• Investment performance
• New Health Super brand
• 2009 Federal Budget changes
WIN AN IPOD
NANO OR AN
This Talking Super and your 2009 Statement(s) comprise your periodic information from the Fund and should be read together. It includes important information
about the performance of the Fund’s investment options up to 30 June 2009, including longer term historical investment performance. You should take this
information into account when considering the investment returns applicable to your investment for the 2008/09 financial year. It also includes information 2009 1
changes or events that may affect you. Prepared August 2009.
Message from the CEO
The challenges continue Annual report online
Note that this year, we have
Over the past 12 months, the challenges in published the Health Super Annual
investment markets and the wider economy Report on our website. It contains
have been great and the impact on important information about the
members significant. We know than many administration of the Fund, as
of our members have been very anxious well as financial statements. Visit
about their superannuation as a result. www.healthsuper.com.au or Tips to keep your super healthy 3
Government changes to the super system call us for a copy (free of charge).
Understanding volatility 4
too have added to this anxiety.
Although we have recently experienced positive monthly returns, dramatic volatility
Investment returns 6
continues overall. It is true that this is part of the normal investment cycle: we have Health Super’s performance
been here before, including in 1987, the early 1990s and of course in 1929. But that in a difficult year 7
doesn’t lessen its impact. At Health Super, all staff understand that it is the members
that most feel the effects of such volatility. I assure you that we continue to work very 2009 Federal Budget changes 8
hard to achieve positive returns for members.
Our brand new look 10
As part of the package that is attempting to address the weakness in the economy,
Protecting you and your family 12
the Government announced a number of changes to super in the May 2009 Federal
Budget. These are discussed on page 8. It’s timely to remind members that super Save time and save the environment 13
remains a very important part of any retirement planning. Its tax benefits and long
term investment strategy are hard to beat despite the recent downturns. Fund update 14
It’s always easy for long term goals to be clouded by shorter term disruption and The Great Vic Trek 15
investment ‘noise’. But financial commentators agree that the dips are as much a Leadership in Nursing Awards 15
part of the journey as the peaks. What’s most important is sticking to your course.
Remember, a financial planner can help you set the course that’s right for you, and
identify any minor tweaks that may be required along the way. I remind you that
Health Super members have access to fully qualified financial planners at discounted
rates: call 1300 780 223 for further information.
A long term view is important for businesses too. There have been a number of
occasions over the past 12 months where the Fund could have reacted to short term
events. But we have been working for those in the health and community services
sector for over 40 years, and that experience tells us that a steady hand will pay off
in the long term.
Our ongoing programs to improve our products and services continue. This year we
will see improved online services and communications (see page 13), the soon-to-
be launched new Health Super brand (page 10), and extensive improvements to our
systems that will lead to improved administration and communication to members.
It’s a superior member experience that’s shaped by what our members want.
I reiterate that we at Health Super are very conscious of the impact the
change to the economy and investment markets continues to have
on members. But, at the same time, I have a genuine belief that we
are continuing to develop our Fund in a way that will achieve the
retirement goals of our members.
Important note for members with Defined Benefit, Deferred and
Pension accounts; this edition of Talking Super contains information
Chris Clausen predominantly about Accumulation and Account Based Pension
Chief Executive Officer (including Transition to Retirement) accounts. However, Budget
updates and Fund updates are relevant to all members of the Fund.
Defined Benefit and Deferred Benefit account holders should also
refer to the explanatory notes for your statements.
Issuer: Health Super Pty Ltd (Trustee) (ABN 97 084 162 489, AFSL
246492) as Trustee of the Health Super Fund (Health Super) (ABN
88 293 440 675). This information is of a general nature and does
not take into account your individual objectives, financial situation
or needs. The Trustee recommends that you speak to a licensed
or authorised financial adviser before investing or making any
other financial decisions in relation to Health Super. To obtain our
PDS contact us on Freecall 1800 331 719 or visit our website at
TIPS TO KEEP YOUR Win an iPod nano or
an endota day spa
SUPER HEALTHY ‘body’ gift voucher
Simply fill in the entry form included
1. 3. with this edition of Talking Super
Consolidate Consider seeing or visit healthsuper.com.au/
your super a financial planner For full terms and conditions refer to the entry form included
with this edition of Talking Super. Competition excludes
residents of the ACT.
Having multiple super accounts means Receive a 25% discount
you are likely to be paying multiple fees.
By consolidating your multiple super
on an appointment with a
accounts into your existing Health Super Health Super Financial Planner!
account means you only pay one set of fees. Offer ends 31 December 2009.
Plus, your super will be easier to manage Need specific advice about superannuation
because it’s all in one place. and retirement matters? For a limited
time only, we are offering Health Super
We’ve made consolidating members and their immediate family a
your super easy! 25% discount on an appointment with
To consolidate now, simply read, complete a Health Super Financial Planner!
and return the form attached to the back
Simply contact Health Super Financial
cover of this magazine – no stamp required.
Planning* direct on 1300 780 223 or email
It’s important to check whether your other funds charge
any exit, transfer or termination fees and whether there
firstname.lastname@example.org to make an appointment.
are any benefits you may lose (e.g. insurance cover) Fill out your details below, ensuring you’ve
before consolidating your super. included your full name and Health Super
member number. You or your immediate
2. family member must present this page upon
Boost your super arrival at the appointment to be eligible for
Topping up your super regularly means
you may reap the benefits of compounding
returns (earnings on earnings). Even small
amounts could make a difference to your
Top up the easy way – with BPAY® ! There’s
no paperwork required, and you can make
your personal contributions easily – online!
