1. No category

Your super when
you leave your job
Issued July 2014 by UniSuper Limited ABN 54 006 027 121
AA Dr Ann McNeill, the University of Adelaide
Prepared by UniSuper
Management Pty Ltd (ABN
91 006 961 799, AFSL No.
235907) on behalf of UniSuper
Limited, ABN 54 006 027 121,
the Trustee of UniSuper (ABN
91 385 943 850). UniSuper
Management Pty Ltd is the
Administrator of the Fund and
is licensed to provide financial
advice, which is provided
under the name of UniSuper
Advice. UniSuper’s MySuper
authorisation number is
91385943850448.
This information is of a general
nature only and includes general
advice. It has been prepared
without taking into account your
individual objectives, financial
situation or needs. Before making
any decision in relation to your
UniSuper membership, you
should consider your personal
circumstances, the relevant
product disclosure statement
(PDS) for your membership
category, and whether to consult
a licensed financial adviser. To
obtain a copy of the PDS relevant
to your membership category,
visit www.unisuper.com.au/pds
or contact us on 1800 331 685.
UniSuper Advice is a service
dedicated to UniSuper
members and their spouses
which is provided by
UniSuper Management Pty
Ltd, the entity licensed to
provide financial advice. For
further information about
UniSuper Advice, please visit
www.unisuper.com.au/advice
to download the Financial
Services Guide, and, for any
further enquiries, contact
1800 331 685.
We’ve heard
you’re moving on
Whether you’re staying within
the higher education or research
sector, changing career or leaving
work altogether, we know you’ve
got a lot going on right now. So
your super’s probably the last
thing on your mind.
This booklet helps make the
decision of what to do with your
super easier.
The good news is no matter what
your next move, you can always
stay with UniSuper and continue
to enjoy the benefits of being a
member of one of Australia’s
leading super funds.
Contents
Defined Benefit Division (DBD) 13
Accumulation 2
22
Accumulation 1
25
Where to begin?
We suggest you start with the section that relates
to the UniSuper product you currently have.
The front and back sections give you some useful
general information about UniSuper, including a
glossary of common terms (pages 11 and 12).
Not sure which UniSuper product you have?
If you’re not sure which UniSuper product you have,
check the welcome pack you received when you first
became a UniSuper member, or your latest benefit
statement. Both of these list the product you’re in (also
known as your ‘membership category’).
Your super when you leave your job
4
staying with unisuper
By remaining a UniSuper member
you can:
continue contributing to UniSuper1
‘defer’ your defined benefit component
if you’re in the DBD (see page 14 for
what it means to defer)
nominate UniSuper as the fund to
receive your future compulsory
employer contributions (as long as your
new employer offers you ‘Choice of
Fund’—see pages 5 and 6)
transfer any other super you may have
into UniSuper
start a UniSuper pension (if you’re
eligible)
access our many features and benefits
(see pages 8 to 10).
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Leaving your job
because of illness
or injury?
If you have left your job due to illness
or injury, you may be eligible to claim
a disablement benefit.
Please note: if you’re eligible, you
need to claim the disablement
benefit promptly after leaving
your job or you may not be able
to claim that type of benefit later.
Please contact us immediately on
1800 331 685 for more information.
Alternatively, you may choose to transfer
your benefit to another fund altogether.
Staying with
UniSuper
Now that you’re in, you’re welcome
to stay. In fact, you can stay with us
as long as you like. That’s because
when you joined UniSuper, you
entered a partnership that can
continue for life. So no matter where
your future takes you, you can
always rely on us to help you build
and manage your super.
What’s best for you depends on your
personal circumstances, financial needs,
and goals. You can find out more about
your options in the section relevant to
your UniSuper product.
When you leave your job, your employer
will stop making compulsory super
contributions into UniSuper for you. What
happens to your super account depends on
which UniSuper product you have.
Unless you instruct us otherwise, your
super will stay in UniSuper—which means
you will continue to enjoy the benefits of
being a UniSuper member.
WEHI super fund members
If you’re a UniSuper
member whose benefits were
transferred from the former
Walter & Eliza Hall Institute
(WEHI) of Medical Research
Superannuation Fund, your
membership is subject to
special conditions, and some
of the material in this booklet
may not apply to you. We
recommend you contact us on
1800 331 685 for details of the
special conditions that apply
to you.
For members aged 65 or older, some restrictions (known as the ‘Work Test’) apply to the types of contributions we can
receive. Read about the Work Test at www.unisuper.com.au/glossary or call us on 1800 331 685 to find out more.
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5
Nominating UniSuper
as your chosen fund
Under ‘Choice of Fund’ legislation, many employees can nominate the
super fund into which their compulsory Superannuation Guarantee (SG)
contributions are paid. Eligibility depends on your terms of employment.
Your super when you leave your job
6
Nominating UniSuper as your chosen fund
‘Choice of Fund’ isn’t available to
employees under certain types of
industrial agreements or awards (which
specify which super fund employer
contributions must be paid into). This
applies to most employees in the higher
education and research sector.
However, if you are eligible for Choice
of Fund, you can nominate UniSuper
as your chosen fund. Simply complete a
Super Choice – Fund nomination form and
provide it to your new employer within
28 days of starting your new job.
This form, together with the Trustee
Compliance Letter, contains all the
information your new employer needs
in order to contribute to UniSuper on
your behalf. Both the form and letter are
enclosed in this booklet.
You can also:
AA download the Choice of Fund Kit from
the ‘Forms and Brochures’ section of
our website at
AA
www.unisuper.com.au/forms-anddocuments/forms-and-brochures
call us on 1800 331 685 to request
a copy.
What happens if …
… UniSuper is your new employer’s
default super fund?
If UniSuper is your new employer’s
default super fund, all you have to do is
advise your new employer of your existing
UniSuper member number. They can then
automatically pay your contributions into
your existing UniSuper account.
… UniSuper is not your new employer’s
default super fund, but you are eligible
for Choice of Fund?
If UniSuper isn’t your new employer’s
default super fund but you are eligible
for Choice of Fund, you can nominate
UniSuper as your chosen fund for your
new employer to contribute to.
… UniSuper is not your new employer’s
default super fund and you are not
eligible for Choice of Fund?
If you’re not eligible for Choice of Fund
with your new employer, your future
Super Guarantee contributions will be
made to another super fund. However, you
can still transfer the super you accrue in
your other super fund into your UniSuper
account. Contact your other fund for
details on how to transfer your super
contributions to your UniSuper account.
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Your super when you leave your job
8
Benefits of being a UniSuper member
Benefits
of being a
UniSuper
member
Since 1983, UniSuper has been
Australia’s only superannuation fund
dedicated to higher education and
research sector professionals.
As an industry fund, we offer competitive
fees, high quality products and services,
and a diverse range of investment
options to fulfil the superannuation and
retirement needs of more than 450,000
members.
