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Important information for Superannuants

Health premium deductions from your pension cease in February

For many years Super SA has provided Superannuants with a service of paying health insurance premiums from their after-tax pension directly to their nominated health fund.

From February 2020 we will no longer provide this service.

This decision was made after potential cyber security risks were highlighted in a recent audit undertaken by Super SA.

To ensure that your health cover continues uninterrupted, you need to complete a new direct debit form from your health insurance provider and forward it to them, as soon as possible or contact them.

We apologise for any inconvenience.

 

If you are a Bupa member you can download a direct debit form here:

https://www.bupa.com.au/staticfiles/BupaP3/pdfs/09651-direct-debit-form.pdf

 

 

Triple S is unique

Did you know that Triple S's uniqueness might benefit you?

Triple S is a constitutionally protected (untaxed) fund. This means that tax is deducted from your super entitlement when it is withdrawn from the scheme and your concessional contributions are taxed differently to taxed funds (such as Super SA Select and APRA regulated funds). Different contribution caps may apply.

Dascia Bennett, Super SA Chief Executive, explains more in this video.

 

To find out more about how your super in Triple S is taxed differently read the Tax fact sheet.

To find out more about different contributions caps read the Grow Your Super fact sheet.

Before you make any changes to your super, we strongly recommend you speak to a licensed financial planner.

SA Bushfire recovery information and appeal

Have you been impacted by the recent bushfires in Cudlee Creek or Kangaroo Island?

If you need assistance or information about recovery after these fires please visit www.dhs.sa.gov.au/recovery

On the website, you can select the incident that has impacted you and find information specific to your region. 
 

The website includes information about: 

  • The Local Recovery Coordinator 
  • Relief or recovery centre(s) 
  • Grants and financial assistance 
  • Mental health and wellbeing services 
  • Clean up and waste management  
  • Donations or volunteering, and much more.   

The website will be updated when new information becomes available.  

 

Help our fellow South Australians  

The South Australian Government has launched the SA Bushfire Appeal to raise funds for South Australians directly affected by the Cudlee Creek and Kangaroo Island bushfires.  

Financial donations are the best way to help disaster-affected communities recover, as this lets people buy exactly what they need and spend locally.   

Every contribution, no matter how big or small, can make a difference to those most affected by this tragedy.   

Every dollar donated goes directly to those impacted by the fires, with the South Australian Government to absorb all administration costs.  

How to donate  

You can make a tax-deductible donation online, via cheque, or in person at any Commonwealth Bank branch:   

  • Donate via the SA Bushfire Appeal Facebook Fundraiser www.facebook.com/donate/1172524589608900/113168913540534/
  • Donate online at sa.gov.au/bushfireappeal  
  • Electronic funds transfer to the SA Bushfire Appeal, Commonwealth Bank of Australia, BSB 065 266, Account 10020160, Description must state ‘donation’   
  • Credit card via the SA Bushfire Appeal BPoint payment website or phone 1300 276 468 (1300 BPOINT) and enter biller code 1002359    
  • Cash – go into any branch of the Commonwealth Bank and donate over the counter giving the details: BSB 065 266, Account 10020160   
  • Cheque – send to SA Bushfire Appeal, Donations, QA Finance, GPO Box 292, Adelaide SA 5001 

All funds from this appeal will be paid into the State Emergency Relief Fund and used to provide financial relief to people who suffered injury or loss due to the Cudlee Creek and Kangaroo Island fires in South Australia. 

All donations over $2 are tax deductible. If you require a receipt for taxation purposes, please email DHSdonations@sa.gov.au. 

If you have been directly affected by the Cudlee Creek or Kangaroo Island fires, you may be able to receive financial assistance from the State Emergency Relief Fund.  More information on how to apply for assistance will be available soon. 

Triple S Fee changes

There will be some changes to Triple S fees from 1 January 2020. See how they will impact you in a video featuring Super SA’s Chief Executive Dascia Bennett.

 

 

 

Income Stream fees reducing

Income Stream administration fees are reducing from 1 January 2020. See how they will impact you in a video featuring Super SA’s Chief Executive Dascia Bennett.

 

 

 

Unit price and investment switch date changes over Christmas and New Year period

The release of unit prices and timeframes for receiving and processing Investment Choice forms will vary due to the upcoming Christmas and New Year public holiday.

How does this affect you?

