1. finance
2. personal finance
3. financial planning
4. retirement and pension

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This guide is the Product Disclosure Statement
for CareSuper. It contains information about
your benefits plus membership forms.
Issued on 15 October 2010
CARE Super Pty Ltd (Trustee)
ABN 91 006 670 060 AFSL 235226
CARE Super (Fund) ABN 98 172 275 725
Member
Guide
Your CareSuper membership
When you join CareSuper some of the advantages are automatic. You can also access more
benefits and tailor your super to suit you with very little effort. The table below tells you how you
can benefit and what you need to do.
Most options are open to you any time as a member but it’s worth noting that some of the
insurance options need to be requested within 60 days of the date on your welcome letter.
If you want help at any time, just call the CareSuperLine on 1300 360 149.
Joining
See this page and the relevant pages of the guide as indicated
If you make no choices
How you can benefit
You will receive the standard membership benefits.
Your super will be tailored to your needs while helping you benefit
from additional services.
Choices you can make
Review this table and other relevant information in this guide
to make choices that are right for you.
What to do
Complete and return a Member application form.
Complete the Choice of fund form to give to your employer.
See Growing your super on page 5
Contributions
If you make no choices
How you can benefit
Your employer is required to contribute 9% of your salary to super.
• Boost your super for a better retirement.
Choices you can make
• Reduce your tax through salary sacrifice.
Make extra contributions
• Receive government co-contributions if eligible.
• via salary sacrifice (speak to your employer)
What to do
• from your after-tax pay, savings, cashing of another investment
or a windfall.
Extra contributions can be made regularly or as a one-off payment.
• Try our Salary Sacrifice calculator on caresuper.com.au.
• Call the CareSuperLine to be put through to a financial planner
about contribution strategies.
• Speak to your employer about salary sacrifice if appropriate.
• Complete the Contribution authorisation form.
Consolidating
See Growing your super on page 6
If you make no choices
How you can benefit
You may have to pay fees for and keep track of
several super accounts.
You only pay one set of fees, and it will be easier to keep track
of your super.
Choices you can make
What to do
Consolidate your super into one account. You can
take your super with you throughout your working life.
Complete the Transfer your super form to transfer other super
into CareSuper.
Note: you should check with your other fund/s to see if there are any
fees for withdrawals and if you have insurance with these funds.
Issued on 15 October 2010 CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSLN 235226 CARE Super (Fund) ABN 98 172 275 725
Investments
See Investment section beginning on page 8
If you make no choices
How you can benefit
Your super will be invested in the Balanced option.
• Feel comfortable with your level of risk and potential return.
• Feel more confident about meeting your retirement goals.
Choices you can make
You can choose to invest your super in one or a combination of
7 multi-sector Managed options, 5 Asset Class options and the
ASX 200 option.
You can switch your investment options throughout your membership.
• Feel more in control of your super.
What to do
Seek advice from a qualified financial planner. Complete the
Investment choice form at the back of this Member Guide PDS.
See Insurance section on page 18
Insurance
If you make no choices
> Members aged under 30:
1 unit of death cover & 4 units of TPD cover (members who
joined before 15 March 2010 will retain existing death cover)
> Members aged 30 to 64:
4 units of death and 4 units of TPD cover
Cover per unit decreases with age, while the premium stays
the same.
At any time, subject to assessment:
• Tailor your insurance cover to meet your needs by changing the
number of units, fixing your cover amount or adding income protection.
• Apply for higher cover in the Office or Professional categories.
• Transfer cover from another super fund or personal policy
(limits apply).
How you can benefit
Within 60 days of the date on your Welcome letter:
Peace of mind that you or your dependants will have sufficient
insurance cover in the event of your death, or an illness or injury
that affects your ability to work.
• apply for one of our New Member Options:
What to do
Choices you can make
1.Add income protection cover and/or
2.Death and TPD cover up to 10 times your salary,
to a maximum of $1.55 million
Use the online insurance calculator to determine how much
insurance cover you need and how much it will cost.
• Complete and return the Insurance application form to select a New
Member Option within 60 days of the date on your Welcome letter
• Upgrade your cover to Office or Professional or apply for additional,
fixed or indexed cover at any time subject to assessment.
Your beneficiaries
See Accessing your super money page 31
How you can benefit
The Trustee will take into account your circumstances to determine
who should receive your benefit.
You will have peace of mind that your beneficiaries will receive
your benefit as you prefer.
Choices you can make
What to do
Advise us who you would like your super money and any
insurance benefit paid to in the event of your death, in two ways:
Complete the Nomination of beneficiary section on the Member
application form or the Binding death benefit nomination form.
• Non-binding: the Trustee will take into account your preference
but is not bound by your nomination
• Binding: the Trustee will be bound to distribute your benefit as
you have instructed (valid for 3 years).
Advice
See Extra services for members on page 33
If you make no choices
How you can benefit
You may not be sure about your super investment, insurance
cover, contribution strategies or retirement plans.
Get your finances in order and make a plan to maximise your super
and minimise your tax, helping you to feel more confident in meeting
your financial goals.
Choices you can make
You can speak with a financial planner over the phone for advice
about your super.
For more detailed enquiries and advice about a range of financial
topics, you can make a face-to-face appointment with a financial
planner on a fee-for-service basis.
The information contained in this Member Guide Product Disclosure Statement
(PDS) is correct at the date of issue, 15 October 2010. Changes to government
legislation or superannuation rules made after this date may affect its accuracy.
Unless the changed information is materially adverse to members, we may not
always update or replace this Product Disclosure Statement to reflect the changed
information. Any updated information may be viewed on the CareSuper website or
by calling the CareSuperLine on 1300 360 149. You may only use the application
forms provided at the back of this Product Disclosure Statement if you intend to
join CareSuper. Neither the Trustee, nor any of the Trustee’s service providers
guarantee the performance of CareSuper, the repayment of capital, or any
particular rate of return. In relation to CareSuper’s Capital Guaranteed Investment
option, AMP Life Limited (not CareSuper) guarantees that contributions and their
accumulated earnings will not be reduced by negative investment returns or any
reduction in the value of underlying assets. See page 12 for full details.
Your CareSuper membership
If you make no choices
How you can benefit
Call the CareSuperLine on 1300 360 149 to make
an appointment.
Getting advice: The advice in this Member Guide PDS is of a general nature.
It has been prepared without taking into account employers’ or members’
particular financial needs, circumstances and objectives. It should be read in
conjunction with the latest Annual Report, available online at caresuper.com.au.
We recommend that members assess their own financial situation before making
an investment decision based on the information contained in this Member Guide
PDS. This may involve seeking the help of a professional investment adviser.
Important notice: Due to the fluctuation of investment returns earned by CareSuper
in any given year and CareSuper’s charges, a member who leaves the fund within
a few years of joining may get back less than they paid in. We recommend that
members should assess their own financial situation before making an investment
decision based on the information contained in this Member Guide PDS. This may
involve seeking the help of a professional investment adviser.
1
Why your super is important
Who will pay you when
you retire?
Most of us take our day-to-day income
for granted. Where will your income come
from when you retire? Most likely it will be
a combination of:
• The age pension,
• Your superannuation, and
• Other income-producing investments.
The maximum age pension is currently only
about 25% of average weekly earnings –
often just enough to cover the necessities.
This means, if you want your retirement to
include luxuries like eating out, private
health insurance, travel etc. you need to
make sure your income from your
superannuation and other investments is
enough to make up the shortfall.
What do I need to do to
be ready?
We can expect to live approximately 20 years
or more after we retire (based on a retirement
age of 65), according to government statistics.
we all want
to enjoy our
retirement
2
The time while you are working is called your
accumulation phase – this is when you need
to accumulate enough savings to create the
income you want in retirement. For example,
to achieve a retirement income of 65% of
your pre-retirement income, it is estimated
that you would need to accumulate savings
of five to seven times your pre-retirement
income. That is, if your current salary is
$70,000, you would need to accumulate
$350,000 to $490,000. How much income
you need and therefore the savings you
need to accumulate, depend on many
factors and you should consider seeking
advice from a qualified financial planner to
understand what’s right for you.
Why super?
While super is not the only way you can
fund your retirement, it is one of the most
tax-effective and supported ways in which
to do so.
While you are earning an income, your
employer makes compulsory contributions
(Super Guarantee [SG]) to your super
account. The government also offers
incentives to you for contributing to your
super, making it an even more effective tool
for funding your retirement.
Making the most of your
super
To be sure you are making the most of your
super, read the section on ‘Growing your
super’ on page 5 and ‘Investment choice’ on
page 8.
Consider seeking financial advice from
a qualified financial planner. CareSuper
members have access to free super-related
advice over the phone and fee-for-service
financial planning. See page 33 for details.
You can also use your super contributions to
purchase cost-effective insurance to protect
you and your family from the financial impact
of death, total and permanent disablement
or the loss of income-earning capability.
See page 18.
Choosing your super fund
Choice of fund
Many Australian employees are eligible
to choose the super fund to which
their employer’s Super Guarantee (SG)
contributions are paid. Even if you are
eligible, you don’t have to choose your
fund. If you don’t make a choice, your SG
contributions will go into your employer’s
default super fund. This may be a fund
specified in a relevant federal or former
state award (now known as a Notional
Agreement Preserving State Award). You
can choose your fund at any time; however,
your employer is only required to accept one
choice per year.
To have your super contributions paid into a
fund different from your employer’s default
super fund, request a Standard Choice form
from your employer or you can complete the
Choice of fund form found at the back of
this guide to nominate CareSuper.
If you are eligible for choice of fund, your
employer must accept at least one choice
nomination from you each year. If your
employer tries to discourage or deny your
choice of fund, call the ATO on 13 10 20.
You will generally be eligible to choose a
super fund unless:
• your super is paid under a state award or
industrial agreement
• your super is paid under certain
workplace agreements including an
Australian Workplace Agreement (AWA),
although choice can also be provided
under these awards and agreements, or
• you’re in a particular type of defined
benefit fund or you’ve already reached a
certain level of benefit in that super fund.
Some federal and state public sector
employees are also excluded from choice
of superannuation. You can check with your
employer or the ATO if you are unsure of
your eligibility.
• Established in 1986
• Over 199,000 members
• Over 40,000 participating employers
• Over $4 billion in funds under management
• Low fees
• Online access for members and employers
• Consistent investment performance
• Exists only to profit members
* Figures as at 31 August 2010
The CareSuper industry fund has been awarded the highest ratings by
independent organisations SuperRatings, Chant West, Selecting Super and
The Heron Partnership.
For more information about the Chant West rating refer to the inside back cover.
Super fund returns for the Industry Fund Balanced option
as at 30 June 2010.
10 years
3 years
5 years
1 year
10
9.7%
8.9%
8
6
4
6.5%
4.6%
4.6%
Choosing your super fund
Are you eligible for choice?
CareSuper at a glance*
3.4%
2
0
-2
-4
-2.0%
CareSuper Balanced Option
Median Balanced Option*
-3.5%
* Source: SuperRatings Fund Crediting Rate Survey
– SR50 Balanced (60–76) Index, June 2010. This
survey includes industry funds and master trusts.
Past performance is not necessarily an indication of future performance.
3
Choosing your super fund (continued)
Use the form below to help you compare CareSuper to other super funds. Consider which features are most important to you when choosing
your fund. CareSuper recommends seeking professional financial advice. See page 33 for details.
Compare ratings
CareSuper
SuperRatings
Platinum
SelectingSuper
AAA
The Heron Partnership
5 stars
Chant West
5 apples
Other fund
Other fund
Compare investments
Investment options to suit your investment profile?
Yes
Flexibility to choose own investment mix?
Yes
Ability to invest directly in ASX 200 shares?
Yes
5-year return for chosen investment option
See page 11
Investment fees for chosen options
See pages 12–14
Compare insurance
See the tables on pages 20–22 to determine the
cost for the level of cover you require.
Amount of automatic cover
Flexibility to purchase additional cover including
income protection
Ability to fix level of cover
Compare additional features
Financial planning
– free limited advice
Yes
– fee-for-service full advice
Yes
Pension product
Yes
Access to discounted health insurance
Yes
Access to general insurance products
Yes
Access to low-cost banking products
Yes
Compare fees and expenses
4
Pays sales commissions to financial planners
No
Pays dividends to shareholders
No
Applies a buy/sell spread
No
Returns profits to members
Yes
Entry fee
$0
Rollover fee
$0
Exit fee
$0
Withdrawal fee
$0
Contribution fee
$0
Account-keeping fee
$1.50 per week
Administration fee
0.2% of your balance per
year, capped at $500
Member investment choice switch fee
$0
ASX 200 option fees
See page 35
This comparison does not constitute a recommendation and is not intended to be relied upon for the purpose of making a decision in relation to a financial product.
This information is of a general nature and does not take into account your specific needs. You should read the Product Disclosure Statement and consider your
own financial position, objectives and requirements before deciding to join CareSuper. Past performance is not necessarily an indicator of future performance.
Growing your super
Some of the factors to consider when trying to grow your super are contributions, consolidation,
the effects of compound interest, investment returns, and taxes and fees.
Employer contributions
Most employers are required to pay
Superannuation Guarantee (SG)
contributions on behalf of employees.
Check to see whether you are eligible and
that your employer is contributing for you.
Usually the SG amount is 9% of your salary.
Some employers will choose to pay more
than the compulsory 9% or may pay extra
when you make voluntary contributions. It is
worth considering this when comparing salary
packages offered by different employers.
Salary sacrifice
Your employer may also offer a salary
sacrifice arrangement. This means that
they can make additional contributions to
your super fund from your pre-tax salary.
Because contributions tax on super is 15%,
(which is a lower rate than many people’s
marginal tax rate), you can increase your
super balance while possibly paying less
tax, therefore having minimal impact on
your take-home pay. It’s worth asking your
employer whether you can salary sacrifice.
Also, check with your employer to see if
SG is calculated on your reduced wage.
Salary sacrifice payments are considered
employer contributions for tax purposes and
are subject to concessional caps. See the
Tax and super section on page 37 for details.
Your voluntary contributions
You can also boost your super savings by
making additional after-tax contributions,
which may make you eligible for a government
co-contribution (see below). There are limits
on the contributions you can make.
See the Tax and super section on page 37
for full details.
Even if you can’t make regular contributions,
you can always help your super grow by
depositing one-off amounts when you can
afford it, such as an inheritance, a win at the
races or a tax refund.
You can make additional contributions by:
• Direct debit from your bank account
• BPAY® – call the CareSuperLine for your
customer reference number. (Note: this is
NOT your member number.) The Biller
code is 929 893
• Payroll deduction (if your employer offers
this facility)
• Direct payment – for example by cheque.
You can make personal contributions even after
you stop working for a CareSuper participating
employer. It’s important to note that super funds
can only accept personal contributions if they
have your tax file number recorded.
If you are on a low or middle income, you may
be eligible for a government co-contribution.
This means that if you contribute to your
super, the government may contribute up to
$1000 into your super to help you along!
To be eligible you must:
• Make after-tax personal contributions by
30 June each year (and you must not
claim a tax deduction for the contributions)
• Lodge an income tax return for the
financial year
• Have at least 10% of your assessable
income from eligible employment*
• Have assessable income and reportable
fringe benefits of less than $61,920 (2010/11
indexed annually) for the financial year**
• Not be a temporary resident, and
• Be less than 71 years old when you make
the contributions.
* Eligible employment may include some forms of
self-employment. To find out if you are eligible or to
find out more about the government’s co-contribution,
refer to the ATO website at ato.gov.au
** From 1 July 2009, reportable super contributions
(salary sacrifice) will be included in your assessable
income for co-contribution purposes.
Use this table to work out what super co-contribution you may be entitled to receive from
the government.
If your personal super
contribution is:
and your total income
during 2010/11# is:
$31,920 or less
$1,000
$800
$500
$200
your super co-contribution will be:
$1,000
$800
$500
$200
$34,921
$900
$800
$500
$200
$37,921
$800
$800
$500
$200
$40,921
$700
$700
$500
$200
$43,922
$600
$600
$500
$200
$46,922
$500
$500
$500
$200
$49,922
$400
$400
$400
$200
$52,922
$300
$300
$300
$200
$55,923
$200
$200
$200
$200
$58,923
$100
$100
$100
$100
$61,920
$0
$0
$0
$0
Growing your super
Government co-contributions
Souce: ATO website ato.gov.au
#
This information is valid for the 2010/11 tax year. For co-contributions applicable for other years,
please refer to the ATO website.
5
Consolidating your funds
simplify your super by
consolidating your funds
Consolidating your funds
is a great way to simplify
your super. When you have
multiple accounts you pay
multiple fees, which erode
your super investment.
Rolling over from other
Australian super funds
Transferring from
overseas funds
If you have multiple super funds, CareSuper
makes it easy for you to consolidate all your
funds. Simply complete the Transfer your
super form at the back of this guide and
return it along with the appropriate certified
copies of your identification. Our team will
arrange everything, then notify you when
it’s done.
United Kingdom
You can photocopy the form if you have
multiple super accounts to transfer, or
download a copy from caresuper.com.au.
Finding lost super
The Australian Taxation Office (ATO) is
holding billions of dollars in unclaimed super.
You can find out whether any of this money is
yours simply by contacting the Lost Members
Register on 13 10 20, or using the ATO’s
SuperSeeker tool at ato.gov.au/superseeker.
6
Australian residents who have United
Kingdom (UK) pension savings can now
transfer their funds into their CareSuper
account. CareSuper is a Qualifying
Recognised Overseas Pension Scheme
(QROPS). This means, subject to certain
conditions, no extra UK tax may apply when
transferring your money to CareSuper.
CareSuper recommends you seek advice
from a qualified financial planner before
transferring your UK Pension savings.
For further information about transferring
your UK pension scheme contact the
CareSuperLine.
New Zealand
The Australian and New Zealand
Governments have indicated their intention
to enable future trans-Tasman super
portability. Refer to the Treasury website at
treasury.gov.au or watch caresuper.com.au
for updates as available.
The effects of compounding
Compounding refers to earning interest not only on the
contributions you’ve accumulated but also on the interest
previously earned on those funds.
What this means for your super balance is
that the earlier you start contributing, the
more you will earn on those contributions
– and the interest they generate each year –
over time.
The following example of Georgina, John
and Paul shows the benefits of making
contributions earlier rather than trying to
‘catch up’ later. This is how it works.
• Georgina starts contributing $2000
per year in addition to her employer’s
contributions from age 30
• From age 50, John tries to ‘catch up’ by
contributing $5000 per year in addition
to his employer’s contributions
• Paul doesn’t make any additional
contributions to his super
By age 65, while Georgina has contributed
$70,000 of her own money in total, John
has contributed $75,000 yet ended up with
$73,048 less in his super account! That’s
the difference compounding interest makes.
• At age 30 they all earn $40,000 per year
and have a super balance of $40,000
• Their salaries increase by 2.5% per year
• They all receive 9% super from their
employers and all their accounts earn
6.25% per year after fees
Catching up is hard – let compounding work for you
$1,200,000
Georgina
John
Paul
$1,071,046
$997,998
$874,207
Superannuation
$800,000
$600,000
$400,000
$200,000
The effects of compounding
$1,000,000
0
30
32
34
36
38
40
42
44
46
48
50
52
54
56
58
60
62
64
65
Age
Warning: this chart assumes consistent earnings on the investment of 6.25% p.a. after fees and taxes, and only
includes the effects of compounding interest while contributing $2000 or $5000 as described above. The example
uses a mathematical calculation to demonstrate the three hypothetical scenarios. As it is illustrative, there is no
guarantee that the amounts of the contributions and earning rate referred to in the example will be achieved, and
different outcomes will eventuate with fluctuating earnings and contribution rates.
7
Investment choice
To feel confident that
you are on track to reach
your retirement goals, it’s
important to decide how you
want your money invested.
Basically, investment choice
comes down to finding the
right balance between risk
and return to suit your own
personal preferences and
circumstances.
CareSuper offers 13 investment options,
each with a varying degree of risk and
expected returns. You can mix the options to
create the balance right for you. Of course,
you don’t have to choose – if you haven’t told
us where you want your money invested, it
will be invested in the Balanced option.
Your investment profile
The right choice of investment options will
depend on your circumstances and your
personality – some people are much more
comfortable taking risks than others. If
you need help deciding, as a CareSuper
member you can access free, super-related
advice quickly and simply over the phone
from a qualified financial planner. See page
33 for details.
Some of the things you need to consider
when determining your investment profile are:
• How long will your money be invested?
• How comfortable do you feel taking risks?
• What other investments do you have?
• How do your various investments fit together
to help you achieve your financial goals?
8
• How much money are you investing?
• What levels of returns do you expect?
• How do you think factors like inflation
will affect the value of your return in
the future?
If you want to learn more about your
investment profile or investment options,
the CareSuper Investment Guide is a great
resource – call the CareSuperLine to order
a copy today or download a copy from
caresuper.com.au.
What are the risks of
investing?
All investments carry a risk – including your
super. Risk can mean either a fall in the value
of your investment, particularly over shorter
periods, or your investment not meeting
your objectives over your desired timeframe.
Different investments also have varying
levels of volatility. Volatility is the extent to
which an investment increases or decreases
in value over a short period of time.
All of these risks can cause your investment
to fall in value, even causing loss of the initial
amount invested. You should understand
the risks of investing before making your
investment choice. The CareSuper Investment
Guide provides detailed information about the
risks involved with investing.
Some of the risks you should consider are:
Inflation – the change in the cost of living
over time
Liquidity – the ability to turn an investment
into cash with little or no loss of capital and
minimal delay
Financial loss – assets can lose value,
leaving you with less than what you originally
invested. This can happen through:
• changes to the market environment, such
as changes in technology, political or legal
conditions;
• interest rate changes affecting prices and
the demand for certain investments;
• currency risks when invested in other
countries;
• the failure of a specific asset, such as a
company becoming bankrupt; and
It is important that you understand the
risks before making your investment
choice.
Managing risk
A key to successfully managing risk is
diversification – spreading your investments
across a range of different asset classes or
types of investments. This assists in offsetting
poor performance that may occur in any
individual asset class. For example, one
asset class may perform poorly while another
experiences better returns, offsetting the poor
performance of the other asset class.
The CareSuper Investment Guide and
caresuper.com.au provide detailed
information about the risks involved
with investing.
CareSuper’s Managed options have a
pre-mixed range of asset classes as
well as a mix of managers; the levels
of diversification vary according to the
investment objectives and strategies.
Call 1300 360 149 to have the
Investment Guide sent to you
today, or download a copy from
caresuper.com.au.
Understanding the relationship between
risk and return is essential in determining
your personal investment style and making
investment decisions.
• changes in values of derivatives.
The graph below assumes $1000 was invested on 30 June 1985 in each asset class (using the relevant market indices, not
CareSuper’s Investment options) and all money earned since that date has been re-invested. The valuations do not take into
account CPI or tax, and are for illustrative purposes only. Past returns are no indication of future returns and actual investment
returns can be higher or lower than shown in this graph.
$20,000
Investment choice
Cumulative value of $1000 invested since June 1985
Australian Shares
International Shares
$15,000
Cumulative returns
Property
Fixed Interest
Cash
$10,000
CPI
$5000
$0
1985
1990
1995
2000
2005
2010
Year
Source: JANA Investment Advisers Pty Ltd.
Note: As this information is from a third party source, while it is believed to be reliable, no responsibility for errors or omissions is accepted by CareSuper.
9
Exercising investment choice
Uncertainty and volatility are
a normal part of investing. It
is important to understand
your personal risk profile
and financial goals, have a
strategy in place and stay
on track, even when the
investment climate becomes
volatile.
Apart from the ASX 200 option, which
requires members to have a minimum
account balance of $10,000 before they
can participate, all CareSuper members are
able to choose their own investment option.
This can consist of one or more of the
Managed options or Asset Class options,
mixed and matched to suit your personal
circumstances. You are free to make or
change your investment option at any time
and there are no fees for doing so. You can
even choose to invest your existing balance
differently to your future contributions and
rollovers. If you do not make a choice,
your super will be invested in CareSuper’s
Balanced option, the default option.