Top reasons to stay
with UniSuper
1
A record of strong
long-term investment
performance
We’re proud to have achieved returns that
have exceeded industry benchmarks and
averages for various investment options.*
In December 2013, our Balanced
investment option outperformed the
industry median for balanced investment
options over a five-year period.1
Ratings agency SuperRatings has given
UniSuper’s Accumulation 1 and Flexi
Pension investment performance an
‘excellent’ rating. According to the rating
system used, this means we have been a
premium performer in this area and well
above benchmark.2
2
Value for
money
We’re a large not-for-profit fund, and so
are able to keep our fees competitive.
All our profits go to our members or are
reinvested to improve our products and
services.
We don’t pay commissions to our financial
advisers and we don’t pay dividends to
external shareholders.
*Past performance is not an indication of future performance.
1
Sources: SuperRatings (2014), SuperRatings Fund Crediting Rate Survey December 2013 published 20 January 2014.
Does not take into account any subsequent revisions.
2
SuperRatings Fundamentals report for UniSuper Accumulation 1 and Flexi Pension, 30 April 2014. These reports are
available at www.unisuper.com.au. Does not take into account subsequent revisions.
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Your super when you leave your job
Your super when you leave your job
Benefits of being a UniSuper member
Benefits of being a UniSuper member
5
Control and
choice over your
investments
We know everyone has different needs
when it comes to investments. So we offer
you the flexibility and freedom to choose
your own investment strategy.
We offer a range of carefully selected
investment options, including socially
responsible options, which you can manage
yourself or leave to our team of experts.
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Competitive
fees
As a UniSuper member, you won’t be
charged:
any entry fees
any withdrawal fees#
for the first investment option switch
you make each financial year
for selecting your own mix of
investment options when you first join
UniSuper
for changing the options your future
contributions or rollovers are
invested in.
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We exist exclusively for people who work
(or have worked) in Australia’s higher
education and research sector.
Even if you leave the sector, whether you’re
changing jobs or taking a well-earned rest,
you can keep your super with UniSuper for
life. However, because we’re an exclusive
fund, if you choose to leave UniSuper it
can be difficult to rejoin unless you start
working again in the higher education and
research sector.
Our fees are often among the most
competitive in Australia for an industry
super fund (refer to ‘See for yourself’
box on page 10).
Withdrawal fees were removed with effect from 30 November 2013.
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Exclusive
membership
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Award-winning fund
With a string of awards and high
ratings from top Australian ratings
agencies SuperRatings, Chant West 3
and Selecting Super, we’re one of
Australia’s most award-winning
super funds.
Quality financial
advice
Our qualified UniSuper Advice team offers
comprehensive financial plans and advice
on a range of topics that extend beyond
super. UniSuper Advice exists exclusively
for UniSuper members and their spouses,
and our financial advisers understand the
sector you work in.
We’re also pleased to have won
the ‘Keeping members informed’
award for 2013 from ratings agency
Investment Trends4, a multi-national
market research company with a
focus on financial services.
To find out more about what UniSuper
Advice can do for you, see pages 27 and 28.
See for yourself
Don’t just take our word
for it. See how our fees and
investment returns for
our Accumulation 1 and
Accumulation 2 accounts stack
up against other funds
using the Chant West Apple
Check tool via MemberOnline
(which you can access at
www.unisuper.com.au/
memberonline).
For further information about the methodology
used by Chant West see www.chantwest.com.au
Results from Investment Trends 2013 Sentiment
& Communications Report, based on an online
survey of approximately 9,600 members and
investors.
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11
Important definitions
Here are the meanings of terms commonly used in this booklet.
Accumulation 1
An accumulation-style
account in which your
super balance accumulates
through contributions,
transfers from other
funds, and investment
returns.
Accumulation 2
An accumulation-style
account in which your
super balance accumulates
through contributions,
transfers from other funds,
and investment returns.
Employer contributions
to your Accumulation 2
account are generally
14% or 17%, and you’re
also required to make
member contributions
(although you may be able
to choose to reduce your
contributions).
Accumulation
component
An accumulation-style
component in the Defined
Benefit Division (DBD)
that is made up of 3%
additional employer
contributions (if these
apply) and any voluntary
contributions you make
as well as transfers from
other funds. The value
of this component is not
determined by a formula,
but by the performance of
your investment options.
For more information,
see the Defined
Benefit Division and
Accumulation 2 Product
Disclosure Statement.
Choice of fund
Superannuation
legislation that allows
eligible employees to
nominate which super
fund their employer
pays compulsory
Superannuation
Guarantee contributions
into on their behalf.
Contributing member
You stop being a
contributing member in the
DBD or Accumulation 2 if
you cease employment with
a UniSuper participating
employer, or your
employment conditions
change and you’re no
longer eligible for employer
contributions of either 14%
or 17%.
Defined benefit
component
The part of your Defined
Benefit Division (DBD)
benefit that’s calculated
in accordance with the
defined benefit formula.
For more information,
see the Defined
Benefit Division and
Accumulation 2 Product
Disclosure Statement.
Defined benefit formula
The defined benefit
component of your benefit
is based on a formula
that takes into account
a number of factors, and
varies depending on when
you joined the DBD. For
more information on the
DBD formula that applies
to you, refer to your latest
benefit statement or call us
on 1300 331 685.
Future contributions
strategy
As a UniSuper member,
you can choose which
investment option(s)
all future contributions
to your accumulation
account/component are
invested in. This is known
as a future contributions
strategy, and it can
be different from the
investment options you’ve
selected for your existing
account balance.
Inbuilt benefits
Benefits that are
provided to DBD and
Accumulation 2 members
by UniSuper, not an
external insurance
provider. They are
payable on disablement,
temporary incapacity,
terminal medical
condition and death. You
cannot opt out of these
benefits.
Lump sum
A benefit payable as cash
rather than as an income
stream (e.g. a pension).
A lump-sum benefit
can include a taxable
component and tax-free
component.
Member contributions
Contributions paid
by the member. DBD
and Accumulation 2
members are required to
make standard member
contributions of 7% of
salary (if paid on an aftertax basis). However, you
can reduce your standard
member contributions
under UniSuper’s
‘contribution flexibility’
requirements. To find out
more, see the Contribution
Flexibility fact sheet and
application forms, which
are available at
www.unisuper.com.au or
by calling 1800 331 685.
Notional taxed
contribution (NTC)
A notional amount of
contributions that relate
to a DBD member’s
defined benefit component
and count towards a
member’s concessional
contributions cap.
Option period
The period during which
a DBD member who has
ceased to be a contributing
member of the DBD has
to elect whether to defer
their defined benefit
component or transfer it
to Accumulation 1. Your
option period commences
on the date you cease to
be a contributing member
to the DBD and ends on
the later of a) the 90th
day after you cease to be a
contributing member, or b)
the 30th day after we write
to you about your options.
Participating employer
An employer who has
signed a ‘participation
agreement’ with UniSuper.
To find out if your
employer is a UniSuper
participating employer,
call us on 1800 331 685.
UniSuper Trust Deed
and Regulations
The rules and regulations
for the establishment and
operation of the UniSuper
Fund.
Trustee
The body that is
responsible for managing
the UniSuper Fund
in accordance with
superannuation law and
the Fund’s governing rules.