Daily unit prices (Triple S, Flexible Rollover Product, Income Stream and Super SA Select)

Investment Choice forms received on: Will be processed with an effective date of:
Tuesday 17 December 20 December 2019
Wednesday 18 December 23 December 2019
Thursday 19 December 24 December 2019
Friday 20 December 25 December 2019
Monday 23 December 30 December 2019
Tuesday 24 December 31 December 2019
Friday 27 December 1 January 2020
Monday 30 December 3 January 2020
Tuesday 31 December 6 January 2020
Thursday 2 January 7 January 2020
Friday 3 January 8 January 2020


Twice weekly unit prices (Lump Sum Scheme and SA Ambulance Service Superannuation Scheme)

Investment Choice forms received on: Will be processed with an effective date of:
Thursday 19 December 24 December 2019
Monday 23 December 30 December 2019
Monday 30 December 3 January 2020
Thursday 2 January 7 January 2020

Significant Event Notice: Fees and Unit Pricing

Some fees for Triple S, the Income Stream, Flexible Rollover Product and Super SA Select will be changing.

If you are a member or investor of one of these schemes you will be receiving a Significant Event Notice containing the details shortly.

You can also access the scheme specific Significant Event Notice below:

 Triple-S-logo  IS-logo  FRP-logo  Select-Logo
Access the Triple S SEN here Access the Income Stream SEN here Access the FRP SEN here Access the Super SA Select SEN here

                                                                   

Overview:

Administration fees for Triple S, the Flexible Rollover Product (FRP) and Super SA Select increasing

As of 1 January 2020 the administration fees will change. In addition to the existing flat fee of $1.35 per week ($70.20 pa), members will pay 0.05% of their account balance p.a. (capped at $325 p.a.). This change will ensure we continue to cover the costs of providing you with a competitive level of services, products and benefits.

Family law fees for Triple S, the Income Stream, FRP and Super SA Select increasing

There will be a small increase in Family law fees members to reflect processing costs.

Income Stream administration fees decreasing

From 1 January 2020, there will be a reduction in the administration fee from 0.3% to 0.15% of balance p.a., and a reduction to fee caps.

Low account balance protection arrangements for Triple S and Super SA Select changing, new for FRP

Changes to low account balance protection arrangements will commence on 1 July 2020 to align with the Commonwealth Government’s “Protecting Your Super Package”.

FRP Withdrawal fee removed

FRP members will benefit from the changes with the removal of the partial withdrawal fee, also to align with the Commonwealth Government’s “Protecting Your Super Package”.

Unit pricing

Super SA is reviewing the way unit prices are applied to members’ accounts. The review is expected to be finalised by mid 2020 and any changes from the review are expected to be introduced shortly after.

 

If you have any questions call us on 08 8207 2094 during business hours, email us at supersa@sa.gov.au, visit the Member Service Centre or book an appointment with a licensed financial adviser.

 

1 Source: Chant West Super Fund Fee Survey June 2019 – Chant West Pty Ltd (www.chantwest.com.au)

Significant Event Notice: Investment option changes

Super SA is introducing changes to the investment asset allocations of Triple S, Super SA Select, Income Stream, Flexible Rollover Product and Lump Sum investment options.

The changes to the strategic asset allocations will be progressed commencing 22 August 2019 and at a time when appropriate market conditions prevail. The changes may be implemented over multiple years.

The changes mean that some options will have a different time horizon and risk category. We encourage you to review your current investment option(s) to confirm the way your super is invested still fits with what is best for you and your short- and long-term goals.

The changes are the result of a rigorous review conducted with investment manager, Funds SA, and specialist investment consultant, JANA. The changes will allow the investment options available to Super SA members to better reflect important shifts in investment markets and the superannuation sector.

Members will receive direct correspondence containing more detailed information (a Significant Event Notice) from Super SA in the coming weeks and you can find it here.

You'll find answers to frequently asked questions here.

If you want to speak to a Super SA staff member about these changes, you can call 08 8207 2094 during business hours.

What type of investor am I?

Where to start

You can choose how your super is invested. As no two people's financial situations are the same, their investment requirements also differ.

Before making a choice, it's important to understand the risks of investing as your appetite for risk within investment may differ depending on a number of factors.

Our “What type of investor am I?” calculator is a great place to start to help you determine which investment option(s) may be right for you. When you’ve used the calculator you’ll be assigned a risk profile which comes with an explanation you can keep as a reference. Super SA recommends that before making any financial decisions, you consider the appropriateness of the information obtained from this calculator in the context of your own objectives, financial situation and needs, refer to the relevant Product Disclosure Statement (PDS) seek financial advice from a licensed financial adviser in relation to your financial position and requirements.