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
BPAY® into super
Biller Code: 64840
Ref: member number
Telephone & Internet Banking – BPAY®
Contact your bank or financial institution
to make this payment from your cheque,
savings, debit, credit card or transaction
account. More info: www.bpay.com.au
25% off an FULL NAME:
HEALTH SUPER MEMBER NUMBER:
a Health Super
Offer only valid for one Health Super member or their immediate family member and is subject to appointment
Financial Planner availability. Offer ends 31 December 2009 and is open to residents of Victoria only.
*Health Super Financial Services Pty Ltd (ABN 37 096 452 318, AFSL 240019) trading as Health Super Financial Planning (HSFP) is a subsidiary of Health Super Pty Ltd. Health Super Pty Ltd pays HSFP half
of the annual 1% administration fee applicable to Health Super’s Account Based Pension products. Health Super Pty Ltd also pays a variable monthly amount (calculated on a cost recovery basis) to HSFP
to conduct member seminar programs. Health Super Pty Ltd is not a representative of HFSP and receives no commissions when making referrals to this service. Health Super Pty Ltd does not in any way
recommend or endorse the services provided by HSFP. For more information about the services provided by HSFP, contact HSFP on 1300 780 223 or visit hsfp.com.au.
september 2009 3
The last 12 months has been Why is my account balance lower? When will things start to improve?
Isn’t super like a bank account? Unfortunately, not even the experts know
a tough time for investors, with No, super is an investment and, as a result, when and how quickly the market will
share market volatility and the it can rise and fall in value over time. recover and we are likely to continue
to see volatile investment returns at least
effects of the economic crisis Even if you have invested in the Short-Term
in the short term. However, history shows
Conservative or Balanced investment options
continuing to impact super fund as a way of reducing investment risk, you
that markets have fallen before and that,
over time, they have recovered although
returns. We answer some of the will have been affected by the recent market
the period of recovery may differ.
volatility because almost all asset classes
questions currently being asked have been affected one way or another. For example:
by members. Are negative returns normal? • The 1987 crash saw the US share
Yes. Investment markets move in cycles and market fall by around 30%. It took 22
volatility is a normal part of the economic months for the Dow Jones to return
cycle. Historically, investments like shares to its pre-crash level.
have shown a negative return once every
• The September 11 terrorist attacks sent
five years or so.
panic through investment markets around
While no one likes to see the value of their the world. It took the Australian share market
super fall, negative returns are the price (S&P/ASX 300 Accumulation Index) 22 days
we pay for the higher returns that growth to recover to its pre-September 11 level.
assets like shares can provide over the
As always, it’s important to remember
long term. The ride may be a bit bumpy,
that past performance is not an indicator
but the potential rewards are significantly
of future returns.
greater than those offered by conservative
investments like cash.
Why didn’t Health Super get out of I’m still nervous. Should I change Also, depending on your total income
equities when the markets turned bad? my investment option? (including reportable fringe benefits and
While switching to a more cash based reportable employer superannuation
For most members, super is a long term
option may be tempting in times of high contributions), you may be eligible
investment and each investment option
volatility, it may not be appropriate for for a Government Co-Contribution
has a pre-determined objective and
those with a long term strategy. Before (up to a set limit) if you make an
strategy which determines the extent to
deciding to change your investment option, after-tax contribution into super.
which monies are allocated to equities. We
you should consider your own objectives,
avoid sudden changes in asset allocation What can I do to protect
financial situation or needs including:
because it’s difficult to predict when the my investment from volatility?
market has reached the bottom or top of • your investment timeframe If you have selected investments that have
a cycle. While the market value of some • your attitude to risk a higher level of volatility, then there’s not
investments has fallen, losses will only be • your investment goals. much you can do once a period of volatility
realised if we actually sell those investments. has commenced. The most important
We can help you work this out. As a things to remember are:
Share market investments generally Health Super member, you and your
have a medium to long-term (five year) immediate family can access licensed • don’t overreact
investment profile. And, generally, financial planners at discounted rates • find out the facts and stay informed
while shares can experience periods of via Health Super Financial Planning • keep in mind your investment strategy
negative returns from time to time, over (HSFP). HSFP’s professional planners and timeframe and
the longer term, historically returns have are paid a salary, not commissions.
out-performed other asset classes. • if necessary, get professional financial
Call 1300 780 223 for further information. advice from a financial planner.
Can I avoid last year’s losses
Why should I put extra money into Remember, super is generally considered
by switching to the Short-Term
super when returns are negative? to be a long term investment.
No. You cannot avoid losses already Tax concessions and other Government
incurred as investment switches are not benefits mean that super can still be
retrospective. This means the crediting rates an excellent way to invest for your
for 2008/09 have already been applied to retirement. Contributions from pre-tax
your account. Switching your money after income (up to a set limit) are taxed at
a negative return may also cause you to a low rate of 15%.
‘lock in a loss’ because once you withdraw
your investment from an investment
option, the loss will have been realised.
september 2009 5
Investment performance will vary over may be different depending on, You can check the individual monthly
time but, because super is a long-term for example, the duration of your performance of each investment option
investment, longer term performance investment and the timing of any on our website at healthsuper.com.au
tends to smooth out shorter-term deposits, deductions or investment
Past performance is not a reliable
fluctuations. For this reason, it is switches (where applicable).
indicator of future performance. Future
generally not appropriate to assess
The five and ten year rates of return performance depends on a range of
the performance of an investment
are compound averages up to the end factors including the investment markets
option over short-term periods.
of the last financial year (30 June 2009). and asset allocations or managers used
Health Super aims to perform The annual rate of return for each of the from time to time.
consistently over the medium Fund’s investment options for the
Where relevant, information about
to longer term. 2008/09 year and each of the four
historical Defined Benefit Earning rates
previous financial years is also shown.