Your super when you leave your job
13
Before you make a decision regarding your
defined benefit component, you should
consider obtaining advice from a licensed
financial adviser to help determine
the right option for you. It’s important
to consider your options carefully as
your decision could impact your future
retirement benefit.
Defined Benefit
Division members
If you’re a Defined Benefit Division
(DBD) member, you generally must
decide what to do with your defined
benefit component within 90 days of
leaving your employer.
What if you don’t
make a decision?
If you don’t elect to defer your
defined benefit component within the
option period, your defined benefit
and accumulation components will
be converted into a lump sum and
transferred to an Accumulation 1
account1, provided you have
not already recommenced as a
contributing member of the DBD.
14
Defined Benefit Division members
The meaning of common terms used in this
section are explained on pages 11 and 12.
Your options
In most cases, your defined benefit has two
components—a defined benefit component
and an accumulation component.2 During
your option period you can:
defer your defined benefit component
in the DBD, or
transfer your defined benefit
component to an Accumulation 1
account.
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You might also be eligible to access your
benefit. To find out more, refer to page 29.
In the period between ceasing to be a contributing
member to the date of processing the transfer to
Accumulation 1, your defined benefit component will be
calculated and invested in the same way as if you had
elected to transfer to Accumulation 1 (see page 15).
2
To see how the components work, refer to the Defined
Benefit Division and Accumulation 2 Product Disclosure
Statement available from www.unisuper.com.au.
You should also consider the funding
risks associated with defined benefits (see
page 17) as well as the investment risks
associated with accumulation benefits
(see page 18).
What it means to defer
your defined benefit
If you elect to defer your defined benefit
component in the DBD within the option
period, your defined benefit component
will remain in the DBD and you will
become a ‘deferred’ DBD member.3 Your
defined benefit will continue to accrue,
even if you don’t receive any employer
contributions, but the rate of accrual is
likely to be significantly lower than it was
while you were a contributing member.
If you start a new job with a UniSuper
participating employer within the
option period and are eligible for DBD
membership with your new job, you will
continue to be a DBD member so long
as you a) haven’t already transferred
your defined benefit component to
Accumulation 1, or b) claimed your benefit.
What happens if you defer
your component in the DBD
If you elect to defer your defined benefit
component:
you will maintain your membership in
the DBD, which may be useful if you
are planning in future to work in a role
which allows you to join the DBD
your defined benefit will increase in
line with inflation, as measured by the
Consumer Price Index (CPI), and agerelated factors. However, depending
on the date you joined the DBD, during
deferral your benefit may increase
at a rate slightly lower than inflation
because of the effect of the Average
Service Fraction (ASF) on your benefit
formula.
Your defined benefit component will
generally be protected from investment
market volatility, subject to risks
associated with defined benefits and
Clause 34 of UniSuper’s Trust Deed
(see page 17).
If you joined the DBD prior to 1 July
1998 and have continuously been a
DBD member since then, you will still
be eligible to purchase a Defined Benefit
Indexed Pension.4
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If you elect to defer, you can request to transfer your benefit to an Accumulation 1 account at any time.
Your Defined Benefit Indexed Pension will commence from the date it is established (i.e. payments will not be backdated
to the date you ceased to be a contributing member). If you elect to convert your defined benefit component into an
accumulation benefit and transfer it to Accumulation 1, you will no longer be eligible for a Defined Benefit Indexed Pension.
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Your super when you leave your job
Your super when you leave your job
Defined Benefit Division members
Defined Benefit Division members
16
Becoming a contributing
DBD member after deferring
What it means to transfer
to Accumulation 1
Example – Bob’s leaving service/retirement benefit
If you defer your defined benefit
component and are later employed in a
role where you are eligible to join the DBD,
you will again become a contributing
member of the DBD. Your deferred benefit
component will cease to be deferred and
will again accrue at the rates applicable to
a contributing member.
If you elect to transfer your defined
benefit component (together with
your accumulation component) to an
Accumulation 1 account5, it will be
converted to a lump sum in accordance
with the applicable defined benefit
formula before being transferred.6
Bob is 61 years old and ceased service on 30 June 2014. He has been a UniSuper member
for 10 years and is receiving 17% employer contributions, with 14% paid into the defined
benefit component and 3% to his accumulation component. His benefit salary is $50,000
and his accumulation component is $20,000. Bob’s leaving service benefit will be made
up of the sum of his defined benefit component and his accumulation component. As he is
older than 60, no tax applies to his benefit when it is withdrawn.
Note that if you recommence your DBD
membership on or after 1 January 2015,
your defined benefit component will be
impacted by the Trustee’s decision to
change the way future benefits accrue
from 1 January 2015 (see page 17).
In the period between ceasing to be a
contributing member of the DBD to
the date of processing the transfer to
Accumulation 1, your defined benefit will
generally continue to accrue in the same
way it would have if you chose to defer your
defined benefit component in the DBD.7
The examples on the following page
set out how the formula applies if you
cease service before 1 January 2015. For
examples of how the formula will apply
if you cease service on or after 1 January
2015, go to our DBD Update page at
www.unisuper.com.au/dbdupdate.8
Bob’s leaving service
benefit upon ceasing service
at 30 June 2014
Bob’s retirement benefit
at 30 June 2015 after one
year in deferral
As Bob worked full time with the same
employer, his average service fraction
(ASF) is 100% at 30 June 2014. Having
always made 7% standard member
contributions, Bob’s average contribution
factor (ACF) is 100%.
If Bob elected to defer his benefit at
30 June 2014 and remains in deferral for
one year, his retirement benefit at
30 June 2015 is calculated using:
his benefit salary at 30 June 2014
increased by one year of CPI, and
an extra year’s service with 0% service
fraction (which gives an ASF of
90.91%).
His defined benefit component9=
Benefit salary x Benefit service x Lump sum
factor x Average service fraction x Average
contribution factor
[$50,000 x 10 x 22.2% x 100% x 100%]
= $111,000
Bob’s leaving service benefit
Defined benefit component
Accumulation component
Total leaving service benefit
$131,000
For more information on Accumulation 1, see the Accumulation 1 Product Disclosure Statement (PDS). The PDS includes
information about MySuper. If you transfer to Accumulation 1, any part of your account held in the Balanced investment
option will form part of our MySuper offering.
6
The defined benefit formula used to calculate the lump sum depends on a number of factors and when you joined the
Fund. For more information, refer to your latest benefit statement. Your final DBD calculation will be produced once we
receive final contributions from your employer and confirmation of your termination date. This process may take some
time depending on your employer’s payroll and administration systems.
7
Different rules apply if you elect to receive part of your defined benefit component as a Defined Benefit Indexed Pension.
8
Note that examples at www.unisuper.com/dbdupdate don’t show the effect of deferral on retirement benefits, as in the
example given here.
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$111,000
$20,000
The effect of being in deferral for one year
on Bob’s retirement benefit is shown in the
following example.