It's important to continually monitor your investment choice, particularly when your circumstances change.

Want to find out more?

Super SA offers a range of different investment options to choose from. Depending on the scheme you are currently in, you can choose up to eight investment options or choose to spread your super over multiple investment options. You can find details of investment options here.

Ready to switch?

Determining the level of risk you are comfortable with and which investment option(s) is best suited to your situation is the first step in your investment journey. If you're ready to switch, and are a member of Triple S, Select, Flexible Rollover Product (FRP) or Income Stream you are able to switch your investment options within the member portal. Here you can change both your current investment options and the investment options for future transactions.  Instructions within the portal will guide you through the process.

If you are a Lump Sum member, you’ll need to complete a form and send it to us.

 

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.

Get your statement online

Go green, save time, and get your statement online.

Available for Triple S, Super SA Select, FRP and Income Stream members.

 

1. Get your Client ID

You must use your Client ID number, not your Account ID, to log in or register to access your account online. Your Client ID number can be found on the second page of your statement in the top right hand corner as pictured below:

Statement-ClientID-cropped

2. Log in to the online member portal

Click on the Secure-Login-button button in the top right hand corner of the Super SA website to login to the member portal.

 

3. Edit your communication preferences

Once you have logged in or registered for the member portal, click on ‘MY DETAILS > Change My Details.

Change-my-details-menu

Click 'edit’ and scroll down to change your ‘communication preferences’. Don't forget to 'Save' your changes.

Communication-preferences-menu

 

Disclosure of investment costs

As foreshadowed in October 2017, Super SA’s indirect investment fees and costs are being reported differently in the 2017-18 Annual Statements and Fees and Costs fact sheets.

This is as a consequence of new regulations (RG 97) which came into effect across the whole superannuation sector on 30 September 2017.

Fees have not increased. However, the extent to which estimated indirect investment fees are now required to be disclosed by all super funds, has been expanded. They now include investment management costs incurred through underlying investment vehicles (referred to as interposed investment vehicles) plus transaction and operating costs.

The table below shows the investment cost components reflected in the Indirect Cost Ratio (ICR). The ICR expresses the investment costs as a percentage of average funds managed.

Investment cost components included in the ICR are as follows:

Fee disclosure

Investment cost component

Previous cost disclosure

2016-17

New cost disclosure

2017-18

Indirect cost ratio (excluding Performance fees and Transactional and operational costs)

 √

(× Did not include interposed investment vehicle costs)

 √

(√ Includes interposed investment vehicle costs)

Performance fees

Transactional and operational costs

NEW DISCLOSURE

×

 

In addition, investment related borrowing costs and property operating costs are now separately referenced. All these costs are deducted from the assets of the investment option and reflected in the unit price. Returns reported by Super SA are net of all investment costs.

Please note that the estimated indirect investment fees shown on your statement are not deducted from your member account. All investment related fees and costs are deducted from investment assets before returns are determined.

The Fees and Costs fact sheet for each scheme/product contains additional information.

Financial markets experience a rise in volatility

 Funds SA logo

 

6 December 2018

Movements in share markets can make us feel concerned about how this might affect the value of our superannuation. The recent falls in global share markets are an example of this.

Share markets around the world have experienced heightened volatility over the last few months, with the Australian share market falling approximately 6.8% and global share markets falling approximately 1.1% since the commencement of the new financial year to the end of November 2018.   

What has caused the volatility?

Share markets have fallen over the past few months as a reaction to three key themes:

  1. Concerns over rising interest rates in the US
  2. Warnings of lower Australian and global growth forecasts; and
  3. Continued concerns around US and Chinese trade negotiations.

These themes are not new to the market – recall that during February and March 2018 financial markets also experienced heightened volatility as a reaction to these themes.

The US Federal Reserve has been raising interest rates as the economy strengthens, to prevent a rise in inflation. Currently, US Treasury yields are at more than seven-year highs, rising three times this calendar year. However, company earnings have also been growing strongly, and with consumer and business sentiment improving, expectations are for a continuation of stronger US economic growth, which remains the most likely outcome at this point.

