I’m new to the Government of South Australia7 September 2021
If you’ve just joined the South Australian public sector, welcome to Super SA!
We are the exclusive superannuation fund for all South Australian public sector employees.
Your Triple S account
Upon joining the government, an account is automatically opened for you in the Triple S Scheme.
Triple S is the default scheme, an exempt public sector superannuation scheme (EPSSS), and is also an untaxed fund. This means you automatically have access to a host of exclusive benefits, including no upfront tax on employer and salary sacrifice contributions (as with taxed funds), instead taxation is applied on withdrawal. This means you get the benefit of compounding investment returns on a higher account balance throughout your membership.
Another big advantage is the ability to salary sacrifice large amounts of your wage, unlike most other funds there are no annual caps, however a lifetime cap applies1.
Joining a new fund is a great opportunity to take stock of your super, and make sure it’s working for you, to deliver your best life in retirement.
Here are seven steps to consider as a new Super SA member:
1. Register and log into the member portal
Ensure you make the most out of your membership with Super SA by registering and then logging into the member portal. You should check all your contact details are complete and your Tax File Number has been supplied by payroll.
This means we’ll have your contact details on file should we have any important updates, upcoming information sessions or product news to share with you.
It’s also a great way to review your current insurance and investment arrangements.
2. Check your insurance
Eligible Triple S members are automatically provided with three units of Standard Death and Total & Permanent Disablement (TPD) Insurance and Income Protection cover.2
If you are a Police or Ambulance member you automatically receive six units of compulsory Standard Death and TPD cover.
As a new Super SA member, it’s a good idea to check your insurance cover to see if it’s right for you. If you’ve got super with a different fund, consider whether you are paying for multiple insurance cover, and whether you need to make a change.
3. Choose your investment option
As a Triple S member, your super is automatically invested in the Balanced option. However, this option may not be right for you and your financial goals.
If you wish to change your investment option, you can do so via the member portal.
Learn more about your investment options.
4. Roll in your super
If you have your super elsewhere, it could be a good time to consider consolidating your super and roll it into your Triple S account with Super SA. It means you’ll be able to keep track of your super balance more easily. You can do this through your myGov account, or by completing one simple Consolidate your super form for each super account you want to roll into Triple S. Once you complete the form, send it to us via post or email, and we’ll organise the transfer with your other super fund. Make sure to check if you’ll be losing any other benefits, like insurance, before deciding to consolidate by rolling in your other fund to Triple S.
Any amount transferred into the Triple S Scheme cannot be rolled out again while you are still employed in the public sector. You cannot access any portion of your entitlement, including any amounts rolled in (whether or not these are preserved or non-preserved), until you cease employment and you meet a condition of release. If you’ve been thinking about consolidating your super, but are also employed outside the Government of South Australia, this may not be the right option for you. This is because Super SA can currently only accept employer contributions from SA public sector employers.
Remember, your super is one of the biggest investments you’ll ever make. We urge you to seek financial advice before making any changes to your situation.
5. Grow your super
As a new member to Triple S, it could also be a good time to consider whether your employer contributions alone will be enough to provide the type of lifestyle you want in retirement.
The main ways in which you can grow your super balance are:
- Salary Sacrifice contributions: this includes your employer contributions and any contributions you choose to make before paying tax. As a Triple S member, your employer contributions and salary sacrifice contributions are exempt from the annual maximum contribution caps set by the Commonwealth Government (currently $27,500pa), however a lifetime cap does apply.1
- After-Tax contributions: you can also make contributions to your super from your take-home pay, you may choose to make these contributions in order to receive the Government co-contribution.
- Government Co-Contribution: you may choose to make after tax contributions in order to receive the government co-contribution, whether you are eligible to receive this government co-contribution or not, is largely going to be dependent on what your income is.
- Compounding Investment Returns: Compound returns are the addition of investment returns to the original amount, or in other words, returns on returns. It is the result of reinvesting interest, rather than paying it out. This means that the returns earned in the next period is then earned on the original amount plus the previously accumulated returns, and so on.
6. Get financial advice
Your super may be the biggest investment you ever make, and it shouldn’t be taken lightly.
Seek financial advice if you’re not sure about what kind of investment option may suit you, or what level of insurance cover is right for you. There are different forms of financial advice, outlined below:
General Advice – Factual product information that doesn’t take into account your objectives, financial situation or needs.
Limited Advice – Limited in scope to single issues e.g. contributions or investment choice.
Comprehensive Advice – Holistic financial planning covering a range of advice areas.
Learn more about the types of advice here.
You can choose your own financial planner or you can take advantage of the service available through Industry Fund Services (IFS). If you don’t have an existing relationship with a planner, you can contact the Financial Planning Association and access their “Find a Planner” service to locate an FPA member near you. The financial planners at IFS can advise you about the options available to SA public sector employees.
7. Join a Seminar or Webinar
We know our members want to learn about their super, that’s why we provide free information sessions as webinars or seminars for our members.
We offer both online and in-person options for members. Book a webinar today!
1 A lifetime Untaxed Plan Cap applies ($1.65 million for each untaxed scheme you are a member of). If you also receive concessional contributions in a taxed fund, any concessional contributions made to Triple S will be counted towards your concessional contributions cap (currently $27,500 for the 2022-23 financial year). Refer to the Product Disclosure Statement for further information.
2 Conditions apply. Refer to the relevant scheme Product Disclosure Statement for further information.
The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation and needs, read the Product Disclosure Statement (PDS) and seek financial advice from a licensed financial adviser in relation to your financial position and requirements.
Fees may apply. Super SA has engaged Industry Fund Services (IFS) (ABN 54 007 016 195 AFSL No. 232514) to facilitate the provision of limited scope and comprehensive financial advice to members of the superannuation schemes administered by Super SA. Advice is provided by financial planners who are Representatives of IFS. Fees may apply. Further information about the services can be found in the relevant IFS Financial Services Guide, a copy of which is available from your IFS financial planner or by calling Super SA on 1300 162 348. IFS is responsible for any advice given by its Representatives. Super SA does not recommend, endorse or accept responsibility for products or services or products provided or recommended by third-party organisations, including IFS. Super SA does not accept liability for any loss or damage caused by the products and services or products provided or recommended by IFS.