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Assuming CPI of 2.75%, his retirement
benefit as at 30 June 2015 is therefore
calculated as:
[($50,000 increased by 2.75%) x 11 x 22.4%
x 90.91% x 100%] = $115,081
Bob’s retirement benefit
Defined benefit component
Accumulation component
Total retirement benefit
$135,081
$115,081
$20,000
The formula for a leaving service/retirement benefit varies depending on the date a member joined the DBD.
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Your super when you leave your job
Your super when you leave your job
Defined Benefit Division members
Defined Benefit Division members
Your transferred benefits
Factors to consider
Investment strategy
Your transferred defined benefit
component and any future contributions
will be invested according to the
future contributions strategy for your
accumulation component.
Risks associated with defined benefits
and Clause 34 of UniSuper’s Trust Deed
In the event of any prolonged or severe
funding shortfall, Clause 34 of UniSuper’s
Trust Deed sets out a mechanism for
dealing with the Defined Benefit Division
(DBD) of the Fund. The process set out in
Clause 34 is as follows.
If you have not chosen a future
contributions strategy, your transferred
defined benefit component and any future
contributions will be invested in the same
way as current contributions to your
accumulation component.
If you don’t have an accumulation
component, your transferred defined
benefit component and future
contributions will be invested in our default
investment option, the Balanced option,
and form part of our MySuper offering.
Recommencing DBD membership
If you have an Accumulation 1 account
and are later employed in a role where
you are eligible to join the DBD, your
Accumulation 1 benefit will be transferred
to the DBD.
Note that if you recommence your DBD
membership on or after 1 January 2015,
your defined benefit component will be
impacted by the Trustee’s decision to
change the way future benefits accrue
from 1 January 2015.
Where an actuarial review determines
that the Fund’s assets may not be sufficient
to cover its liabilities, a monitoring period
of at least four years is triggered during
which the DBD will be closely monitored.
Over this period, at least two further
actuarial investigations will be conducted
to assess the financial health of the DBD.
After the end of this monitoring period, an
assessment will be made about whether
the DBD has or may have insufficient
assets to meet its liabilities according
to two objective indices—the Accrued
Benefits Index (ABI) and the Vested
Benefits Index (VBI). If necessary, the
benefits of DBD members (including
those in receipt of a payment) may be
reduced on a fair and equitable basis. How
any reduction to DBD benefits might be
managed would ultimately depend on the
financial position of the DBD after the end
of the monitoring period.
As a result of protracted global investment
volatility and other factors, Clause 34
was invoked in July 2009 (in respect of
the December 2008 triennial actuarial
investigation). The resulting four-year
monitoring period expired on
31 December 2012.
In relation to this monitoring period, after
strong investment performance during
2012/13, the Board decided not to reduce
members’ accrued defined benefits as the
DBD’s assets are expected to be sufficient
to cover all benefits accrued to date.
However, the Board has changed the way
future benefits will accrue from 1 January
2015 by changing the definition of benefit
salary, which is part of the defined benefit
formula that determines your total benefit
when you leave the Fund. Inbuilt death,
disablement and temporary incapacity
benefits may also be affected by the change
because they are also calculated using
your benefit salary.
Until 1 January 2015, your benefit
salary is calculated as the average
of your annual equivalent full-time
salaries (indexed by CPI) over the
time you have been employed by a
UniSuper employer as a contributing
member.
From 1 January 2015, your benefit
salary will be averaged over your last
five years of employment and annual
salaries within the averaging period
will no longer be indexed (by CPI) to
the date of the benefit calculation.
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This means the change will only apply to
benefits you accrue once the change takes
effect from 1 January 2015. Benefits you
have accrued up to that date will continue
to be calculated using the current
definition of benefit salary and will not be
affected. For more detailed information
about the change under Clause 34 of
the Trust Deed and its effects, including
several examples, go to the DBD Update
page at www.unisuper.com.au/dbdupdate.
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Under Clause 34 there are now
three concurrent four year
monitoring periods. They conclude
on 30 June 2015, 30 June 2016 and
30 June 2017 respectively. At the end
of these periods the Trustee may
consider if Defined Benefit restrictions
are required. For more DBD information
see www.unisuper.com/dbdupdate.
If benefit reductions are required,
the approach would depend on the
circumstances after the relevant monitoring
period concludes. However, they could
include further changes to the future rate
at which your defined benefits accrue,
reductions to the current value of your
defined benefit, or a combination of both.
Risks associated with
accumulation benefits
In choosing to transfer your benefits to
Accumulation 1, you are also exposing
all of your benefit directly to positive or
negative investment performance (from
the date of transfer to Accumulation 1).
For more information on investment risk,
see the How we invest your money booklet
(for Accumulation 1 and Spouse Account
members), which is available at
www.unisuper.com.au/pds, or by calling
1800 331 685. 19
Your super when you leave your job
20
Defined Benefit Division members
Grandfathering of notional
taxed contributions
If you cease to be a contributing member
of the DBD and defer your defined benefit
component, you retain the benefit of
any ‘grandfathering arrangements’ you
may have regarding the calculation of
notional taxed contributions. This means
that these arrangements will still apply
if you become a contributing member of
the DBD again (provided you continue
to be eligible under the rules of the
grandfathering arrangements).
However, if your defined benefit
component is transferred to
Accumulation 1 (regardless of whether
you’ve chosen this option), you’ll lose
the benefit of any grandfathering
arrangements you have. This means that
if you return to the DBD as a contributing
member, you will not have the benefit of
the grandfathering arrangements.
What are
‘grandfathering
arrangements’?
Although contributions caps apply
to you as a DBD member, the level
of concessional contributions made
to your defined benefit component
is calculated using a Notional Taxed
Contribution (NTC) amount,
rather than the actual amount of
concessional contributions.
Special arrangements apply
when determining the NTCs for
eligible members who were in
the DBD before 12 May 2009.
These arrangements—often called
‘grandfathering arrangements’—
mean that where a member’s NTC
amount exceeds the concessional
contributions cap, the NTC amount
is deemed to be at the concessional
contributions cap, and no additional
tax is payable on contributions made
to the DBD component.
For more information on the taxation
of contributions and NTCs, please
refer to the fact sheet available at
www.unisuper.com.au.
Your insurance cover
and inbuilt benefits
As a Defined Benefit Division (DBD) member you are entitled to inbuilt
benefits and insurance cover. Ceasing to be a contributing member of the
DBD may affect your entitlements.
Inbuilt benefits
When you stop being a contributing
member of the DBD, you’re no longer
entitled to inbuilt benefits—unless you’re
eligible to claim a benefit under the Fund’s
continued inbuilt benefit provisions. This
applies within the 90-day period from
the date you ceased being a contributing
member (in the context of inbuilt benefits,
this is known as the 90-day continuation
period), regardless of whether you defer
your benefit in the DBD or transfer to
Accumulation 1.
About continued inbuilt
benefit provisions
You may be eligible to claim a benefit
under the continued inbuilt benefit
provisions if you suffer a terminal medical
condition, disablement, temporary
incapacity, or die within 90 days of the
date you stop being a contributing member
of the DBD.