Escalating fears over US-China and US-Europe trade relations has seen a reduction in the IMF’s 2019 economic growth forecasts as the effects of recent tariffs will be largely felt next calendar year. The US growth forecast fell to 2.5% from the previous 2.7% and China’s growth forecast fell to 6.2% from earlier estimated 6.4%. Global investors have become more anxious these measures are the beginning of a deeper decline in global trading relations that could slow future growth forecasts. Concerns over the depth of falling Australian house prices has also weighed on the local stock market.

With the exception of the first couple of months this calendar year, market volatility has been low for some time. Over the course of market cycles returns can be unpredictable; it is quite normal for equity markets to have corrections of between 10% to 15%. Returns when measured over the long-term are likely to be positive, but potentially much lower than experienced in recent years.

Funds SA constantly monitors and reviews the appropriateness of the investment strategies and managers. Changes to the strategy are made to achieve the best outcome for our investors.

Investment options remain well diversified

Notwithstanding this short-term volatility, members’ investment options remain well diversified; it has been a strategic objective to build portfolios that have less exposure to share markets, to help safely navigate through turbulent periods. Although portfolios are not immune to the volatility stemming from share markets, Super SA’s asset mix, including high quality bonds, property, private equity and other unlisted assets, have helped to lessen the gyrations and deliver a smoother return profile for members.

Focus on the longer term

Whilst it is necessary to remind members that investment returns can be volatile in the short-term, an important discipline is to remain focussed on the long-term.

The best long run guide to the investment outcomes of the Super SA options is their investment objectives. For example, the Balanced option is targeting a return averaging 3.5% above the inflation rate when measured over long-term periods (of at least 7 years).

Superannuation remains a long-term strategy but with a well-diversified portfolio, investment goals may be achieved with greater certainty.

 

Funds SA Disclaimer

The information within this article has been prepared in good faith by Funds SA. However, Funds SA does not warrant the accuracy of the information and to the extent permitted by law, disclaims responsibility for any loss or damage of any nature whatsoever which may be suffered by any person directly or indirectly through relying upon it whether that loss or damage is caused by any fault or negligence of Funds SA or otherwise. The information is not intended to constitute advice and persons should seek professional advice before relying on the information.

Super SA in the top 300 super funds internationally

The consulting firm Towers Watson has again ranked Super SA among the top 300 super funds globally.

Super SA is one of only 16 super funds in Australia to be included in the top 300 of international super funds, which includes funds from North and South America, Europe, the UK and Japan.

The survey ranks Super SA as the 223rd largest super fund internationally and the 14th largest super fund in Australia. Super SA’s ranking climbed from 237 in last year’s survey.

Rankings are determined by each super fund’s assets under management.

Visit the Willis Towers Watson page for more information on the survey.

Spotlight on CEO Dascia Bennett

Super SA CEO Dascia Bennett recently featured in Superfunds Magazine October 2018. Click here to read the backstory of Dascia and how she became CEO of the largest super fund in South Australia.

Current financial market volatility

12 October 2018

Members may have noticed that financial markets have experienced some volatility over the past few days. In particular there have been movements in the share market and these movements can make us feel concerned about how this might affect the value of our superannuation savings. The recent falls in global share markets, including the Australian market, are an example of this.

Share markets have fallen over the past few days as a reaction to a number of key themes:

  1. Continued concerns about US and Chinese trade negotiations
  2. US interest rates possibly rising faster than anticipated and
  3. Forecasts by the International Monetary Fund (IMF) of lower global growth.

These themes are not new and members will recall that during February and March 2018 financial markets also experienced heightened volatility as a reaction to these themes.

Super SA’s investment manager, Funds SA, constantly monitors and reviews the appropriateness of the investment strategies and managers. Changes to the strategy are made to achieve the best outcome for members.

Investment options remain well diversified

Notwithstanding this short-term volatility, members’ investment options remain well diversified. It has been our strategic objective to build portfolios that have less exposure to share markets, to help safely navigate through turbulent periods. Although portfolios are not immune to the volatility stemming from share markets, Super SA’s asset mix, including high quality bonds, property, private equity and other unlisted assets, have helped to lessen the gyrations and deliver a smoother return profile for members.

Focus on the longer term

While we remind members that investment returns can be volatile in the short‑term it is better to remain focussed on the long‑term.

The best long run guide to the investment outcomes of the Super SA options is their investment objectives. For example, the Balanced option is targeting a return averaging 3.5 per cent above the inflation rate when measured over long‑term periods (of at least 7 years).