Health Super’s investment returns is shown in the Explanatory Notes for
(net of relevant fees, costs and taxes) Refer to your Statement to find out which Defined Benefit and Deferred Benefit
are shown below. These returns are the investment option you were invested in at account holders.
Trustee’s declared annual returns for the the end of the reporting period.
investment options. The rates of return
Returns for 2004/05, 2005/06, 2006/07,
shown for your investment option are not
2007/08 and 2008/09 are based on final
necessarily the returns on your individual
(monthly) declared crediting rates.
investment. Your personal rate of return
2008/09 (%) 2007/08 (%) 2006/07 (%) 2005/06 (%) 2004/05 (%) Average (%) Average (%)
& SRI Options
5 Years 10 Years
Std. SRI Std. SRI Std. SRI Std. SRI Std. SRI Std. SRI Std. SRI
Long-term growth -14.38 -7.98 -8.12 -10.18 17.88 14.00 17.10 15.08 15.46 10.02 4.63 3.59 4.36 N/A
Medium-term growth -9.93 -5.39 -4.86 -6.40 14.33 11.56 13.82 12.38 14.21 10.29 4.96 4.13 4.65 N/A
Balanced -6.21 -3.11 -1.55 -2.65 10.77 8.93 10.04 9.07 12.50 9.82 4.83 4.24 N/A N/A
Short-term -2.06 -0.48 1.78 1.14 7.70 6.67 6.54 6.00 14.21 8.94 4.79 4.39 4.65 N/A
Stopover 4.66 N/A 6.39 N/A 5.23 N/A 5.06 N/A 14.00 N/A 5.41 N/A 5.25 N/A
SRI options have only been available since 2003.
N/A: These returns are not available because these options were not in existence at the time.
Pension Options 2008/09 (%) 2007/08 (%) 2006/07 (%) 2005/06 (%) 2004/05 (%) Average (%) Average (%)
5 Years 10 Years
Std. SRI Std. SRI Std. SRI Std. SRI Std. SRI Std. SRI Std. SRI
Long-term growth -15.82 -8.18 -8.12 -10.18 17.88 14.00 17.10 15.08 15.46 10.02 5.46 4.31 5.08 N/A
Medium-term growth -10.82 -5.38 -4.86 -6.40 14.33 11.56 13.82 12.38 14.21 10.29 5.86 4.94 5.45 N/A
Balanced -6.66 -2.95 -1.55 -2.65 10.77 8.93 10.04 9.07 12.50 9.82 5.73 5.06 N/A N/A
Short-term -2.00 -0.09 1.78 1.14 7.70 6.67 6.54 6.00 14.21 8.94 5.70 5.25 5.61 N/A
Stopover 5.52 N/A 6.39 N/A 5.23 N/A 5.06 N/A 14.00 N/A 6.35 N/A 6.16 N/A
SRI options have only been available since 2003.
N/A: These returns are not available because these options were not in existence at the time.
Health Super’s performance
in a difficult year
Despite finishing on a more positive tone,
the 2008/09 financial year was undoubtedly
a very testing year for investors.
The year was characterised by the It will also be a year remembered for Comparative
global financial crisis, a sharp slowdown decisive and unprecedented action by
in world economic growth and consequent governments and central banks around Health Super returns
significant falls in global share and property the world to ‘bail-out’ major bank, Most super funds experienced a second
markets. It was the second consecutive insurance and investment businesses to year of negative returns, and Health Super
year of negative returns for super funds. support a financial system under stress. was not immune to this. This was driven
Recently, there have been signs of stability mainly by falls in Australian shares of
in some major economies and recovery in Unprecedented more than 20% and in global shares of
global share markets. However, it’s approximately 20%. Property assets also
These unprecedented global problems were
understandable that investors, especially experienced disappointing returns.
met with significant coordinated action in the
those approaching retirement, may feel
form of lower interest rates and government However, recent rises in share markets
concern when reviewing their investment
‘stimulus packages’ that sought to restore around the world have masked the
returns for the past year.
confidence and kick-start stalling economies. unprecedented volatility displayed by
In what is widely considered to have been financial markets during the 2008/09
While it is too early to say with confidence
the most challenging economic conditions financial year. For example in the first seven
that economic and investment market
in over 70 years, global share and property months of the year the Australian share
recovery has commenced, there is a
markets experienced a second year of market fell almost 39% before recovering
growing sense that the worst may be
negative returns. For some asset classes 21% at year end from the March low.
over for long term investors. History
this was the worst performance in over
tells us that economies do recover and Health Super publishes up-to-date
25 years. While the Australian economy
financial market returns will reflect the investment information regularly on its
fared well compared to others, recessions
prospects of better times ahead. website. See www.healthsuper.com.au
in the US, Europe, Japan and most
developing countries resulted in forecasts for more information.
of negative world economic growth.
Comparative Health Super returns
Here at Health Super we work hard to maximise the Your Fund has low fees and all benefits are returned to
retirement savings of our members. Even in the current members. Health Super also supports your industry by
investment environment, Health Super remains one of sponsoring community initiatives such as the Great Vic
Australia’s top performing super funds. Trek for Yooralla, the Deakin Nursing Awards and Vision
Australia’s Carols by Candlelight.
SuperRatings, an independent research company, has
*Health Super – Medium Term Growth – 1 year return as at 30 June 2009.
compared the investment performance of different super www.superratings.com.au. Note: Past performance is not a reliable indicator
funds, and has ranked Health Super in the Top 10* of future performance.
performing funds in Australia.
