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 an Access Code and provide to the Superannuation Office. Another useful source is your latest Annual Statement. If you require information beyond what is offered from these sources, you can contact the Superannuation Office. 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 your Employer 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" subdirectory.
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.
Increased Government superannuation co-contributions - From 1 July 2008 the Government will pay $1.50 for every $1 of personal contribution up to the maximum co-contribution of $1,500 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 Scheme 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 Scheme does not charge fees to accept and administer transferred benefits. If you are interested in transferring any previous superannuation benefits into your Scheme 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.
No. The Scheme can only accept contributions or payments from Associated Employers as defined under the Trust Deed.
You should discuss with your Payroll Department whether you are eligible to provide salary sacrifice contributions to your Scheme account. 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
at 30 June or when you exit the Scheme.
Please note - 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.
Exit (Withdrawal) Fee: A fee of $55 is payable when a benefit is paid by the Scheme.During the year to 30 June 2008, management costs not covered by these fees totalled 0.03% of accumulation account balances. This includes the Scheme's member benefit protection subsidy for applicable members.
Investment Management Fee: This fee charged by
the organisations that manage the Scheme's investments.
Balanced Growth: 0.91%
Balanced: 0.79%
Total Shares: 0.68%
Cash: 0.16%
Socially Responsible: 0.82%
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; and
- these fees are subject to change - the above are current as at 30 June 2008.
Income Stream Administration Fee: A fee of 0.20% p.a. is deducted at 30 June or when you exit the Scheme. 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.
Your benefit will be immediately transferred to the Deferred Category where it will continue to accrue investment earnings. We will write to you at this time to advise your options. Your benefit can not be processed until we receive all information from your employer, including your final contributions. We will retain the benefit within the Scheme, or if your benefit entitlement is less than $1,500 will be transferred to an Eligible Rollover Fund (ERF), until we receive a benefit payment request from you.
If your account balance is less than $3,000 your Death and Total and Permanent Disablement Insurance cover will be ceased from the date following your resignation date advised by your employer.
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 Scheme after ceasing employment. This will allow you to continue to take advantage of the Scheme's investment performance and low 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 Scheme indefinately, taking out as little or as much of your benefit as you choose.
If you have any questions about the Scheme, IFAA or the services provided, please contact the Scheme. If you have a complaint regarding the Scheme (for example in relation to the conduct or decisions of the Trustee) you should write to the Scheme'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 Scheme will be advised that an Assessment has been issued. The Assessment value will be deducted from your Scheme account.
For further information please contact the Australian Taxation Office (ATO).
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