where the APSS invests in pooled funds managed by third parties, the exclusion on shares of tobacco-producing companies does not apply, as the investment rules of those funds are determined by their management companies.

The Trustee has delegated responsibility for proxy voting to its investment managers and specialist advisers. The Trustee’s policy is for voting rights to be exercised in such a way as to maximise the long-term financial benefit to the Scheme’s beneficiaries, in line with the views formed by each manager and its proxy voting policy. Download the complete Proxy Voting Policy to read more.

Proxy Voting Report 2019-20  - This report shows each company that was voted for; each company’s proposed resolutions; how the APSS-appointed manager voted; what the company’s management recommended; and whether the APSS proxy vote was for/against the recommendation of the company’s management.

Procedure for inquiries and complaints

APSS members can call SuperPhone on 1300 360 373 with inquiries or to request information.

If you wish to make a complaint about a Trustee decision, please make it in writing, preferably using the APSS complaint form. Call SuperPhone if you would like us to send you an APSS complaint form. All complaints will be brought to the attention of the APSS Inquiry and Complaints Officer (ICO). Contact details for the ICO are as follows:

Inquiry and Complaints Officer
APSS
Locked Bag A5005
Sydney South NSW 1235

The Trustee has established a formal Inquiry and Complaints Procedure to make sure all inquiries and complaints are properly considered and are dealt with as required under the law.

If your complaint has not been resolved to your satisfaction under the APSS internal procedures within 90 days, you may have a right to lodge a complaint about the decision with the Australian Financial Complaints Authority (AFCA), an independent body established by the Federal Government to review, consider and resolve complaints from consumers across the entire financial system, including the superannuation sector. AFCA will review Trustee decisions relating to Members (as opposed to Trustee decisions relating to the management of the APSS as a whole).

Contact details for the AFCA are as follows:

AFCA
GPO Box 3
Melbourne VIC 3001

Phone: 1800 931 678
Email: info@afca.org.au
Web: www.afca.org.au

Compensation will be paid if a crediting rate error has occurred in relation to a Member's account and that error results in:

• an accumulated error of 5 basis points (0.05%) or more in respect of Cash Return Member Savings; or
• an accumulated error 30 basis points (0.30%) or more in respect of any other member savings option.

Compensation means adjustments to correct current Member account balances and payments to correct former Member benefits as a result of the crediting rate error. Compensation is limited to the financial impact on Members who are affected by the crediting rate error.

Once an error is determined to require compensation to be paid to Members, no compensation will be paid to former Members where the amount is less than $20.

The Total and Permanent Disablement (TPD) Guidelines:

• set out the definition of the term Total and Permanent Disablement in the Scheme Trust Deed, and describe the circumstances in which a TPD benefit is payable from the Scheme;
• refer specifically to each element of the TPD definition, and describe the factors relevant to each element;
• summarise matters which the Claims Assessor ought to take into account, or to disregard, when forming its opinion with respect to a TPD Claim; and
• include a Claims Assessment Summary which is to be completed by the Claims Assessor in relation to each TPD Claim and delivered to the Trustee.

Download the TPD Guidelines (last updated on 13 September 2019).

Insurance cover is provided to eligible Rollover and Spouse members under a policy issued to the Trustee by one of its service providers - the insurer MetLife. 

You can read more about the cover provided in the chapter titled 'Your insurance cover and choices' in the Spouse and Rollover members' Guide to your Member Savings that can be downloaded in the product disclosure section of this website.

If you want to read more detail, please download:

• The policy issued by MetLife (which includes Addendums 1 and 2); and:
• Addendum 3
• Addendum 4

Transition Plan

The Insurance in Superannuation Voluntary Code of Practice (Code) commenced on 1 July 2018 with the aim of improving insurance arrangements offered to superannuation fund members, and the processes by which super funds provide insurance benefits. The APSS Trustee has adopted the Code and will implement its requirements for those members entitled to APSS insurance benefits (i.e. Employee, Spouse and Rollover members) where it is in members’ best interests to do so.

How does the Trustee determine which elements of the Code are in members’ best interests? It takes into account who our members are, the benefits and services currently provided, the cost of making changes required to comply with the Code, and the added benefit to members if those changes are implemented. If a requirement is found to be not in the best interests of members, it will be published in an annual Code compliance report prepared by APSS.