To make an investment choice simply
complete the Investment choice form in
this guide, or log on to MemberOnline via
caresuper.com.au.
Switching investment options
Changing the way your super is invested is
called ‘switching’. CareSuper allows you to
switch as often as weekly, free of charge.
Switches can be made for:
• Your existing account balance
• Your future contributions and rollovers.
If your switch request is received before
5pm (AEST) Wednesday for written
requests or before midnight (AEST) for
online requests, it will be actioned from the
following Monday (or the next business day if
the Monday is a public holiday).
ASX 200 transaction requests received
by 1pm (AEST) Friday (or before midnight
(AEST) Sunday if using MemberOnline) will
be actioned on the first trading day of the
following week.
To make a switch, complete the Investment
choice form in this guide, or log on to
MemberOnline via caresuper.com.au.
Risk vs return
ASX 200
High
Overseas Shares Australian Shares
Growth
Alternative Growth
Potential return
Balanced
Sustainable Balanced
Direct Property
Conservative Balanced
Fixed Interest
Capital Stable
Managed options
Capital Secure
Asset Class options
Capital Guaranteed
Low
10
Risk
High
Interim crediting rates
When a switch request for part or all of
an account balance or a full redemption
request is processed during the course of
a financial year (i.e. between 1 July and
30 June the following year) an ‘interim rate’
is applied to the account balance. Interim
crediting rates are also applied to partial
withdrawals.
Interim rates are calculated for each
investment option weekly. The Trustee
reserves the right to declare interim rates
more often.
These interim rates are based on the
estimated returns for each investment option
(adjusted for tax, investment management
and other costs) since the beginning of the
financial year. It is important to note that in a
period of volatile financial markets, it is not
uncommon for an interim rate to be negative,
meaning that interest would be deducted
from your account at the time of the switch
or payment of your benefit. CareSuper’s
Investment Policy Statement contains a
detailed description of the calculation of
interim rates. This is available by contacting
CareSuper.
The interim crediting rates are available at
caresuper.com.au.
Investment objectives
The CareSuper Trustee decides its
investment objectives with professional
advice from CareSuper’s licensed
independent asset consultant. The
consultant’s research takes into account the
long-term historical returns from the different
asset classes in which the options invest,
as well as economic forecasts and financial
modelling from a variety of Australian
and international sources. Investment
Returns (after tax and fees) to 30 June 2010
10 year
(% p.a.)
5 year
(% p.a.)
3 year
(% p.a.)
Capital Guaranteed
2.7
5.2
5.2
4.4
Capital Stable
9.1
–
4.7
1.9
Conservative Balanced
9.3
–
4.6
0.5
Balanced
8.9
6.5
4.6
- 2.0
Sustainable Balanced
9.3
–
3.7
- 3.0
Alternative Growth
9.6
–
4.5
- 1.5
10.2
5.5
4.3
- 3.5
Capital Secure
4.0
–
4.4
3.8
Fixed Interest
11.0
–
5.3
6.9
4.3
–
5.6
0.1
Australian Shares
11.7
–
5.0
- 6.2
Overseas Shares
9.5
–
1.5
- 5.8
Managed options
Growth
The investment objectives are not
predictions about the future performance
of the options, nor are the predicted returns
guaranteed. They are provided in order to
give members an indication of the level of
returns the options could produce based
on the historical long-term experience of
the different asset classes in which the
options invest. However, past performance
is not necessarily an indicator of future
performance and investors should be aware
that changing market conditions can cause
the value of investments to rise or fall.
The long-term objective of superannuation
is to maintain the value of today’s dollar.
This is achieved by producing returns that
exceed the rate of inflation as measured
by the Consumer Price Index (CPI).
The Balanced option’s average return of
6.5% p.a. over 10 years is well in excess
of this objective – average inflation over
the same period was 3.2% p.a.
(Source: Measures of Consumer Price
Inflation, www.rba.gov.au)
Exercising investment choice
1 year
(%)
Investment options
strategies, including the determination of the
proportions of each asset class that makes
up the Managed options, and the underlying
strategies within each asset class, are
developed to create the greatest probability
of attaining the outlined objective of the
investment options. These are amended
from time to time to reflect changing
circumstances in different markets.
Asset Class options
Direct Property
Note: past performance is not necessarily an indication of future performance.
11
Managed investment options
The seven Managed options detailed below have a mix of assets predetermined by CareSuper. Members can
choose one or a combination of CareSuper’s Managed or Asset Class investment options and the ASX 200 option.
Managed options
Capital Guaranteed*
Capital Stable option
Conservative Balanced option
Overview
This option aims to ensure the security of capital
and to limit year-to-year variations in returns.
This option aims to provide stability of
capital over the medium term combined
with the opportunity for limited capital
growth. It invests in a diversified mixture of
assets with an emphasis on fixed interest
and cash.
This option aims to achieve a balance
of risk and return by investing in a blend
of growth and defensive assets, with
approximately equal weighting of shares
(Australian and overseas), fixed income
and cash.
Alternative investments for this option
comprise allocations to absolute
return (defensive), share strategies and
infrastructure investments (growth).
Alternative investments for this option
comprise allocations to absolute
return (defensive), share strategies and
infrastructure investments (growth).
It is the Trustee’s intention that this option will
be invested in the AMP Capital Guaranteed
Superannuation Fund within the AMP Statutory Fund
No 1, managed by AMP Life Limited (AMP). AMP
guarantees that contributions and their accumulated
earnings will not be reduced by negative investment
returns. The asset allocation is determined
by AMP. From time to time, some of the option
may be invested in deposits with Australian
Authorised Deposit Taking Institutions.
Risk profile
Very low risk
Low risk
Low to moderate risk
Investment
objectives
• To achieve returns after fees that exceed the
• To achieve returns after fees that exceed
• To achieve returns after fees that exceed
• Over shorter periods, ensure as far as possible
• Over shorter periods, ensure as far as
• Over shorter periods, ensure as far as
• To achieve positive returns after fees in
• To achieve positive returns after fees in
inflation rate (as measured by the Consumer
Price Index [CPI]) by at least 1% per year over
rolling 5-year periods
that the amounts credited to members each
year are competitive with those credited by
comparable options in other superannuation funds
• To achieve positive returns after fees in all
financial years
the inflation rate (as measured by the CPI)
by at least 2% per year over rolling 5-year
periods
possible that the amounts credited to
members each year are competitive with
those credited by comparable options in
other superannuation funds
at least 18 out of 20 financial years
the inflation rate (as measured by the
CPI) by at least 2.5% per year over rolling
5-year periods
possible that the amounts credited to
members each year are competitive with
those credited by comparable options in
other superannuation funds
at least 17 out of 20 financial years
Investment
strategy and
asset allocation
Benchmark %
Benchmark %
Benchmark %
Shares
40
Australian Shares
12
Australian Shares
18
Property 20
Overseas Shares
10
Overseas Shares
16
Fixed Interest & Cash
40
Property 6
Property 7
Growth Alternatives
7
Growth Alternatives
9
Defensive Alternatives
5
Defensive Alternatives
30
Fixed Interest
25
Cash
30
Cash
20
Time horizon
Short (1–2 years)
Short to medium (3+ years)
Most suitable for
Members seeking to maintain the capital value of
their investment over any time period while earning
a rate of return similar to that of bank bills or from a
cash management trust.
Members seeking long-term capital security, Members seeking returns above the rate of
inflation over the long term, but with a more
while earning a rate of return above that of
bank bills or from a cash management trust. stable pattern of returns than might
be experienced by the Balanced option.
Returns history
3-year
4.4%
3-year
1.9%
3-year
0.5%
Compound average
returns p.a. for period to
30 June 2010
5-year
5.2%
5-year
4.7%
5-year
4.6%
10-year
5.2%
Investment
fees 2009/10
(estimate calculations)
10-year
Medium to long (3–5 years)
NA
10-year
NA
These returns are calculated after investment
fees and taxes.
These returns are calculated after
investment fees and taxes.
These returns are calculated after
investment fees and taxes.
Base fee:
1.19%
Base fee:
0.53%
Base fee:
0.60%
Performance fee:
0.00%
Performance fee:
0.12%
Performance fee:
0.12%
Note: past performance is not necessarily an indicator of future performance.
* Under the Capital Guaranteed fee structure, the manager providing the guarantee, AMP charges 1.15% plus 20% of investment returns.
For liquidity purposes, the Trustee will hold 1% of the allocation in cash.
Performance fees are payable to fund managers who out-perform pre-determined benchmarks. These can vary significantly from year to year.
12
5
Fixed Interest
Balanced option (default)
Sustainable Balanced option
Alternative Growth option
Growth option
This option aims to achieve relatively
high returns in the medium to long
term, subject to containing short-term
variations in returns within acceptable
limits. It invests in a diversified mixture of
assets with emphasis on Australian and
overseas shares. Alternative investments
for this option comprise allocations
to absolute return (defensive), share
strategies, infrastructure and private equity
investments (growth).
This option aims to achieve relatively
high returns in the medium to long term,
subject to containing short-term variations
in returns within acceptable limits, while
investing in industries and companies
that are considered to have a sustainable
future on environmental and/or social
grounds. It invests in a diversified mixture
of assets with emphasis on Australian and
overseas shares. Alternative investments
for this option comprise allocations
to absolute return (defensive), share
strategies, infrastructure and private
equity investments (growth).
This option aims to achieve long-term
capital growth by investing in a diversified
mixture of assets with emphasis on
alternative asset classes as well as
Australian and overseas shares. It
aims to deliver a more stable pattern of
returns than would be expected in the
Growth option by investing a significant
component of the portfolio in alternative
investments. Alternative investments
for this option comprise allocations
to absolute return (defensive), share
strategies and infrastructure investments
(growth).
This option aims to achieve longterm capital growth by investing
predominantly in growth assets
with an emphasis on Australian
and Overseas Shares. Alternative
investments for this option are
equally weighted between defensive
(Absolute Return) and growth assets
(share strategies, infrastructure
and private equity investment). The
performance of this option may
display a significant level of volatility
and has a relatively high risk of capital
loss over the short or medium term.
Moderate risk
Moderate risk
Moderate to high risk
High risk
• To achieve returns after fees that exceed
• To achieve returns after fees that exceed
• To achieve returns after fees that exceed
• To achieve returns after fees that
• Over shorter periods, ensure as far as
• Within the Australian and Overseas Shares • Over the long term, to produce a less
the inflation rate (as measured by the CPI)
by at least 3% per year over rolling
5-year periods
possible that the amounts credited to
members each year are competitive with
those credited by comparable options in
other super funds
• To achieve positive returns after fees in
at least 16 out of 20 financial years
the inflation rate (as measured by the CPI)
by at least 3% per year over rolling 5-year
periods
asset classes, to favour industries and
companies that are expected to achieve
sound investment returns, maintain good
social and/or environmental records and
have a sustainable future
• To achieve positive returns after fees in
the inflation rate (as measured by the
CPI) by at least 4% per year over rolling
5-year periods
volatile return profile than the Growth
option by investing a significant
component of the portfolio in alternative
investments
• To achieve positive returns after fees in
at least 17 out of 20 financial years
at least 16 out of 20 financial years
Benchmark % Range %
Australian Shares 26
15–45
Overseas Shares 20
Benchmark % Range %
exceed the inflation rate (as measured
by the CPI) by at least 4% per year
over rolling 5-year periods
• Over shorter periods, ensure as
far as possible that the amounts
credited to members each year
are competitive with that credited
by comparable options in other
superannuation funds
• To achieve positive returns after fees
in at least 16 out of 20 financial years
Benchmark %
Benchmark %
15–45
Australian Shares
23
Australian Shares
35
10–35
Overseas Shares 20
10–35
Overseas Shares
18
Overseas Shares
30
Property 11
0–25
Property 11
0–25
Property 12
Property 12
Growth Alternatives 18
0–55
Growth Alternatives 18
0–55
Growth Alternatives
32
Growth Alternatives
13
14
Defensive Alternatives
9
Cash 1
Defensive Alternatives
5
0–15
Defensive Alternatives
5
0–15
Defensive Alternatives
Fixed Interest 12
5–35
Fixed Interest 12
5–35
Cash Cash 0–15
Cash 0–15
8
8
1
Long (5+ years)
Long (5+ years)
Very long (7–10 years)
Very long (7–10 years)
Members seeking returns above the rate of
inflation over the long term. This option has
relatively high levels of investment in shares,
property and alternative investments with
a benchmark exposure of 75% to these
growth assets.
Members seeking returns above the rate of
inflation over the long term. The Australian
and Overseas Shares components of this
option favour industries and companies that
are considered to have a sustainable future
on environmental and/or social grounds.
It has relatively high levels of investment in
shares, property and alternative investments
with a benchmark exposure of 75% to these
growth assets.
Members with an investment timeframe of
at least seven years or someone whose
financial situation allows a higher degree of
risk. The option may be suitable for those
seeking to invest in a portfolio invested
mainly in growth assets. It is most suitable
for those with a strong understanding of
alternative investments and who seek to
invest in these types of strategies.
Members with an investment
timeframe of at least seven years or
someone whose financial situation
allows a higher degree of risk and
volatility.
3-year
- 2.0%
3-year
- 3.0%
3-year
- 1.5%
3-year
- 3.5%
5-year
4.6%
5-year
3.7%
5-year
4.5%
5-year
4.3%
10-year
6.5%
10-year
10-year
5.5%
These returns are calculated after
investment fees and taxes.
NA
These returns are calculated after
investment fees and taxes.
10-year
NA
Your Managed options
Australian Shares 26
These returns are calculated after
investment fees and taxes.
These returns are calculated after
investment fees and taxes.
Base fee:
0.77%
Base fee:
0.87%
Base fee:
1.02%
Base fee:
0.87%
Performance fee:
0.17%
Performance fee:
0.15%
Performance fee:
0.34%
Performance fee:
0.29%
Note: past performance is not necessarily an indicator of future performance.
13
Your Asset Class options
Create your own portfolio with Asset Class options
Asset Class options provide you with investment flexibility and control, allowing you to decide how your super is invested by building your own portfolio.
Choose any one or a combination of the following investment options. You can also integrate your Asset Class selection with one or more of the
Managed options outlined previously. These options (with the exception of Capital Secure) hold 1% of assets in cash.
Capital
Secure
Fixed
Interest
Direct
Property
Australian
Shares
Overseas
Shares
Investment
returns and fees
Investment
horizon
Invests in a mix of short-dated Very low
and floating rate securities
issued by Australian and
overseas governments, banks,
and companies. The portfolios
include bank bills, commercial
paper and other discount
securities, Government and
corporate bonds and assetbacked securities.
Net returns p.a.
3-year
3.8%
5-year
4.4%
10-year
NA
These returns are calculated
after investment fees and taxes.
Very short
(1 year or less)
Invests in a diversified portfolio Low
of debt securities, mainly
fixed-rate bonds issued by
Australian and overseas
governments and companies,
and mortgage-backed
securities. The investment
managers include specialist
credit managers and other
managers mainly focused on
managing sector and interest
rate exposures.
Net returns p.a.
3-year 6.9%
5-year
5.3%
10-year
NA
These returns are calculated
after investment fees and taxes.
Holds units in portfolios
focused on core, high quality
properties, mainly CBD office
buildings and large shopping
centres. Returns may come
from both rental income and
capital growth, including
some refurbishment and
development activity.
Net returns p.a.
3-year
0.1%
5-year
5.6%
10-year
NA
These returns are calculated
after investment fees and taxes.
Investment objectives
Description
• To achieve returns after fees at least in line
with the inflation rate (as measured by the
CPI) over rolling 5-year periods
• Over shorter periods, to outperform
the return of the Australian cash market
(as measured by the UBS Bank Bill Index)
• To achieve positive returns after fees in all
financial years
• To achieve returns after fees that exceed the
inflation rate (as measured by the CPI) by at
least 2% per year over rolling 5-year periods
• Over shorter periods, to outperform the
return of a mix of the Australian and overseas
bond markets (as measured by a benchmark
consisting of the UBS Composite Bond
Index, UBS Government Inflation Index and
Lehman Global Aggregate Index [hedged])
• To achieve positive returns after fees in at
least 17 out of 20 financial years
• To achieve returns after fees that exceed the
inflation rate (as measured by the CPI) by at
least 4% per year over rolling 5-year periods
• Over shorter periods, to outperform the
return of the Australian direct property
market (as measured by the Mercer
Australian Unlisted Property Index [pre-tax])
• To achieve positive returns after fees in at
least 17 out of 20 financial years
• To achieve returns after fees that exceed the
inflation rate (as measured by the CPI) by at
least 5% per year over rolling 5-year periods
• Over shorter periods, to outperform the
return of the Australian share market
(as measured by the S&P/ASX 300
Accumulation Index)
• To achieve positive returns after fees in
at least 14 out of 20 financial years
• To achieve returns after fees that exceed the
inflation rate (as measured by the CPI) by at
least 5% per year over rolling 5-year periods
• Over shorter periods, to outperform the
return of the overseas share market (as
measured by the MSCI World ex-Australia
Index in $A)
• To achieve positive returns after fees in
at least 14 out of 20 financial years
Risk
profile*
Moderate
Investment fees 2009/10
Base fee:
0.14%
Performance fee:
0.00%
Investment fees 2009/10
0.40%
Base fee:
0.00%
Performance fee:
Net returns p.a.
3-year
- 6.2%
5-year
5.0%
10-year
NA
These returns are calculated
after investment fees and taxes.
Invests in shares listed on
High
stock exchanges around
the world, including both
developed and emerging
markets. A group of managers
employing a wide range
of different investment
approaches to achieve
diversification.
et returns p.a.
N
3-year
- 5.8%
5-year
1.5%
10-year
NA
These returns are calculated
after investment fees and taxes.
Very long
(7–10 years)
Investment fees 2009/10
Base fee:
0.43%
Performance fee:
0.05%
Investment fees 2009/10
Base fee:
0.91%
Performance fee:
0.00%
* The risk profile in this table represents an assessment of the possibility of your investment losing value, including possible loss of your original capital.
14
Long
(5+ years)
Investment fees 2009/10
Base fee:
0.49%
Performance fee:
0.00%
Invests in shares listed in
High
Australia and is therefore
a more concentrated
portfolio than the Overseas
Shares option. A number of
investment managers are
utilised to provide a diversified
portfolio by investment style.
Note: past performance is not necessarily an indicator of future performance.
Short to
medium
(3+ years)
Very long
(7–10 years)
ASX 200 option
If you feel confident managing your investment choices directly, you may find our ASX 200
option appealing.
Investment objective
How it works
To provide long-term growth by investing directly in the Australian share market.
1.You must have a minimum balance
of $10,000 in your CareSuper
account to invest in the ASX 200
option.
Risk profile: High
Investment horizon: Very long (7–10 years)
About this option
The ASX 200 option enables members to invest up to 50% of their existing super
account balance in their choice of the companies included in the S&P/ASX 200
Index. This option utilises the services of Macquarie Equities Limited, one of
Australia’s leading stockbroking companies. As with any share investment, your
account will be credited with relevant dividends, distributions and franking credits
if applicable, as well as the effects of capital movement (which can be positive
or negative).
It’s important to remember that share trading is a high-risk investment option.
Your super is important and you will want to be confident in the choices you are
making. We recommend seeking professional financial advice before changing
your investments. It is also a good idea to learn about share trading before you start.
3.No more than 20% of your total
account balance may be invested
in a single stock.
4.The minimum transaction value for
buying shares is $1500.
Fees
Administration fee – $52 p.a.
Brokerage fees – Vary based on the
value of the trade.
For full details see pages 34–36.
ASX 200 option
To apply for the ASX 200 option, simply complete your instructions using
MemberOnline or complete and return the form included in this Member Guide PDS.
2.You can invest no more than 50% of
your account balance in this option.
The remainder must be invested
in other CareSuper investment
options.
15
Managing your investment
Investment Policy
Statement
The way in which each investment option is
structured and the investment strategies used
to achieve the objectives of each option have
been carefully determined by the Trustee and
are clearly detailed in CareSuper’s Investment
Policy Statement, a copy of which is available
on request by calling the CareSuperLine or
via caresuper.com.au.
Professional investment
managers
CareSuper has appointed a number
of professional investment managers to
manage the assets of the fund. With the
assistance of a professional investment
adviser, CareSuper’s Trustee monitors and
reviews the performance of each investment
manager on a regular basis, adding or
removing managers from time to time
as appropriate. A full list of CareSuper’s
investment managers can be found on
our website.
Final crediting rates
At the end of each financial year, returns
are applied to members’ accounts. For
those who have been members for the
entire year and who have not switched
investment options, returns are credited
16
for the full year. For those members who
joined the fund during the year or who have
made an investment option switch, returns
will be credited for the period since the first
contribution was made to new accounts
or since the most recent switch was
implemented.
Please note: any returns for the financial year
attributed to your previous investment choice
will be applied at the time of the switch by
applying interim rates. See page 11.
Returns are declared each month, adjusted
for tax, investment management fees and
other costs and any applicable tax credits for
each investment option.
Where a member has not been a member
of CareSuper for the entire month, returns to
be applied to their account are calculated
on a daily pro-rata basis by applying the
final monthly crediting rates for the option(s)
where the account was invested to the daily
account balance.
Investment strategy –
reserving
The Trustee maintains a reserve to cover
Administration, Group Life and Operations.
The reserve is determined each year by the
Trustee as a percentage of overall assets.
The reserve is invested in CareSuper’s
Balanced option.
Managing benchmark risk
The investment strategy for each Managed
option includes benchmark allocations to
different asset classes. These allocations
represent those which the Trustee believes,
based on historical analysis, will most likely
achieve the investment objectives of each
particular option. As the value of assets in
each option will vary depending on changes
in the market, each portfolio may require
adjustment to ensure the allocation to each
asset class remains consistent with its
benchmark.
Rebalancing
With the exception of the Balanced and
the Sustainable Balanced options, each
investment option is rebalanced back to its
benchmark asset allocation on a weekly
basis. The Trustee reserves the right to
alter the actual asset allocation of both
the Balanced and Sustainable Balanced
options if it believes it is appropriate
for reasons of risk management or
performance enhancement.
Managing currency risk
As a matter of policy, the Trustee eliminates
currency exposure in all international
investments, except overseas shares, where
exposure to currency movements is held
within a pre-set range.
The Trustee reserves the right to make
changes to the fund’s currency policy if
this is considered in the best interests of
CareSuper members in light of prevailing
economic or market conditions.
CareSuper is a signatory of the United
Nations’ Principles for Responsible
Investing and therefore agrees to:
1.Incorporate environmental, social and
corporate governance (ESG) issues
into investment analysis and
decision-making processes
2.Be active owners and incorporate
ESG issues into our ownership
policies and practices
3.Seek appropriate disclosure on ESG
issues by the entities in which we
invest
4.Promote acceptance and
implementation of the Principles
within the investment industry
5.Work to enhance our effectiveness in
implementing the Principles
6.Report on our activities and progress
towards implementing the Principles.
CareSuper integrates the consideration
of ESG issues into our investment
decision making and ownership
practices in the belief that managing
these risks will improve the long-term
returns to members.
CareSuper mandates all Australian
equity managers consider ESG
factors in stock selection and portfolio
construction. In addition, managers
across all asset classes are asked to
report on how ESG factors have been
considered in portfolio construction.
For the Sustainable Balanced option,
CareSuper has appointed Australian
and Overseas share managers who
specialise in the analysis of sustainable
factors in stock selection. This ensures
that company analysis undertaken
in the Australian and Overseas share
portfolios of the Sustainable Balanced
option focuses on social, environment
and governance factors.
CareSuper appoints Australian Council
of Superannuation Investors (ACSI) to
engage companies on ESG factors that
may be specific to their business.
CareSuper is also a founding member
of ESG Research Australia which
encourages ESG related broker
research to assist fund managers in
their stock selection.
Managing your investment
If the Trustee does alter the actual asset
allocation, it will remain within the specified
ranges (see page 13).
