The Mercy Super Fund is a flexible fund offering a wide variety of features and options to its members.
The Fund is a hybrid fund that provides, to applicable members, both Accumulation and Defined Benefit member accounts. Eligible members can receive additional employer support by providing a regular contribution to their account. Eligibility for the Benefit Categories is set out below:
Please note: the Defined Benefit categories are currently closed to new members.
Eligible members of the Defined Benefit and Contributory Accumulation Categories can nominate the percentage rate of their personal contributions. From time to time, the member can choose to alter their contribution rate. The percentages available (and the corresponding Employer support) are shown in the table below:
| Member Standard Contribution | Employer Contribution |
|---|---|
| 2% | 9.75% |
| 3% | 10.75% |
| 4% | 11.75% |
| 5% | 12.75% |
Please note, the Member Standard Contribution for Defined Benefit Salary Sacrifice members will be slightly higher to allow for the Contributions Tax.
These are contributions that are taken from your salary on a pre-tax basis. It will allow you to avoid having your marginal taxation rate applied to your regular contributions to your account. However, salary sacrifice contributions will incur the superannuation taxes as legislated by the Federal Government. The Fund's Trust Deed has the provision to receive Salary Sacrifice contributions, contact the Fund to see if you are eligible.
The Fund recently announced new insurance arrangements for members effective 1 July 2009. Now you will have access to more comprehensive, flexible and affordable personal insurances as part of your Fund membership.
If you have a benefit in another superannuation fund, you may consider rolling it over to this Fund. By completing the Easy Rollover Form and returning it to the Fund, we will endeavour to complete as much of the work as possible on your behalf to have the benefit transferred into your Mercy Super Superannuation account.
The Fund allows members to make additional voluntary contributions. The Fund can accept these additional amounts as either post-tax or salary sacrifice contributions. You may also make Lump Sum Payments to the Fund at any time. Cheques should be made payable to the "Mercy Super Fund". You will receive a receipt shortly after payment.
Upon ceasing employment, your membership and benefit entitlements will be transferred to the Deferred Category within the Fund. Benefits may also be rolled over to another superannuation fund at any time upon request. If a benefit entitlement is less than $1,500, your benefit will either be rolled over to a fund of your choice or may be transferred to the Fund's Eligible Rollover Fund, AUS Fund.
The Fund has two financial products that allow members to access their superannuation benefits in the form of an income stream. They are Account Based Income Stream and Pre-retirement Income Stream.
Currently members have the ability to choose from five Investment Options. Each Option has been structured differently to cater for different risk profiles that members may have. The actual asset allocation for the various Investment Options are reviewed and monitored on a regular basis.
The Fund as a part of this website offers a facility called My Account. This allows you to check your current details and benefit entitlements on a regular basis. Click here to see the 'My Account' pages.