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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:
Investment cost component
Previous cost disclosure
New cost disclosure
Indirect cost ratio (excluding Performance fees and Transactional and operational costs)
(× Did not include interposed investment vehicle costs)
(√ Includes interposed investment vehicle costs)
Transactional and operational costs
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
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:
- Concerns over rising interest rates in the US
- Warnings of lower Australian and global growth forecasts; and
- 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:
- 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 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.
Registering for the member portal
To access the new member portal you need to register. Please follow the steps below:
- Click on the 'Secure login' button in the top right hand corner of the Super SA website
- Select your scheme from the menu 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 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.
NB: To register 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.
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.
Congratulations to the winner of our member portal registration promotion - Rosmery Alfonso-Caceres.
Need more information?
If you have any further questions please contact Super SA on 1300 369 315 or email via firstname.lastname@example.org.
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)
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.
Super SA facilities issues
Super SA is currently experiencing facilities issues and we have sent most of our staff home.
The Super SA call centre is unstaffed until further notice. You can still contact us via email on email@example.com or if the matter is urgent visit the contact centre on the ground floor at 151 Pirie Street (enter via Pulteney Street) between 9:00am - 5:00pm Monday to Friday.
We apologise for any inconvenience and we will keep you up to date via the website.
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 firstname.lastname@example.org.