Sustainable investing
17
Insurance – CareSuper has you covered
You wouldn’t think twice about insuring your car or your
house. But your ability to earn an income is your biggest
asset, and it’s what really creates financial security.
If that was suddenly taken away, insurance cover could help reduce the impact on you or
your family.
CareSuper insurance premiums are paid from your super contributions before they are
taxed, making them even better value for money – and you won’t feel the impact on your
take-home pay.
CareSuper offers three types of insurance cover:
death, total and permanent disablement (TPD) and income protection:
1
2
Did you know?
To qualify as an eligible
default fund for employers
to offer their staff, super
funds have to provide a
certain level of insurance
cover for members. It’s
important to think about
insurance while you’re
fit and well, as it can be
more difficult to obtain if
you’ve suffered an illness
or injury.
Insurance cover through
your super fund is purchased
at group rates – which
is usually cheaper than
getting cover yourself.
18
3
Death cover provides a lump sum payment to your dependants or beneficiaries
if you die (certain restrictions apply). This can help you to ensure the ongoing
well-being of family members, even if you are not around to provide for them.
Early release of the death benefit may also be available if you are terminally ill
(see definition of terminal illness on page 29).
TPD cover provides a lump sum payment if you are never able to work again
(specific definitions apply). This payment could be used to cover medical bills,
rehabilitation expenses or medically required home modifications, and to ensure
the overall security of your family and your home.
Income protection cover provides a replacement income if you are unable
to work temporarily due to illness or injury (specific conditions apply). This
means you can continue to pay your bills while taking the time to recover and
rehabilitate. You must be earning at least $16,000 p.a. on an ongoing basis to
be eligible for income protection.
each of these types of cover are explained in detail in the following pages.
How it works
• At CareSuper, each employer-sponsored member receives our default insurance cover.
Default cover is provided in ‘units’ of death & TPD cover. The amount of cover you
receive per unit depends on your age. With unit-based cover, the same premium per
unit applies each year, but your level of cover decreases with each birthday from age 30.
The premium for 1 unit of death cover is $0.83 per week. The premium for 1 unit of TPD
cover is $0.67 per week. The premium for 1 unit of death & TPD cover is $1.50 per week.
• If you are a new member, you can also increase this cover up to 10 x salary to a maximum
of $1.55 million, and/or add income protection cover, without the need to provide
evidence of health if you do so within 60 days of the date on your Welcome letter.
• You also have the option to choose fixed cover, where your cover is set at a fixed dollar
amount. With fixed cover, the amount you pay will increase with each birthday, but the
amount of cover will remain the same. Fixed cover can also be indexed to increase by
5% each year, offering added security against the rising cost of living.
• CareSuper has three different occupational categories, providing different levels of
cover according to the type of work you do. This is to reflect the different levels of risk
associated with our members’ occupations and roles.
Our default cover
Tailoring your insurance cover
CareSuper’s default insurance cover
Age
Death cover
TPD cover
16–29
1 unit
4 units
30 and over
4 units
4 units
Every employer-sponsored member gets
default insurance cover under CareSuper’s
Group policy.
People’s insurance needs often change over
the course of their working life. Before 30, for
instance, you might not have a lot of debt or
anyone who relies on you financially, but you
probably don’t have a lot of super to help if
you suddenly stopped working.
Meanwhile, those over 30 are more likely
to have dependants or bigger financial
commitments.
Refer to page 23 for details on when your
cover starts.
how much or what
type of insurance you
need depends on your
circumstances
It also pays to review all your insurance from time to time, to be sure that it changes
with your needs.
Your insurance options
Available to new members
Take up a New Member Option with no medical evidence required:
1. Add income protection and/or
2. Increase death and TPD cover up to 10 times your salary, to a maximum of
$1.55 million
To qualify for a New Member Option without providing medical evidence, you must
apply within 60 days of the date on your Welcome letter by completing the Insurance
application form at the back of this Member Guide PDS.
Available any time after joining
• Increasing your cover, either by adding more units or adding a fixed cover amount,
to a maximum of $5 million for death cover and $3 million for TPD
• Changing your unit-based cover to fixed cover so the amount of cover stays the same
• Indexing fixed insurance cover
• Taking up or increasing income protection cover
• Making sure you’re in the right occupational category
Applications for increased cover are subject to assessment.
these options are discussed in more detail in the coming pages.
Important: To qualify for a New Member Option without having to provide medical
evidence, you must apply within 60 days of the date on your Welcome letter.
Flexible insurance cover
For this reason, if you are under 30 you
receive a default cover amount of 1 unit of
death cover, and 4 units of TPD cover.
At age 30, death cover increases to 4 units,
to match TPD cover. If you are 30 or over,
you will receive a default cover amount of
4 units of death & TPD cover. Refer to page
20 to see how much cover each unit provides.
How much cover you need depends on your individual circumstances. While you’ll
automatically receive the default level of cover, it’s a good idea to assess your actual
insurance needs, and adjust your cover accordingly.
Insurance forms can be found at the back of this Member Guide PDS.
19
Types of insurance
Death & TPD cover
How much cover do I need?
Once you understand the type and level of cover
you require, check out our default cover to see if
it meets your needs.
To do this, first determine your occupational
category by answering the three simple questions
below. Then use the tables and examples on
pages 20–21 (for death and TPD) and page 22
(for income protection) to calculate the extra cover
you can apply for, without the need of providing
extra evidence of health.
John is 40 and qualifies for the General
category, so one unit equals $71,540 of
cover. He has determined that he needs
$550,000 of cover.
$550,000 = 7.69 units
$71,540
Therefore John needs to apply for an increase to 8 units of death and TPD
Unit-based cover: benefit for 1 unit death & TPD ($)
Age
General
Office
Professional
16 to 30
99,940
119,400
131,390
31
98,890
118,140
129,920
To tailor your cover by increasing your units, or
fixing or indexing your cover, simply indicate your
choices when filling out the Insurance application
form at the back of this Member Guide PDS.
32
96,780
115,610
127,190
33
94,680
113,090
124,450
34
92,570
110,560
121,610
35
88,370
105,620
116,140
Occupational categories
36
84,160
100,570
110,670
To reflect the different levels of risk associated
with our members’ different roles and
occupations, CareSuper has three different
occupational categories:
• General (default)
• Office, and
• Professional.
To determine your occupational category, answer
the following questions:
1. Are the duties of your occupation limited to
professional, managerial, administrative,
clerical, secretarial or similar ‘white collar’
nature tasks which do not involve manual work
and are undertaken entirely within an office
environment (excluding travel time from one
office environment to another)?
2.Are you earning in excess of $80,000 from
your profession?
3a)Do you hold a tertiary qualification, or are
you a member of a professional institute or
registered by a government body?
or
3b)Are you in a management role? (Please refer
to the ‘Manager’ section in the TPD definition
on pages 28 and 29 for guidance).
37
81,000
96,780
106,460
38
76,790
91,730
100,890
39
73,640
87,950
96,780
40
71,540
85,530
94,050
89,940
41
68,380
81,740
42
64,170
76,690
84,370
43
61,330
73,320
80,690
44
58,390
69,380
76,690
45
55,860
66,800
73,530
46
52,910
63,220
69,540
47
49,970
59,750
65,750
48
47,230
56,490
62,170
49
44,390
53,020
58,280
50
41,870
50,070
55,120
51
38,820
46,390
51,020
52
35,980
43,030
47,340
53
33,030
39,450
43,450
54
30,510
36,500
40,190
55
27,460
32,820
36,080
56
24,830
29,670
32,790
57
21,990
26,300
28,930
58
19,040
22,830
25,140
59
16,520
19,780
21,780
60
13,570
16,310
17,990
61
10,730
12,830
14,100
62
8,630
10,310
11,360
If you answered no to all of the questions,
you fall into the General category.
63
8,630
10,310
11,360
64
8,630
10,310
11,360
If you answered yes to Q1 you qualify for
the Office category.
65 to 69*
7,570
9,050
9,990
0
0
0
If you answered yes to Q1 and Q2, and
to either Q3a or Q3b, you fall into the
Professional category.
20
Example
70
* Death only cover
Note: Personal Plan members must apply for all insurance cover. Your occupational category will be
reviewed each time you complete a new application form or apply to vary your insurance cover.
Your cover will cease when you reach age 70 for death cover and 65 for TPD cover.
How does fixed cover work?
If you have unit-based cover, the level of cover will decrease with age but your premium will stay
the same.
With fixed cover, the reverse is true; your amount of cover will stay the same but the premium will
increase with age and is determined by your age and occupational category. You can also choose
to have your fixed cover indexed – meaning that it increases by 5% annually to account for inflation.
To determine what your annual premium would be for fixed cover, divide your required level of cover
by $1000, and multiply by the price that corresponds to your age and occupational category.
Annual fixed cover rates
General
John would like to maintain his
death and TPD cover at $550,000
so he elected to fix that cover.
His premiums at intervals over
the next 15 years are shown
below (without indexation).
Age 40
Annual rate per $1,000 sum insured
Age
Example
Office
Professional
$550,000 x 1.09 = $599.50 p.a.
$1,000
Death
TPD
Death
& TPD
Death
TPD
Death &
TPD
Death
TPD
Death
& TPD
15 to 30
0.43
0.35
0.78
0.36
0.29
0.65
0.33
0.27
0.60
31
0.44
0.35
0.79
0.37
0.29
0.66
0.33
0.27
0.60
$550,000 x 1.39 = $764.50 p.a.
$1,000
Age 50
Age 45
32
0.45
0.36
0.81
0.37
0.30
0.67
0.34
0.27
0.61
33
0.46
0.37
0.83
0.38
0.31
0.69
0.35
0.28
0.63
34
0.47
0.38
0.85
0.39
0.32
0.71
0.35
0.29
0.64
35
0.49
0.39
0.88
0.41
0.33
0.74
0.37
0.30
0.67
36
0.51
0.41
0.92
0.43
0.35
0.78
0.39
0.31
0.70
Age 55
37
0.53
0.43
0.96
0.45
0.36
0.81
0.41
0.33
0.74
38
0.56
0.45
1.01
0.47
0.38
0.85
0.43
0.35
0.78
$550,000 x 2.84 = $1562.00 p.a.
$1,000
39
0.59
0.47
1.06
0.49
0.40
0.89
0.45
0.36
0.81
40
0.60
0.49
1.09
0.50
0.41
0.91
0.46
0.37
0.83
0.63
0.51
1.14
0.53
0.43
0.96
0.48
0.39
0.87
0.67
0.54
1.21
0.56
0.45
1.01
0.51
0.41
0.92
43
0.70
0.57
1.27
0.59
0.48
1.07
0.53
0.43
0.96
44
0.74
0.60
1.34
0.62
0.50
1.12
0.56
0.45
1.01
45
0.77
0.62
1.39
0.65
0.52
1.17
0.59
0.47
1.06
46
0.82
0.66
1.48
0.68
0.55
1.23
0.62
0.50
1.12
47
0.86
0.70
1.56
0.72
0.58
1.30
0.66
0.53
1.19
48
0.91
0.74
1.65
0.76
0.62
1.38
0.69
0.56
1.25
49
0.97
0.78
1.75
0.81
0.66
1.47
0.74
0.60
1.34
50
1.03
0.83
1.86
0.86
0.70
1.56
0.78
0.63
1.41
51
1.11
0.90
2.01
0.93
0.75
1.68
0.85
0.68
1.53
1.65
52
1.20
0.97
2.17
1.00
0.81
1.81
0.91
0.74
53
1.31
1.05
2.36
1.09
0.88
1.97
0.99
0.80
1.79
54
1.41
1.14
2.55
1.18
0.95
2.13
1.07
0.87
1.94
55
1.57
1.27
2.84
1.32
1.06
2.38
1.20
0.97
2.17
56
1.74
1.40
3.14
1.45
1.17
2.62
1.32
1.06
2.38
2.69
57
1.96
1.58
3.54
1.64
1.32
2.96
1.49
1.20
58
2.27
1.83
4.10
1.89
1.53
3.42
1.72
1.39
3.11
59
2.61
2.11
4.72
2.18
1.76
3.94
1.98
1.60
3.58
60
3.18
2.57
5.75
2.65
2.14
4.79
2.40
1.94
4.34
61
4.02
3.25
7.27
3.36
2.72
6.08
3.06
2.47
5.53
6.87
62
5.00
4.04
9.04
4.19
3.38
7.57
3.80
3.07
63
5.00
4.04
9.04
4.19
3.38
7.57
3.80
3.07
6.87
64
5.00
4.04
9.04
4.19
3.38
7.57
3.80
3.07
6.87
65 to 69*
5.70
n/a
n/a
4.77
n/a
n/a
4.32
n/a
n/a
70
n/a
n/a
Flexible insurance cover
41
42
$550,000 x 1.86 = $1023.00 p.a.
$1,000
n/a
* Death only cover
Note: you must apply for a minimum of $10,000 of fixed cover.
21
Types of insurance (continued)
Income protection cover
Who can apply?
your Welcome letter) depends on your
occupational category, as below:
Anyone earning over $16,000 p.a. on
an ongoing basis is eligible to apply for
income protection insurance, including
contractors, part-time employees and
casual employees.
General category: a salary of up to
$72,000 p.a. (or 12 units) can be covered
Office category: a salary of up to
$102,000 p.a. (17 units) can be covered
Professional category: a salary of up to
$144,000 p.a. (24 units) can be covered
How much income protection
cover do I need?
Example
John earns $45,000 in gross salary
per year.
$45,000 x 85% = $38,250 annual
(or $3187.50 per month )
$3188
$425
= 7.5 units
John would round up to 8 units of cover.
Example
As per the previous example, John
has determined he needs 8 units
of income protection to cover the
maximum of 85% of his $45,000
annual salary. John is 40 and qualifies
for the General category. He has
chosen a 60-day waiting period.
8 units x $0.89 = $7.12 per week
If you need more cover, tailored income
protection allows you to select as many
units as you like up to 85% of your average
pre-disability income or a benefit of $20,000
per month (whichever is lower). This
cover will be subject to assessment and
acceptance by our insurer.
The maximum amount of income
protection you can apply for is determined
by your salary. How much you decide you
need depends on your estimation of your
required income if you are not working.
Your cover will automatically increase by
5% p.a. to account for inflation.
How much does income protection
cover cost?
Your monthly benefit can be no more than
85% of your gross monthly salary. Of this,
75% will be payable as a benefit, and 10%
as a Super Guarantee contribution.
The cost of income protection cover is based
on your age, your occupational category
and the waiting period you choose. The
cost decreases if you wait longer to receive
your benefit. You can choose a 30, 60 or
90 day waiting period. If you do not make a
selection the default waiting period
is 30 days. The benefit period is 2 years.
Each unit of income protection cover
provides a benefit of $425 of which $375
(less appropriate income tax) is payable
as a benefit to you and $50 is payable
to your CareSuper account as a Super
Guarantee contribution. Continued
contributions to super help to keep you
on track for your retirement goals and
help to maintain a sufficient balance in
your account to continue covering your
insurance premiums.
Using the number of units you have
determined you need (see example at left),
use the table below to calculate your weekly
premium. The premiums are deducted from
your CareSuper account before contributions
tax is deducted. This means you can pay for
your insurance using your Super Guarantee
contributions, in a tax-effective manner that
doesn’t impact on your take-home pay.
The maximum income protection cover
you can apply for with no evidence of
health required (if your application is
received within 60 days of the date on
Weekly rate ($) per unit of income protection cover
Waiting
period
22
General scale
30 days
Office scale
60 days
90 days
30 days
60 days
Professional scale
90 days
30 days
60 days
90 days
Current age
15–24
0.57
0.40
0.20
0.38
0.26
0.14
0.32
0.22
0.12
25–29
0.63
0.44
0.24
0.42
0.29
0.16
0.36
0.25
0.14
30–34
35–39
40–44
45–49
50–54
55–59
0.74
0.96
1.27
1.69
2.36
3.32
0.52
0.67
0.89
1.18
1.65
2.33
0.26
0.34
0.52
0.84
1.34
2.05
0.49
0.64
0.85
1.13
1.57
2.22
0.34
0.45
0.59
0.79
1.10
1.55
0.17
0.22
0.35
0.56
0.89
1.37
0.42
0.54
0.72
0.96
1.34
1.88
0.29
0.38
0.50
0.67
0.94
1.32
0.15
0.19
0.29
0.48
0.76
1.16
60–64
3.57
2.69
2.04
2.38
1.79
1.36
2.02
1.52
1.16
Note: cover will automatically increase by 5% per year to account for inflation. CareSuper’s Trustee reserves the right to change the income protection insurance
premiums if it believes it is in the best interests of members to do so. We will communicate any new premiums in writing.
Insurance – what do I need to know?
Transferring your insurance
You may be able to transfer your current
superannuation or retail insurance
arrangement to CareSuper without having
to provide medical evidence. To transfer
your existing cover, please complete the
Transfer your insurance form at the back
of this Member Guide PDS and provide
the required documentation. This option
is available to both Employer-Sponsored
members and Personal Plan members.
Any transferred death and/or TPD amount
will be added over and above any existing
insurance cover held with CareSuper. Keep
in mind that insurance transfer limits do
apply. The total amount of cover including
any transferred insurance cannot exceed
$2 million for death & TPD without evidence
of health. If you require cover in excess of
$2 million, you will need to be assessed
and accepted by our insurer.
Example
If the transferred income protection cover is
higher than the cover held with CareSuper it
will replace any existing cover you have.
The maximum amount that may be
transferred for income protection is $20,000
per month. The waiting period and benefit
payment period will be adjusted inline with
CareSuper’s insurance design. For example,
if the income protection cover transferred has
a 5 year or to age 65 year benefit period, you
will be provided with a 2 year benefit period
under CareSuper. The waiting period will be
rounded up to the next highest offer under
CareSuper (i.e. a 45 day waiting period will
be rounded up to 60 days under CareSuper).
Default Cover commences on the later of:
• The first day of the period for which the
first Superannuation Guarantee (SG)
employer contribution is paid by your
employer (usually the date you commence
work with your employer), or
• The date your employer becomes a
participating employer of CareSuper. In
some instances, this will be the date on
which CareSuper receives the first SG
employer contribution on your behalf, or
• The date 120 days before we receive your
first SG employer contribution.
Please refer to the ‘Exclusions and
restrictions of cover’ section on pages
26–27 for further information about
commencement of cover.
Both tailored and transferred cover
commence on the date we advise you
in writing.
Can I change my
cover later?
Yes – you can apply to change the amount
of cover you have at any time. Your
occupational category will be reviewed each
time you complete a new application or
apply to vary your insurance cover.
If you would like to re-commence or increase
insurance cover, you will need to complete
a new Insurance application form including
the Short Personal Statement. Your
application will be subject to acceptance
by the insurer.
Is there a cooling-off period?
There is a cooling-off period for tailored
insurance cover. You have 21 days, from the
date you are advised that you have been
accepted for tailored insurance, to review
the terms and conditions set out in this
document to ensure they meet your needs –
this is known as the ‘cooling off period’.
You may cancel your tailored insurance by
writing to CareSuper within the coolingoff period. All premiums paid during the
cooling-off period will be refunded to your
CareSuper account. If you wish to reduce
your level of cover, or opt out of insurance
altogether after the cooling-off period, you
will need to call the CareSuperLine on
1300 360 149 and request the relevant form.
There is no cooling off period for default cover.
Are there any tax
implications?
Please refer to page 38 for an overview
of tax on death and TPD benefits, as
well as tax and income protection.
A portion of the premium for unitised cover
is contributed to CareSuper’s operating
reserve. Refer to page 16 for further
information.
Flexible insurance cover
If you are already covered for
$2 million for death and TPD cover
with CareSuper, then you are able to
transfer additional cover, subject to
evidence of health and acceptance
by our insurer. If your insured death
& TPD benefit is $500,000 under
CareSuper, then you can only transfer
a maximum amount of $1.5 million
without evidence of health to make
the total combined cover $2 million.
When does my cover
commence?
If you would like to reduce your level of
cover, remove the TPD component so
you have death only cover, or opt out of
insurance altogether, call the CareSuperLine
on 1300 360 149 to request the relevant
form. Remember, if you do reduce or opt
out of cover and you wish to increase or
re-commence cover at a later date you will
need to meet the insurer’s underwriting
requirements and you may be required to
provide evidence of health.
23
Insurance – what do I need to know? (continued)
When does cover stop?
Your insurance cover is designed to continue
automatically regardless of any changes in
employment subject to the terms of the policy.
Death, TPD and income protection cover
ceases at the earliest of the following events:
• The date you stop being a member of
CareSuper
• The date you reach the maximum insurable
age for a particular benefit (see below)
Can I recommence my
cover?
• If you have previously opted out of cover,
you will not be eligible for reinstatement
of past levels of cover, and all future
applications for cover will need to be
assessed and accepted by our insurer.
If accepted, insurance cover begins when
we confirm acceptance to you in writing.
• If your CareSuper account has an
insufficient or zero balance, you will
be advised that your cover has been
cancelled. Cover will be reinstated from
the cancellation date, if a contribution
• The date of your death
sufficient to cover premiums is made
• The date a TPD benefit is paid where the
within 28 days of the date of the
amount paid is greater than or equal to your
notification letter. In this case, your death
death benefit amount
& TPD cover (where applicable) will be
• If your death cover is greater than your TPD
reinstated to the higher of the cover you
cover, your death cover will continue when
had immediately prior to the cancellation
a TPD benefit is paid. Your death cover will
and the default cover as outlined on page
be reduced by the amount of TPD benefit
19 of this Member Guide PDS without
paid to you
change or lapse. Any income protection
cover you had will be reinstated to the
• The date you commence duty with the
cover you had immediately prior to
armed services of any country, other
cessation without change or lapse.
than the Australian Army Reserve (during
scheduled Army Reserve exercises, but
• If your account has a zero balance and a
not if called up for active service)
contribution is not received within 28 days
of the notification letter, your cover may be
• The date the policy is terminated or
reinstated if:
cancelled for any reason
• The date a terminal illness benefit is paid,
if claimed as an early release of your death
benefit
• The date we receive your completed Request
to reduce or opt out of insurance cover form
• If there are insufficient funds in your account
to meet premiums, the last day of the week
in which a premium deduction can be made
from your CareSuper account.
Maximum insurable age
Death cover – until the day before you
reach 70 years of age
TPD cover – until the day before you
reach 65 years of age
Income protection cover – until the
day before you reach 65 years of age
24
• You recommence employment with a
CareSuper employer within 6 months
of the month that cover last ceased
through the fund, and
• The commencement period for which
the SG employer contribution is paid
is within 6 months from the end of the
month that cover last ceased through
the fund, and
• Your employer pays the SG contribution
on time according to legislative
requirements, and
• You are in ‘active employment’ on the
cover recommencement date.
Cover will commence from the effective
date of your latest SG employer
contribution as described above.
• In all other cases (except where you have
opted out of cover) your cover will be
reinstated to the higher of the cover you
had immediately prior to the cancellation
and the default cover as outlined on
page 19 of this Member Guide PDS.
Any income protection cover you had
will be reinstated to the cover you had
immediately prior to cessation. The
cover will commence from the date the
SG employer contribution is received
by CareSuper.
• You are required to be in ‘active
employment’ on the date your cover
recommences. If you are not in ‘active
employment’ on this date you will receive
‘limited cover’ until you have returned to
‘active employment’ for two consecutive
months at which point full cover will apply.
Am I covered worldwide?
Yes. There are no restrictions on worldwide
cover. You are not required to advise the fund
or insurer before you travel overseas.
Claiming an insurance benefit
How do I qualify for a death
or TPD benefit?
A death benefit will be paid if you die (while
insured) before reaching the maximum
insurable age, unless the circumstances
of your death are subject to the conditions
set out on pages 26–27. If you become
terminally ill, you may apply for early release
of your death benefit; see page 29 for the
policy definition of terminal illness.
You may qualify for a TPD benefit if you
suffer (while insured) an illness or injury that
meets the definition of total and permanent
disablement in the insurer’s opinion (see
page 28).
