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Rolling over can save you money

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					                                                                                                               CONTRIBUTING
                                                                                                               TO YOUR FUTURE
                                                                                                               Triple S Newsletter
                                                                                                               for Police Officers
                                                                                                               April 2006




                                                                           YOUR INSURANCE
                                                                           JUST GOT BETTER!
                                        Walking along the beach with my
                                        dog every day is what I’m really
                                        looking forward to.
                                                                           Super SA has recently made a number of
                                        Claire                             enhancements to Death and Total and
                                                                           Permanent Disablement (TPD) insurance:
                                                                           – Standard units of insurance now cost only 75 cents per unit per
                                                                             week – a 25% reduction on the previous cost of $1 per unit per
                                                                             week.
                                                                           – If you are under age 34, one unit of Standard cover is now worth
                                                                             $75,000 instead of $50,000. Cover has also been increased for
                                                                             members aged 34 and above.
                                                                           – One unit of Fixed cover is now worth $75,000 instead of $50,000.
                                                                           – The cost of Fixed units of insurance has also decreased. The cost
                                                                             is dependent on your age and is fixed based on your age when the
                                                                             unit is purchased.
                                                                           – Death cover has been extended to age 65.


www.supersa.sa.gov.au                                                      As a police officer, if you are an active member of Triple S and you are
                                                                           under age 60, you are automatically covered with five units of
                                                                           Standard Death and TPD insurance.

                                                                           If you are aged between 60 and 65 and an active member, then you
Rolling over can save                                                      are automatically covered by five units of Standard Cover in the event
                                                                           of your death only.

you money                                                                  In addition, because of the nature of your work as a police officer, if
                                                                           your death or total and permanent disablement is caused by injuries
Consolidating all your super accounts into one super fund can save         received in the line of duty, you have a guaranteed minimum
you on the amount of fees that you pay each year.                          entitlement.

To roll over super into Triple S, contact the super fund(s) where you      You have the option to increase your insurance cover at any time, by
have super and tell them that you want to roll it over to Super SA. You    purchasing additional units of Standard Cover, or changing insurance
should check with your other super fund(s) to find out whether they         styles and buying units of Fixed Cover. More details are in the Triple
charge any fees for rolling your super out. You will need to give your     S Police PDS or the “Triple S Police Death and Total and Permanent
former fund(s) the following information:                                  Disablement Insurance” fact sheet.
– Super SA ABN for the Triple S Scheme: 4065 1037 780.
– All rollover cheques need to be made payable to Super SA.                To ensure you have the right level of cover, you should consider your
– Super SA does not have an SFN or SPIN number (Super SA Schemes           insurance in light of your own lifestyle and personal circumstances.
   are constitutionally protected super funds, so do not need a SPIN or    You might wish to discuss your options with a professional financial
  SFN number).                                                             planner.

You are not charged any fees by Super SA to roll your super into           For more information about Death and Total and Permanent
Triple S.                                                                  Disablement Insurance, please visit www.supersa.sa.gov.au, to view
                                                                           the “Triple S Police Death and Total and Permanent Disablement
For more information see the “Rolling over Superannuation into             Insurance” fact sheet or contact Super SA on 1300 369 315.
Triple S” fact sheet on the Super SA website.
                          HOW LONG WILL
                          YOUR SUPER LAST?

                          The Benefit Projector in the My Account section of the Super
                          SA website lets you work out what your final entitlement
                          might be for retirement, resignation, death or total and
                          permanent disablement.
                          The Projector will also calculate how long      investment return and inflation, and some
                          your lump sum entitlement will last.            of the fields, such as current salary and
                                                                          member contribution rate, are blank for you
                          To access the Benefit Projector, simply go to to enter an appropriate figure. Importantly,
                          www.supersa.sa.gov.au and:                      you can change all fields yourself, including
                           1. Click on My Account.                        your retirement age, insurance premium
                           2.Click on Register (if you haven’t used       and employer contribution, so you can tailor
                              this before) or Sign In. You will need your your projection accordingly.
                              Super ID, which is printed on your Annual
                              Statement.                                  Click on the Calculate button to provide you
                           3.Click on Benefit Projector.                   with your projected entitlement lump sum
                                                                          and a graph and table showing you how
                          The Benefit Projector has a number of fields, long your super may last.
                          some of which are pre-populated with
                          figures from your account details, such as    For further information, contact Super SA
I’ll catch the one that                                                on 1300 369 315 or (08) 8207 2094 for calls
got away.                 age and current balance. Other fields have
                          an estimated figure, such as life expectancy, within the State Government network.
Richard