While it’s reassuring to know that you’re with a top-
performing fund, it’s also important to remember that
there’s more to Health Super than investment
september 2009 7
Government Co-Contribution reduced
The co-contribution is an amount which may be paid by the
Government if you make a voluntary after-tax contribution to
super during the year (depending on your income).
From 1 July 2009, the co-contribution will reduce to a matching
contribution of $1.00 for every $1.00 contributed by eligible members
(up to a maximum of $1,000). This will be a temporary cut only, with
the co-contribution gradually increased to $1.50 in the 2014/15
financial year. The new rates are summarised below:
Financial Matching Maximum Reducing rate
Year % co-cont.
2008/09 150% $1,500 Reduces by 5 cents for each dollar
over the threshold total income
2009/10 100% $1,000 Reduces by 3.333 cents for each
The Federal Government Budget in May 2010/11
dollar over the threshold total income
2009 announced a number of changes 2012/13 125% $1,250 Reduces by 4.167 cents for each dollar
2013/14 over the threshold total income
to the super and retirement systems. 2014/15 150% $1,500 Reduces by 5 cents for each dollar
It’s important that you understand onwards over the threshold total income.
these changes as they may affect you. Total income includes reportable fringe benefits and, from 1 July
2009, reportable employer superannuation contributions (example,
salary sacrifice contributions). Refer to www.ato.gov.au for more
information including the income thresholds applicable for the
Not sure what these 2009/10 year and other eligibility criteria.
changes mean for you? Small and lost accounts transferred to ATO
The Government has announced that from 1 July 2010,
If you have a question about the changes superannuation funds will be required to transfer ‘lost accounts’ with
relating to super, contact us on 1800 331 719. a balance of less than $200 to the ATO or accounts that have been
‘inactive’ for five years and for which there are insufficient records to
For questions relating to the changes to identify the owner. You will be able to reclaim your money from the
social security or other Government benefits, ATO if you can prove that any of these accounts belong to you
(note: this proposal has not become law yet and may change).
call Centrelink on 13 23 00 or visit
An important part of making sure your account doesn’t become
www.centrelink.gov.au. ‘lost’ is to ensure Health Super has your most up-to-date details.
If you have recently moved or changed jobs, have you advised
Health Super? Call 1800 331 719 for further information.
Contribution limits reduced
The limit on pre-tax contributions that can be made to super each
year (without incurring additional tax) will reduce from 1 July 2009.
Pre-tax contributions include employer superannuation guarantee
and salary sacrifice contributions^. The new concessional contribution
limits are as follows:
Concessional (pre-tax) contribution cap
from 1 July 2009
Financial year Under age 50 Over age 50
2009/10 $25,000 $50,000
^ Special rules apply to employer contributions which go towards providing Defined
2010/11 $25,000* $50,000
Benefits, including transitional arrangements for members of a defined benefit fund on
5 September 2006. A formula, as specified in tax legislation, is used to work out a 'notional 2011/12 $25,000* $50,000
taxed contribution' that relates to a member's Defined Benefit account, which is included
in the member's total concessional contributions for a year. Under the transitional 2012/13 $25,000* $25,000
arrangements, a defined benefit member's excess notional taxed contributions may be
treated as equal to the concessional contributions cap in certain circumstances. These * Indexed yearly
transitional arrangements have also been amended to reflect the new contribution limits.
If you are currently sacrificing large amounts of your salary into super,
you will need to make sure you don’t exceed the new contribution limits Surcharge
as a higher tax rate (46.5%) will be applied to excess contributions. (projected for
2010-11) TIER 1 TIER 2 TIER 3
Note that from 1 July 2009, salary sacrifice amounts affect eligibility
for co-contributions, tax deductible member contributions and Income (Singles) $0 - $75,000 $75,001 - $90,001 - $120,000+
spouse rebates by being included in the assessment of your total
income for these purposes. Income $0 - $150,000 $150,001 - $180,001 - $240,001+
(Couples/families) $180,000 $240,000
The limit on voluntary or personal after-tax (non-concessional)
Medicare levy Nil 1.00% 1.25% 1.50%
contributions will remain at $150,000 (or $450,000 over a 3 year surcharge
period for members under 65 years of age) for 2009/10 and will
Private health 30% 20% 10% Nil
be indexed for future financial years to ensure it is maintained insurance rebate
at six times the lower concessional contribution cap. under 65
Other Budget changes Private health
35% 25% 25% Nil
There are other important changes announced in the 2009
Federal Budget. While these don’t impact directly on your Private health 40% 30% 30% Nil
super, it is important to be familiar with those changes. 70 and over
These are summarised below, not all proposals have been
legislated so are subject to change.
New Medicare levy low income thresholds
Changes to personal income tax rates
The new Medicare levy thresholds applicable from
Changes previously announced to personal income tax rates will the 2008/09 year are:
go ahead. The new rates for most individual residents (not including
• Singles: $17,794 (previously $17,309)
the medicare levy) are as follows:
• Families: $30,025 (previously $29,207).
2008/09 2009/10 2011/12
Each dependent child or student increases the threshold by
Taxable income Rate Taxable income Rate Taxable Income Rate
$2,757. For eligible pensioners, the low income threshold has been
$0 - $6,000 0% $0 - $6,000 0% $0 - $6,000 0% increased to $25,299 for the 2008/09 year.
$6,001 – 15% $6,001 – 15% $6,001 – $37,000 15%
Paid parental leave
The Government has announced that, from 1 January 2011,
$34,001 – 30% $35,001 – 30% $37,001 – 30% payments to the primary carer will be introduced at the adult
$80,000 $80,000 $80,000
Federal minimum wage rate (currently $543.78) for up to 18 weeks.