How do I qualify for an
income protection benefit?
To qualify for an income protection benefit,
you must suffer (while insured) an illness
or injury that meets the definition of total
disability (see page 29) and be unable to
work for the chosen waiting period.
At the time of claim, members will receive
the lesser of the following amounts:
a) The number of units in place;
b) 85% pre-disability income; and
c) $20,000 monthly benefit.
No benefits are payable during the waiting
period. After this, benefits will begin to
accrue and will be payable monthly in
arrears if you have met the requirements.
The waiting period commences on the first
day you are unable to work due to your total
disability, and your condition is certified by
a medical practitioner. If you are entitled to a
benefit for part of a month, you will be paid
1/365th of the benefit for each day you are
entitled to a payment.
Your income protection benefit will be
reduced by the amount of income you
receive from any one of the following
sources:
a) any income (other than benefits received
under this policy) or commutation
(lump sum payment) of income, paid
or payable to you as a result of your
sickness or injury including:
• sick leave payments
• any amounts payable under legislation
such as workers’ compensation or
motor accident compensation, and
• any benefits payable under other
income protection insurance policies,
and
b) any super contributions from your
employer while disabled
c) any income that, in the opinion of
the insurer, you could reasonably be
expected to earn in your occupation
while disabled. However, where you are
fit to return to work on a reduced capacity
but such work is not available with the
existing employer, the insurer will not
offset any income you should be able to
earn from this employer
d) any income earned from your personal
exertion while disabled.
Any income described in paragraph (a)
which is in the form of a lump sum (or is
exchanged for a lump sum) is treated as a
monthly amount equivalent to 1/60th of the
lump sum over a period of 60 months.
What happens if I die while
receiving a benefit?
Flexible insurance cover
If you qualify for a benefit, it will remain
payable for up to 2 years (the benefit
period) from the date payments commence,
provided you continue to meet the benefit
conditions.
What if I am receiving income
from other sources?
Your income protection benefits will cease
upon your death.
25
Claiming an insurance benefit (continued)
What happens if my disablement
reoccurs?
If you have been receiving income protection
benefits, subsequently recover and therefore
cease benefits, then within 6 months of your
recovery become totally disabled again due
to the same cause or a related cause, this
period of total disability will be treated as a
continuation of the previous claim and there
will be no further waiting period, provided
you are still a member. After 6 months back
at work, normal waiting periods apply. The
period in which benefits were paid previously
will form part of the 2-year benefit period for
the relevant condition.
What happens if I return to work
and earn less?
If you return to work and are earning an
income that is less than your pre-disability
income, as a result of being recently totally
disabled, you may be eligible for a partial
disability benefit. You must have satisfied the
definition of total disability for 14 days and
still have a reduced income at the end of the
waiting period.
Are there any exclusions or restrictions?
All cover types (death, TPD and income protection cover)
• If you have two or more accounts with
CareSuper, you will not be entitled to
insurance cover from more than one
account. In this instance, the account
with the highest insured benefit will be
used in determining any claim.
• The insurer has the right to alter rates in
the event of war involving Australia.
• Automatic acceptance of cover may
only occur once while you are a
member of CareSuper. If you have
received automatic acceptance on
more than one occasion, the insurer
may adjust the cover accordingly.
• If you are not in ‘active employment’
(see page 28 for definition) on the
commencement date of your cover, you
will receive ‘limited cover’ (see page 28
for definition) until you return to ‘active
employment’.
• If you do not become an insured
member, and/or do not receive an SG
employer contribution to CareSuper,
within 6 months of becoming an
employee of the employer making SG
contributions to CareSuper, you will
26
receive ‘limited cover’ for 12 consecutive
months. Full cover will then apply after
12 months, provided you were in ‘active
employment’ on the date your cover
commenced.
• If you were not in ‘active employment’ on
the date cover commenced, full cover
will apply after 12 months, provided you
have returned to ‘active employment’ for
2 consecutive months. If you have not
returned to ‘active employment’ for 2
consecutive months, you will continue to
receive ‘limited cover’ until this requirement
is met, at which point full cover will be
provided.
• If you are covered under ‘limited cover’
because you did not become an insured
member and/or a SG employer contribution
was not received by CareSuper within 6
months from the date you commenced
employment with your employer, intentional
self-inflicted injury or infection, and suicide
(whether it is determined that you were
or were not sane at the time), will not be
covered for the first 12 months of cover.
Death and TPD cover specific
Income protection cover specific
In addition to the ‘all cover’ exclusions and
restrictions outlined on the previous page,
the following also applies to death, terminal
illness and TPD cover.
In addition to the ‘all cover’ exclusions
and restrictions outlined on the previous
page, the following also applies to income
protection cover.
• In the event of pandemic outbreak, the
insurer reserves the right to alter the start
of cover rules for new members, in order
to exclude any pandemic illness that could
cause the member to die within 30 days
of the date his or her cover commenced,
provided the condition was present at the
date the cover commenced.
• No benefit is payable under CareSuper’s
income protection insurance policy
if your illness or injury is directly or
indirectly caused by:
• For tailored cover, no benefit will be payable
where a claim is directly or indirectly caused
by or attributed to suicide within the first 12
months of issue or reinstatement of cover.
– Y
our service in the armed forces of
any country,
• If you have previously been paid a TPD
payment of any type as a result of a TPD
claim, you will only be eligible for death
cover with CareSuper; not TPD or income
protection.
• The maximum time in total a benefit will be
paid for while you are outside Australia is 6
months, unless otherwise agreed in writing.
– Normal pregnancy or childbirth, or
– War.
• CareSuper’s insurer will not make a
payment under this policy if the payment
would cause them to infringe the Health
Insurance Act 1973 (Cth) or the National
Health Act 1953 (Cth) or any succeeding
legislation in connection with health
insurance.
• Benefits will only be paid for you for one
disability at a time.
about our insurer
Group insurance cover for CareSuper members is provided by our insurer,
CommInsure.
CommInsure is the specialist insurance arm of the Commonwealth Bank and a
leading provider of group insurance to corporate and super funds in Australia.
They help protect the lifestyles of over 3 million Australians through a wide range
of award winning insurance solutions.
Flexible insurance cover
• The insurer will not pay a benefit for you if
your death, terminal illness or TPD is caused
directly or indirectly by act of war. However,
this condition will not disentitle you of a
benefit should you die on war service. The
war exclusion is only applicable to wars
occurring during the policy period.
– Intentional self-inflicted injury or
infection, or attempt at suicide
(whether it is determined that you
were or were not sane at the time),
• The maximum length of time a benefit for
disability resulting from any one or related
cause will be paid is the number of months
in the benefit payment period. The number
of months in the benefit payment period will
include any months in which the benefit is
reduced or is calculated to be zero.
With a strong history as one of the largest life insurers, they have provided
Australians with professional, responsive and supportive service for 135 years.
CommInsure is committed to providing protection
and understanding through prompt and efficient
payment of all genuine claims during your time
of need.
27
Definitions for insurance
Income (for the calculation of
income protection benefits)
Salary (for the calculation of 10 x
Interdependency relationship
salary for New Member Option 2)
Means:
For permanent employees, salary will
be your annual gross salary excluding
mandated employer SG contributions,
overtime, bonuses, commissions and
allowances. For casuals and contractors,
your total gross salary is the annualised
amount earned in the 3 months immediately
prior to the completion of this application
form, excluding mandated employer
SG contributions, overtime, bonuses,
commissions and allowances.
An interdependency relationship may exist
between two people if the following four
conditions are met:
(a) The total salary package value of
remuneration received by the insured
member from his or her employer
averaged over the most recent 12
months immediately prior to becoming
disabled (including overtime, bonuses
and shift allowances).
(b) If the insured member has been working
with their employer for a period of less
than 12 months immediately prior to
becoming disabled, then the total
monthly value of remuneration will be
averaged over the period since the
insured member last commenced
employment with their employer.
(c) If the insured member is unemployed
immediately prior to becoming disabled,
the total value of remuneration will be
averaged over the lesser of the most
recent 12 month period immediately prior
to becoming disabled or the period since
they last commenced employment with
their most recent employer.
(d) If the insured member is self employed
then the total monthly value of
remuneration means the pre-tax income
that is generated by the insured member
or the business as a result of the insured
member’s personal exertion, and:
(i) includes any allowances or fringe
benefits paid to the insured member
which he or she may convert into cash
salary at her or his option, or which we
agree to treat as part of the insured
member’s income; but
(ii) does not include any necessary
business expenses incurred in
producing that income.
(b) and (c) above will be subject to a
minimum averaging period of 3 months for
casual employees. No minimum averaging
period applies to permanent employees.
28
Please note that you will need to combine
your salaries if you earn multiple incomes.
Active employment
Active employment means the insured
member is actively performing the normal
duties of his or her usual occupation without
restriction due to sickness or injury (including
being on employer approved leave, except
leave caused by sickness or injury), or is
capable of performing the normal duties
of his or her usual occupation without
restriction due to sickness or injury.
Limited cover
‘Limited cover’ means the insured member is
only covered for claims arising from:
• a sickness which first became apparent,
or
• an injury which first occurred on or after
the date the cover last commenced,
recommenced or increased for the
member in CareSuper.
A member is able to apply to have limited
cover removed at any time subject to the
insurer’s underwriting requirements.
Dependant
Includes your spouse, any child, any person
financially dependent on you, any person
with whom you have an interdependency
relationship or your legal personal
representative (i.e. the executor of your will or
the administrator of your estate).
• they have a close personal relationship,
and
• they live together, and
• one or both provides the other with
financial support, and
• one or each provides the other with
domestic support and personal care.
An interdependency relationship may also
exist if the parties meet the other criteria
but do not live together due to either or
both of them suffering from a physical,
intellectual or psychiatric disability.
This definition means that siblings and
adult children caring for parents may be
eligible.
Total & permanent disablement
‘Total & permanent disablement’ means:
For employed or self-employed persons, an
insured member is totally and permanently
disabled if the insured member:
Has suffered:
(i) The permanent loss of two or more
limbs – a limb being the whole hand or
foot, or
(ii)The complete and irrecoverable loss of
sight in both eyes, or
(iii) The loss of one limb and the complete
and irrecoverable loss of sight in one
eye.
Or
As a result of sickness or injury, has
been absent from all employment for
3 consecutive months from the date of
disablement, and the insurer is satisfied on
the basis of medical and other evidence
that the insured member is unlikely ever
to be able to engage in any occupation,
whether or not for reward.
Or
All of points following (i – iv) apply to the
insured person:
• Only works in an office environment and in
a sedentary capacity.
(i)The person was, on the date of
disablement, age 65 years or less
‘Manager’ means a person who:
(ii)The person was absent from all work
as a result of suffering cardiomyopathy,
primary pulmonary hypertension, major
head trauma, motor neurone disease,
multiple sclerosis, muscular dystrophy,
paraplegia, quadriplegia, hemiplegia,
diplegia, tetraplegia, dementia and
Alzheimer’s disease, Parkinson’s disease,
blindness, loss of speech, loss of hearing,
chronic lung disease or severe rheumatoid
arthritis(specific definitions apply)
• Earns a salary greater than $80,000 per
annum, and
(iii) CareSuper’s insurer is satisfied that on
the basis of medical and other evidence
the person is unlikely to be able to
engage in any occupation, whether or
not for reward
(iv) The person is likely to be so disabled
for life.
Where:
‘Occupation’ means:
For a professional or manager, the person’s
occupation based on the general area of
expertise of the person
• an occupation that the person can
perform, on a full-time or part-time basis,
based on the skills and knowledge the
person has acquired through previous
education, training or experience over
the past 5 years where the member has
remained in the same occupation (i.e. the
general area of expertise), or
• an occupation that the person can
perform, on a full-time or part-time basis,
based on the skills and knowledge the
person has acquired through previous
education, training or experience over
the past 10 years where the member has
changed occupation in the last 5 years.
‘Professional’ means a person who:
• Has a tertiary qualification or is eligible to
belong to a professional body
• Earns a salary greater than $80,000 per
annum, and
• Only works in an office building and in a
sedentary capacity.
Or
• is so incapacitated that they are unable to
leave their place of residence without the
assistance of another person.
Where:
‘Assistance’ means the help of another
person.
For persons unemployed for a continuous
period of 12 months before the onset of
total disability leading to the permanent
incapacity:
Total disability/disablement
(income protection)
• The insured member has, in the opinion
of the insurer, after consideration of
medical and/or other evidence become
permanently incapacitated to such
an extent as to prevent him/her from
engaging in any gainful occupation, or
• Unable to perform at least one income
producing duty of his or her regular
occupation,
• The insurer is satisfied that the insured
member has become so disabled by
bodily injury or illness that he/she will
never be able to perform at least two of
the following activities of daily living:
• Dressing – the ability to put on and take
off clothing without assistance
• Bathing – the ability to wash or shower
without assistance
• Toileting – the ability to use the toilet,
including getting on and off without
assistance
• Mobility – the ability to get in and out of
bed and a chair without assistance
• Feeding – the ability to get food from a
plate into the mouth without assistance
Where:
‘Assistance’ means the help of another
person.
Or
For persons who perform full-time unpaid
domestic duties, an insured member:
• has been unable to perform their unpaid
domestic duties for 3 consecutive
months and in the opinion of the insurer,
after consideration of medical and/
or other evidence, incapacitated to
such an extent that it is unlikely that he
or she will again be able to engage in
An insured member is totally disabled if,
because of sickness or injury, he or she is:
• Under the regular care of, and following
the advice of, a medical practitioner, and
• Not working in any occupation, whether or
not for reward.
Terminal illness
An insured member with a terminal illness
will be able to apply for early release of their
insured death benefit if the insured member
suffers from an illness which:
(a) Two medical practitioners, with at least
one specialising in the person’s terminal
illness, certifies in writing that despite
reasonable medical treatment the illness
will lead to the person’s death within
12 months of the date of certification; and
(b)CareSuper’s insurer is satisfied on
medical or other evidence that despite
reasonable medical treatment the illness
will lead to the person’s death within
12 months of the date of certification.
Definitions for insurance
For all other staff either,
• Is part of the management of the employer
their unpaid domestic duties, or in any
other occupation for which they are
reasonably suited by education, training or
experience, and
The illness from which the person suffers
must occur, and the date of the certification
referred to in (a) must take place, while the
person is insured under this policy.
The insurance information contained in
this Member Guide PDS is a summary
only. The insurance terms and conditions,
including payment of benefits are applied
in line with the policy.
29
Accessing your super money
As super is designed to support retirement, access to super is restricted. The following pages
outline the circumstances where you can access your super money. If you have any questions
about accessing your super, call the CareSuperLine. The information below relates only to your
super money. If you have insurance through your super and need to know if you are entitled to
a claim, read pages 18 to 29.
You can generally access your super money
if you satisfy the specific requirements of:
• Convert your super into a CareSuper
pension product
• You have reached age 60 and have since
ceased employment with an employer
• Retirement on or after your preservation age
• Transfer your super into another
approved fund or pension of your
choice, or
• You are permanently incapacitated, or
• Reaching age 65*
• Invalidity
• Terminal illness
• Death
• Compassionate grounds (upon
application and approval by the
Australian Prudential Regulation
Authority [APRA])
• Severe financial hardship (with
appropriate documentation from
Centrelink or the Department of Veterans’
Affairs and subject to Trustee approval), or
• On termination of employment (if your
preserved balance is less than $200).
Depending on the reason you are accessing
your money, it can be paid as a lump sum,
rolled over into another complying super
fund, approved deposit or retirement savings
account or used to purchase an allocated
pension or other retirement income product.
Conditions for accessing super money are
different for temporary residents. See page
32 for more information.
To access your super money, contact the
CareSuperLine to request a Claim your
super form.
Leaving your employer
Leaving your employer doesn’t have to
mean leaving CareSuper.
You can:
• ·Leave your super with CareSuper and
ask your employer to pay any future
Super Guarantee contributions into your
CareSuper account. To continue to receive
contributions in your CareSuper account
complete the CareSuper Choice of fund
form and hand it to your new employer
30
• Have your super paid directly to you
(less tax and other charges that may
apply), subject to the preservation rules.
What does ‘unrestricted
non-preserved’ or
‘preserved’ money mean?
Money in super is classified in different
ways, depending on when and how it was
paid. These classifications determine when
and how you can access your money.
The definitions below explain each of
the different classifications. Your super
statement should indicate how much of
your money is classified in each way.
Unrestricted non-preserved
(lump sum withdrawals)
Unrestricted non-preserved money can
be accessed without age restrictions and
without a change in employment status.
However, withdrawals may only be made
from CareSuper once per quarter and a
minimum balance of $2000, inclusive of
interest and fees, must be maintained in
your account.
Lump sum withdrawals can only be paid
to the member or a joint bank account at
an Australian authorised deposit taking
institution. Payments cannot be paid to third
party accounts (i.e. companies).
Generally your money will become
unrestricted non-preserved when you satisfy
one of the following conditions of release:
• You have reached your preservation age
and are no longer gainfully employed on a
full-time or part-time basis and you do not
intend to resume gainful employment at
any time in the future
• You have reached age 65
Restricted non-preserved
Access to these benefits is restricted in the
same way as preserved benefits. However, if
you or your employer made a contribution on
your behalf prior to 1 July 1999 and you cease
working for that employer, then these benefits
may become ‘unrestricted non-preserved’.
Preserved
From 1 July 1999 all contributions paid into
a super fund are classified as preserved,
including the investment earnings credited
to your account. Some contributions made
prior to 1 July 1999 were also subject to
preservation.
All preserved benefits transferred between
CareSuper and other super funds will continue
to be preserved benefits. Eligible spouse
contributions are also preserved.
Generally, you can access your preserved
benefits when you have reached your
preservation age and retired. Your
preservation age can be determined from
the table below.
Date of birth
Preservation age
After 30/6/1964
60
After 30/6/1963 and
before 1/7/1964
59
After 30/6/1962 and
before 1/7/1963
58
After 30/6/1961 and
before 1/7/1962
57
After 30/6/1960 and
before 1/7/1961
56
Before 1/7/1960
55
Reaching retirement
Generally, when you reach your
preservation age (see table on page
30) and retire, reach age 65 or cease
employment with a contributing employer
after age 60, you can access
your super money in full. You have the
option of doing one or a combination of:
• Purchasing a CareSuper Pension (or
another allocated pension or retirement
income product)
• Leaving your money in CareSuper
• Rolling over into another approved
super fund, and/or
• Receiving a lump sum payment (refer
to ‘lump sum withdrawals’ on page 30).
For more information on the CareSuper
Pension or to arrange to speak to a
qualified financial planner to assist you in
deciding how to manage your retirement
benefit, call the CareSuper PensionLine
on 1300 664 781.
If you die, your super account balance will be
paid to your beneficiaries or estate. (See the
following section on nominating beneficiaries.)
If you are under the age of 60 with a terminal
illness or permanent invalidity, you may be
able to access your superannuation as a
tax-free lump sum benefit provided you meet
certain conditions. For more information
about accessing your super money under
these circumstances call the CareSuperLine
on 1300 360 149.
Insured members may also be entitled to
a death or TPD claim in addition to their
accumulated account balance. Read
pages 18–29 to understand any insurance
entitlements.
Super is all about preparing for retirement
but what happens once you retire? You
don’t need to go anywhere – CareSuper’s
Pension allows you to stay with the fund
you know and trust and enjoy many of
the same features and benefits of your
CareSuper accumulation fund. You can
download a CareSuper Pension PDS at
caresuper.com.au or request one via the
CareSuper PensionLine.
CareSuper Transition to
Retirement Pension
If you are not ready to retire fully yet but
want to start easing into your retirement,
CareSuper’s Transition to Retirement
Pension allows you to draw a pension
while continuing to work. You can work
full- or part-time and top up your income
by drawing down on your super. You can
download a CareSuper Pension PDS,
containing all the details of CareSuper’s
Transition to Retirement Pension, at
caresuper.com.au or request one via
the CareSuper PensionLine.
Nominating beneficiaries
You may nominate one or more
beneficiaries and/or your legal personal
representative to receive your benefits in
the event of your death. You can choose
the type of nomination that best suits your
needs – either:
• A non-binding nomination, or
• A binding nomination.
The most appropriate nomination will
depend on your personal circumstances.
You should seek advice from a financial
adviser if necessary. If you do not make a
nomination the Trustee will, in its absolute
discretion, pay your benefit upon your death
to your dependant(s) and/or your legal
personal representative.
If you choose to make a non-binding
nomination using the Member application
form, the Trustee will use this nomination as
a guide, along with other current information
it has determined to be relevant, to make a
decision in the event of your death, regarding
the payment of your benefits. However, your
nomination is not binding on the Trustee.
If a valid binding nomination is provided then
the Trustee will pay your death benefit to your
nominated beneficiaries or legal personal
representative. Please refer to the conditions
outlined on the back of the Binding death
benefit nomination form.
Accessing your super money
Death, invalidity and
terminal illness
CareSuper Pension
See page 39 for a definition of dependant.
See page 38 for information about tax paid
on death benefits.
31
if you have changed your
address or are about to, don’t
forget to let CareSuper know
Accessing your super money (continued)
Compassionate grounds
In certain situations you may apply to the
Australian Prudential Regulation Authority
(APRA) to request release of preserved or
restricted non-preserved money in your
super account. This may include requiring
money to pay for medical treatment, funeral
expenses, preventing foreclosure on your
principal residence, etc. You will need to
contact APRA first to see if you are eligible
– we are unable to release any money
without a letter of approval from APRA.
Visit apra.gov.au for more information.
Temporary residents are not eligible for
this type of claim.
Financial hardship
If you need to access your money due to
financial hardship you will need to meet
certain conditions with Centrelink or the
Department of Veterans’ Affairs (DVA). You
can only apply for financial hardship once
in any 12-month period to a maximum of
$10,000 (gross). Note that if you are aged
under 60, tax will be deducted. You will
need to contact Centrelink or the DVA – we
are unable to release any money without
the appropriate letter from them.
You will also need to complete an Apply
for early release of super form including
the financial hardship questionnaire and
provide supporting documentation (such
as copies of bills, details of living expenses
and income etc). Financial hardship claims
are subject to Trustee approval.
Temporary residents are not eligible for
this type of claim.
Temporary residents
If you were a temporary resident and you
have permanently departed Australia,
you may be entitled to claim your super
account balance as a Departing Australia
superannuation payment (DASP).
When your temporary visa has expired
and it has been more than 6 months since
you left Australia, CareSuper is required
to transfer any unclaimed super to the
ATO. Your can then claim a DASP from
the ATO; however, it is important to note
that any benefits of your membership with
CareSuper, including insurance cover, will
cease at that time.
Please refer to the ATO website for tax
withholding rate applied to DASPs.
32
There is no change to the eligibility
requirements for claiming a DASP after
you have left Australia. Information can be
obtained on all these provisions from the
ATO website ato.gov.au
Please note temporary residents provisions
do not apply to New Zealanders.
Super access for
temporary residents
Temporary residents (excluding New
Zealanders) can only claim their
superannuation prior to departing
Australia on the following grounds only:
• terminal medical condition
• permanent incapacity
• temporary incapacity
• death.
Temporary residents’
benefits transferred to
the ATO
CareSuper is required to pay the super of
former temporary residents to the ATO,
if it’s been more than six months since
the former temporary resident employee
departed Australia, and their visa has
expired or been ‘cancelled’. Visit the
ato.gov.au for more information.
The Trustee relies on relief from ASIC in
that we are not obliged to notify or give
an exit statement to a non-resident in the
above circumstances. Information
is available on request.
Lost money and
unclaimed benefits
If you reach the age of 65, have not
claimed your benefit and the Trustee is
unable to locate you,* the benefit becomes
unclaimed money.
The Trustee must pay the unclaimed money
to the Commissioner of Taxation or to the
applicable State Authority half-yearly (October
and April). You must then contact the
Australian Taxation Office or the applicable
State Authority to claim your benefit.
