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.


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Investing now for the future

Invest your money now while you’re making decisions about your future.


 

 

 

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Continuation 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).

Moderate.jpgCompetitive fees

Your retirement savings work harder for you because we keep our fees low. 

The flexible features you need in retirement

  • Seamless transition from a Triple S account
  • Competitive fees
  • Access to lump sum withdrawals1
  • Choice of several investment options
  • Roll in other accounts to the Flexible Rollover Product
  • Make your own contributions (terms and conditions apply)
The flexible features you need in retirement
The flexible features you need in retirement

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.

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Administration fees and costs

$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)

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Investment fees and costs

0.84%p.a.

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Transaction costs

0.06%p.a.

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. 


Insurance

As a Flexible Rollover Product investor you can purchase Death Only Insurance or Death & Total and Permanent Disablement Insurance.2

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.2

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.

Insurance
Insurance



Your questions answered

  • 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.
    1. Complete the Flexible Rollover Product Application to Purchase form in the Product Disclosure Statement (PDS) and provide the required supporting documents.
    2. 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.
  • Your super may be taxed at three different stages:

    • Contribution
    • Investment earnings
    • Withdrawal

    No tax is payable on after-tax personal contributions or rollovers received from a taxed superfund.3  
    Tax maybe payable on withdrawals. 
    More information about tax rules is available in the FRP Product Disclosure Statement (PDS) and the FRP Reference Guide.

  • 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.
    In order to open a spouse account, your spouse needs to make a personal contribution or roll over at least $1,500.
  • 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.

  • 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.

Want to learn more about Income Stream Investment?

 

Everything about your super - all in one place

Here you’ll find all the information you need to develop a better understanding about how you can grow, consolidate and access your super.

1 Subject to preservation rules, tax maybe payable on withdrawal.
2 Subject to eligibility. Please refer to the FRP PDS and insurance fact sheets to learn more.
3 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.

The information shown on this website is general information only. We haven’t considered your needs or objectives when providing the information. You should assess your own financial situation and needs and read the relevant Product Disclosure Statement before deciding about products on this website.

Talk to us

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