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Keep up to date with the latest news from Super SA.
Browse Super SA's latest news
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:
- Continued concerns about US and Chinese trade negotiations
- US interest rates possibly rising faster than anticipated and
- 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 16 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.
Triple S, Super SA Select, Income Stream and Flexible Rollover Product members can expect to receive their annual statements from late October.
Pension and Lump Sum statements will start to be posted to members from mid October.
Please note: The majority of members don’t require their Annual Statement to complete their tax return. If you believe you require
information from Super SA to complete your tax return please give
our Member Services team a call on 1300 369 315.
Registering for the member portal
The new Super SA online member portal is now live for Stage 1 members.
Please note: members of defined benefit schemes, Pension and Lump Sum will have access to the new online member portal when Phase 2 is released.
While the majority of members have logged on successfully, we are aware some members are experiencing issues when attempting to register for the new portal. Rest assured, we are addressing these issues with the highest priority.
For those members that have had difficulty accessing the portal, we recommend the following:
- For urgent enquiries, please call our service centre on 1300 369 315. Please note that we are currently experiencing high call volumes and appreciate your patience at this time; or
- For non-urgent matters please email us on email@example.com. We will respond to your enquiry within three business days.
On behalf of the fund, I apologise for the inconvenience and frustration this technical issue may have caused you. The team at Super SA is working to rectify this situation and we will provide updates on the status on a regular basis.
Once again, thank you for your patience and continuing support.
Dascia Bennett, Chief Executive, Super SA
How to register
To register to access the new portal please follow the tips below:
- Access the Online Member Portal via the ‘Secure login’ button on our homepage
- Select your Super SA account type and click ‘Register’
- Complete all the details on the online form and click ‘Register’.
- You will receive an email with a link that will allow you to complete the registration process by adding 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.
To register you must use your Client ID to log in and register to access your account online. Your new Client ID number, which was posted to you in April 2018. If you don’t know your new Client ID then please phone our call centre on (08) 8207 2094 or 1300 369 315 (regional callers).
Creating your member portal password
When you register you will receive an email containing a link for you to create your member portal password.
Your password needs to be:
- a minimum of 8 characters and a maximum of 16 characters
Your new password must also contain at least:
- 1 uppercase letter
- 1 lowercase letter
- 1 number, and
- 1 of the following special characters ! # $ % ^ & * ( )
- And the password strength indicator must be green
- Example only: suPer$123
Your password should not contain any spaces or any information that is easy to guess, such as your Client ID, Account ID, name or date of birth.
The link in your registration email will only work once. You will not be able to click on the email a second time and access the password page. If you have clicked on the link more than once you will need to go through the registration process again.
For step-by-step instructions on how to register for the new online member portal and the great features you can now access, please watch our short video below.
Need more information?
If you have any further questions in relation to this matter, please contact Super SA on 1300 369 315 or email via firstname.lastname@example.org.
Insurance has changed
We have introduced changes to Triple S and Flexible Rollover Product insurance, effective 3 September 2018.
The changes will create more cover options, greater flexibility and choice.
For more information about the insurance changes click here.
New online member portal available now
Members of Triple S, Select, FRP and Income Stream investors will now need to use their new Client ID number to register for the online member portal.
For more information including tips for logging in for the first time click here.
Commonwealth preservation age to determine tax rates & EATS eligibility
From 1 July 2015 an increased tax rate will apply to super benefit payments cashed before you have reached your Commonwealth Government preservation age – the age that will also determine your income stream eligibility.
The impact of the changes the Commonwealth Government made to its super preservation rules as part of the 2007 Stronger Super package of reforms will occur on 1 July 2015, which marks the first group of people turning age 55, but not reaching their Commonwealth Government preservation age.
The 2007 changes established that the lump sum super tax rates would be based on whether a person had reached their Commonwealth Government preservation age. Previously the lump sum tax rates were based on whether they had reached ‘age 55’.
Aligment between tax rates and preservation age
While the alignment between tax rates and Commonwealth Preservation age was legislated in 2007, from 1 July 2015 an increased tax rate will apply to super benefit payments cashed before you have reached your Commonwealth Government preservation age – the age that will also determine your income stream eligibility.
- Tax rates for cashed benefits: the tax rate of 15% will no longer commence at age 55 but at Commonwealth Government preservation age.
- Income stream: Commonwealth Government preservation rules will determine the age you can purchase an income stream.
Super SA schemes
While Super SA’s Triple S, Lump Sum and Pension Schemes are not required to comply exactly with the Commonwealth preservation rules due to their status as Exempt Public Sector Superannuation Schemes (EPSSS), the changes will affect members of these schemes born after 30 June 1960.