* This happens when CareSuper receives two
pieces of written communication returned as
unclaimed mail and a reasonable attempt to
locate your new address has been made; or
CareSuper has not received a contribution or
transfer on your behalf during the past five years.
CareSuper’s eligible
rollover fund
If your super account balance falls below $500 and
you no longer work for a participating employer,
then you may:
• Roll over benefits from other super funds to
CareSuper, in order to maintain a balance of
more than $500
• Make a personal contribution, or
• Roll your benefit out of CareSuper into another
complying fund.
If none of these events occur within 28 days of
CareSuper becoming aware that you have ceased
work with your CareSuper participating employer
and your account balance is less than $500, any
insurance cover you have will cease, and your
super account balance will be transferred to:
AUSfund
PO Box 2468
Kent Town SA 5071
Phone: 1300 361 798
Fax: 1300 366 233
International Tel: +61 8 8205 4953
International Fax: +61 8 8205 4990
Email: [email protected]
Internet: www.ausfund.net.au
If your account is transferred to AUSfund you will
cease to be a member of CareSuper.
AUSfund has a low fee structure designed to
protect members with small balances. AUSfund
charges a low $10 annual administration fee for
members with balances over $50. All members’
balances are member benefit protected, which
means that administration charges will generally
not be more than interest charged. Most members
will continue to accumulate interest in AUSfund.
AUSfund does not offer insurance cover.
We encourage you to obtain a Product
Disclosure Statement from AUSfund.
Proof of identity
Under the Anti-Money Laundering and Counter
Terrorism Financing Act 2006 CareSuper is
required to identify, monitor and mitigate the risk
that the fund may be used for the laundering of
money or the financing of terrorism.
Because of this you will be required to provide proof
of your identity before you withdraw your benefit
from the fund or commence an income stream. As
a minimum, you will be required to provide the fund
with evidence that verifies your full name, your date
of birth and your residential address.
CareSuper reserves the right to request additional
identification if required.
Extra services for members
CareSuper offers more than just super. As a member you can access
a number of great services and benefits. Just visit caresuper.com.au
or call the CareSuperLine on 1300 360 149 to find out more.
Financial advice
FREE super-related financial advice
A qualified financial planner is available to
offer super-related advice over the phone for
CareSuper members. Advice can cover areas
of superannuation such as investment choice,
insurance and consolidation.
Call the CareSuperLine on 1300 360 149.
Fee-for-service financial planning
For more complex financial matters, members
can meet with qualified, dedicated financial
planners at our Melbourne, Sydney or Brisbane
offices. This service is offered through
CareSuper’s relationship with Industry Fund
Financial Planning (IFFP)* on a fee-for-service
basis. This means that the financial planners
do NOT receive or charge any commissions
for recommending a product.
Call the CareSuperLine on 1300 360 149.
* Financial planning is offered through CareSuper’s
relationship with Industry Fund Financial Planning,
a division of Industry Fund Services Pty Ltd (IFS),
ABN 54 007 016 195, AFSL 232514. Advice is
provided under the authority of the IFS licence.
Health insurance
CareSuper members can obtain discounted
rates through either NIB or Super Members
Health Plan – just by being a CareSuper
member! The discounted product range
includes top hospital cover, basic hospital
cover and extras cover. Whether you are
looking to renew or obtain new cover, it’s
worth checking the advantages of your
CareSuper membership. Access the special
offer details via caresuper.com.au.
Members Equity Bank
has been specifically created to provide
everyday Australians with innovative,
low-cost banking services. Like CareSuper,
they are committed to keeping fees low
while delivering exceptional customer
service. Members Equity Bank offers
CareSuper members access to:
Home loans with no hidden costs
Variable, fixed and split options,
standard home loans, offset accounts or
interest-only investment loans are available
with NO application fees and NO ongoing
account-keeping fees subject to meeting
the credit criteria.
Credit card with interest-free days
Up to 44 days interest-free, a low $30 annual
fee and access to MasterCard exclusives.
Covering your personal
assets
We’re excited to offer CareSuper members
access to the ISinsured (Industry Super
Insurance) range of general insurance
products so that you can protect your
tangible assets too.
The ISinsured product range gives
CareSuper members access to a choice
of insurance policies at special rates.
The products are underwritten by CUNA
Mutual General Insurance which has
operated in Australia for over 40 years. It is
an innovative financial services provider,
specifically established to meet the needs
of member-based financial institutions.
Choose from the following
ISinsured products:
High-interest everyday banking account
Home Insure
The InterestME savings account earns
high interest on your savings without having
to lock them away. You have easy access
to your money through ATMs, EFTPOS,
cheque and giroPost with no ongoing
account-keeping fees and no bank fees for
internet or phone banking.
protecting your most treasured
possessions
protecting your most valuable asset
Home Insure Plus
Motor Insure
gets you back on the road quickly
Low-cost personal loans
Borrow from $5000 to $30,000 with up to
5 years to repay. Low $100 establishment fee
and no ongoing account fees and no fees
for extra repayments or early repayment.
Call Members Equity Bank direct on 13 15 63
or go to membersequity.com.au to find
out more.
General disclaimer: fees and charges apply.
Applications for credit are subject to approval.
CareSuper invests in Members Equity Bank;
however, it does not receive any commissions
for promoting Members Equity Bank products
or when a CareSuper member uses a Members
Equity Bank product. Prior to accessing any of the
products mentioned on this page, please obtain
the relevant Product Disclosure Statement or
Financial Services Guide.
CareSuper does not in any way recommend or warrant that these products or services are suitable for you,
so you may wish to seek independent advice before deciding to purchase any of these products or services.
Information provided in this document is from a third party source. While it is believed to be reliable, no
responsibility for errors or omissions is accepted by CARE Super Pty Ltd.
Investor Insure
covering your investment property
Why not... Compare the rates and benefits
with those of your current provider(s)?
Extra services for members
Fees for service will be discussed before any
work is commenced and you may even be
able to pay for personal super-related advice
directly from your CareSuper account, subject
to authorisation and certain restrictions.
Members Equity
Bank products
To find out more visit caresuper.com.au/gi.
Disclaimer: The insurance products and services
offered as part of the ISinsured range are issued
by CUMIS Insurance Society Inc, trading as CUNA
Mutual General Insurance ABN 72 000 562 121
AFSL 245491 (Incorporated in the United States.
The members of the society have no liability).
ISinsured is a brand owned by IFS Insurance Broking
Pty Ltd (IFSIB) ABN 16 070 588 108 AFSL 241506.
CUMIS uses this brand under a license from IFSIB.
Prior to accessing any of these products, please
obtain and read the respective Product Disclosure
Statement available at isinsured.com.au.
33
Fees and other costs
Consumer advisory
warning
Every type of fee that may be charged by CareSuper is fully described in this section. They include:
• Fees paid from your CareSuper account
• Fees paid from the assets of CareSuper as a whole or from a particular investment option.
Did you know?
Small differences in both investment
performance and fees and costs can
have a substantial impact on long-term
returns. For example, total annual fees
and costs of 2% of the account balance
rather than 1% could reduce the final
return by up to 20% over a 30-year
period (for example, reduce it from
$100,000 to $80,000).
You should consider whether
features such as superior investment
performance or the provision of better
member services justify higher fees
and costs.
Amount
How and when paid
Fees when members’ money moves into or out of the fund
Establishment fees
The fee to open your account
$0
Not applicable
Contribution fees
The fee on each amount
contributed – either by you or
your employer
$0
Not applicable
Withdrawal fee
The fee on each amount
taken out of your account
$0
Not applicable
Termination fee
The fee to close the account
$0
Not applicable
You may be able to negotiate to
pay lower contribution fees and
management fees where applicable.
Ask the fund or your financial adviser.
Management costs
Account-keeping fee
$1.50 per week
The fee is calculated weekly and
deducted monthly.
To find out more
Administration fee
The fees and costs for
administering your account
0.2% per year
Calculated on your account
balance with a cap of $500 per
year. The fee is calculated weekly
and deducted monthly.
If you would like to find out more, or
see the impact of the fees based on
different circumstances, the Australian
Securities and Investments Commission
(ASIC) website – moneysmart.gov.au –
has a superannuation fee calculator to
help you compare different fee options.
The investment fees shown are
based on calculations for the 2009/10
financial year.
The above consumer advisory
warning is required by Australian
law. The fees charged by CareSuper
are set out on this and the following
page.
34
Type of fee or cost
Fees deducted from members’ accounts
Expenses indirectly deducted
ICR or investment fee
The cost of investment for
each option. Indirect cost ratio
(ICR) or investment fees are
the annual percentage fees
for managing investments.
The fees can differ from
year to year as some of the
investment managers are
paid partly on a performance
fee basis.
The figures shown are based
on estimate calculations for
the 2009/10 financial year.
This information may change
from time to time. Call the
CareSuperLine to get the
latest version, or download
it from caresuper.com.au.
The ICR varies according to the chosen
investment options.
Base
fee
Capital Guaranteed
Capital Stable
Conservative Balanced
Balanced (default)
Sustainable Balanced
Alternative Growth
Growth
Capital Secure
Fixed Interest
Direct Property
Australian Shares
Overseas Shares
1.19%
0.53%
0.60%
0.77%
0.87%
1.02%
0.87%
0.14%
0.40%
0.49%
0.43%
0.91%
Performance Total
fee
ICR
0.00%
0.12%
0.12%
0.17%
0.15%
0.34%
0.29%
0.00%
0.00%
0.00%
0.05%
0.00%
The fee is withdrawn from the
investment option before returns
are declared and allocated to
your account at
the end of the financial year.
1.19% There is no fee for switching
0.65% investment options.
0.72%
0.94%
1.02%
1.36%
1.16%
0.14%
0.40%
0.49%
0.48%
0.91%
CareSuper charges fees only to
cover costs, not to make a profit
Type of fee or cost
Amount
How and when paid
$52 per year
The fee is withdrawn from the account on
registration and after each 12 months you
continue to invest in the option.
ASX 200 option fees
CareSuper administration fee
Macquarie Equities Limited brokerage fee
Brokerage fee
(exc GST)
$0– $4,167
$12.50
$4,168–$10,000
0.30%
$10,001–$30,000
0.20%
$30,001–$50,000
0.18%
$50,001 –$100,000
0.15%
$100,001–$10,000,000
0.10%
The fee is withdrawn from the account when
each transaction you make is completed.
$0
Not applicable
$100
One-off fee if applicable
$0
Not applicable
Trade amount
Service fees
Investment switching fee
The fee for changing investment options
UK Pension Transfer Administration fee
The fee for members who transfer their UK Pension Scheme
to CareSuper, a Qualifying Recognised Overseas Pension
Scheme (QROPS)
Binding death benefit nomination fee
The fee for processing a binding death benefit nomination
Balanced option* fee example
Balance of $50,000* with total contributions of $5000 during the 2009/10 year
Contribution fees
$0
For every contribution made, you will be charged $0.
Plus Management
costs (ICR or
investment fees)
0.94% + $78 ($1.50 per week)
+ $100 (0.2% of account balance)
For every $50,000 you have in the fund you will be charged $470 investment
fee (0.94% x $50,000) each year plus $78 account-keeping fee
($1.50 x 52 weeks) plus $100 administration fee (0.2% x $50,000).
Equals cost of fund
Fees and other costs
This table gives an example of how the fees and charges in the Balanced option affect your superannuation investment over a one-year
period. You can use this table to compare this product with other superannuation products. Be careful to make comparisons on the same
basis. This example is for a member with a balance of $50,000 who makes contributions of $5000 during that year.
If contributions equalled $5000 during a year and the opening balance was
$50,000, then for that year your account will be charged fees of $648.
What it costs will depend on the investment option chosen and will differ slightly
from year to year.
* The Balanced option is CareSuper’s default option, which means that if you don’t make an investment selection, your super will be invested in this option.
The Balanced option has the asset class benchmark of 75% growth assets and 25% defensive assets.
35
Fees and other costs (continued)
Additional explanation of fees and costs
Investment expenses for each
investment option
Investment expenses cover the cost of
investing the fund’s assets and include
base and performance fees paid to
investment managers, asset consulting
fees, bank fees and custodian costs.
Performance fees are additional
payments made to those investment
managers whose fee is partly linked to
their performance. They are paid when
the investment performs above an
agreed level. CareSuper has a number
of managers whose fee is partly aligned
to their performance, predominantly in
the Australian Shares and Alternative
asset classes.
These expenses, officially known as
indirect cost ratio (ICR), are deducted
from investment returns before the
after-tax crediting rates for each option
are declared. The amount paid annually
for each investment option is calculated
at 30 June and takes into account the
expenses that have accrued and/or
been paid over the year ending on
30 June.
The ICR for each investment option is
shown in the table on pages 12–14.
36
These investment expenses may change
from time to time because of changes in
performance and/or other fees. Revisions
to the ICR for an investment option will
be available on the CareSuper website
– caresuper.com.au – and in future
versions of this guide.
The cost of investment for each option
includes fees levied by investment
managers, the custodian, the investment
adviser and banks on the investments
of the fund. These fees are deducted
from the net earnings of each option
before returns are allocated to members’
accounts.
Additions or alterations to fees
and charges
The Trustee has the power to alter,
increase or introduce new charges at
its discretion. You will be advised of
any increase to charges before they are
implemented.
CareSuper is unable to negotiate
lower fees and management costs as
described in the Consumer Advisory
Warning on page 34.
If you require general information
about CareSuper’s fees, please call the
CareSuperLine on 1300 360 149.
Low balance protection
Insurance premiums
Where a member’s account balance falls
below $1000, CareSuper endeavours to
ensure that the balance is not eroded
by fees. We do this by reducing the fees
we charge on low account balances
so that the fees do not exceed the
interest earned. When investment
returns are insufficient to cover the total
administration costs CareSuper may
recover these costs by charging an
amount equal to the investment return
plus a fee of $10 per year.
Insurance premiums if applicable
are calculated weekly and deducted
monthly from your account. Each unit
of death & TPD cover costs $1.50 per
week. On joining CareSuper, members
automatically receive a default level of
cover. Members may cancel or increase
cover under the Tailored cover options.
Administration fees and member benefit
protection does not include tax and
insurance costs which may be deducted
from your account.
Contributions tax
Contributions tax is deducted from
employer contributions. Details
on taxation are provided on page 37.
Tax and super
This section gives a summary
of the way superannuation
is currently taxed. This tax
information is based on tax
laws current at 1 July 2010.
Concessional contributions
Concessional contributions include
employer contributions, salary sacrifice
arrangements and personal contributions
claimed as a tax deduction by a selfemployed person.
For the 2010/11 financial year, the
concessional contributions cap is $25,000
per person and will be indexed annually.
However, if you’re 50 years of age or over,
your concessional contributions cap is
$50,000 per year until 30 June 2012. If you
turn 50 years of age during a year in this
transitional period you will become eligible
for the $50,000 cap in the same financial
year. The $50,000 transitional concessional
contributions cap is not indexed.*
Non-concessional
contributions
Non-concessional contributions are
sometimes known as ‘after-tax’ contributions
and include personal contributions where
a tax deduction is not claimed and spouse
contributions.
For the 2010/11 financial year, the nonconcessional contributions cap is $150,000
per person. (However, people under 65
can bring forward two years worth of
contributions, giving them a cap of
$450,000 over three years.)
Tax deductibility
All employer contributions to CareSuper
(including amounts that have been salary
sacrificed) and any personal contributions
for which a tax deduction is claimed are
subject to a 15% contributions tax.
Generally, you cannot claim a tax deduction
for personal contributions if your employer
makes super contributions on your behalf.
Also, you cannot claim a tax deduction for
income protection premiums, as they
are funded from your super.
Personal and spouse contributions that are
not claimed as a tax deduction are not taxed.
If you roll over funds into CareSuper
that have an untaxed post-June 1983
component, 15% tax is payable on this
untaxed component.
Tax on contributions is deducted from your
account monthly (where contributions are
made monthly).
The deductions and rebates available on
the different types of contributions made to
CareSuper are discussed below.
Contribution caps
Contributions made to your super fund are
capped, with any super contributions over
the cap amount being subject to extra tax.
The amount of the contributions cap, and
how much extra tax you pay once you exceed
it, depends whether the contributions are
concessional or non-concessional.
A brief summary of concessional and nonconcessional contributions is provided below,
however you should refer to the ATO website
at ato.gov.au for a full explanation of whether
a contribution is classed as a concessional or
non-concessional contribution.
Tax on investment earnings
Superannuation earnings are taxed at a
lower rate than most other forms of savings.
The maximum rate is 15%. This tax may be
offset by deductions available to CareSuper
such as franking credits etc.
Tax on withdrawals
Tax may also be applied on the withdrawal
of your benefit, depending on your age, the
amount of your benefit and the preservation
rules. If you are 60 or over, lump sum or
pension withdrawals from taxed super funds
are tax-free.
Tax applies if you cash your benefit before
age 60 or are under your preservation age
(see page 39). The amount of tax can vary
depending on the amount, how and when
the contributions were made, when you
withdraw it and what you do with it.
Tax on hardship claims
Note that if you are aged under 60, tax will
be deducted from financial hardship claims.
Tax and super
* Existing law states that from 1 July 2012, the cap
for all age groups will be $25,000. The Government
has announced that the $50,000 limit (indexed) will
continue to apply to those aged 50 and over with
less than $500,000 in their super. At the time of
writing, this has not yet been legislated.
Tax on contributions
Excess contributions tax
If contributions are made to your super that
exceed one or both of the annual contribution
caps the contribution will be taxed at:
• 31.5% on the amount of excess
concessional contributions, and
• 46.5% on the amount of excess
non-concessional contributions.
37
Tax and super (continued)
Tax on death and
TPD benefits
CareSuper’s death and TPD cover is
provided as a benefit through the fund
and so, for taxation purposes, any
insurance benefits payable are treated
as superannuation death or permanent
disablement benefits. As such, lump
sum death benefits paid to your financial
dependants or spouse will be tax-free.
If a lump sum death benefit is paid to
someone other than a financial dependant,
minor child or spouse, the taxable
component will be taxed at 15%.
The portion of the income protection benefit
paid as superannuation will be paid to your
CareSuper account and taxed as if it
were an employer contribution.
Tax file numbers (TFN)
The tax payable on TPD claims will
vary due to a number of factors such as
age, length of service and the amount of
the payment.
CareSuper is authorised by law to collect your
TFN. You may provide it on your application
form or by completing the TFN form available
from caresuper.com.au or by calling
1300 360 149.
Premiums deducted from your CareSuper
account do not provide you with a tax
deduction.
You do not have to supply your TFN and not
supplying it is not an offence, but if you do
not provide it:
Tax and income protection
• Employer contributions and some benefits
will be subject to tax at the highest
marginal rate plus Medicare levy, although
this may be reclaimed when you lodge
your tax return
CareSuper’s income protection insurance
is a benefit provided through the fund.
Therefore, you are unable to claim a tax
deduction for the premiums.
If you are self-employed, tax deductions
are generally available for your super
contributions and any additional
contributions made to your CareSuper
account to cover the premiums payable
for additional insurance.
The benefits paid under the income
protection insurance are paid out as taxable
income and attract Pay As You Go (PAYG)
tax, the same as salary and wages. PAYG
tax will be deducted from the benefit before
it is paid, and forwarded to the ATO.
38
If you receive income protection insurance
benefits you will be asked to provide your
Tax File Number (TFN) to CareSuper. If you
do not provide your TFN, CareSuper will
be required to deduct tax from your benefit
payments at the maximum personal tax rate
applicable at the time, rather than at your
marginal tax rate.
• CareSuper will not be able to accept
personal contributions from you
• You may find it more difficult to
keep track of your superannuation
benefits, especially if you have multiple
superannuation accounts.
Please note: these statements in relation
to taxation are based on interpretation of
Australian tax law as at 1 July 2010, which may
change at any time. Contact a professional tax
adviser for a full explanation and advice
on individual circumstances.
Super terms explained
To ensure you’ve understood everything you need to about your super, we’ve provided some
simple definitions of technical terms we’ve used in this guide. You can access a more complete
set of financial, super and pension definitions at caresuper.com.au.
Asset class benchmark – the percentage
of the investment option usually invested in
a particular class of asset. The benchmark
usually falls within a range that is decided
for each asset class. For example, if the
range for shares is set at 30% to 60%, then
a benchmark of 40% of the assets could be
set to be invested in shares. This percentage
rate could increase or decrease but should
never be less than 30% or more than 60%.
Child – for the purpose of superannuation a
child includes an adopted, step or ex-nuptial
child of the person, a child of the person’s
spouse and someone who is a child within
the meaning of the Family Law Act 1975.
Contributions – regular or one-off payments
to a super fund. They can be compulsory
contributions made by employers (as
required by law or industrial award) or
voluntary contributions made in addition
by either the employer or by members for
themselves or their spouses.
Defensive assets – a general term for
assets such as Fixed Interest and Cash
where the return is comprised entirely or
predominantly of interest income or yield,
rather than capital growth. These assets
are considered to be less risky than ‘growth
assets’, as the relatively high level of interest
income or yield means that valuations are
less volatile.
Default fund (also known as an employer
fund) – the fund into which an employer will
pay an employee’s SG contributions unless
the employee nominates another fund.
Dependant – a person who is eligible
to receive part or all of the balance of a
member’s superannuation account, as well
as any insurance benefits, when the member
dies. An eligible person is a member’s
spouse, any child of the member, a financial
dependant and any person with whom the
member has an interdependency relationship.
(See interdependency relationship.)
Preservation age – the age at which a
member can (after retirement) gain access
to preserved benefits that have built up in
a super fund, approved deposit fund or
retirement savings account.
Inflation rate – the rate at which the price
of goods and services rises or falls. This
is usually shown as a percentage and is
measured by the Consumer Price Index (CPI).
Rolling periods – continuous periods of a
given number of years over which investment
returns are measured.
Insurer – CareSuper’s insurer is
CommInsure. CommInsure is a registered
business name of The Colonial Mutual Life
Assurance Society Limited ABN 12 004 021
809 AFSL 235035 (CMLA).
Interdependency relationship –
a relationship in which a person and the
member (whether or not related) have a
close personal relationship, and they live
together and one or each of them provides
the other with financial support, domestic
support and personal care. If the member
and the person do not live together due
to a physical or psychiatric disability, an
interdependency relationship may still exist.
Investment management fee – the fee paid
by CareSuper to its investment managers.
Investment strategy – the way assets in the
various options are invested to achieve the
investment objectives.
Share options – a contract that gives the
holder the right (but not an obligation) to buy
or sell a security during a given timeframe.
Spouse – For the purpose of
superannuation a spouse includes another
person (whether of the same or different sex)
with whom the person is in a relationship
that is registered under a law of the a State
or Territory prescribed for the purposes of
section 22B of the Acts Interpretation Act
1901 as a kind of relationship prescribed
for the purposes of that section or who,
although not legally married, lives with the
person on a genuine domestic basis in a
relationship as a couple.
Trust Deed – is the document that sets out
the rules for the establishment and operation
of CareSuper. A superannuation trust deed
includes provisions covering such issues as:
• Who can be appointed and the processes
involved in appointing trustees
Legal Personal Representative – the
executor of a will or administrator of the
estate of a deceased person.
• Who will be admitted as members
Medicare levy – the 1.5% of taxable income
paid by most Australian individuals, on top of
normal income tax, to help pay for the public
health system.
• Discretionary powers of trustees, and
Net contributions – contributions after any
contributions tax has been deducted.
Ordinary Time Earnings – what
employees earn for their ordinary hours
of work, including over-award payments,
commissions, allowances and paid leave.
• The process for receiving and investing
contributions
Super terms explained
Crediting rate – the amount applied to your
CareSuper account as a result of the returns
earned on investments, less fees and taxes.
Crediting rates can be negative or positive.
Growth assets – a general term for assets
such as shares and property that provide
investment returns (comprising both
capital growth and income) that usually
outperform inflation.
• The payment of benefits to members.
