Flexible Rollover Product
Flexible Rollover Product
Growing your super even after leaving the SA public sector.
Maximise your retirement savings with our tax effective Flexible Rollover Product (FRP) account.
Our FRP allows you to continue to invest your money, while giving you access to some – or all – of your super at any time1.
Investing now for the futureInvest your money now while you’re making decisions about your future.
Stay coveredContinuation of Total & Permanent Disablement and/or Death Insurance within 60 days of leaving employment with the South Australian Government (please refer to separate conditions applying to spouse members).
Your retirement savings work harder for you because we keep our fees low.
A choice of investment options
Mix and match investment options to fit you. You can choose:
• One or a combination of investment options
• Invest future contributions and/or existing balance into different options
The Balanced investment option is the default option. However, this may not necessarily be the right option for you.
Competitive fees and costs
As members serving members, we aim to keep our fees low so you may be able to benefit as much as possible over the long run.
$1.35 a week plus an asset-based fee of 0.05% p.a. of your FRP balance (to a maximum of $325 per year).2
Administration fees and costs
Investment fees and costs
The above fees and costs are for default investment option, Balanced.
For a complete overview of fees and charges, please see our Product Disclosure Statement.
InsuranceAs a Flexible Rollover Product investor you can purchase Death & Total and Permanent Disablement and Death Only Insurance.3
If you invest in the Flexible Rollover Product and make the required insurance election within 60 days of ceasing employment with the SA government, and you held Triple S insurance cover on the last day you worked, you can continue the same type and level of Death and TPD insurance in the Super SA Flexible Rollover Product without having to provide further medical information.3
Use the Insurance Calculator to work out whether you have enough insurance to meet you and your family’s needs should the unexpected happen.
Login to the Secure Member Portal to find out how much you’re currently covered for.
Am I eligible for a Flexible Rollover Product (FRP)?You are eligible to invest in the Super SA FRP if you:
- Are still a member of a SA public sector scheme or
- Have received an entitlement from a Super SA scheme in the last 12 months or
- Are a spouse of a current Super SA member, and
- Have at least $1,500 to contribute or roll in from another superannuation account.
How do I open a Flexible Rollover Product?
- Complete the Flexible Rollover Product Application to Purchase form in the Product Disclosure Statement (PDS) and provide the required supporting documents.
- Roll in and/or make a personal contribution totalling at least $1,500 with your application; and/or roll in your Super SA account if you’ve resigned or retired from the SA Government along with any other superannuation accounts totalling at least $1,500.
How much tax do I pay on a Flexible Rollover Product?Your super may be taxed at three different stages:
- Investment earnings
No tax is payable on after-tax personal contributions or rollovers received from a taxed superfund.4
Tax maybe payable on withdrawals.
More information about tax rules is available in the FRP Product Disclosure Statement (PDS) and the FRP Reference Guide.
Can I open a Flexible Rollover Product account for my spouse?Yes. You can open a Flexible Rollover Product account on behalf of your spouse with:
- An after-tax contribution by your spouse
- A spouse contribution from the current Super SA member, or
- A rollover from a complying super fund.
Can I withdraw funds from my Flexible Rollover Product?
You can make withdrawals from your account. Each withdrawal must be $1,000 or more and is subject to Commonwealth preservation rules.
If your balance is below $6,500
- You can make one withdrawal each financial year (you can subsequently request a full payment and close your account).
- The amount remaining in the Flexible Rollover Product must be at least $1,500.
If your balance is $6,500 or more
- There is no limit on the number of withdrawals you can make.
- The amount remaining in the Flexible Rollover Product must be at least $6,500.
Your Flexible Rollover Product may include:
- A preserved component, and
- A non-preserved component.
These rules are different from preservation rules in Triple S and other Super SA schemes.
Can I set up an Income Stream from my Flexible Rollover Product?
If you have at least $30,000 in the Flexible Rollover Product, reached your Commonwealth Government preservation age and met a condition of release, you can roll over the entire benefit into a Super SA Income Stream.
Alternatively, if you have reached your Commonwealth Government preservation age and have not retired, then you can set up a Transition to Retirement (TTR) Income Stream. Please note if you wish to leave the Flexible Rollover Product account open and commence an Income Stream, the remaining balance in the Flexible Rollover Product must be $6,500. Find out more about accessing your super in the Flexible Rollover Product Reference Guide.
2 An additional 0.05% p.a. administration fee and cost is deducted from your investment in relation to an Operational Risk Reserve.
3 Subject to eligibility. Please refer to the FRP PDS and insurance fact sheets to learn more.
4 Some super contributions, including employer and salary sacrificed contributions, are taxed at 15% at the time they are paid into a taxed super fund. However some government schemes, such as Triple S, Lump Sum and Pension Schemes are “untaxed” funds, which means that 15% tax is instead deducted when contributions are rolled over into a taxed scheme. However, any after-tax contributions you have made to your super are tax free, including when you withdraw your super.