The following tables summarise the changes
Table 1: Age at which 15% on super lump sum cash payments up to $185,000 commences
|Curently:||1 July 2015:|
|From age 55 (regardless of your Commonwealth preservation age)||From your Commonwealth Government preservation age|
Table 2: Impact of increase to Commonwealth Government preservation age on Super SA's Exempt Public Sector Super Schemes (EPSSS)
|Super SA EPSSS Schemes||Unchanged||Changed|
Still able to cash benefit from age 55, as long as you have ceased employment (nb you do not have to be permanently retired or have reached Commonwealth Government preservation age).
An untaxed benefit taken as a cash lump sum prior to reaching your Commonwealth Government preservation age will be taxed at a rate of 30% plus Medicare.
Members who turn age 55 in the next financial year will not be able to access the Super SA Income Stream. This includes for the purpose of Early Access to Super (EATS) or Transition to Retirement (TTR) until the following year when they turn age 56.
|Lump Sum Scheme|
Table 3: How tax is calculated on your entitlement from 1 July 2015
|Your age||Tax on taxable (untaxed) component||Tax on taxable (taxed) component|
|Under Commonwealth preservation age||30% maximum tax rate up to $1,355,000||20% maximum tax rate (no limit)|
|Commonwealth preservation age up to age 59||
15% tax up ot $185,000
30% tax on balance up to $1,355,000
Taxed at 0% up to $185,000
15% tax on balance (no limit)
|60 or over||15% tax on amounts up to $1,355,000||Tax free|
- Tax: Triple S, Lump Sum, Pension Scheme, Income Stream and Flexible Rollover Product
- EATS fact sheet: Triple S
- TTR fact sheets: Pension Scheme
Super SA: if you’d like to discuss your options, our Member Solutions Team can help. You can call them on 1300 364 941.
Commission-free financial advice: for detailed financial advice about what’s best for your situation Super SA recommends you speak to a licensed financial planner.
Triple S wins best workplace super product
The super scheme for SA public sector employees and their families has been awarded best Workplace Super Product of the Year in the value category at the national SelectingSuper awards.
Triple S was rated best Workplace Value Super Product based on its performance across a broad range of criteria, including:
The SelectingSuper Awards are held each year to recognise the best superannuation funds and industry leaders in Australia and are run by leading financial services information company the Rainmaker Group.
These awards have capped off a great few years for Super SA.
- National Net Promoter Survey: 3rd place overall and 1st place in several categories
- SuperRatings Platinum awards: all products received highest ratings
- Towers Watson “Top 300 funds” survey: 13th largest super fund in Australia and 235th globally
Super SA is very proud of these results as they demonstrate its ongoing commitment to providing members with the very best products and services.
New home page coming soon
We’ll be launching a new, easy to use home page in July.
The new look has been designed to make frequently accessed areas simpler to locate. This will make the functions you want quicker and easier to find.
Keep watching this space . . .
Media Release: New fund launched
Young workers and part-time or casual public sector employees are being targeted by a new SA government super fund which commenced on 1 January 2013.
Super SA Select provides SA public sector employees with more choice for their super. Super SA members can remain in the tax-deferred Triple S scheme or become members of this new fund.
Super SA's General Manager, Stephen Rowe, said the new fund was established because a new Commonwealth superannuation payment, the Low Income Superannuation Contribution, only applies to members of taxed superannuation funds.
"Super SA Select provides lower paid public sector workers an opportunity to make a significant contribution toward their retirement without impacting on their living wage.
"Southern Select Super Corporation, was established on 1 December as Trustee of Super SA Select and its Board met for the first time on 14 December.
Until now SA public sector super has had different rules from most other super funds and the launch of Super SA Select puts it in closer alignment with the Commonwealth Government's rules for super funds.
"We've managed to get this new product up and running in record time and I'm proud of Super SA's staff having achieved this."
More detailed information on Super SA Select is available on www.supersa.sa.gov.au.
Note: the Minister for Finance, Hon Michael O’Brien, issued a media release about Super SA Select on 10 January 2013.
Your Super Goes Mobile
Super SA members can now access their super anytime anywhere with the new Super SA mobile device site.
No cost, no app...
The new site is free and is compatible with any mobile device with web access. No application is needed and members will be automatically directed to the site.
On the site you'll find:
- Unit Prices
- Investment Performance
- Info on boosting your super
- Tips on planning for retirement.
There's also a secure area where members can check their current amount of super and view Annual Statements.
If there's anything else you want to see on the new mobile site, let us know. You can email us at email@example.com.