Trustee – a company (or person) that has
legal responsibility for financial aspects
(receipts, disbursements and investment)
of funds. CareSuper’s Trustee is
CARE Super Pty Ltd.
Personal Health Statement – a questionnaire
that seeks information about the health of
the insurance applicant.
39
Other things you need to know
Getting advice
The advice in this Member Guide
PDS is of a general nature. The
Trustee is only licensed to provide
general advice about CareSuper and
its features. Therefore, this guide has
been prepared without taking into
account your particular financial needs,
circumstances and objectives. It should
be read in conjunction with the latest
Annual Report. We recommend you
assess your own financial situation
before making an investment decision
based on the information contained in
this Member Guide PDS. To help you
with your decision-making you may
wish to seek the help of a qualified
financial adviser.
Unless your employer holds an
Australian Financial Services Licence
(AFSL), is a representative or an
authorised representative of an AFSL
holder, your employer is not authorised
to give you financial advice.
CareSuperLine
1300 360 149
Make sure we can find you
If you have changed your address or if you
are about to, don’t forget to let CareSuper
know. This way, you’ll be sure to receive your
important superannuation statements and
other valuable information.
Call the CareSuperLine, or log on to
caresuper.com.au to advise your new details.
Enquiries and complaints
The Trustee of CareSuper has established
procedures to deal fairly with enquiries and
complaints from members, employers and
beneficiaries.
Complaints can be addressed in a variety
of ways – by telephone, email or letter. If you
make an enquiry or complaint by telephone
we will endeavour to answer immediately.
In some cases CareSuper may ask you to
submit your complaint in writing so it can be
investigated further, and we will provide you
with a written response.
The procedures to follow, time limits and other
details are included in the brochure ‘Making
enquiries & other complaints’ (available on
request or via caresuper.com.au).
All complaints will be handled in a courteous
and confidential manner.
Members, employers and beneficiaries with
enquiries or complaints should contact us in
one of the following ways:
Call CareSuper 1300 360 149 between
8am and 8pm Monday to Friday EST
Email: [email protected]
Write to this address:
The Enquiries and Complaints Manager
CareSuper
GPO Box 1923
Melbourne VIC 3001
If a complainant is not satisfied with the
Trustee’s response, or the trustee fails to reply
within 90 days, they may take their complaint
to the Superannuation Complaints Tribunal
(SCT) which is an independent body set up
by the Federal Government to resolve certain
types of complaints raised by fund members
or their beneficiaries.
The SCT will not consider a complaint
unless it has first been lodged with the fund.
To contact the SCT directly phone
1300 884 114 or visit www.sct.gov.au.
If your complaint relates to general advice
about a non-super product that has not
been resolved by CareSuper within 45 days,
you can contact the Financial Ombudsman
Service (FOS) on 1300 780 808. This is an
external complaint resolution body approved
by the Australian Securities and Investment
Commission.
If your complaint relates to a breach of privacy
that is not resolved by our internal complaints
process, you can refer it to the Privacy
Commissioner. The Privacy Commissioner
can be contacted on
1300 363 992.
FREE education
CareSuper provides you with the assistance
you need to ensure you understand how to
meet your retirement goals. Our retirement
and financial planning seminars are free to
members and help you to understand key
issues related to super. Our friendly and
approachable presenters are happy to answer
any questions you may have. Upcoming
seminars are listed on caresuper.com.au
(under ‘knowledge centre’).
If attending a seminar is not convenient, why
not learn from the comfort of your own home,
in your own time? Our web-based e-seminars
and online calculators are great tools to get
you started. Just visit caresuper.com.au.
Money Mentor
Money Mentor is a series of on-line modules to help you understand financial matters at
different stages in life – whether you’re starting out or looking ahead. It covers a range of
money management and super topics, to give you basic financial principles to help you
get your finances in order. Topics include super tips, money tips, insurance, retirement
and estate planning.
To access Money Mentor visit caresuper.com.au.
40
Protecting your privacy
The Privacy Act (Cth) 1988 regulates the
way organisations collect, use, disclose and
store personal information. CareSuper is
committed to respecting the privacy of your
personal information.
CareSuper collects your personal
information in order to establish and
manage your superannuation account.
If you choose not to provide your personal
information we may not be able to process
your membership application, administer
your account or provide you with some of the
benefits or services offered by CareSuper.
The Trustee discloses your personal
information to service providers and third
parties where required by law and in order
to administer your superannuation account.
Your personal information will be disclosed to:
• The CareSuper administrator
• Auditors and professional advisers
to CareSuper
• Government bodies such as the
Australian Taxation Office
• Your beneficiaries in relation to
death benefits
• Your spouse or the Family Court in
accordance with the requirements of
the Family Law Act 1975.
The Trustee will only disclose that
information which is necessary to meet legal
requirements or to administer your account.
If you apply for insurance cover, your
personal details including health information
you provide on any insurance application
forms is collected so that the insurer can
assess your eligibility for insurance cover.
From time to time the Trustee may contact
you or send you information about special
offers and services which are available to
you as a CareSuper member – e.g. low-cost
home and business loans and retirement
seminars. See page 33 for information
on the offers available to you. If you do
not wish to receive information of this
kind please tick the box on the Member
Application form.
CareSuper uses the services of
mail houses (third party providers) to
send members correspondence and
fund information. When this occurs, a
non‑disclosure agreement is enforced
to ensure that no member information
is disclosed to any other party.
You are entitled to request access to the
personal information we hold about you and
to correct any information that is inaccurate,
incomplete or out of date. There are some
circumstances where CareSuper is entitled to
deny you access to your personal information.
the Trustee will only
disclose that information
which is necessary to meet
legal requirements or to
administer your account
Protecting your privacy
• Other superannuation funds to facilitate
the transfer of your benefits
If you make a claim for an insurance
benefit, you will need to provide additional
information in accordance with CareSuper’s
and the insurer’s claims procedures. Your
health and other personal information will
be disclosed to medical practitioners and
other experts nominated by the insurer or the
Trustee in order to assess your claim. If there
is any dispute about an insurance claim,
such information may also be disclosed to
legal advisers and other parties involved
in the claim or resolution of complaint
processes. Your personal information will not
be used or disclosed for any other purpose
without your consent.
If you would like more information
about your privacy rights or a copy
of CareSuper’s Privacy Policy please
contact CareSuper on 1300 360 149
or write to GPO Box 1923 Melbourne
VIC 3001.
41
Guide to completing the forms
To apply to join CareSuper you’ll need to
complete the following forms:
• Member application form
To become a member of CareSuper
• Choice of fund form
If you wish to exercise choice of fund –
to be given to your employer
• Request to transfer whole balances of
superannuation benefits between funds
If you wish to transfer your other
superannuation accounts into CareSuper
• Insurance application form
If you wish to apply for insurance
• Investment choice form
If you wish to advise CareSuper of your
investment option selection or switch an
existing investment choice
• ASX 200 investment choice form
If you wish to invest up to 50% of your
existing balance in Australia’s top
200 companies
• Transfer your insurance form
If you wish to transfer your existing
death, TPD and income protection cover
from your current employer-sponsored
superannuation fund. Note that eligibility
criteria apply.
42
• Direct debit request form
If you wish to make regular contributions
for a specified amount directly from your
bank account
• Contribution authorisation form
If you wish your employer to deduct
contributions from your pay either after or
before tax – to be given to your employer
• Binding death benefit nomination form
If you wish to make a binding
death nomination.
Please ensure you read this Member
Guide PDS and complete each form
carefully. It is much easier to process
your application quickly if we have all
the information required. Don’t forget to
sign and date your application form(s)
before sending them to CareSuper.
Send the form(s) to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
member application form
Becoming a member
of CareSuper is easy.
Please read your Member
Guide PDS before you
complete this form,
sign and return it to the
address shown.
Complete all sections of
this form to become a
member of CareSuper.
This application will be
invalid if unsigned by
the applicant. Please
complete the form in
blue or black pen and
in block letters.
1. Your personal details
Surname
Mr/Mrs/Ms/Miss/Dr
Given names
Date of birth (DD/MM/YYYY)
Relationship Status:
Residential address
Single
Married
Suburb/town
De facto
State
Postcode
State
Postcode
Postal address (if different)
Suburb/town
Telephone (home)
Telephone (work)
Mobile number
Email address
Have you previously been a member of CareSuper?
If Yes, please write your member number here (if known)
Yes
No
Are you:
An Australian Citizen
Permanent Resident
Temporary Resident
I agree to provide my Tax File Number for the purposes outlined on page 38.
I advise that my Tax File Number is:
To help better understand your needs, please assist us by answering the following optional questions:
Number of dependent children and current age:
Are you:
Current age/s:
Number:
A home owner
Renting
Living at home
2. Your employment details
Your employer’s company name
Date joined employer
(DD/MM/YYYY)
Your employer’s address
Suburb/town
Voluntary
contributions
If you would like to make
voluntary (additional)
contributions to boost
your super please see
page 5 in the Member
Guide PDS. Complete the
Direct debit request form
if this option suits your
needs. If you wish to make
voluntary contributions via
salary sacrifice or payroll
deduction, please speak
to your employer directly.
State
Postcode
Your employer’s telephone number
Your occupation
Payroll number (if any)
Nature of your employment:
Full-time
Part-time
Casual
Is your employment covered by:
Award
Workplace agreement
Individual contract
Please identify your employment type:
Professional/management
Administrative
Skilled/semi-skilled tradespeople
Manual
Sales representative/retail
Do you perform most of your job:
In an office environment
Is CareSuper:
Nominated by your employer
Outside an office environment
Your chosen fund
See over >
Page 1 of 2
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/MEM/APP/PDS VERS 148.4 10/10 ISS6
3. Default insurance
You have 60 days from
the date on your Welcome
letter to upgrade your
insurance cover without
having to provide medical
evidence. You can increase
your cover after 60 days,
but you will need to meet
underwriting requirements
e.g. evidence of health.
As a new member of CareSuper, you are automatically provided with the following default age-based cover under
the general category:
Under age 30: 1 unit death cover and 4 units of Total & Permanent Disablement (TPD) cover
Age 30 & over: 4 units of death and TPD cover
Please refer to page 23 of the Member Guide PDS for details on when insurance cover commences.
You can also tailor your default insurance cover without the need to provide evidence of health, if you apply within
60 days of the date on your Welcome letter. You have the option to:
●
Increase your death and TPD cover to up to 10 times your salary (to a maximum of $1.55 million) and/or
●
Add income protection.
If you wish to apply for tailored cover, please complete the Insurance application form in this Member Guide PDS.
CareSuper has three different categories of cover to reflect the different levels of risk associated with our members’
occupations. Depending on the type of work you do, you may qualify for a different level of cover. ‘General’ cover
is automatic for new members. Complete the Insurance application form to upgrade your category if applicable.
If you have received a total and permanent disablement (TPD) payment from any insurer or superannuation fund,
you are only eligible for death only cover.
No
Have you received a TPD payment previously?
Yes
4. Nomination of beneficiaries
A beneficiary must be a
dependant – your spouse,
child, a person who is
financially dependent on
you or who meets the
definition of interdependency
at the date of your death,
or your Legal Personal
Representative (eg. executor
of your will or administrator
of your estate).
A death benefit nomination enables you to nominate the person/s you wish to receive your super benefit in the
event of your death. You can:
a) Complete this section. If you complete this section the Trustee of CareSuper, when determining who is to receive
your benefit in the event of your death, will take your wishes into consideration, however, is not bound by your
nomination. Please provide the details of the beneficiaries you would like to receive your superannuation benefit and
any insurance in the event of your death. You can nominate more than one person. You can change this nomination
using MemberOnline or by writing in to CareSuper at any time. If you do not have any dependants (as defined) you
may nominate your Legal Personal Representative (your executor).
You can photocopy
this page of the form
if you have more than
two beneficiary
nominations.
Relationship
b) If you wish to make a death benefit nomination that is binding on the Trustee, please leave this section blank
and complete the Binding death benefit nomination form.
Full name
Benefit allocation
%
Full name
Relationship
Benefit allocation
%
5. Investment choice
To make your own investment option selection, please complete the tear-off form at the back of this Member Guide
PDS and attach it to this application form.
6. Authorisation
You must sign and
date this form.
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
I hereby apply to become a member of
CareSuper and agree to be bound by the
provisions of the Trust Deed as it exists and
as it may be amended from time to time.
I confirm that I have read and understood
the Member Guide PDS dated 15 October
2010 attached to this application form and
that the information on this application is
true and correct to the best of my
knowledge and belief. From time to time
CareSuper conducts campaigns with the
Australian Taxation Office (ATO) or with our
eligible rollover fund (ERF) or any other fund
that holds lost members’ super with the aim
of recovering any lost super you may have.
This involves trying to match your records
with the information contained on the ATO’s
lost super members’ registry, our ERF or
funds holding lost members’ super.
I authorise CareSuper to use my tax file
number, name and date of birth for this
procedure to take place, and understand
that if a match is made, CareSuper will
Member’s signature
transfer the amount/s found to my
CareSuper account and will advise me
of the details.
Privacy
CareSuper collects your personal
information to establish and administer
your superannuation account. If you
choose not to provide your personal
information we may not be able to
process your membership application
or administer your account.
●
●
I confirm that I have read
CareSuper’s Privacy Statement
on page 41. I understand how
CareSuper intends to handle
my personal information and
acknowledge that my personal
information will only be used for the
purposes specified.
I consent to the collection and use
of my personal information by the
Trustee to establish and administer
my superannuation account.
If you do not wish to receive any
information about special offers
or services which are available
to you as a CareSuper member
(see page 33) please mark this box.
Other information you should
be aware of
Email: CareSuper sends regular
newsletters and bulletins regarding
superannuation by email. Please
tick this box if you wish to receive
this information by email.
Online statements: Your super
statements are available via our
secure online facility – MemberOnline.
To register for MemberOnline, visit
caresuper.com.au. By registering for
MemberOnline, you can automatically
receive your statements online, which
you can view at any time. You’ll be
notified via email when your next
statement is available. If you prefer
to receive paper statements in the
mail, you do not need to do anything.
Date (DD/MM/YYYY)
1300 360 149
/
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
/
Page 2 of 3
Page 2 of 2
choice of fund
Your choice
Is your current employer
paying your super into
CareSuper?
If not, simply complete
this form and hand it to
your employer. You will
then have the security
of knowing your future
super contributions will go
to a profit-for-members
industry fund with a proven
investment record and
competitive fees.
If you’re not sure whether
you are able to choose your
super fund, simply speak to
your employer or visit
www.superchoice.gov.au
1. Chosen fund details
Fund name
C
A
R
E
S
U
P
E
R
Membership number (if you are an existing member)
Full name (must match name on your account if you are an existing member)
Fund Australian Business Number (ABN)
9
8
1
7
2
2
7
5
7
Super Product Identification Number (SPIN)
2
5
C
A
R
0
1
0
0
A
U
2. Authorisation
I request that all future employer contributions are to be made to the fund specified in section 1.
Employee name
Employee/Payroll No. (if applicable)
You must sign and date this form and give it to your employer for their records.
Signature
Note to your
employer
The required letter
of compliance and
details as to how you
may contribute to
CareSuper appear
below.
Date (DD/MM/YYYY)
EMPLOYER USE ONLY
Date processed (DD/MM/YYYY)
Date accepted (DD/MM/YYYY)
Give this form to your employer. Do NOT send this form to CareSuper.
If you or your employer have any questions please contact CareSuper on 1300 360 149.
Letter of compliance – choice of fund
Making contributions to CareSuper
To whom it may concern,
CareSuper
SPIN: CAR0100AU
FUND ABN: 98 172 275 725
SFN: 1257/039/43
CareSuper provides a number of options to suit your business needs.
AFSL: 235226
RSEL: 0000956
RSER: 1004120
I certify on behalf of the Trustees of CareSuper, that:
●
●
●
●
CareSuper is a complying resident regulated superannuation fund
within the meaning of the Superannuation Industry (Supervision)
Act 1999 (SIS)
The fund is not, nor has ever been, subject to a direction under section
63 of SIS not to accept any contributions from an employer-sponsor
CareSuper is able to accept superannuation contributions from
employers on behalf of their employees
CareSuper meets the minimum statutory death insurance
requirements for choice of fund and is therefore eligible to be
nominated as a default fund
Details of how an employer can make contributions to the fund are
provided overleaf.
Yours sincerely,
If you are not already a participating employer, simply complete
the Application form in the Employer Guide PDS, available from
caresuper.com.au or by calling 1300 360 149.
Contribution option
How it works
Payment options
Employer Online
• payroll facility
• Excel spreadsheet
• data entry
Complete your
contributions via our
secure Employer
Online facility at
caresuper.com.au
Online
BPAY
EFT
Email
• payroll facility
• Excel spreadsheet
Email your contribution
details in an agreed
payroll report or Excel
spreadsheet format.
BPAY
EFT
Manual
Complete and post
CareSuper’s contribution
return form.
BPAY
EFT
Cheque
Julie Lander
Chief Executive Officer
Page 1 of 1
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/MBR/SUP/CHE/NOM PDS VERS 329.6 10/10 ISS4
This page has been intentionally left blank.
transfer your super
Important notes
By completing this form,
you will request the transfer
of the whole balance
of your superannuation
benefit between funds.
This form cannot be used
to transfer part of the
balance of your fund.
Before you transfer
Proof of identity
Check whether your from fund will charge you
an exit fee or other penalties.
For security purposes, you must provide certified
copies of identification documents when paying or
transferring super from one fund to another:
This form will not change
the fund to which your
employer pays your
contributions.
• Your contributions may be taxed at the highest
rate plus Medicare levy (currently 46.5%)
instead of the usual concessional rate of 15%
Ensure that you’ve transferred or replaced any
insurance you have with your other fund before
closing the account.
Tax file number (TFN)
You are not obliged to provide your TFN to
CareSuper. However if you do not provide it:
• You will not be able to make personal
contributions to your super fund
• It may be more difficult for you to monitor your
account or to locate it if you lose track of it.
CareSuper is authorised to collect your TFN
under the Superannuation Industry (Supervision)
Act 1993. We will treat it as confidential and
only use it for lawful purposes. This includes
disclosing it to another superannuation fund
when we’re arranging a transfer of funds for you.
However, you may request in writing that your
TFN not be disclosed to any other trustee.
Privacy
When certifying documents, please take the original
documents and the copies to any one of the following
persons for them to certify that they are true and
correct copies of the originals. All pages need to be
certified as true copies of the original by writing or
stamping ‘certified true copy’. The certification must
include their signature, printed name, qualification
(e.g. ‘police officer’), date and contact telephone
number. Please note the certification needs to
contain an original signature. Faxed copies of
certified documents will not be accepted.
CareSuper reserves the right to request additional
certified identification documents where required.
People who can certify your ID include:
• Teacher employed on a full-time basis at a school
or tertiary education institution
• Healthcare professional such as medical
practitioner, nurse, pharmacist, veterinary surgeon
• Officer with, or authorised representative of, a
holder of an Australian financial services licence,
with 2 or more continuous years of service
• Justice of the peace
• Police officer
In completing this Transfer your super form:
• Legal practitioner
• I confirm that I have read the CareSuper
privacy statement
• Marriage celebrant
• I understand how CareSuper intends to
handle my personal information and that my
personal information will only be used for the
purposes specified
• Member of a professional accounting association
• I consent to the use and disclosure of my
personal information for the purpose of
transferring my superannuation benefits
If you have any questions about your rights
under the privacy legislation please call the
CareSuperLine.
• Minister of religion
For a full list of people able to certify your ID, see the
forms and publications page of caresuper.com.au.
Under the Anti-Money Laundering and Counter
Terrorism Financing Act 2006 superannuation funds
are required to identify, monitor and mitigate the
risk that the fund may be used for the laundering of
money or the financing of terrorism.
To meet these requirements CareSuper reserves
the right to request further information to verify your
identity before making any cash payment.
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
This information is of a general nature and does not take into account your specific needs. You should read the
CareSuper Member Guide PDS and consider your own financial position, objectives and requirements before
investing your super in CareSuper. We recommend you seek advice from an independent, licensed financial adviser.
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super ABN 98 172 275 725
Request to transfer whole balance of
superannuation benefits between funds
under the Superannuation Industry (Supervision) Act 1993
AFTER COMPLETING THIS FORM
COMPLETING THIS FORM
■
■
■
Read the important notes
Refer overleaf where indicated with a
This form is only for whole (not part) balance transfers.
■
■
Sign the authorisation
Send form and certified proof of identity documents to
CareSuper GPO Box 1923, Melbourne VIC 3001
Personal details
Title:
Mrs
Mr
Miss
Ms
Other
Residential address
*Address
*Family name
*Given names
*Suburb
Other/previous
names
*Postcode
*State/territory
Day
Month
Year
*Date of birth
Tax file number
Under the Superannuation Industry (Supervision) Act 1993, you are
not obliged to disclose your tax file number, but there may be tax
consequences.
Previous address
If you know that the address held by your FROM fund is different
to your current residential address, please give details below.
Address
See ‘Tax file number’ overleaf
*Gender
Suburb
Male
Female
Postcode
State/territory
*Contact phone number
Fund details
FROM
TO
*Fund name
*Fund name
Fund phone number
*Fund phone number
Membership or
account number
Australian business
number (ABN)
Superannuation Product
Identification Number (SPIN)
*Membership or
account number
Australian business
number (ABN)
Superannuation Product
Identification Number (SPIN)
If you have multiple account numbers with this fund, you must
complete a separate form for each account you wish to transfer.
*Proof of identity
CareSuper
1 3 0 0 3 6 0 1 4 9
98 172 275 725
CAR0100AU
You must check with your TO fund to ensure they can accept
this transfer.
See ‘Proof of identity’ overleaf
I have attached a certified copy of my driver’s licence (issued under State or Territory law) or passport;
OR I have attached certified copies of both:
Birth/Citizenship Certificate or Centrelink Pension Card;
AND
Note: your name must be the same as shown on your proof of identity.
If your name has changed you must include proof of the change
(e.g. a certified copy of a marriage certificate, decree nisi etc.)
Centrelink payment letter or Government or local council
notice (<1 year old) with name and residential address
Authorisation
By signing this request form I am making the following statements:
■ I declare I have fully read this form and the information completed is true and correct
■ I am aware I may ask my superannuation provider for information about any fees or
charges that may apply, or any other information about the effect this transfer may have
on my benefits, and do not require any further information.
■ If the TO fund is a self managed superannuation fund (SMSF), I confirm that I am
a member, trustee or director of a corporate trustee of the SMSF.
■ I discharge the superannuation provider of my FROM fund of all further liability
in respect of the benefits paid and transferred to my TO fund.
*Name (Print in BLOCK LETTERS)
*Signature
Day
Month
Year
*Date
I request and consent to the transfer of superannuation as described above and authorise
the superannuation provider of each fund to give effect to this transfer.
* Denotes mandatory field. If you do not complete all of the mandatory fields, there may be a delay in processing your request.
IN-CONFIDENCE – when completed
Page 2 of 2
CR/TRANS PDS VERS 148.8 10/10 ISS3
insurance application form
1. Your personal details
CareSuper member number
Important
To apply to change
your occupational
category, complete
sections 1, 2 and 7.
To apply for a New
Member Option,
complete sections
1, 2, 3, 4 and 7.
To apply for tailored
cover, complete
sections 1, 2, 5, 6 and 7.
Please complete the
form in blue or black
pen and block letters.
Date of birth (DD/MM/YYYY)
Mr/Mrs/Ms/Miss/Dr
Surname
Given names
Address
Suburb/town
State
Telephone (home)
Telephone (work)
Mobile number
Email address
Postcode
Employer name
Occupation
Duties performed
2. Occupational categories
Determine the category
that applies to you.
This will determine
your premiums and the
unit-based cover amount
that will apply to you.
CareSuper offers three different categories of cover to reflect the different levels of risk associated with our members’
occupations. Please complete the following questions to determine the scale that applies to you:
1. Are the duties of your occupation limited to professional, managerial, administrative,
clerical, secretarial or similar ‘white collar’ nature tasks that do not involve manual work
and are undertaken entirely within an office environment (excluding travel time from
Yes
No
one office environment to another)?