$80,001 - 40% $80,001 - 38% $80,001 - 37%
$180,000 $180,000 $180,000 Payments will be considered taxable income and will affect
$180,001+ 45% $180,001+ 45% $180,001+ 45%
entitlements to family assistance payments, but will not be
counted as income for income support payments.
Changes to the private health insurance rebate Primary carers will be eligible if they:
From 1 July 2010, the Government is proposing to introduce a three- • Earned less than $150,000 in the full financial year prior to birth
tier approach to determine the private health insurance rebate payable or adoption and worked at least 330 hours over 10 months
to individuals. The rebate is currently 30% and is not means tested. (equal to one full day per week) preceding birth or adoption.
Based on current draft legislation, under the proposed arrangements: • Worked at least 10 of the 13 months (and at least 330 hours)
before the expected date of birth or adoption.
• Age and number of dependant children will be a factor
in determining the amount of rebate received. Parents receiving paid parental leave will not be eligible for the baby
bonus except for multiple births, where no baby bonus will be paid
• Current rebates will continue for singles earning less than $75,000
for the first child. Parents also won’t be eligible, while receiving paid
and couples/families earning less than $150,000.
parental leave, for:
• Income earned above the upper level will result in a complete
loss of the private health insurance rebate. • Family Tax Benefit Part B
• High income earners will pay more for cover due to the loss • Dependant Spouse tax offset
of rebate and a higher Medicare levy surcharge if they choose • Child-Housekeeper tax offset
not to have cover. • Housekeeper tax offset.
september 2009 9
Our brand new look
As a provider of specialist super services We’ll be launching a brand new website
to the health and community services in November. Our new site will be easy
sector we have got the industry experience, to navigate, user-friendly and has been
technology and investment expertise to help restructured to incorporate a new Member
ease the burden of super administration. section, which has information relevant to
We pride ourselves on our professionalism, you, no matter what stage of your life you’re
our performance and our friendly service. at. A Member Help Centre will have more
technical and practical information. You’ll
Importantly, we listen to you - our members.
also find enhanced online tools to help
Accordingly, we recently undertook research you manage your super more easily.
of both our members and employers to gain
What’s more, we have prepared a suite
insights into how Health Super is perceived.
of entirely new communications material.
Our research revealed a number of things: Our brochures have been updated and
we have introduced new topics to make
• Many people were confused about who super easier for you to understand.
Health Super was and what we represent.
• Many people didn’t understand how We recently undertook some
we might be different to our competitors.
research with both our
• Many people reported that the way members and employers to
we looked and talked didn’t reflect
who we were. gain some insight into how
With that in mind, we made a commitment Health Super is perceived.
to change the way we present ourselves
and communicate with all our members We’ll continue to contribute to the Health
and employers. and Community Services sector, through
In the coming months, you’ll see our new, sponsorship of industry events and
fresh look and range of communications conferences and help you stay informed
that have been developed to address about super. We’ll still be there on the
some of the issues you raised. ground to meet with you and hear about
your issues, concerns or successes.
Firstly, you’ll notice our new logo and colours.
These colours were chosen to reflect the We invite you to join us on this journey to
friendly, warm and contemporary organisation rediscover Health Super and we hope you’ll
that we aim to be. Although our logo has embrace the positive changes we have
changed, we still represent the same great made. Stay tuned for more information
service and dedicated professionalism that and look out for our new website which
we have always stood for. will be launched later in the year.
If you have any comments or questions about our new look, please
let us know. You can call us on 1800 331 719.
As a health and community services worker, • Death only cover – providing a lump sum
you’ve probably seen first hand just how payment in the event of your death. If you
devastating the effects of unexpected become terminally ill, your insured benefit
death, illness or injury can be. may be paid earlier. Death cover is
available up to a maximum of $5 million.
Unfortunately, many Health Super members
may be under-insured and mistakenly believe • Death & TPD cover – providing a lump sum
they can’t afford more than the automatic payment if you die or become totally and
level of cover that may be provided when permanently disabled. Cover is available
they first join the Fund (providing they meet up to a maximum of $5 million for Death
eligibility criteria). and $2 million for TPD.
But with Death and Total & Permanent • Income Protection – providing a monthly
Disablement (TPD) insurance starting at benefit if you become totally disabled due
just $1.03 per unit each week, can you afford to sickness or injury for longer than the
not to be covered? The amount you pay will nominated waiting period. The maximum
depend on the assessment of your application cover you can receive is 85% of your
for additional cover by the insurer. pre-disability income, $20,000 per month
or your monthly insured benefit as agreed
Types of cover available
by the insurer, whichever is the lesser.
Eligible Health Super members can access
a range of insurance cover, including: Do you have enough?
Check your Member Statement to see
the dollar value of your insurance benefit
entitlement as at 30 June 2009.
Will this be enough to pay your medical bills
or make alterations to your home if you are
no longer able to look after yourself? Will it
be enough to pay for your funeral, pay-off the
mortgage and financially support your family
if you’re no longer around?
Want more cover?
Having the right amount of insurance cover
is an important part of any financial plan.
At Health Super, you can apply to increase
your level of insurance cover at any time
provided you meet eligibility criteria.
Further details are contained in the Accumulation
PDS. Contact us on 1800 331 719 or visit
www.healthsuper.com.au to download a
copy. You may also like to obtain professional
financial planning advice to help you
determine the level of cover required.
Save time and save
Don’t waste time waiting for the postie to arrive! You can access your
Health Super account and important communications like your Member
Statement online, any time you like. You’ll also be helping the environment
by reducing the amount of paper we use.