Under the provisions, the benefit for
death, disablement or terminal medical
condition is a lump sum equal to the
inbuilt death benefit you would have
received had you died immediately before
the date you ceased contributing service,
less the lump-sum benefit you were
entitled to at that time.
The temporary incapacity (TI) benefit
is a monthly income benefit based on the
following formula: Your Benefit Salary x
60% x Average Service Fraction.
The TI benefit is calculated as at the date
you ceased contributing service and is
paid for up to two years.
To be eligible to claim a terminal medical
condition, disablement or temporary
incapacity benefit under the Fund’s
continued inbuilt benefit provisions, you
must satisfy the relevant definition in the
UniSuper Trust Deed.
21
Your super when you leave your job
You will generally not be eligible for a
continued inbuilt benefit if you:
cease to be a UniSuper member
within the 90-continuation day
period,
re-commence employment with a
UniSuper participating employer and
again become a contributing member
of the DBD within the 90-day
continuation period,
were entitled to a terminal medical
condition, disablement or temporary
incapacity benefit prior to the date you
ceased contributing service, and/or
are aged 60 years or older on the
date you ceased being a contributing
member.1
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If you subsequently recommence as
a contributing member of the DBD,
you will again be eligible for inbuilt
benefits. However, if this happens more
than 90 days after you stopped being a
contributing member, you may be subject
to the three-year pre-existing medical
condition exclusion, irrespective of
whether you elected to defer or transfer
your benefit.
Inbuilt benefits may also not be payable if:
you fail to provide the Trustee with
requested information,
the information you provide is
unsatisfactory, false or misleading, or
you fail to disclose relevant
information to the Trustee.
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There is no age restriction for temporary incapacity.
TAL Life Limited, ABN 70 050 109 450
1
2
22
Your insurance cover and inbuilt benefits
External insurance cover
As a DBD member, in addition to the
inbuilt death and disablement benefits
provided, you can also take out insurance
cover through a group life policy held with
our Insurer 2 (if you’re eligible).
Any external insurance cover you have as
part of your UniSuper membership will
continue as long as you have a sufficient
balance in your accumulation component
or account to pay your premiums, and
meet the policy terms and conditions.
Your external insurance cover will cease
if your:
accumulation component doesn’t have
enough funds to pay the premiums, or
superannuation benefit in UniSuper
is less than $2,000 and you have
not received any contributions or
transfers for 12 consecutive months.
In this case, your cover will cease
from the date you have been advised
in writing that your cover has ceased.
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Refer to the Defined Benefit Division
and Accumulation 2 Product Disclosure
Statement available at www.unisuper.
com.au/pds for information on other
events that will result in the cessation of
insurance cover, reinstatement of cover
and other eligibility conditions.
More information
For more information, please refer
to the Defined Benefit Division and
Accumulation 2 Product Disclosure
Statement, which is available at
www.unisuper.com.au/pds, or call
us on 1800 331 685.
Accumulation 2
members
If you’re an Accumulation 2 member and you cease employment with
a UniSuper participating employer, your Accumulation 2 benefit will
automatically be transferred to an Accumulation 1 account.
The meaning of common terms used in this
section are explained on pages 11 and 12.
Your accumulation account
When you stop being a contributing
member of Accumulation 2, your benefit
will automatically be transferred to an
Accumulation 1 account, unless you have
already started a new job that makes you
eligible for Accumulation 2 membership.
If you haven’t left your job because of
death or disablement, your benefit will
be your account balance less any fees,
charges and taxes that apply.
The future contributions strategy
applicable to your account will not
change as a result of your transfer from
Accumulation 2 to Accumulation 1.
When your Accumulation 2 benefit
is transferred to an Accumulation 1
account, you’re no longer required to make
standard member contributions.
23
Your super when you leave your job
Your super when you leave your job
Accumulation 2 members
Accumulation 2 members
Your insurance cover
and inbuilt benefits
Inbuilt benefits
When you stop being a contributing
member of Accumulation 2, you are
no longer entitled to inbuilt death and
disablement benefits—unless you’re
eligible to claim a benefit under the Fund’s
continued inbuilt benefit provisions. This
applies if you suffer a terminal medical
condition, disablement, temporary
incapacity or die within the 90-day
period from the date you ceased being
a contributing member (in the context
of inbuilt benefits, this is known as the
90-day continuation period).
Important Information
Please be aware that from
January 2015, inbuilt benefits
will cease to be provided to
Accumulation 2 members.
Inbuilt benefits will be
replaced with Death, Total
and Permanent Disablement
(TPD) and Income Protection
cover provided by UniSuper’s
Insurer, TAL Life Limited. For
more information, go to
www.unisuper.com.au/
insurance/my-insurance.
Under the continued inbuilt benefit
provisions, the benefit for death,
disablement or terminal medical
condition is a lump sum equal to the
inbuilt death benefit you would have
received from your Accumulation 2
account had you died immediately before
the date you ceased contributing service,
less the lump-sum benefit you were
entitled to at that time.
The temporary incapacity (TI) benefit
is a monthly income benefit, calculated
as Your Benefit Salary x 60% x Average
Service Fraction at the date you ceased
contributing service. It is paid for up to
two years.
To be eligible to claim a terminal medical
condition, disablement or temporary
incapacity benefit under the Fund’s
continued inbuilt benefit provisions, you
must satisfy the relevant definition in the
UniSuper Trust Deed.
You will generally not be eligible to receive
a continued inbuilt benefit if you:
cease to be a UniSuper member
within the 90-day contribution
period,
re-commence employment with a
UniSuper participating employer and
again become a contributing member
of Accumulation 2 within the
90-day continuation period,
were entitled to a terminal medical
condition, disablement or temporary
incapacity benefit prior to the date you
ceased contributing service, and/or
are aged 60 years or older on the
date you ceased being a contributing
member.1
AA
If you subsequently recommence
as a contributing member of
Accumulation 2 prior to 1 January 2015,
you will again become eligible for inbuilt
benefits. However, if this happens after
the 90-day continuation period expires,
you may be subject to the three-year
pre-existing medical condition exclusion.
This will be the case if the Trustee
considers that your death, disablement,
temporary incapacity or terminal medical
condition arose directly or indirectly from
a condition which existed at the time of
recommencing as a contributing member
of Accumulation 2.
If you recommence as an Accumulation 2
member on or after 1 January 2015,
different insurance arrangements will
apply. Further details will be available at
www.unisuper.com.au from October 2014.
Inbuilt benefits may also not be payable if:
you fail to provide the Trustee with
requested information,
the information you provide is
unsatisfactory, false or misleading, or
you fail to disclose relevant
information to the Trustee.
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There is no age restriction for temporary incapacity.
1
TAL Life Limited, ABN 70 050 109 450
2
24
external Insurance cover
As an Accumulation 2 member, in addition
to the inbuilt death and disablement
benefits provided, you are generally eligible
to take out insurance cover through a group
life policy held with our Insurer.2
Any insurance cover you have as part of
your UniSuper membership will continue
as long as you continue to have a sufficient
balance in your accumulation account to
pay your premiums and meet the policy
terms and conditions.