2.
Are you earning in excess of $80,000 from your profession?
3.
a) Do you hold a tertiary qualification or are you a member of a professional institute
or registered government body?
or
b) Are you in a management role? Please refer to ‘manager’ under the TPD definition
on page 29 of this Member PDS for guidance when answering question 3b.
Yes
No
Yes
No
Yes
No
If you answer No to Q1, you qualify as General.
If you answer Yes to at least Q1, you qualify as Office.
If you answer Yes to Q1 and Q2 and either Q3a or 3b, you qualify as Professional.
•
•
Your level of cover will be reviewed each time you complete a new application form or apply to vary your insurance cover.
If you are a new member and you do not complete this section 2, the General category will apply to your cover.
3. New Member Options – available in your first 60 days
Please choose a
New Member Option
by ticking (✓) your
choice(s) if desired.
Increase your death & TPD cover or add income protection cover with no health assessment, provided your application
is received within 60 days of the date on your Welcome letter. Please choose your option by ticking (✓) your choice(s).
I would like to increase my total death & TPD cover up to 10 times my salary
(maximum limit of $1.55 million). See page 28 for the full definition of salary.
My annual gross salary (excluding mandated employer SG contributions,
overtime, bonuses, commissions and allowances) is:
The amount of cover I wish to apply for is:
I would like this cover to be:
Unit-based
OR
$
Death
$
TPD*
$
Fixed cover
I would like to index my fixed cover annually by 5%
I would like to add income protection cover. Please complete Section 4 on next page.
* Under New Member Options, TPD cover must be less than or equal to death cover.
See over >
Page 1 of 4
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/SUP/INS/APP/710.1 10/10 ISS2
4. Income protection
Important
To be eligible for income
protection insurance cover,
you must be earning in
excess of $16,000 per year
on an ongoing basis.
Please tick (✓) in the
appropriate box.
If you apply for income
protection as a New
Member Option within
60 days of the date on
your Welcome letter,
no evidence of health
is required.
Income protection cover provides a replacement income if you are unable to work temporarily due to illness or injury
(specific conditions apply). If your annual income exceeds the maximum cover amount for your occupational category and
you wish to apply for cover at this level, you will need to also complete Section 6 – the Short Personal Health Statement.
* See page 28 for the definition of income.
Tick box
(✓)
Type of cover
General
Office
Depending on your
occupational category, the
maximum levels of cover
shown below will apply:
General: Maximum cover
without health evidence
= $72,000
$
Your annual income* (including overtime, bonuses and shift allowances) is
Professional
Office: Maximum cover
without health evidence
= $102,000
Professional: Maximum
cover without health
evidence = $144,000
Annual
income range
Units of income
protection insurance
Maximum monthly
benefit payable
$16,001 – 18,000
3
$1,275
$18,001 – 24,000
4
$1,700
$24,001 – 30,000
5
$2,125
$30,001 – 36,000
6
$2,550
$36,001 – 42,000
7
$2,975
$42,001 – 48,000
8
$3,400
$48,001 – 54,000
9
$3,825
$54,001 – 60,000
10
$4,250
$60,001 – 66,000
11
$4,675
$66,001 – 72,000
12
$5,100
$72,001 – 78,000
13
$5,525
$78,001 – 84,000
14
$5,950
$84,001 – 90,000
15
$6,375
$90,001 – 96,000
16
$6,800
$96,001 – 102,000
17
$7,225
$102,001 – 108,000
18
$7,650
$108,001 – 114,000
19
$8,075
$114,001 – 120,000
20
$8,500
$120,001 – 126,000
21
$8,925
$126,001 – 132,000
22
$9,350
$132,001 – 138,000
23
$9,775
$138,001 – 144,000
24
$10,200
Salaries above
$144,001
Subject to insurer
assessment
Subject to insurer
assessment
Note: If you wish to reduce the waiting period in the future you will need to complete a new application form, including the
Short Personal Health Statement.
Waiting period
Please indicate by ticking (✓) the waiting period you would like to select (refer to page 22 for details).
The 30-day waiting period will apply if you do not make a selection.
30 days
60 days
90 days
5. Tailor your insurance – existing members
This section is for members
who are applying for cover
outside of 60 days from
the date of your Welcome
letter. An application to
increase your insurance
cover requires a health
assessment and is subject
to the insurer’s approval.
Tailored death and TPD cover
You can apply for unit-based cover or fixed cover, or a combination of both. TPD cover can be more than death cover.
Note: When you make an application for tailored cover it will automatically replace any cover held, so when applying
for tailored cover please ensure that you nominate the total amount of cover you require. If your application is
declined, your prior cover will continue.
Please enter the amounts of cover you require below, and tick (✓) further options as appropriate:
Unit-based cover
and/or
Fixed cover
Death cover
units
Death cover
TPD cover
units
TPD cover
Death and TPD cover
units
Death and TPD cover
$
$
$
I would like to index my fixed cover annually by 5%.
Tailored income protection
Refer to the table above or page 22 to calculate the number of units you need.
units of income protection cover (no minimum).
I would like to apply for
Waiting period:
30 days
60 days
90 days
Your annual income* (including overtime, bonuses and shift allowances) is
* See page 28 for the definition of income.
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
$
Page 2 of 4
6. Short personal health statement
important instructions
1. If you have applied for a New Member Option in Section 3, you do not need to complete Section 6.
Go to Section 7 and sign and date the application form.
2. If you are applying for tailored insurance cover:
Death or TPD cover up to $800,000 or income
protection up to a $6000 benefit per month
Complete Section 6 then sign and date Section 7.
Death or TPD cover in excess of $800,000 or
income protection in excess of a $6000 benefit
per month
Do not complete this section of the form (Section 6).
Please call the CareSuperLine on 1300 360 149 to obtain
the Full personal health statement required for cover in
excess of these amounts or visit caresuper.com.au.
This information will be treated in strict confidence and will be used or disclosed only for matters relating to
your insurance entitlements. If this section is not completed the insurer will be unable to process your insurance
application and your requested level of insurance cover may be denied. You must complete ALL questions.
Should you answer ‘Yes’ to any of the questions in Section 6, please DO NOT continue to complete Section 6,
please call the CareSuperLine on 1300 360 149 or download a copy at caresuper.com.au to obtain the
Full personal health statement.
Yes
Please tick (✓) Yes or
No for each question.
1.
Has an application for life, disability, trauma, accident or sickness insurance on your life
ever been declined, deferred or accepted with a loading, exclusion or special terms?
(If additional details are
required, please attach
a separate sheet.)
2.
Are you claiming or have you ever claimed a benefit from any source – e.g. TPD benefit
from any superannuation fund, Worker’s Compensation, disability pension, Veterans’
Affairs or any other insurance policy providing accident or sickness benefits?
3.
Are you at the date of this application:
●
off work due to sickness, illness or injury, or
●
restricted from carrying out all of the usual duties of your current employment?
4.
Have you lost the sight of an eye or the total and permanent loss of the use of a limb
(‘limb’ includes whole hand and whole foot)?
5.
What is your:
Height
cm
Weight
kg
6.
Excluding the contraceptive pill and inhaled asthma medication, within the last year have
you been advised to take or been given prescribed medication by a medical practitioner
that has intended to be used for 3 months or longer (including but not limited to blood
pressure, diabetes, oral steroids for asthma or depression medication)?
7.
Have you been unable to work because of sickness or injury for more than 2 consecutive
weeks in the last 3 years?
8.
Have you undergone any medical treatment, investigation or an operation, suffered from,
or are contemplating surgery for, any illness or injury that would affect your long-term
health and require ongoing medical supervision? This includes but is not limited to:
9.
●
Cancer or diabetes
●
High blood pressure or cholesterol or any heart complaint
●
Alcohol or drug abuse
●
Stroke, paralysis, neurological disorder or multiple sclerosis.
No
Have you been infected with or have you ever tested positive for AIDS (Acquired Immune
Deficiency Syndrome), HIV (Human Immunodeficiency Virus) or Hepatitis B and C?
10. Have you received any medical advice or undergone any medical treatment, investigation
or an operation, suffered from, or contemplating surgery for, any of the following:
●
●
●
Any injury or complaint of the back, neck, knee or shoulder requiring time off work in the
last 12 months AND/OR any disease, disorder or degeneration to the muscles, tendons,
bones, discs or joints
Depression or mental disorder (including but not limited to stress, anxiety, chronic
tiredness or fatigue, panic attacks, post-traumatic stress, behavioural or nervous
disorder)
Chest pain, asthma, bronchitis or any other lung complaint, requiring hospitalisation
within the last 5 years
●
Disorders of the kidney, bladder, prostate, ovaries, gall bladder, bowel, or liver
●
Epilepsy.
See over >
Page 3 of 4
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/SUP/INS/APP/710.1 10/10 ISS2
7. Declaration
Important
As a member of
CareSuper you may ask
to see the information the
insurer holds about you
and have it corrected if
required. CareSuper’s
insurer for death, TPD
and income protection is
CommInsure. CommInsure
is a registered business
of The Colonial Mutual Life
Assurance Society Limited
ABN 12 004 021 809
AFSL 235035 (CMLA).
I declare that:
●
●
●
●
●
●
●
I agree to allow CareSuper to quote my TFN
for legislatively approved superannuation and
taxation purposes
l have read and understood the Member
PDS of which this application forms part.
I acknowledge that no cover commences
until this application is accepted by the
insurer (CommInsure)
l have read and carefully considered the
questions in the personal health statement
above and all answers provided are true
and correct (including those not in my own
handwriting)
l have told the insurer everything I know
that could affect their decision to accept my
application
l have read the Duty of Disclosure (below) and
am aware of the consequences of non-disclosure
under the Insurance Contracts Act 1984
l understand that the Duty of Disclosure
(below) continues after I have completed this
statement until my application for cover has
been accepted by the insurer in writing
l am currently employed and am not restricted by
injury or illness from carrying out all of my normal
work duties or from working normal hours.
Furthermore:
●
●
I acknowledge that if I do not complete this
application correctly, or I do not sign and date this
form, my application will be invalid and will not be
considered by the insurer
l authorise any hospital, doctor or other person who
has treated or examined me to give to the insurer any
information on my illness or injury, medical history,
consultation, prescription or treatment or copies of
all hospital or medical reports. A photocopy of this
authorisation is as valid as the original. I agree to
provide further medical authorities if requested.
Privacy
In completing this Insurance application form:
●
●
●
I confirm that I have read CareSuper’s Privacy
Statement on page 41 of this Member PDS and I
understand how CareSuper intends to handle my
personal information
I consent to the use and disclosure of my health
and other personal information for the purposes of
assessing my eligibility for insurance cover
I acknowledge that if I make a claim for an insurance
benefit I will need to provide additional information
in accordance with the claims procedures of
CareSuper and the insurer.
If you have any questions about your rights under the
privacy legislation, please call CareSuper on 1300 360 149.
Important note
Your duty of disclosure
Non-disclosure
Before you enter into a contract of insurance with a Life
Insurer you have a duty, under the Insurance Contracts
Act 1984, to disclose to the insurer every matter that you
know, or could reasonably be expected to know, is
relevant to the insurer’s decision whether to accept the
risk for the insurance and if so on what terms. You have
the same duty to disclose those matters to the insurer
before you renew, extend, vary or reinstate a contract of
life insurance.
If you fail to comply with your duty, and the insurer
would not have entered into the contract on any terms if
the failure had not occurred, the insurer may void the
contract within the first three years of entering into it.
Your duty does not require you to disclose any matter:
●
That diminishes the risk to be undertaken by the insurer
●
That is of common knowledge
●
●
You must sign and
date this form.
If your non-disclosure is fraudulent, the insurer may void
the contract at any time.
An insurer who is entitled to avoid your cover may, within
three years of issuing it, elect not to avoid it but to
reduce the sum that you have been insured for in
accordance with a formula that takes into account the
premium that would have been payable if you had
disclosed all relevant matters to the insurer.
That the insurer knows or, in the ordinary course of
business ought to know, or
To which your duty of compliance is waived by the insurer.
Full name
CareSuper member number (if known)
Member’s signature
Date (DD/MM/YYYY)
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
Page 4 of 4
investment choice form
To make your first
investment choice or
to switch an existing
investment choice,
please complete all
sections of this form
and return it to CareSuper.
The instructions you
provide on this form
override any previous
instructions you have
given to CareSuper.
Please complete the form
in blue or black pen and
in block letters.
If you don’t make a
choice, your existing
account balance and
all future contributions,
earnings and rollovers
will be invested in the
Balanced (default) option.
1. Your current member details
CareSuper member number (if known)
Date of birth (DD/MM/YYYY)
Mr/Mrs/Ms/Miss/Dr
Surname
Given names
Address (residential)
Suburb/town
State
Telephone (home)
Telephone (work)
Mobile number
Email address
Postcode
2. Investment of existing balance
Important: this section relates to the balance of your CareSuper account on the date we receive this form.
Please do not complete this section if you are a joining or new member. Please go to the ‘Investment of
future contributions’ section overleaf.
Please select the option or combination of options in which you wish to invest your existing account balance.
Take care that your selection adds up to 100%. Use ony whole numbers (no fractions).
Please tick (✓)
one box only.
I do not wish to change the way my existing balance is currently invested. Please go to Section 3.
I would like my existing balance invested/switched in the way I have listed below.
You can invest your existing balance in one or a combination of CareSuper’s investment options.
Please fill out the
percentage of your
existing balance you
would like invested
in each option or
asset class.
Managed options
●
Capital Guaranteed
●
Capital Stable
●
Conservative Balanced
●
Balanced
●
Sustainable Balanced
●
Alternative Growth
●
Growth
Your investment choice
%
%
%
%
%
%
%
Example only
60
%
%
%
%
%
%
%
Asset Class options
●
Capital Secure
●
Fixed Interest
●
Direct Property
●
Australian Shares
●
Overseas Shares
●
ASX 200* (See note below)
Important
Take care that your
investment choices
add up to 100%.
Total (must equal 100%)
100
%
%
%
%
%
%
%
20
20
100
%
%
%
%
%
%
%
* Please complete the ASX 200 investment choice form to implement this investment choice. You must have a minimum balance of $10,000 and no
more than 50% of your CareSuper account balance can be invested in the ASX 200 option. If you currently have less than $10,000 in your account and
are in the process of transferring other super monies into CareSuper, you must wait for these funds to be deposited into your CareSuper account before
investing in the ASX 200 option. CareSuper will advise you in writing once your other funds have been received into your CareSuper account.
See over >
Page 1 of 2
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/MIC/APP 110.8 10/10 ISS9
3. Investment of future contributions
Please fill out the
percentage you
would like applied
to future contributions.
I would like my future contributions invested in the way I have listed in Section 2 above. (Please sign
the declaration below and return the form to CareSuper.)
I do not wish to change the way my future contributions are currently invested.
You can invest your future contributions in one or a combination of CareSuper’s investment options.
Take care that your selection adds up to 100%. Use only whole numbers (no fractions).
Managed options
●
Capital Guaranteed
●
Capital Stable
●
Conservative Balanced
●
Balanced
●
Sustainable Balanced
●
Alternative Growth
●
Growth
Your investment choice
Example only
%
%
%
%
%
%
%
60
%
%
%
%
%
%
%
Asset Class options
●
Capital Secure*
●
Fixed Interest
●
Direct Property
●
Australian Shares
●
Overseas Shares
Total (must equal 100%)
100
%
%
%
%
%
%
20
20
100
%
%
%
%
%
%
* Previously known as Cash.
4. Member declaration
You must sign and
date this form.
I have read and understood this Member Guide PDS. I understand CareSuper can provide me with general
information but cannot give me investment advice, and that the Member Guide PDS is only a general guide and
not a substitute for professional investment advice.
I understand that I can change (switch) my investments as frequently as weekly. If I lodge my application to switch
with CareSuper by 5pm Wednesday (for written requests), my new investment strategy will be actioned from the
following Monday or the first business day after if the Monday is a public holiday.
I understand that CareSuper is not responsible for my choice of investment strategy.
I understand that if more than one Investment choice form is received in the same week, the instructions contained
in the Investment choice form last received before that week’s deadline will apply.
I understand that funds to cover Investment Choice switches are deducted pro rata across my other investments
(excluding the ASX 200 option) to the value of the switch.
If you have chosen the ASX 200 option – I have completed and attached the ASX 200 invesment choice form.
Member’s signature
Date (DD/MM/YYYY)
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
Page 2 of 2
ASX 200 investment choice form
Please ensure you
have read all the details
regarding this option in
the Member Investment
Guide before completing
this form. To invest in the
ASX 200 option, please
complete all sections
of this form and return
it to CareSuper. The
instructions you provide
in this form override any
previous instructions you
have given to CareSuper.
Please complete the form
in blue or black pen and in
block letters.
1. Your current member details
CareSuper member number (if known)
Date of birth (DD/MM/YYYY)
Mr/Mrs/Ms/Miss/Dr
Surname
Given names
Address (residential)
Suburb/town
State
Telephone (home)
Telephone (work)
Mobile number
Email address
Postcode
2. ASX 200 share trade instructions
Why not do
this online?
Instead of filling in a
form, why not use
MemberOnline to
do it all online? It
is secure and very
straightforward.
Complete the details of the companies in which you would like to buy or sell shares. See our ASX 200 list
(available on caresuper.com.au) for the valid ASX codes and company names.
ASX Code
Name of listed company or trust
NOTE: you may only buy shares in
companies on the current ASX 200 list
(available at caresuper.com.au)
No. of shares
or units to trade
Action
Instruction to
continue after
suspension
(please x mark)
Buy
Sell
(please x mark)
Yes
No
If you wish to trade more than 15 stocks, please photocopy this form and sign it for verification purposes.
Important
If you are intending to trade regularly you can photocopy this form or download a copy from caresuper.com.au
at any time.
Please read and sign the
declaration on the back
of this form.
See over >
Page 1 of 2
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/ASX 200 399.2 INV CHOICE 10/10 ISS7
3. Member declaration
I acknowledge that:
●
CareSuper will not implement these instructions if I do not meet the eligibility criteria
●
I have read the CareSuper Member Guide PDS and the CareSuper Investment Guide
●
CareSuper is not responsible for my choice of investment strategy
●
●
●
●
●
●
●
●
●
●
●
●
●
●
After 1pm on the Friday after my transaction instructions have been received by CareSuper, I will not be able to
revoke these instructions
I have appointed the Trustee and the custodian of the CareSuper ASX 200 option to sign any necessary broker
sponsorship agreement on my behalf and provide any necessary details of my membership in order to
implement my instruction
I have appointed the custodian to register the shares and give instructions on my behalf in relation to rights
issues, voting and the like. It is the policy of CareSuper NOT to partake in buybacks, rights issues, partly paid
shares (instalment receipts) and class actions for the ASX 200 option. CareSuper also reserves the right not to
participate in any other action as and when they arise
Members in the ASX 200 option are excluded from participating in any partly paid issues or instalment receipts
CareSuper can provide me with general information but cannot give me investment advice, and that the
CareSuper Member Investment Guide is only a general guide and not a substitute for professional
investment advice
By making broker research information available, CareSuper is not soliciting me to buy or sell any stock.
The broker preparing these reports has not taken into account my investment objectives, financial situation or
particular needs
If more than one ASX 200 application form is received in the same week, the instructions contained in the
ASX 200 application form last received before that week’s deadline will apply
If my employer is a stockbroker, I have a Referral Agreement signed by my employer in order for me to
comply with section 991F(3) of the Corporations Act 2001
The Trustee is not responsible for any delays in implementing member instructions
The Trustee reserves the right to trade on other days in the event that volumes, market illiquidity or stock
suspensions require this to occur
In the case of an intraday suspension, instructions will be implemented when trade resumes
The Trustee is the only party able to instruct the broker and the custodian to the ASX 200 option. I will be in
contravention of the terms of the ASX 200 option if I attempt to instruct the broker or share registry
In the event of a partial claim the funds will come out of the Member Investment option and not the ASX 200
option.
In the event of a partial claim, I must retain the greater of: (i) 10% of my total account balance, or (ii) $1,500 in
a Member Investment option, other than the ASX 200 option
In the event there is a shortfall between the amount I am applying to claim and
– the money in my Member Investment options, excluding the ASX 200 option, available to be claimed, or
– the money in my Member Investment options, excluding the ASX 200 option, available to be claimed after
the redemption of those stocks I have nominated to sell
CareSuper will only pay the maximum amount allowed in accordance with the paragraph above
●
If I am in an overall net capital loss position, a tax benefit of 10% of this net capital loss will be attributed to my
account, irrespective of the period of investment in the shareholdings. The Trustee reserves the right to vary
this if current capital gains tax rules change.
Member’s signature
You must sign and
date this form.
Date (DD/MM/YYYY)
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
Page 2 of 2
transfer your insurance
1
2
Please note: The amount
of your cover with CareSuper
plus the amount of
transferred cover cannot
exceed $2 million in total for
death and/or TPD cover
without evidence of health.
For income protection,
the maximum amount is
$20,000 per month.
You can apply to
transfer insurance cover
that you have outside of
CareSuper if you:
●
●
●
Are joining CareSuper
or an existing member
of CareSuper and
Have superannuation
with another fund where
you are entitled to a
death and/or total and
permanent disablement
(TPD) benefit and/
or income protection
benefit under that fund
(‘former fund’) and/or
Have an individual
death and/or TPD and/
or income protection
insurance policy outside
of superannuation from
a life insurer (individual
insurer).
3
Complete Parts A, B and C of this Transfer your insurance form (below), providing all the required details and signing the form.
Attach an up-to-date statement from your former fund or written evidence from your individual insurer confirming the
type and level of cover you have with the former fund or individual insurer (CareSuper must receive this evidence
within 45 days of it being issued).
Do not cancel your existing cover until you have received confirmation in writing that your transfer request has been
accepted by CareSuper.
If CareSuper’s insurer (Commlnsure) accepts your application, you will receive an amount of cover equivalent to the level
of cover you currently have with your former fund or individual insurer. If this cover is for death only or death and TPD, it will
apply in addition to any existing cover you hold under CareSuper (limits apply). Transferred income protection cover will
be the higher of any cover held with CareSuper or the cover provided by your old insurer.
Part A – Personal details
Surname
Given names
Date of birth
Address
State
CareSuper member number (if known)
Postcode
Telephone
Name of current employer
Name of former fund or individual insurer
Former fund member number or Life Policy Number
Former fund SPIN (if known, not applicable for individual policies)
Part B – Personal statement and confirmation of requirements
1. Please confirm (by ticking ✓ the box below right) that the following statements are true and correct:
I will cancel all insurance cover with my former fund or individual insurer within 60 days of
receiving confirmation from CareSuper of my successful transfer application;
b) I will not be transferring the cover with my individual insurer or former fund to any other part
(including division, section or category) of the former fund, or to any other superannuation fund,
other than CareSuper;
c) I will not effect a continuation option, or subsequently reinstate any cancelled cover with the
individual insurer, or within the former fund or any other division, section, category of the former
fund, or within any fund or insurance policy where such reinstatement of cover is available to me; and
d) I understand that my cover, once accepted, will be subject to the terms and conditions relating
to insurance provided by CareSuper.
a)
No
I confirm that the above statements are true and correct and I agree to abide by these requirements
If you have ticked ‘No’ you are not eligible for insurance transfer into CareSuper. This does not affect
any default cover you are entitled to, or may have under CareSuper.
Yes
2. I confirm the details of my current cover with the former fund or individual insurer are as follows:
a) Death cover
Date cover started
/
$
/
b) TPD cover
Date cover started
/
$
/
Please select (✓) the type of cover you would like: (if you do not make a selection you will be provided with CareSuper Fixed cover)
Sufficient units of CareSuper scale
Fixed sum insured
I would like to index my fixed cover, if applicable, by 5% annually to account for inflation.