Health eSuper provides a flexible and Setting up a Health eSuper account is
secure way to manage your super. easy. Go to www.healthsuper.com.au
With just a click of a button, you can: and follow the prompts to register. Your user
• Update your details name and password will be emailed to you
(faster than filling out a form) automatically. If you would like to receive
communications such as your Member
• Change the way your super is invested
Statement online, you will need to register
• View your contributions history for this separately via eSuper.
• View important fund publications
If you register to receive your Member
• Obtain an estimate of your Statement online, we’ll send you an
account balance. email to let you know when your
Accumulation PDS is ready for you to view.
Call us on 1800 331 719 if you have any
questions or need help registering.
TELL US WHAT
Health Super aims to provide superior We have engaged a professional research
member service but there’s really only firm to design and conduct this research
one way to find out whether we’re on our behalf. If you are contacted, please
meeting your expectations – that’s be honest! Your feedback will be used to
to ask you what you think! help us measure and improve the services
we provide to all members.
Over the course of the next year we’ll
continue to conduct telephone surveys We promise not to survey you more
with more than 5,000 members to gather than once a year and if you decline the
information about their experiences survey, we will remove you from the list
interacting with us when they: for future surveys.
• Joined the fund The surveys are a great way for us to
• Withdrew or deposited money test how we are performing, and to really
• Conducted transactions highlight any improvements we can make
in delivering service to our members.
• Contacted our Call Centre
• Used our website.
september 2009 13
There have been some recent changes at (who are not Australian citizens, New Zealand Please note that the entitlements of a same
Health Super because we’ve reviewed our citizens of permanent residents) can access sex partner or child of a same sex partner
processes or as a result of legislative reforms. preserved super from their super fund have of a member is subject to Health Super’s
These changes are summarised below. also changed. Temporary residents can no Trust Deed. The Health Super Trust Deed
longer access preserved super in the same was amended on 29 April 2009 to reflect the
New crediting rate process circumstances as other members (for example, expanded definitions of ‘spouse’ and ‘child’
Crediting rates reflect the value of a fund’s on retirement, reaching age 65 or financial under superannuation legislation.
investment returns, less any applicable fees, hardship grounds). If you would like more For information about the impact of these
costs and taxes. They form the basis for information, please contact us on 1800 331 719. reforms on Family Laws, consult a legal adviser.
crediting returns to your account (or deducted
returns, if negative), depending on the Disclosure of information to former Providing your Tax File Number (TFN)
investment option you are invested in. temporary residents whose benefits
Under the Superannuation Industry
are transferred to the ATO
Declared crediting rates are rates ‘declared’ (Supervision) Act 1993 (SIS), the Trustee
by the Trustee on a monthly basis for each Going forward, Health Super will rely on the is authorised to collect your TFN, which will
investment option. These rates take a few relief provided by the Australian Securities only be used for lawful purposes.
weeks to calculate and are based on the & Investments Commission (ASIC) Class
These purposes may change in the future as
actual (net) investment performance of each Order [CO 09/437] which says, in effect,
a result of legislative change. The Trustee of
investment option during the period. Interim that the trustee of a superannuation fund is
the Fund may disclose your TFN to another
rates are used for periods when the declared not obliged to notify a non-resident that he/
superannuation provider, when your benefits
rate is not yet available. she has ceased to hold an interest in the
are being transferred, unless you request
fund and that the trustee is not obliged to
Health Super introduced a new process on the Trustee in writing that your TFN not be
give a periodic or exit statement to a non-
1 March 2009 whereby an interim crediting rate disclosed to any other superannuation provider.
resident in circumstances whereby the
will be calculated and set for all investment It is not an offence not to quote your
trustee is requested to pay the unclaimed
options each week. The interim rate will apply for TFN. However providing your TFN will have
superannuation to the Commissioner of
payments made from the Fund until the monthly the following advantages (which may not
Taxation. This means we aren’t required to
crediting rate is declared for that month. For otherwise apply):
notify former temporary residents when their
further information about the new crediting rate
benefits are transferred to the ATO. • Health Super will be able to accept all types
process, visit www.healthsuper.com.au.
This relief however, is subject to a number of of contributions to your account;
Super treatment changes conditions, amongst which require the Trustee • Additional tax will not be payable by
for temporary residents upon request to provide information and Health Super on concessional contributions
The Federal Government has changed documentation to a non-resident about their to your account (No-TFN tax);
the treatment of super benefits for former interest in the Fund. • Other than the tax that may ordinarily apply,
temporary residents who have left no additional tax will be deducted when you
Super treatment changes
Australia permanently. start drawing down your superannuation
for same sex couples
From 18 December 2008, the super benefits; and
The Government has changed a range of
benefits of temporary residents who have: • It will make it much easier to trace different
Commonwealth laws to provide same sex
• worked in Australia, couples with access to the same entitlements superannuation accounts in your name so
as other couples. that you receive all your superannuation
• held a valid visa, and
benefits when you retire.
• the visa has since expired or been cancelled For super purposes (including related tax
purposes), ‘spouse’ is now defined to include If the No-TFN tax is deducted from your
may become payable by Health Super to account as at 30 June in a financial year
the ATO as unclaimed money, if not claimed a person living with a person on a genuine
domestic basis ‘in a relationship as a couple’ and you subsequently supply your TFN to
within 6 months of a temporary resident Health Super (within 3 years) while a member of
having permanently departed Australia. This or in a registered de facto relationship under
State or Territory law (whether of the same sex the Fund, the Trustee will refund the No-TFN tax
requirement applies under the Superannuation to your account with an effective date of
(Unclaimed Money and Lost Members) or a different sex).