Your cover will cease if your:
account has insufficient funds to pay
the premiums, or
superannuation benefit in UniSuper
is less than $2,000 and you have
not received any contributions or
rollovers for 12 consecutive months.
In this case, your cover will stop from
the date you have been advised in
writing that your cover has ceased.
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More information
For more information, including
events that will lead to cessation
of insurance cover, eligibility
conditions and reinstatement
of cover, please refer to the
Defined Benefit Division and
Accumulation 2 Product
Disclosure Statement, which
is available at www.unisuper.
com.au/pds or by calling
1800 331 685.
Your super when you leave your job
25
What happens if …
… you start a new job with a UniSuper
participating employer and are eligible
for Accumulation 1 membership?
Nothing changes—your Accumulation 1
membership continues. Simply advise
your new employer of your existing
UniSuper member number and they will
make contributions into your account.
Your balance will remain invested in your
existing investment option(s) (unless you
choose new ones).
Accumulation 1
members
As an Accumulation 1 member, your super entitlements are held in an
Accumulation 1 account, where your balance is maintained, net of fees and costs.
The meaning of common terms used in this
section are explained on pages 11 and 12.
Your accumulation account
If you were an Accumulation 1 member prior
to leaving your job, your account will stay
open and your balance will remain invested
in the same investment options your account
was invested in when you left your job.
Your Accumulation 1 account will earn
the investment returns of your chosen
investment option(s).
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Accumulation 1 members
The investment returns of each investment
option are affected by movements in the
investment markets and may be positive or
negative in any given period.
Your Accumulation 1 benefit will be
your account balance less any applicable
fees, costs and taxes (plus any death
or disablement benefit, if applicable).
Effective from the date you leave
employment and until you instruct
UniSuper otherwise, your benefit will
remain in the investment option(s) you
have chosen for your account.
… your new job qualifies you for
Defined Benefit Division (DBD) or
Accumulation 2 membership?
If your job qualifies you for DBD or
Accumulation 2 membership, you will
become a DBD or Accumulation 2 member.
… if your new employer offers you choice
of fund?
You can ask them to pay your compulsory
Superannuation Guarantee (SG)
contributions into your UniSuper
Accumulation 1 account. All you have to do
is fill out the Super Choice – Fund nomination
form in this booklet (which includes the
Trustee Compliance letter), and give it to your
new employer’s HR or payroll department
(whoever looks after super). It’s that simple.
For more information on nominating us as
your chosen fund, see pages 5 and 6.
… you’re not eligible for choice of fund?
Even if you aren’t eligible to choose
which super fund your compulsory super
contributions are paid into, you can still
keep your existing Accumulation 1 balance
in UniSuper. This means you can continue
to enjoy the range of benefits that UniSuper
provides.
Your account will remain invested in the
same investment option(s) as at the time
you left your job. The investment returns
of each investment option are affected by
movements in the investment markets
and may be positive or negative in any
given period.
Your insurance cover
Any insurance cover you have as part of
your UniSuper membership will continue,
as long as you maintain your accumulation
account and meet the policy terms and
conditions.
Your insurance cover will cease if your:
account has insufficient funds to pay
the insurance premiums, or
your superannuation benefit in
UniSuper is less than $2,000 and you
have not recieved any contributions or
rollovers for 12 consecutive months.
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More information
To find out about insurance
cover—including other events
that will lead to cessation of
cover, eligibility conditions, if you
are eligible for recommencement
of cover, and the type of
insurance cover that will apply
to you—please refer to the
Insurance in your super booklet
at www.unisuper.com.au/pds or
call us on 1800 331 685.
Your super when you leave your job
27
Need help making
the right decision?
Making decisions about your super can feel daunting, especially if you’re not
confident about how your choice will impact your future savings and bigger
financial picture.
Wherever you are in your journey—
whether you’re just starting out, nearing
retirement, or somewhere in between
—UniSuper Advice can help you with the
decisions you’re facing.
Our advisers are solely dedicated to
helping you and your spouse with your
finances, which means you get personal
financial advice from a team with unique,
in-depth knowledge of UniSuper and the
higher education and research sector.
28
Need help making the right decision?
We operate Australia-wide, providing
phone-based and face-to-face advice, and
can help with a variety of financial issues
including:
superannuation
strategies beyond superannuation,
such as:
–– transitioning to retirement
–– investment strategies
–– debt management
–– redundancy advice
–– income planning
–– wealth accumulation
–– insurance
–– estate planning considerations
–– social security planning.
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No matter what your stage of life, it’s never
too late to plan your financial future.
Advice fees
There’s a general misconception that
financial advice is only for the wealthy. At
UniSuper, we understand our members
have diverse financial situations, so we
provide different financial advice options
to make it as accessible and affordable for
all our members, regardless of how much
you earn or have saved.
General information is provided at no
additional charge to UniSuper members,
while phone-based advice and face-toface advice are provided at either fixed or
hourly rates, depending on the extent of
your requirements.
After assessing your needs during your
first meeting, we will provide you with a
quote detailing any potential fees before
you decide to proceed. You can learn more
about our fees in our Financial Services
Guide, which is available at
www.unisuper.com.au.
More information
To contact UniSuper
Advice, please call
1300 331 685 or email us at
[email protected].
If you’re outside Australia,
please call + 61 3 9910 6290.
UniSuper Advice is operated by UniSuper
Management Pty Ltd, which is licensed to
provide financial advice.
Plan your
retirement with us
You may be considering retirement
after years of saving and hard
work. Whatever you want to be
and whatever you want to do in
retirement, you’ll need a regular
flow of income for the years ahead.
UniSuper offers a range of options to
suit your retirement income needs.
Whether you want investment
choice, flexibility in the level of
income you receive each year,
the ability to make lump-sum
withdrawals or nominate who’ll
receive the balance of your pension
when you’re gone, we have a pension
to suit you. And the good news is that
the income you receive from any
UniSuper pension is tax free from
age 60.
For more information, refer to
Your guide to a better retirement
booklet available on our website.
Your super when you leave your job
29
Accessing your benefit
Super is a long-term investment with government restrictions on when you
can access your super benefit. Generally, your super must remain in the super
system until you permanently retire from the workforce on or after reaching
your ‘preservation age’.
From 1 July 1999, all super contributions
and investment earnings must be
preserved. Your super benefits are
classified into three components—known
as preservation components—that
determine when you can access them.
Preserved benefits
The preservation components are:
Conditions of release
AA preserved
AA restricted non-preserved
AA unrestricted non-preserved.
Accessing
your benefit
Before you decide whether to access
your benefit, we can provide you
with a benefit entitlement statement
detailing your estimated benefit
entitlements. This may be useful
when considering your options.
Please call us on 1800 331 685 if
you would like to obtain a benefit
entitlement statement.
30
Accessing your benefit
Generally, you cannot withdraw your
preserved benefits until you have met
what’s known as a ‘condition of release’.
