The Superannuation Guarantee requires your employer to contribute to your superannuation account on your behalf. Your employer must contribute an amount equal to the greater of the following:
The quickest way of finding out the latest information of your membership is to use the My Account link - it can provide the current details of your membership, and provide a latest account balance. To register for the "My Account" facility, you must nominate a "Password" by completing the Change of Personal Details Form and provide to the Scheme. Another useful source is your latest Annual Statement. If you require information beyond what is offered from these sources, you can contact the Scheme. Information regarding your actual benefit entitlements is confidential, we require requests for information to be provided in writing, or visit our offices at Mater Health Services, Raymond Terrace, South Brisbane.
Usually your Annual Membership Statement will be distributed to you by mid October to early November. Your statement will show your account balance as at 30 June.
It is very important that these personal detail changes are provided to your employer. If you wish to advise the Superannuation Office directly, the information must be provided either in writing by completing the Change of Personal Details Form or go to the My Account website page, login and then click on the "Modify My Details" sub-directory.
The Super Co-contribution is a helping hand from the Australian Government to assist eligible individuals to save for their retirement. If you are eligible and make personal super contributions, the Government will match your contribution with a Super Co-contribution up to certain limits.
The Super Co-contribution was introduced from 1 July 2003.
From 1 July 2009 there will be a temporary reduction in the superannuation government co-contribution matching rate from 150% to 100% payable for eligible personal superannuation contributions a year at an income of $30,342. The maximum co-contribution will reduce by 5 cents for every dollar of income, and phase out completely at an income of $60,342.
Please note - Salary sacrified personal contributions are not eligible to receive the Governments co-contribution. Personal contributions must be non-concessional (post-tax).
For further information please contact the Australian Taxation Office (ATO).
The Fund can accept benefits from any other superannuation funds or policies. Rolled in amounts will accrue interest at the same rate as all other accumulation balances. The Fund does not charge fees to accept and administer transferred benefits. If you are interested in transferring any previous superannuation benefits into your Fund account, you can complete an Easy Rollover Form, and we will try to do as much of the work as possible on your behalf to retrieve the benefit from your previous administrator.
As the Fund is not a public offer superannuation fund, organisations must apply to become 'Associated Employers' in order to make contributions for their employees.
The Fund is a corporate superannuation fund, and has traditionally been open only to employers within the Mercy Super "umbrella". This policy has recently been revised and as such, applications from religious or non-profit organisations in the health, education and social services sectors will generally be accepted.
Please contact us if you are not sure if your employer is registered as an Associated Employer.
You should discuss with your Employer, Payroll Department whether you are eligible to arrange deductions of salary sacrifice contributions from your pay. It is also important to consider whether providing superannuation contributions on a salary sacrifice basis is the best direction for you.
Administration Fee: A fee of $1.10 per week.
This fee is calculated on a weekly basis and is deducted with effect on 30 June or when you exit the Fund.
This fee will be capped so that the maximum fee of $600 will apply to account balances of $200,000 and over.
The above charges does not affect 'Defined Benefit' category members. Fees for these members are included in the formula used to calculate their benefits.
Exit (Withdrawal) Fee: A fee of $55 is payable when a benefit is paid by the Fund.
Investment Management Costs: These costs cover the fees charged by the organisations that manage the Fund's investments.*Please refer to the notes below
Income Stream Administration Fee: A fee of up to 0.30% p.a. is deducted at 30 June or when you exit the Fund. This fee will not be charged on the portion of the account balance that is over $500,000 (another words, it is capped at $1,000).
Please refer to the Annual Report or Member Booklet for additional explanation of fees and costs.
It is important to note that:
- Investment management fees are deducted in the calculation of investment crediting rates, you do not pay these fees directly. These
fees are subject to change - the above are current as at December 2009.
- Investment Management fees are calculated with the assistance of the Trustee's investment adviser, Frontier Investment Consulting.
- The investment management fees included in the Fund booklets and annual reports are based on the latest available information.
- During the year to 30 June 2009, management costs not covered by administration fees totalled 0.08% of accumulation account balances. This includes the Fund's member benefit protection subsidy for applicable members.
- If your account balance is less than $1,000 then the Administration and Exit Fees in excess of the investment earnings credited will not be deducted.
Your benefit will be immediately transferred to the Deferred Category and will be subject to the Fund's investment earnings. You will be provided with a notice of your preserved and non-preserved entitlements. This notice will request that you notify the Trustee of any amount of your non-preserved entitlements that you may wish to take as cash and to provide the name and address of the rollover fund to which you wish to transfer the balance. You may also elect to leave your entitlements in the Fund. Your benefit can not be processed until we receive all information from your employer, including your final contributions. Benefits will be retained in the Fund until further instructions are received from yourself. The Trustee may pay a benefit to an Eligible Rollover Fund (ERF) if your benefit entitlement is less than $1,500.
Where your account balance falls below $3,000 (effective 30 June each year once the declared interest rate has been applied to your account) your Life and Total and Permanent Disablement Insurance cover will be cancelled.
You will be able to receive the non-preserved benefit you had accrued at 30 June 1999 (less tax). New legislation effective 1 July 1999 basically froze all non-preserved benefits. Check your latest Annual Statement or the My Account pages to see your non-preserved benefit.
You may retain your benefit within the Fund after ceasing employment. This will allow you to continue to take advantage of the Fund's personal service, investment performance and competitive administration fees.
If you have reached retirement age you can take your benefit as a lump sum or regular income stream or keep your benefits in the Fund indefinately, taking out as little or as much of your benefit as you choose.
If you have any questions about the Fund, IFAA or the services provided, please contact the Fund. If you have a complaint regarding the Fund (for example in relation to the conduct or decisions of the Trustee) you should write to the Fund's Complaints Officer.
The Trustee has, in accordance with the Superannuation Industry (Supervision) Act 1993 (SIS), established a procedure to ensure that all inquiries and complaints are dealt with as quickly as possible. The Trustee will endeavour to resolve any complaints internally within 90 days of your query. A response will generally be provided to you earlier. If your complaint has not been resolved within 90 days or you are not satisfied with the final decision, you may be able to lodge a complaint with the independent Superannuation Complaints Tribunal established by the Federal Government.
From 1 July 2002 people who entered Australia on an eligible temporary resident visas and who later permanently leave Australia can claim any superannuation they have accumulated. These benefits will be subject to a special withholding tax.
For further information please click here.
The Surcharge is a tax on high income earner's superannuation contributions, applied to all employer contributions and specified rollover amounts made after 20 August 1996.
In May 2005, the abolition of the superannuation surcharge was announced as part of the 2005-06 Federal Budget. The surcharge legislation was amended so the surcharge will not apply to any superannuation contributions made, or termination payments received, on or after 1 July 2005. The surcharge will still need to be paid for any liabilities that are raised for the financial years 1997-2005. If this applies to you, the Australian Taxation Office will issue you with a Surcharge Assessment. The Fund will be advised that an Assessment has been issued. The Assessment value will be deducted from your Fund account.
For further information please contact the Australian Taxation Office (ATO).