The Sisters of Mercy Staff Superannuation Scheme is a flexible fund offering a wide variety of features and options to its members.
The Scheme 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. Further detailed information is set out in the Member Booklet.
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 Scheme's Trust Deed has the provision to receive Salary Sacrifice contributions, contact the Scheme to see if you are eligible.
Each Benefit Category offers Death and Total and Permanent Disablement Insurance Cover.
The Award/SGC, Contributory Accumulation and Deferred Benefit Categories offer this insurance on a unit basis. You nominate the number of units of insurance you wish to have, and the insured amount and premium are calculated accordingly. Click here to see Schedule of Insurance Cover.
The level of Insurance Cover provided for each member under the Defined Benefit Category is calculated using a formula based on the member's age and salary. Further detailed information is set out in the member booklet.
Casual and Deferred Benefit Category members are eligible for insurance cover from 1 May 2008. Click here for further information or contact us.
If you feel that you require greater insurance than what is provided under the Scheme, you can apply for Additional Insurance. It is available to all Full time, Part time and Casual members of the Scheme. If you are interested in applying for Additional Insurance, please refer to the Member's Booklet for further information, or contact the Scheme to discuss the change.
If you have a benefit in another superannuation fund, you may consider rolling it over to this Scheme. By completing the Easy Rollover Form and returning it to the Scheme, we will endeavour to complete as much of the work as possible on your behalf to have the benefit transferred into your Sisters of Mercy Superannuation account.
The Scheme allows members to make additional voluntary contributions. The Scheme can accept these additional amounts as either post-tax or salary sacrifice contributions. You may also make Lump Sum Payments to the Scheme at any time. Cheques should be made payable to the "Sisters of Mercy Staff Superannuation Scheme". 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 Scheme. 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 Scheme's Eligible Rollover Fund, AUS Fund.
The Scheme 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 Scheme 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.
Log-in to view your account details.