1 July in the financial year after the No-TFN tax
Act 1999 which was amended to give the The definitions of ‘child’ has also been was deducted. Where it can be established that
ATO power to issue notifications to super extended to include a child of a person’s Health Super did in fact hold your TFN before
funds from time to time for payment of spouse (which may include a same sex partner) 30 June in a financial year, any No-TFN tax
superannuation benefits of former temporary or a child recognised under the Family Law deducted from your account will be refunded
residents in the fund to the ATO. Unclaimed Act, for example, children born from artificial with an effective date of 30 June in that year.
monies can be claimed directly from the ATO conception and surrogacy arrangements.
Health Super’s policy is that, if you have
at any time after departing Australia, subject The expanded definition of “spouse” and not provided your TFN at the time you
to the payment of tax. Unfortunately, if a “child” impact who death benefits can be leave Health Super, the No-TFN tax will be
former temporary resident’s superannuation is paid to (and how they are taxed), who you deducted from your account in respect of
transferred to the ATO as unclaimed monies, can nominate as your beneficiary in a concessional contributions received in the
it will not attract interest nor will the unclaimed (non-binding) nomination, who you can same year. The Trustee will not seek a refund
amount retain any associated insurance cover. nominate as a reversionary beneficiary in the of the No-TFN tax charged to your account
From 1 April 2009, the withholding tax case of a pension account, who can establish if you provide your TFN after you leave
on any super amount claimed by a former a spouse account, eligibility for the spouse Health Super. Therefore it is important you
temporary resident as a Departing Australia contribution rebate and splitting of super ensure that Health Super has your TFN.
Superannuation Payment (whether the super benefits on breakdown of a relationship.
Where de facto relationships (including same Stricter requirements now apply to employers
benefit is paid by the Fund or the ATO) has
sex de facto relationships) are subject to the to provide TFNs to a fund for their employees
increased to 35% of the taxable component
Family Law Act, requests for information about (failure to meet these requirements may lead
and 45% on any untaxed component.
a member’s super may be made to a super to penalties). However you should not assume
From 18 December 2008, the rules governing that Health Super has received your TFN
the circumstances in which temporary residents fund by a de facto spouse.
from your employer.
to the community
Carols by Candlelight
Health Super is delighted to again be the major sponsor
of the Vision Australia’s Carols by Candlelight® Live Site
at Federation Square event.
As always, the event is free and open to all. More
information will be posted on our website in the lead
up to Christmas.
The Great Vic Trek NURSING AWARDS
for Yooralla Sponsored by Deakin University
POWERED BY Health Super in partnership with Health Super
The Deakin University Leadership in Nursing Awards is a fantastic
December this year will see Health Super supporting a 21 day opportunity for Health Super to recognise leaders across the health
trek around Victoria via all modes of transport to help a great sector. The Awards are an annual event that recognises nurses and
Victorian charity, Yooralla. midwives who have contributed to the profession and benefited the
The Great Vic Trek will kick off with former Australian public by improving health service delivery, capacity and/or policy.
cricketer Dean Jones leading a group of walkers from Melbourne’s A number of prizes are on offer, including $20,000 awarded to a
Federation Square to the first stop, the East Gippsland town of nurse or midwife who has contributed to the profession and benefited
Traralgon. He will then pass the baton onto a mix of former AFL the public by improving health service delivery, capacity and/or policy.
stars and sports people who will then run, sail and ride throughout
hundreds of Victorian towns throughout December, until reaching Winners will be announced at a gala dinner to be held on
its final destination – the MCG on December 27, the second day 29 October 2009 at Melbourne’s Hilton on The Park. The guest
of the Boxing Day Test match. speaker will be Ms Christine Nixon APM, Chair of the Victorian
Bushfire Reconstruction and Recovery Authority.
Each of these towns will experience fund raising activities with help
from the likes of Michael Klim, Pat Cash, Cadel Evans, Marc Murphy, For information on award categories and to download and submit
Dean Jones, Damien Fleming and Tony Shaw, to name just a few. a nomination form, visit the web site at www.deakin.edu.au/hmnbs/
Check the Trek website to get involved in the events
or to make a donation: www.thegreatvictrek.org.au Applications are now open and close Friday 11 September 2009.
Apply now or nominate someone you know!
Health Super is delighted to be the principle sponsor of this
great cause, as well as providing logistical and other support.
Health Super staff will also participate on the actual walk itself,
helping to raise funds for a very worthy cause.
september 2009 15
Meet the people behind
Call us! Get advice from a professional
Call 1800 331 719 and you’ll speak to a real person Health Super Financial Planning1 provides
trained in super and administration. You’ll be professional financial planning advice to help
talking to a member of the Fund too. We’re good you define and meet your financial goals.
listeners and will answer your general inquiries as Call 1300 780 223 to make an appointment.
simply as possible, without the technical jargon. Health Super members and their immediate
family are entitled to discounted service rates.
Our Call Centre is open from 8.30am – 6.00pm EST
Monday to Friday. Local call costs apply from Retirement planning seminars
anywhere in Australia. Held regularly throughout the year, retirement
planning seminars are a great way to learn more
Speak to an Account Manager
about super and retirement planning. The seminars
Got a more complicated problem or query? Our
are designed to help you maximise your wealth
Account Managers can come to your workplace
in retirement. Visit our website for the schedule
or speak to you over the phone to resolve your
problems quickly and correctly.
1800 331 719
Fax (03) 9614 8048
Locked Bag 2900
6894 September 2009 031HS10155 31>49
Collins Street West
VIC 8007 Our friendly contact centre staff
Health Super Fund 1
Health Super Financial Services Pty Ltd AFSL No. 240019 trading as Health Super
Financial Planning (‘HSFP’) is a wholly owned subsidiary of Health Super.