The conditions of release include:
permanently retiring from the
workforce on or after reaching your
preservation age,
terminating employment after you
reach 60,
reaching age 65,
becoming permanently incapacitated,
being eligible for the Departing
Australia Superannuation Payment
(DASP),
terminating employment with
an employer who contributed to
UniSuper on your behalf, and having a
preserved benefit of less than $200,
death, or
terminal medical condition.
AA
AA
AA
AA
AA
AA
AA
AA
Your date of birth
Preservation age
Before 1 July 1960
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1 July 1960 – 30 June 1961
56
1 July 1961 – 30 June 1962
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1 July 1962 – 30 June 1963
58
1 July 1963 – 30 June 1964
59
1 July 1964 or after
60
Your preservation age varies depending on
when you were born (see table above).
Accessing your preserved
benefits before you retire
Under the preservation rules, you may also
be able to access preserved benefits early
in the following limited circumstances,
provided you satisfy the eligibility criteria:
Specified compassionate grounds
You must apply directly to the
Department of Human Services
(DHS).
Severe financial hardship grounds
You must apply to the Trustee
and you must be receiving eligible
Commonwealth Government income
support benefits.
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However, there are limits on how much
you can withdraw from your super on
the above two grounds. Contact DHS or
UniSuper for more information.
Restricted non-preserved
benefits
Generally, you can access restricted
non-preserved benefits when you cease
employment with an employer who
contributed to UniSuper on your behalf.
You can also access these benefits if you
meet a condition of release.
Unrestricted non-preserved
benefits
Unrestricted non-preserved benefits are
benefits that you’re no longer required
to keep within the super system. You
can generally access unrestricted nonpreserved benefits at any time, regardless
of your age, employment situation or
financial position.
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Your super when you leave your job
Your super when you leave your job
Accessing your benefit
Accessing your benefit
Additional restrictions
for DBD members
In addition to the preservation rules, if
you’re a DBD member, the UniSuper Trust
Deed and Regulations impose further
restrictions under the Fund’s governing
rules that limit when you can access your
defined benefit component.
Generally, if you’re a contributing member
of the DBD, you may only withdraw or
transfer all or part of your defined benefit
component if it’s entirely made up of
unrestricted non-preserved benefits.
If you choose to withdraw or transfer your
defined benefit component to another
super fund, you will cease to be a DBD
member, and any remaining defined benefit
component you have will be converted into
an accumulation benefit and transferred
to an Accumulation 1 account.1 Any future
contributions will be made into this account.
Different rules also apply to requests for
early access of benefits on severe financial
hardship or compassionate grounds.
Temporary residents
Providing proof of identity
Government legislation places restrictions
on temporary residents accessing their
benefits.
Anti-money laundering and counter
terrorism financing legislation requires
super funds to identify, monitor and
have measures in place to reduce the risk
that the fund may be used as a vehicle
to launder money or finance terrorism.
This means you will be required to
prove you are the person to whom the
superannuation entitlements belong. By
law, you are required to provide certified
copies of proof of identity documents
in certain circumstances, e.g. when
withdrawing your benefit, receiving a
death benefit, starting a pension and, in
some circumstances, transferring your
super to another fund.
An eligible temporary resident whose
visa has expired or been cancelled is able
to claim their super benefit directly from
UniSuper within six months of departing
Australia, or from the ATO at any time.
They can also claim their benefit upon
permanent incapacity, terminal medical
condition or death.
Refer to our Departing Australia
superannuation payment fact sheet, which
is available at www.unisuper.com.au or
by calling 1800 331 685, or visit the ATO
website at www.ato.gov.au.
New Zealanders
If you’re a New Zealander and are
permanently emigrating from Australia
to New Zealand, you may be eligible to
transfer your UniSuper benefit to an
authorised KiwiSaver scheme provider.
To check the eligibility criteria, refer to
the Transfer your UniSuper account to
KiwiSaver fact sheet, which is available at
www.unisuper.com.au or by calling us on
1800 331 685.
Different rules apply if you establish a Transition to Retirement (TTR) pension.
1
Transferring your benefit
to another super fund
You can transfer all or part of your benefit
to another complying super fund. We
recommend that you speak to a licensed
financial adviser before doing so. Keep
in mind that UniSuper membership is
not open to the public. If you close your
UniSuper account you will not be able
to become a member again unless you
start working for another UniSuper
participating employer. You will also not
be able to purchase a UniSuper pension
in the future. Leaving UniSuper may also
have implications for any insurance cover
you have through the Fund.
32
Do you have to withdraw
your super?
You can choose to keep your super in
UniSuper indefinitely while you continue
working. Also, even if you have stopped
making contributions and have retired
from the workforce, you don’t have to
withdraw your benefit if you don’t wish
to—you can keep your money with us.
Tax implications of
accessing your benefit
If you’re thinking of taking some or all
of your super benefit or transferring it
to another super fund, it’s important
to consider the tax implications before
making any decision.
Tax on your benefit
You may have to pay tax when you withdraw
your benefit from UniSuper. Any applicable
tax will normally be deducted from your
benefit before it is paid.
If you’re aged less than 60
Tax may be deducted from your benefit.
The amount of tax payable will depend
on a number of factors, including your age
and the preservation components of your
benefit.
If you’re aged 60 or older
Your benefit will be tax free, regardless of
whether you receive it as a lump sum or
pension.
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Your super when you leave your job
34
Accessing your benefit
Your benefit generally comprises a
tax-free and taxable component. No tax
is payable on the tax-free component,
irrespective of your age. Different tax
rates apply on death benefits, and the
taxable component of benefits taken as a
pension or paid to temporary residents.
When you make a lump-sum withdrawal,
the amount you receive will be drawn
down from these components in
proportion to the amount in each.
Tax on transfers
No tax is payable if you transfer your
super from one complying fund to another,
unless the transfer is from an untaxed
source, e.g. certain public sector super
funds or an eligible termination payment.
Taxation advice
The taxation of super is complex. Before
you access your benefit, UniSuper
recommends you obtain taxation advice
from a registered taxation agent.
If you have any outstanding
superannuation-related tax liabilities
to the ATO, such as a Division 293 tax
deferred account, you should also speak to
the ATO and seek appropriate advice.
Providing your tax file number (TFN)
It is not an offence if you do not quote your
TFN to us. However, providing your TFN
will have the following advantages which
may not otherwise apply:
we will generally be able to accept all
types of contributions to your account
(legislated contributions caps apply)
the tax on contributions to your account
will not increase due to failure to
provide your TFN
other than the tax that may ordinarily
apply, no additional tax will be deducted
when you start drawing down your
super benefits
it will be easier to trace all the super
accounts in your name, including in
other super funds, to ensure you receive
all of your benefits when you retire.
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If you provide us with your TFN, we can
only use it for lawful purposes under
superannuation and tax law. However, these
lawful purposes and the consequences of not
providing your TFN are subject to legislative
changes. If you would like to provide us with
your TFN, please call us on 1800 331 685
or download the Tax file number collection
form from our website.
Staying
in touch
We provide you with a number of
options that make it easy for you to
keep up to date with your super.