                          AFTER-TAX CONTRIBUTIONS

                          Contributing to your super can have a significant impact on
                          your final entitlement when you retire.
                          After-tax contributions are contributions          your salary (based on your average hours
                          you make to your super from your salary            over the last three years if you are
                          after you have paid tax.                           part-time) for a period of up to 12 months,
                                                                             and a maximum of 18 months. See the
                          As a police officer you are required to             “Income Protection” fact sheet.
                          contribute a minimum 4.5% of your
                          superannuation salary to be deducted from          By contributing after tax, you may also
                          your after-tax salary. By doing so, you will       qualify for a Commonwealth Government
                          receive an extra 1% employer contribution          co-contribution. To be eligible, you must
                          paid into your Employer Account.                   have assessable income below $58,000.
                          Police cadets are not required to make             There are no costs involved in making
                          after-tax contributions, but can choose to         after-tax contributions and you can
                          contribute at the rate of 1, 2, 3, 4, 4.5, 5, 6,   change your contribution rate any time, as
                          7, 8, 9, and 10% of their superannuation           long as it does not fall below 4.5%.
                          salary.
                                                                             If you wish to contribute or change your
                          You are also automatically provided with           contribution rate you will need to obtain a
                          Income Protection Insurance up to age 55           “Change to Contribution Rate” form from
                          because you make after-tax contributions.          www.supersa.sa.gov.au or contact Super
                          This provides an entitlement of two-thirds of      SA on 1300 369 315.
SUPER – AN IMPORTANT
INVESTMENT DECISION

Your superannuation will help ensure you have enough
money to live in comfort when you retire.
One of the most important decisions you           In recent years, investments have
need to make if you are a Triple S or Lump        achieved positive returns. However,
Sum Scheme member is which option to              you may find that there are years when                                                                     ������   �����
                                                                                                                                                                     ������
invest in.                                        you experience periods of negative                                                                  ��������




                                                                                             ���������������
                                                                                                                                       ������������
                                                  return, or that your investment return                                 �����������������
What are your options?                            may be below inflation.                                          ����
If you are a Triple S or Lump Sum Scheme
member you can choose your own                    The target returns and stated time
investment option. There is a range of six        horizons for each investment option
                                                                                                                                      �������������
investment options, from Cash to High             provide a guide to the longer term
Growth, with varying levels of risk and           performance outcomes of the options.
return.                                           These option details are included on the                     are comfortable with, how long you have in
                                                  Super SA website.                                            the workforce, your current financial
Generally, the higher the risk of the                                                                          situation and your future objectives.
investment option, the more the returns are       Assessing your personal situation
likely to vary from year to year, and in some     You can play an active part in making your                   To find our more, or to download an
years returns may even be negative. The           money grow by choosing the investment                        “Investment Choice” form to change your
lower the risk, the more consistent the return    option that is right for you. Some things you                option, visit the Super SA website
over shorter periods of time.                     need to consider include the level of risk you               www.supersa.sa.gov.au.




SUPER IS ESPECIALLY
                                                                                                                  NEW POLICE PDS
IMPORTANT FOR WOMEN

It’s important for women to                       Whether you are close to retirement,                           Super SA is
                                                  working part-time or just entering the                         pleased to
start planning for their                          workforce, plan to make the most of the                        announce the
future as early as possible.                      time you have in paid employment and the                       publication of a
                                                  super initiatives available to you.                            new Triple S
Australian Bureau of Statistics (ABS) data                                                                       Product
shows that women can be significantly              Super SA has developed the “Women and                          Disclosure
disadvantaged when it comes to their              Super” fact sheet to specifically address                       Statement for
super, because they are more likely to bear       many of these issues.                                          police officers.
family responsibilities, such as child rearing,
                                                  To obtain a copy, or for further information                  The new PDS
resulting in periods of maternity leave and
                                                  about your super, visit the Super SA                          contains
part-time work.
                                                  website www.supersa.sa.gov.au. You can                        comprehensive information about Triple S,
This exposes women to the risk of                 also call Super SA on 1300 369 315.                           including your entitlements as a police
inadequate funds to maintain financial                                                                           officer, investment choice, fees and
                                                  While you are on the website, why not
independence throughout their retirement                                                                        insurance details.
                                                  take a tour designed especially for women
years.
                                                  in the My Future section? To access your                      There is also a useful Glossary at the back to
ABS statistics show that women are likely         account details and My Future, you will                       explain many of the super terms used in the
to outlive men, and are often younger than        need your Super ID to sign in. This is                        PDS.
their partners.                                   printed on your Annual Statement.
                                                                                                                 For your free copy complete the request form
Women can expect 25 years of retirement,                                                                         included with this newsletter. You can also
and during this time the cost of living will                                                                     contact Super SA on 1300 369 315 or email
continue to rise.                                                                                                supersa@saugov.sa.gov.au.
If you require further information
please contact Super SA:

Website
www.supersa.sa.gov.au

Email
supersa@saugov.sa.gov.au

Member Service Centre
Ground Floor
200 Victoria Square
Adelaide SA 5000

Postal address
GPO Box 48, Adelaide SA 5001

Telephone
(08) 8207 2094
(for calls within the
State Government network),
or 1300 369 315

Facsimile
(08) 8226 0593

				
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