ABN 88 293 440 675
Health Super pays HSFP half of the annual 1% Account-keeping fee charged
for Health Super’s Account Based Pension and Transition to Retirement Pension
Health Super Pty Ltd products. Health Super also pays a variable monthly amount (calculated on a cost
recovery basis) to HSFP to conduct member seminar programs. Health Super is not
Trustee of the Health Super Fund a representative of HSFP and receives no commissions when making referrals to this
ABN 97 084 162 489, AFSL No. 246492 service. Health Super does not in any way endorse the services provided by HSFP.
Use this form to consolidate your super accounts. You should contact your other super fund(s) to find out if there are any fees, charges
or other consequences for transferring your super out of that fund(s).
Note: This form only allows you to transfer the whole of your account balance. Health Super requires the signed original copy of this form.
If you want to transfer more than one account, photocopy this form and return to Health Super as directed at the back of this form.
Important information: * Indicates mandatory fields. Due to Government reforms aimed to address money laundering and terrorism
financing, certain minimum information must be provided. To avoid your request being delayed or not processed please ensure these
fields are completed properly.
*Your 7 or 8 digit Health Super member number *Mr Ms Mrs Miss Dr Other (please specify) *Male Female
*Given name(s) *Surname *Date of birth
D D M M Y Y Y Y
*Full residential address (PO Box not acceptable)
Suburb Country State Postcode
Postal address if different from residential address
Suburb Country State Postcode
*Telephone number (BH) Telephone number (AH) Mobile
Fund details from where you are transferring your account
*Fund name Phone
Membership account number Superannuation Product Identification Number (SPIN)
Fund details for your Health Super account
Fund name Phone
HEALTH SUPER FUND 1 8 0 0 3 3 1 7 1 9
*Your 7 or 8 digit Health Super member number Superannuation Product Identification Number (SPIN)
You must check with your other fund to ensure they permit this transfer.
Proof of identity
I have attached a certified copy of my driver’s licence or passport; OR I have attached certified copies of both:
• Birth/citizenship certificate or Centrelink Pension Card; and
• Centrelink payment letter or Government notice
(less than 1 year old) with name and address
Please see overleaf for further information.
The easiest way of sending proof of ID is to take your driver’s licence or passport to a police station and have it endorsed by an officer.
Send it to us with this form.
Sign and return as directed
Declaration: I authorise the rollover of the specified superannuation fund entitlement(s) to my existing Health Super account and in doing so I understand that:
• The trustees of my other fund(s) are discharged from any liability in respect of any amount rolled over and once a final statement has been issued by
• In rare cases Health Super Pty Ltd may be required under law to deduct tax from the untaxed portion of my entitlement (this is only the case when
transferring in from untaxed public sector funds);
• Health Super Pty Ltd cannot provide advice about my transfer options or the consequences of leaving my other fund(s);
• My other fund(s) may deduct a withdrawal and/or termination fee. I understand that I may incur fees on exiting from my other super fund(s);
• I may ask my other super fund(s) for information about any fees or charges that may apply, or any benefits I may lose or other information about the effect
this transfer may have on my benefits.
I have read and understood the information and the declaration in this form carefully and to the best of my knowledge the details I have provided are correct.
I have also read the Privacy Statement contained in the PDS and authorise the Trustee to collect, use and disclose my personal information in accordance
Your signature Date
D D M M Y Y Y Y
Have you provided your Tax File Number (TFN) to Health Super?
If you haven’t, you may have to pay tax at the highest marginal rate plus the Medicare levy rather than the concessional rate of 15% tax payable on amounts
received by Health Super on your behalf. See our PDS for more information about the consequences should Health Super not hold your TFN. Please contact
us via our Superline on Freecall 1800 331 719 to obtain a form to provide your TFN.
Proof of identity
You will need to provide acceptable documentation with this transfer request to prove you are the person to whom the superannuation
Acceptable documents include either: Certification of document copies
• Copy of drivers licence or passport All copies of documents must be certified as a true and correct copy
of the original. The following are authorised to certify your documents:
OR copy of one of the following documents:
• A permanent employee of Australia Post with five or more years of
• Birth certificate or extract, citizenship certificate, pension continuous service. Five years of continuous service must be
card issued by Centrelink (entitling financial benefits) officially declared.
AND one of the following: • A finance company officer with five or more years continuous service
• Letter from Centrelink regarding Government assistance payment; • An officer with or authorised representative of a holder of an Australian
Financial Services Licence having five or more years continuous service
• Notice issued by any Government department or local council within
with one or more licencees
the last 12 month period which contains your name and address
(i.e. ATO Assessment or rates notice). • A notary public officer
• A police officer
• A registrar or deputy registrar of a court
• A Justice of the Peace
• A person enrolled on the roll of a State or Territory Supreme Court
or the High Court of Australia as a legal practitioner
• An Australian consular officer or an Australian diplomatic officer
• A judge of a court
• A magistrate, or
• A chief executive officer of a commonwealth court.
Pharmacists and registered medical practitioners are not accepted
for ID purposes for superannuation.
The original form and certified identification must be sent via our postal address
to:Health Super Pty Ltd, PO Box 5114 South Melbourne VIC 3205.
The information contained in this document has been prepared without taking into account your personal objectives, financial situation or needs. Before making a decision, you should consider the
appropriateness of the products and services offered by Health Super having regard to your objectives, financial situation and needs.
If you would like a copy or if you would like to access or update the personal information we hold about you, please contact Health Super’s Privacy Officer on 1800 331 719.
Issued by Health Super Pty Ltd (ABN 97 084 162 489, AFSL No. 246492) as Trustee of the Health Super Fund (ABN 88 293 440 675).