MemberOnline
Keeping track of your super is easy with
MemberOnline. With our online portal
you can:
check your super balance
monitor your transactions
monitor your investments
update your details
access our educational tools and
calculators.
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To register for MemberOnline, visit
www.unisuper.com.au/MOL or call us on
1800 331 685 to set up your secure access.
Helpline
More information
For more information on the
taxation of super, refer to the
How super is taxed booklet (for
Accumulation 1 and Spouse Account
members) or the Defined Benefit and
Accumulation 2 Product Disclosure
Statement (PDS). Both are available
at www.unisuper.com.au/pds or by
calling 1800 331 685.
If you’d prefer to speak to a person, you
can call our award-winning Helpline on
1800 331 685 and we’ll be pleased to
assist you with any query you have.
www.unisuper.com.au
An excellent source of information, our
website helps keep you up to date with
your super and UniSuper. Visit our
website to:
access online tools and calculators
download forms and publications
watch a tutorial online
reserve your place at one of our many
education seminars
learn all about our investment
options, their performance and the
fees and costs involved.
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These are just some of the things
you can do at our website, so save
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Super Informed eNews
Our regular email newsletter contains
valuable, relevant and interesting
information about super and broader
financial issues. You can subscribe to
Super Informed eNews by updating your
email address via MemberOnline or
calling us on 1800 331 685.
Updating your details
You can update your details in a number of
simple ways:
log on to MemberOnline
download and complete the Change of
details form – super members from our
website
email [email protected] and
give us your new details
call us on 1800 331 685 or
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+61 3 9910 6290
AA write to us at:
UniSuper
Level 35, Bourke Street
Melbourne Vic 3000.
Helpline
1800 331 685
8.30am to 7.00pm
Monday to Thursday
8.30am to 6.30pm
Friday (Melbourne time).
AA
AA
Fax
+61 3 9910 6141
Website
www.unisuper.com.au
Email
[email protected]
Address
UniSuper
Level 35, 385 Bourke Street
Melbourne Vic 3000
Australia
Printed on an environmentally responsible paper.
UNIS000011 0714
Super Choice - Fund nomination form
Complete this form and provide it to your employer if you wish
to nominate UniSuper as your chosen fund to receive your future
superannuation guarantee contributions.
Important information
SECTION 2 — Fund details
Fund name
UniSuper
Some employees may not be able to choose their own super fund.
Please speak to your employer or visit www.ato.gov.au for more
information about Choice of Fund.
Fund address
Note to employers
Fund Australian Business Number (ABN)
Choice of Fund legislation provides that this form can be used by
an employee to nominate a chosen fund instead of the Standard
Choice form issued by the Australian Taxation Office. The
Trustee’s letter of compliance and information about how to
make contributions to UniSuper on behalf of the employee are
set out on the back of this form.
SECTION 1 — Personal details
Please use BLACK or BLUE BALL POINT PEN and
print in CAPITAL LETTERS. Cross where required
Title
Mr
■Mrs ■Ms ■Dr ■Professor ■
■■■■■■■■■■■■■■■
Surname
■■■■■■■■■■■■■■■■■
Given name
■■■■■■■■■■■■■■■■■
Other
Address
■■■■■■■■■■■■■■■■■
■■■■■■■■■■■■■■■■■
Suburb/Town
■■■■■■■■■■■■■■■■■
Postcode ■■■■
State ■■■
Date of birth (DDMMYYYY)
■■■■■■■■
Employee identification number/Payroll number (if applicable)
■■■■■■■■■■■■■■■■■
Return you completed and signed form to:
Please provide your completed and signed form to
your employer. Do not return this form to UniSuper.
Fund:
Trustee:
Administrator:
Level 35, 385 Bourke Street Melbourne Vic 3000
91 385 943 850
Superannuation Product Identification Number (SPIN)
UNI0001AU
Unique Superannuation Identifier (USI)
91385943850001
Phone
1800 331 685
Membership number (If you are unsure please refer to your
most recent benefit statement)
SECTION 3 — Choice of Fund nomination
I wish to nominate UniSuper as my chosen fund for my future
superannuation guarantee contributions.
Signature
Date (DDMMYYYY)
■■■■■■■■
Employer Records (Employer use only)
This section must be completed by the employer after the
employee returns the completed form to you.
Date valid choice of fund is accepted (DDMMYYYY)
■■■■■■■■
Date you act on your employee’s valid choice of fund
(DDMMYYYY)
■■■■■■■■
Do not send a copy of this form to the ATO or to UniSuper.
You must keep a copy of this form for your own records
for a period of 5 years.
UNISF00026 0713
UniSuper ABN 91 385 943 850
1 July 2013
UniSuper Limited ABN 54 006 027 121
Level 35, 385 Bourke Street, Melbourne Vic 3000
UniSuper Management Pty Ltd ABN 91 006 961 799 AFSL 235907
1 July 2013
Trustee Compliance Letter
To whom it may concern
I confirm, on behalf of UniSuper Limited ABN 54 006 027 121, RSE Licence No. L0000925,
the trustee of UniSuper ABN 91 385 943 850 (Fund) that:
a.
The Fund is a complying superannuation fund and a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993
(Act).
b. The Fund is not subject to a direction under section 63 of the Act and does not expect
to receive such a direction.
c. The Fund is able to accept superannuation guarantee contributions made to the Fund
on behalf of existing members.
d. The governing rules of the Fund allow benefits to be rolled over or transferred to
the Fund.
e. The Fund offers insurance cover that meets the minimum requirements set out in the
Superannuation Guarantee (Administration) Act 1992.
Payment Options for Employers
Employers can use one of the following methods to make superannuation contributions
to UniSuper:
SuperPay
BPAY®
SuperPay, UniSuper's online payment and
administration system for employers, makes
it easy for you to submit contributions and
member data, and saves you time by helping
to minimise any delays in processing.
To make contributions by BPAY® select the
bill payment option through your financial
institution and provide the following
information:
Biller Code: 78543
Customer Reference Number: This
reference number can be obtained by
calling UniSuper on 1800 331 685
The amount of contributions you are
making.
Once you have registered with UniSuper as
an employer, you can call us on
1800 331 685 to obtain your SuperPay login
details.
Superannuation product
identification number
(SPIN): UNI0001AU
Unique Superannuation
Identifier (USI):
If you have any questions, please call the UniSuper Helpline on 1800 331 685 between 8.30am
and 7.00pm Monday to Thursday and 8.30am and 6.30pm (Melbourne time) Friday.
91385943850001
Fund: UniSuper
ABN 91 385 943 850
Yours sincerely
Trustee: UniSuper Limited
Kevin O'Sullivan
ABN 54 006 027 121
Chief Executive Officer
On behalf of UniSuper
Administrator: UniSuper
Management Pty Ltd
ABN 91 006 961 799
Australian Financial Services
Licence No. 235907
® Registered to BPAY Pty Ltd ABN 69 079 137 518
1800 331 685
Kevin O'Sullivan
Helpline
Head Office
Level 35, 385 Bourke Street
Melbourne Vic 3000
Facsimile 03 9910 6141
www.unisuper.com.au
UNIS000035 0713