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AEU Financial Wellbeing Day

Department for Education employees - come along and hear the professionals speak about planning for your future.

 

When: Tuesday 17 December 2019

Time: 10:00 am – 2:00 pm

Where: AEU, 163 Greenhill Road, Parkside SA

 

To secure your spot at this event, register now.


What can you expect on the day?

It's an opportunity for you to talk to key financial people, attend short seminars and find out about the advantages of fitting super into your financial plans.

You'll get to speak to key representatives from:

·         Super SA

·         Australian Education Union (AEU)

·         Industry Fund Services (Financial Planners)

·         Maxxia

·        Teachers Health Fund

·        ME Bank

 

You can also attend one or more of the following info sessions on the day:

 

Room 1 (Maxxia)

10:30 am – 10:45 am

11:30 am - 11:45 am

12:00 pm – 12:15 pm

 

Room 4 (Teachers Health Fund, ME Bank)

 10:30 am – 10.45 am – ME Bank

11:00 am – 11:15 am – Teachers Health

11:30 am – 11.45 am – ME Bank

12:00 pm 12:15 pm – Teachers Health

12:30 pm - 12:45 pm – ME Bank

1:00pm – 1:15 pm – Teachers Health

  

1st floor Conference Room (Super SA)

10:30 am – 11.30 am – Women and Super

12:00 pm – 1:30 pm My Retirement Triple S Scheme

 

No need to book into the info sessions - it's first come, first served.

To secure your spot at the AEU Financial Wellbeing Day register now.

 

Please be aware that parking is limited and the most popular session is the first one of the day.

 

Hope to see you there! 

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)

Investment video

Check out our latest investment video featuring Super SA Chief Executive Dasica Bennett and Funds SA Chief Executive Jo Townsend. 

 

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

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.

Background

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
Triple S

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
Pension 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

 

Further information

Fact sheets:

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:

  • administration
  • communications
  • costs
  • returns
  • insurance.

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.

Super SA is very proud of these results as they demonstrate its ongoing commitment to providing members with the very best products and services.

 

Selecting Super Award 2013

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.