Superannuation remains a long‑term strategy but with a well‑diversified portfolio, investment goals may be achieved with greater certainty.

 

The information provided is of a general nature only and has been prepared without taking into account any of your individual objectives, financial situation or needs. While Super SA makes every effort to ensure that the information is accurate and up to date, changes in circumstances may affect the accuracy of the information presented. 

Before acting or relying on any information, you should consider its appropriateness having regard to your own objectives, financial situation or needs. You should also seek independent financial advice and refer to the relevant Super SA Product Disclosure Statement before making any financial decisions.  

Super balance on MyGov

Members who log in to myGov between Wednesday 24 Oct – Friday 30 Nov, will not be able to view their Super SA account balance. This is due to system upgrades required by the ATO which will improve future real time reporting.

To view your Super SA account balance please log in to the Super SA member portal, which can be accessed through the Secure Login menu in the top right hand corner of the Super SA website.

Video update from the Chief Executive

Chief Executive Officer, Dascia Bennett, provides a short video update on:

  • the new administration system
  • solid returns for the 2017/18 financial year
  • more options, flexibility and choice in Triple and Flexible Rollover Product Insurance.

Watch now button

Registering for the member portal

To access the member portal you need to register. Please follow the steps below:

  1. Click on the 'Secure login' button in the top right hand corner of the Super SA website
  2. Select your scheme from the menu and click ‘Register’
  3. Complete all the details on the online form and click ‘Register'
  4. You will receive an email with a link that will allow you to complete the registration process by creating a password (you can only use this link once).

You can also watch the ‘Member portal welcome tour’ video below for more detailed step-by-step instructions on how to register.

Locating your Client ID

You must use your Client ID number to log in and register to access your account online. Your Client ID number can be found on the second page of your statement in the top right hand corner as pictured below:

Client_ID_Statement

Password creation

When creating a password for the member portal, you need to use a combination of letters, numbers and at least one special character from the options below:

Your password needs to be:

  • a minimum of 8 characters and a maximum of 16 characters

Your password must also contain at least:

  • 1 uppercase letter
  • 1 lowercase letter
  • 1 number, and
  • 1 of the following special characters ! @ # $ % ^ & } . { + * ( ) ? \

Secret question

When registering you will be asked to choose a 'secret question' from the list so we can validate your identity if you ever need to reset your password. It's important to choose a question and enter an answer that you will be easily able to remember as the system will not automatically default to the secret question you originally selected.

Member portal welcome tour

For step-by-step instructions on how to register for the member portal and the great features you can now access, please watch the short video below.

Need more information?

If you have any further questions please contact Super SA on 1300 369 315 or email via supersa@sa.gov.au.

Enhanced investment costs disclosure

 

From 30 September 2017, all superannuation funds are required to disclose investment costs in a new manner.

The key change is that some costs that were not previously disclosed (because they were taken into account in the valuation of assets and incorporated into unit prices) are now required to be shown.

Even though investment costs may look like they have increased from previous years, they have not changed. That is, it is the extent to which these costs are now required to be disclosed that has expanded. All costs incurred continue to be included in the unit price of each option.

For example, the Super SA Balanced option (the default option where members’ money is invested if no option is selected) returned 11.1 per cent for the year to 30 June 2017.

Investment costs disclosed under the previous disclosure method were estimated at 0.71 per cent. However, under the new presentation method, the estimated cost is now 0.98 per cent. However, the return after payment of investment costs under both methods is still the same, 11.1 per cent.

The investment cost components disclosed now include investment management costs incurred through financial intermediaries plus transaction and operating costs. The table below shows the investment cost components reflected in the Indirect Cost Ratio (ICR). The ICR expresses the investment costs as a percentage of average funds managed.

Investment cost components included in the ICR are as follows:

Investment cost component

Old cost disclosure

New cost disclosure

Indirect cost ratio (ICR) (excluding performance fees, and transaction and operating costs)

 

(× Did not include financial intermediary costs)

 

(Includes financial intermediary costs)

Performance fees

Transaction and operating costs

×

 

In addition to the above change in reporting for the ICR, investment related borrowing costs and property operating costs are now also separately referenced. All of these costs are deducted from the assets of the investment option and reflected in the unit price. All returns reported by Super SA are net of all investment costs.

The Super SA Fees and Costs fact sheet contains additional information for each scheme/product. 

 

Accessing the member portal

To access the member portal click on the grey 'Check My Balance' button at the bottom of this page