Please note that you must transfer the total current cover to CareSuper and you cannot transfer TPD cover without death cover, and
if the insurer accepts your application, your amount of cover with the former fund or individual insurer will be matched by an equivalent
level of fixed CareSuper insurance cover, rounded to the nearest $1,000, or sufficient units of CareSuper scale.
Note
Acceptance of your
transfer request is
subject to the insurer’s
acceptance and some
limitations may apply.
c) Income protection
$
Date cover started
CareSuper provides monthly cover in units of $425. If your transfer
application is successful, you will be given the number of units closest
to your current monthly cover (rounded to the nearest unit).
Income protection waiting period eg. 30 days, 60 days or 90 days (if your current waiting
period is greater than 90 days you are not eligible to transfer your cover to CareSuper)
Income protection benefit period eg. two years, five years, to age 60, to age 65 (CareSuper has a
two year benefit period. If your transfer application is successful, a two year benefit period will apply)
Income protection additional benefits eg. nursing care benefit, specific illness benefit (these
benefits may not be available under CareSuper)
/
/
See over >
Page 1 of 2
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/INS/TRFER 406.9 10/10 ISS7
Part B continued – Personal statement and confirmation of requirements
3. Are you restricted, due to injury or illness, from carrying out the identifiable duties of your current and
normal occupation on a full-time basis (even if you are not currently working on a full-time basis)?
Full-time basis is considered to be at least 30 hours per week even though you may not actually
be currently working that number of hours.
No
Yes
4. Have you been paid, or are you eligible to be paid, or have you lodged a claim for a Total and
Permanent Disablement or disability benefit from CareSuper, another superannuation fund or
under a life insurance policy?
No
Yes
5. Have you been diagnosed with an illness that reduces your life expectancy to less than twelve
months from today?
No
Yes
If you have ticked ‘Yes’ to question 3, 4 or 5 you are not eligible for insurance transfer into CareSuper.
This does not affect any default cover you are entitled to, or may have under CareSuper.
6. Is your cover with the former fund or individual insurer subject to any premium loadings and/or
exclusions, including but not limited to pre-existing condition exclusions, or restrictions in
No
Yes
regard to medical or other conditions?
If ‘Yes’ please provide details of the premium loading, exclusion or restriction, including a copy of the advice you received
from the former fund or individual insurer advising you of the acceptance of that cover subject to these additional terms.
Part C – Acknowledgements
Please return the
completed form, with
attachments to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
You must sign and
date this form.
I acknowledge that:
• If I do not fully complete, sign and date this application,
I will not be eligible to transfer my existing cover to
CareSuper; and
• CareSuper and the insurer may undertake appropriate
enquiry and investigation to verify the answers I have
provided on this form; and
• I agree to provide CareSuper or the insurer with any
authority that may be necessary to access the health
evidence I provided to my former fund, the former
fund’s insurer or my individual insurer for the purposes
of assessing any application for that cover, and I agree
that any failure to abide by my duty of disclosure to the
former fund, former fund’s insurer or individual insurer
may be acted upon by CareSuper or its insurer in
respect of cover transferred on the basis of this
application; and
• should it become apparent to CareSuper or its insurer
that I have not undertaken the requirements that I
confirmed in PART B above, then any insured benefit
that may be payable to me or my estate or my
beneficiaries from CareSuper may be reduced in whole
or in part as a consequence of my failure to abide by
these conditions. This reduction in benefit will, however,
be limited to the extent that my benefit from CareSuper
is no less than I would have been eligible to receive
under the terms of the policy between CareSuper and
the insurer had I not applied for a transfer of cover.
My transferred cover will commence in CareSuper on the
date the following are satisfied:
• The date the insurer accepts my application; and
• I cancel my existing insurance cover under my former
fund; and
• The whole account balance from my former fund has
been transferred to CareSuper (for super transfers).
If the insurer accepts my application, my existing amount
of death/TPD cover as at the transfer date under my
former fund/policy will be added to any existing death/
TPD cover held with CareSuper by allocation to my
CareSuper account, of sufficient units rounded up to the
next whole unit or sufficient fixed cover rounded up to the
nearest $1,000. Insurance transfer limits apply. The total
amount of existing cover plus transferred cover without
additional health assessment is subject to a maximum of
$2,000,000 death and TPD and $20,000 per month
for income protection.
Your Duty of Disclosure
Before you enter into or become insured under a contract of
life insurance with an insurer, you have a duty under the
Insurance Contracts Act 1984 to disclose to the insurer
every matter that you know, or could reasonably be
expected to know, that is relevant to the insurer’s decision
whether to accept the risk of the insurance and, if so, on
what terms.
You have the same duty to disclose those matters to the
insurer before you renew, extend, vary or reinstate your
insurance. Your duty, however, does not require disclosure
of a matter:
• that diminishes the risk to be undertaken by the insurer;
• that is of common knowledge:
• that your insurer knows or, in the ordinary course of its
business, ought to know; or
• as to which compliance with your duty is waived by the
insurer.
Non-disclosure
If you fail to comply with your duty of disclosure and the
insurer would not have covered you on any terms if the
failure had not occurred, the insurer may void your cover
within three years of issuing it. If your non-disclosure is
fraudulent, the insurer may void your cover at any time.
An insurer who has not voided your cover may, within three
years of issuing it, elect to reduce the sum that you have
been insured for in accordance with a formula that takes
into account the premium that would have been payable if
you had disclosed all relevant matters to the insurer.
Privacy
CareSuper collects your personal information to establish
and administer your superannuation account. If you choose
not to provide your personal information we may not be able
to process your membership application or administer your
account. By signing this form, I confirm:
• I have read CareSuper’s Privacy Statement as outlined
in the Member Guide PDS. I understand how CareSuper
intends to handle my personal information and
acknowledge that my personal information will only be
used for the purposes specified.
• I consent to the collection and use of my personal
information by the Trustee to establish and administer my
superannuation account.
If you have any questions about your rights under the privacy
legislation, please call CareSuper on 1300 360 149.
Full name
Member’s signature
Date (DD/MM/YYYY)
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
Page 2 of 2
direct debit request form
If you wish to make
personal contributions
to CareSuper on a
monthly basis by
direct debit from your
bank account, you will
need to complete all
sections of this form.
Please complete the
form in blue or black
pen and in block
letters.
Before you complete
this CareSuper Direct
debit request form,
check with your financial
institution to make sure
this facility is available.
Note that direct debits
are not available from
all accounts.
Please keep a copy of
this document for future
reference.
1. Your personal details
CareSuper member number (if known)
Surname
Mr/Mrs/Ms/Miss/Dr
Given names
Date of birth (DD/MM/YYYY)
Address
Telephone (home)
Telephone (work)
Mobile number
Email address
State
Postcode
State
Postcode
2. Payment details
Bank name/financial institution
Address of bank at which account is held
Account holder’s name
BSB number
Account number
–
Amount to be debited monthly
$
,
.
Deduction to commence (DD/MM/YYYY)
deducted on 20th of each month
2
0
3. Authorisation
I request that until further notice in writing CareSuper debit my account at the financial institution identified above, any
necessary amounts which CareSuper may debit or charge me through the direct debit system. I agree to meet any
bank charges resulting from my use of the direct debit system. I understand and acknowledge that:
• The financial institution may, in its absolute discretion, determine the order of priority of payment by it of any
monies pursuant to this request or any authority or mandate
• The financial institution may, in its absolute discretion, at any time by notice in writing to me, terminate this request
as to future debits, and
• The user may, by prior arrangement and advice to me, vary the amount or frequency of future debits.
Privacy
In completing this Direct Debit Request form:
• I confirm that I have read the CareSuper Privacy Statement on page 41 of this Member Guide PDS. I understand
how CareSuper intends to handle my personal information and that my personal information will only be used for
the purposes specified.
• I consent to the use and disclosure of my personal information to implement my Direct Debit request
If you have any questions about your rights under the privacy legislation, please call the CareSuperLine on 1300 360 149.
You must sign and
date this form.
All account holders
must sign the
authorisation.
Applicant’s signature
Date (DD/MM/YYYY)
Co-account holder’s signature (if applicable)
Date (DD/MM/YYYY)
See over >
Page 1 of 2
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/MEM/DD PDS VERS 148.6 10/10 ISS5
Please keep a copy
of this document for
future reference.
Important information
Direct debit is an easy way to pay your superannuation contributions to CareSuper. You can use the direct debit
facility through your bank or other financial institution. Please check with your financial institution to make sure this
facility is available. The benefits in using the direct debit facility are:
•
It is a fast and accurate way to pay your contributions to your member account
•
You will save time and money on posting
•
You will no longer need to send cheques.
Direct debit request service agreement
1.
Why an agreement?
Through the direct debit request (DDR) you are allowing CareSuper to debit amounts from your bank* account.
The amount we will debit from your account depends on your instructions to us via the DDR form or any
changes appropriately notified to us.
2.
If CareSuper wants to change this agreement
We will notify you at least 14 days before making any changes to this agreement.
3.
If you want to change your direct debit or make an enquiry
Please contact CareSuper (see details below) if you wish to:
•
Delay or change your direct debit – (you need to advise us in writing at least three business days before the
date we will debit your bank account)
•
Cancel the DDR – (you will need to advise us in writing at least three business days before we will debit your
bank account), or
•
Dispute a debit that has been made from your bank account – CareSuper will respond to your communication
within five business days.
4.
Due date for direct debits, weekends and public holidays
Your account will be debited as per the amount instructed by you, on the 20th of each month. When the due date
(i.e. 20th of the month) falls on a weekend or public holiday, your account will be debited the next business day.
5.
Make sure you have enough money in your account
You should make sure that you always have enough cleared funds in your account by the due date for us to
debit your account.
If there isn’t enough money (i.e. cleared funds) in your account, we will still make the debit. But if your bank
dishonours the debit we may pass on to you any dishonour fees and/or any costs incurred by CareSuper.
6.
Confidentiality
We will keep your bank account details confidential except when a Court order applies, or if CareSuper’s bank
needs information about your account, or if you give us permission to reveal your bank details.
7.
Check that you give us your correct details
Before completing this CareSuper Direct debit request form, please check with your bank that:
•
Your nominated bank account permits direct debit, as some banks or other financial institutions do not, and
•
The account number you give us is correct (refer to your bank statement or contact your bank if necessary).
CareSuper can be contacted between the hours of 8am and 8pm EST Monday to Friday, as follows:
Phone
1300 360 149
Address
GPO Box 1923 Melbourne Vic 3001
* Please note that where we talk about ‘bank’, this could also mean other financial institutions.
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
Page 2 of 2
contribution authorisation form
It pays to top
up your super!
1. Your personal details
Having contributions
deducted from your
salary/wages is an
easy way to build your
superannuation nest egg.
CareSuper member number (if known)
Your voluntary
contributions may also
make you eligible for
the government
co-contribution.
2. Voluntary contributions – payroll deduction
Surname
Mr/Mrs/Ms/Miss/Dr
Given names
Date of birth (DD/MM/YYYY)
If your employer is in agreement, complete this section to make voluntary contributions or to change the amount
you are currently contributing by payroll deduction.
Amount of contribution to be paid by payroll deduction:
Amount (% or $ of salary) per pay period
Commencing date (DD/MM/YYYY)
Please deduct from my after-tax pay the amount shown above and forward that amount to CareSuper within 28 days
of the end of the month in which it is deducted as required by Section 64 of the Superannuation Industry (Supervision)
Act 1993.
Salary sacrifice can be
a tax-effective way of
boosting your super if
you are a high income
earner. You should
consider seeking
professional financial
advice about the best
method of making
contributions.
3. Salary sacrifice
If your employer is in agreement, complete this section to make or update your contributions to CareSuper by way of
salary sacrifice.
Amount of contribution to be made by salary sacrifice:
Amount (% or $ of gross salary) per pay period
Commencing date (DD/MM/YYYY)
I understand that my gross salary will be reduced by the amount authorised and that this amount will be paid to
CareSuper as an Employer contribution in addition to the amount prescribed by the Superannuation Guarantee
legislation.
4. Authorisation
I authorise my employer to deduct money from my salary/wages in accordance with my instructions. I can amend
or reduce this instruction at any time.
You must sign and date
this form and give it to
your employer.
Important
Hand this form to your
employer. Do not send
it to CareSuper
Applicant’s signature
Date (DD/MM/YYYY)
Note: You can make voluntary contributions directly to CareSuper at any time by cheque or BPAY.
Call the CareSuperLine on 1300 360 149 to find out how.
EMPLOYER USE ONLY
Date accepted (DD/MM/YYYY)
Date processed (DD/MM/YYYY)
Page 1 of 1
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/CONT/AUTH PDS VERS 329.7 10 /10 ISS9
This page has been intentionally left blank.
binding death benefit nomination form
To make a binding
nomination, or to replace
an earlier nomination,
or to add to existing
nomination(s), complete
the details in ‘Beneficiary
details’ listing ALL those
you wish to be beneficiaries
of your CareSuper death
benefit. If you are adding
beneficiaries, ensure that
you also include those
previously nominated if
applicable. Please ensure
that the percentage column
totals 100%.
1. Your current member details
CareSuper member number
Date of birth (DD/MM/YYYY)
Mr/Mrs/Ms/Miss/Dr
Family name
Given names
Address (residential)
Suburb/town
State
Telephone (home)
Postcode
Telephone (work)
2. Beneficiary details
Name
% of Benefit
Relationship
Tip
Each nominated
beneficiary must be your
current spouse, child, a
person who is financially
dependent on you or
meets the definition of
interdependency (you will
need to identify the nature
of the relationship and
nature of interdependency
or financial dependency)
or your legal representative
(e.g. executor of your will
or administrator of your
estate).
Type of benefit (please ✗ one)
Lump Sum
Pension
Lump Sum
Pension
Lump Sum
Pension
Lump Sum
Pension
3. Member declaration
I hereby declare that to the best of my knowledge and belief, the information I have provided is true and correct. Where I
have completed the Binding Death Benefit Nomination form:
●
●
●
I cancel any earlier written binding death nomination
to the Trustee by me. It is my intention that this nomination
will be binding on the Trustee as permitted by law.
I give the Trustee notice that upon my death, my death
benefit (if any) payable from CareSuper shall be paid in
the proportion to any one or more of my dependants or
interdependants listed above or my legal representative.
This binding nomination is valid for 3 years from the date
I have signed this form.
●
●
●
●
I may at any time cancel or change a binding nomination
notice in accordance with CareSuper’s procedures.
If a notice is invalid or has not been sent to the Trustee
when I die the death benefit will be determined by the
Trustee at its discretion.
This nomination applies to all my benefits with CareSuper.
I have read the notes on the back of this form which sets
out the terms upon which this nomination is made and
I understand that these are consistent with the CareSuper
Trust Deed, a copy of which is available upon request.
Member’s signature
Date (DD/MM/YYYY)
You must sign and date
this form in the presence
of two witnesses over the
age of 18 who are not
beneficiaries.
If any part of this form
including the Member
Declaration section are not
completed correctly, this
form will not be binding on
the Trustee.
4. Witness declaration
I hereby declare that I am over the age of 18 years. I am not a beneficiary nominated on this form and I witnessed
the member sign the binding nomination form.
Signature of Witness 1
Date (DD/MM/YYYY)
Printed name
Date of birth (DD/MM/YYYY)
Signature of Witness 2
Date (DD/MM/YYYY)
Printed name
Date of birth (DD/MM/YYYY)
See over >
Page 1 of 2
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
CR/BEN/DTH/ PDS VERS 329.8 10/10 ISS9
Important notice
Binding death benefit nominations
How do I update my binding nomination?
To provide greater certainty about who receives your
benefit when you die, you can make a nomination that
binds CareSuper’s Trustee to pay your death benefit to
specified persons (providing you are still a member of the
fund when you die). You can request the Trustee to pay
the benefit either as an income stream, lump sum or a
combination of both.
If you want to make or cancel a binding nomination, you
must follow the procedures as outlined below.
●
The person(s) you nominate must be any one or more of
the following:
●
Your current spouse
●
Your children
●
Any person(s) financially dependent on you
●
●
●
Any person who satisfies the death benefit
interdependency definition
Your legal personal representative, which means
the executor of your will or administrator of your estate.
It is important to note that all your nominated
beneficiaries must be alive and fall within one of these
categories after your death.
Please note: From 1 July 2007, a death benefit can only
be paid as an income stream to your child if they are:
●
under age 18
●
under age 25 and financially dependent on you, or
●
have a certain type of disability.
How long is the nomination valid?
If you make a binding nomination, it will be valid for 3 years
from the date you sign this form. It is important that you
update your nomination regularly to ensure that your wishes
are met. You may renew, change or cancel your nomination
at any time.
If your nomination is valid, we must follow it no matter
how your circumstances have changed. For example, if you
nominate your husband or wife and you later separate, but
have not yet obtained a divorce, your nomination remains
valid and binds the Trustee unless you vary or cancel it, or
it expires.
Your dependants have the right to complain to the
Superannuation Complaints Tribunal (SCT) about the
Trustee’s decision. The SCT will review the decision and all
supporting documentation and may be able to change the
decision in some circumstances (for example, if the
nomination had expired at the date of death).
What is a valid nomination?
To make a nomination valid, you must also follow these
procedures. Your nomination must:
●
●
●
●
●
●
Be made to us in writing on the application form over
the page
Clearly set out the proportion of the benefit to be paid to
each person nominated (total must add up to 100 per cent)
Be signed and dated by you in the presence of two witnesses
over the age of 18 who are not nominated in the form
Be signed and dated by the two witnesses in your presence
Be sent to us (a nomination will not be valid until we
receive it).
You may also wish to inform your nominated beneficiaries
of your nomination.
Make a new nomination: If you would like to make a
nomination, you must write your chosen beneficiaries’
details in Section 2 of the form. Your beneficiaries must
be your spouse, child, financial dependant or legal
personal representative or meet the definition of
interdependency and the ‘percentage of benefit’ column
must total 100 per cent. The form must be signed, dated
and witnessed.
Cancel a nomination: If you would like to cancel a
current binding nomination and not replace it, you must
write ‘cancel previous nomination’ in the ‘Beneficiary
details’ section of the form. Please note that the form
must still be signed, dated and witnessed to cancel a
previous nomination.
We will write to you to confirm your new or cancelled
nomination. We will also write to you seeking your
instructions prior to the expiry of any existing nomination.
You will be advised of your nomination each time we
send your Annual Statement, and be provided with the
opportunity to update your nomination. Additional Binding
Death Benefit Nomination forms can be obtained from
CareSuper by calling 1300 360 149.
Default option
If, at the time of your death:
●
You have not made a binding death nomination, or
●
Your nomination has been cancelled or
●
Your nomination is invalid (for example, it is not correctly
signed and witnessed, it is more than 3 years old and
has not been renewed, or any of the people nominated
dies before you or no longer falls within one of the
permitted categories).
The Trustee of CareSuper will use its discretion to
determine how your benefit should be paid.
Is there a fee for binding nominations?
CareSuper does not charge a fee to process a binding
death benefit nomination.
Privacy
CareSuper only collects information on this form that is
essential for the administration of your binding death
nomination. CareSuper will not use the information about
you, or your witness(es) for any other purpose, or pass it
to any other organisations without express permission.
You should consider consulting your legal adviser before
making or cancelling a binding death benefit nomination.
Proof of Identity
Under the Anti-Money Laundering and Counter
Terrorism Financing Act 2006 superannuation funds are
required to identify, monitor and mitigate the risk that the
fund may be used for the laundering of money or the
financing of terrorism.
To meet these requirements CareSuper reserves the right
to request further information to verify your proof of identity
before making any cash payment.
Return this
completed form to:
CareSuper
GPO Box 1923
Melbourne VIC 3001
For more information
call the CareSuperLine
1300 360 149
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725
Page 2 of 2
Keeping in touch is easy!
Call us
Visit us
Log on
For easy access to your CareSuper
account information, just call and talk
to one of our friendly staff 8am to 8pm
Monday to Friday EST.
Simply visit caresuper.com.au to
access the latest news and information,
check out how CareSuper is performing
and to download the latest member
publications and forms.
Manage your super through MemberOnline.
Simply log on to view your account balance,
change your details, buy or sell shares or
change your investment options.
CareSuperLine
1300 360 149
caresuper.com.au
You can write to:
CareSuper’s offices
CareSuper
CareSuper VIC, SA, TAS & WA
GPO Box 1923
Melbourne VIC 3001
Email [email protected]
Make sure we can find you too!
If you have changed your address or if you
are about to, don’t forget to let CareSuper
know. This way, you’ll be sure to receive
your important superannuation statements
and other valuable information.
Level 5, 53 Queen St
Melbourne VIC 3000
Tel (03) 8623 0700
CareSuper QLD & NT
Tel (07) 3831 1267
CareSuper NSW & ACT
Tel (02) 9599 2044
The Trustee is responsible for ensuring
CareSuper is managed in the best interests of
members and their dependants. The Trustee
achieves cost-effective management and
economies of scale by maintaining a small
staff and engaging specialist and professional
organisations to assist it with running
CareSuper.
A Trust Deed governs the operation of
CareSuper. From time to time the Trust Deed
may need to be amended.
CareSuper complies with the provisions of
the Superannuation Industry (Supervision)
Act (SIS) 1993 and is a regulated fund that
complies with all relevant legislation covering
superannuation.
The Trustee does not pay dividends to
shareholders or agents’ commissions. All
investment earnings, after deduction of
taxes and any charges are held in trust for
members.
The Trustee’s contact details are:
CARE Super Pty Ltd
Level 5, 53 Queen Street
Melbourne VIC 3000
ABN 91 006 670 060 AFSL 235226,
CARE Super (Fund) ABN 98 172 275 725
Getting more information
Website
caresuper.com.au
CareSuperLine 1300 360 149
CareSuper
PensionLine
1300 664 781
Email
[email protected]
MailGPO Box 1923
Melbourne VIC 3001
CareSuper has been awarded
the highest rating by independent
organisation Chant West
CareSuper has been awarded 5 Apples –
the highest possible rating – from specialist
superannuation research and consultancy
firm Chant West.
The Chant West 5 Apples award recognises
quality. Chant West provides an independent
assessment of super funds comparing them
on an ‘apples with apples’ basis across a
range of criteria including investments, fees,
insurance, administration and member and
employer services.
So when you see the Chant West 5 Apples
symbol in our publications, you know you’re
dealing with a quality fund.
Disclaimer: The scores used by Chant West
to derive the ratings are subjective scores that
have been awarded based on data (including
historical financial performance information)
supplied by third parties. While such
information is believed to be accurate, Chant
West does not accept responsibility for any
inaccuracy in such data. Past performance is
not a reliable indicator of future performance.
The Chant West rating does not constitute
financial product advice. However to the
extent that the information may be considered
to be general financial product advice then
Chant West warns that: (a) Chant West has
not considered any individual’s objectives,
financial situation or particular needs; and
(b) individuals need to consider whether the
advice is appropriate in light of their goals,
objectives and current situation.
Keeping in touch is easy
Managing CareSuper
CARE Super Pty Ltd is the Trustee of
CareSuper. Its Board is comprised of equal
numbers of Directors representing employers
and members. It also has one independent
Director.
Register for your password directly via
caresuper.com.au.
(Registered office)
Call the CareSuperLine, or log on
to caresuper.com.au to advise your
new details.
This Product Disclosure Statement (Member
Guide PDS) was issued on 15 October 2010.
It was prepared by the Trustee of the fund,
Care Super Pty Ltd, and sets out the main
features, costs, benefits and risks of investing
your super with CareSuper. You should read
this Member Guide PDS before you make a
decision to use CareSuper as your super fund.
MemberOnline
Chant West has given and has not withdrawn
its written consent to the inclusion in this
Member Guide PDS of the references to Chant
West and the inclusion of the ratings logo or
rating in the form and context in which they are
included. Chant West has not authorised or
caused the issue of this Member Guide PDS
and does not make, or purport to make, any
statement in this Member Guide PDS other
than as noted above.
65
we make it
easy for you
CareSuperLine 1300 360 149
caresuper.com.au
66
CR/MBR/PDS 148.3 10/10 ISS12