To read more, go to our fact sheets to download the APSS Insurance in Superannuation Voluntary Code of Practice Transition Plan fact sheet.

Insurance Strategy Document

The Insurance Strategy Document is part of a broader framework and strategy document, which sets out how the Trustee has had regard to each of the factors outlined in Section 52(7) of the SIS Act, the relevant provisions of Superannuation Prudential Standard 250 (SPS 250) and the Voluntary Code of Practice (VCoP) and other insurance strategy requirements, as they apply to the APSS. The latest (effective 1 July 2020)  Insurance Strategy Document can be downloaded here as an extract from that broader framework and strategy document.

Compliance Report

The Compliance Report meets the requirement under section 14.2 (b) of the Code, setting out:

• Where the APSS does not currently comply with the Code, and how the Fund will transition to compliance under the APSS’ Transition Plan;
• The sections of the Code where the Trustee has determined it is not in the member’s best interests to adopt; and
• Steps being taken to improve Code compliance. 

The Whistleblower Policy supports the Trustee's commitment to honest, ethical and accountable conduct; encouraging and investigating disclosures about suspected or actual wrongdoing; and supporting and protecting those who make those disclosures. This policy is, in turn, supported by the Whistleblower Standard, which sets out the Trustee's procedures for handling such disclosures. Click the following links to download the:

Whistleblower Policy

Whistleblower Standard

Actuarial Report 30 June 2018
Actuarial Report 30 June 2015
Actuarial Report 30 June 2012
 

APSS Annual Financial Report 30 June 2020
APSS Annual Financial Report 30 June 2019
APSS Annual Financial Report 30 June 2018
APSS Annual Financial Report 30 June 2017
APSS Annual Financial Report 30 June 2016
APSS Annual Financial Report 30 June 2015
APSS Annual Financial Report 30 June 2014
APSS Annual Financial Report 30 June 2013
APSS Annual Financial Report 30 June 2012

APSS Trust Deed (Approved)*
APSS Trust Deed (Consolidated/Unofficial)*
Trustee's Constitution
APSS Rules for providing Insured Benefits in the Scheme
APSS Rules for providing Death Benefits in the Scheme
Rules for the appointment and removal of Independent Directors
Rules for the appointment and removal of Member Representative Directors
APSS Pension rules for pre-retirement members and post 65 Employee members
Rules for the Operation of Spouse Accounts
Member Investment Choice Rules
Rollover Accounts and Account Based Pension Accounts Rules

*The approved Trust Deed has been modified over time. The following documents provide the details of each of these modifications approved by the Trustee. The APSS Trust Deed (Approved) above, plus the Deeds of Modification below are therefore the official APSS Trust Deed. In the event of any conflict, these documents will always overrule the above APSS Trust Deed (Consolidated/Unofficial). The Consolidated/Unofficial version is a handy reference to the Trust Deed, incorporating all the modifications, but is not the final approved authority if there are any discrepancies.

Deed of Modification 1
Deed of Modification 2
Deed of Modification 3
Deed of Modification 4
Deed of Modification 5
Deed of Modification 6
Deed of Modification 7
Deed of Modification 8
Deed of Modification 9
Deed of Modification 10
Deed of Modification 11
Deed of Modification 12
Deed of Modification 13
Deed of Modification 14
Deed of Modification 15
Deed of Modification 16
Deed of Modification 17
Deed of Modification 18
Deed of Modification 19

Each year, the Trustee of the Australia Post Superannuation Scheme (APSS) is required, by law, to assess the outcomes being provided to APSS Rollover, Spouse and Pension members* (including members using an APSS Pension to transition to retirement) and to then make certain determinations as to whether it is promoting the financial interests of those members. In making the determinations, the Trustee compares the relevant APSS products to the superannuation products of other funds, taking account of various factors including fees and costs that affect returns, investment returns, and the level of investment risk.

Download the Trustee’s determinations, and summaries of its assessments and comparisons on which the determinations are based, for the financial year to 30 June 2020.

*Note: The annual assessments and determinations do not apply to APSS Defined Benefits. However, if you’re entitled to an APSS Defined Benefit and also have a Rollover or Pension account (e.g. you’re using an APSS Pension to transition to retirement), then the choice product determinations are relevant to you in respect of those accounts.