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OVERVIEW SUPER SA ALLOCATED PENSION

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					                                                                                                           SUPER SA ALLOCATED
                                                                                                           PENSION
                                                                                                           (INCLUDING NON-COMMUTABLE
                                                                                                           ALLOCATED PENSION)


                                                                                                            OVERVIEW
                                                                                                            Fact Sheet




  What is an allocated pension?                                                              Allocated pensions are designed
  Allocated pensions are designed for people who have retired, or are approaching
  retirement age, and want to leave their money in a complying superannuation fund           for people who have retired, or
  (such as the Super SA Allocated Pension) so that they can draw a regular income            are approaching retirement age,
  stream rather than withdrawing money in a lump sum.
                                                                                             and want to use their lump sum
 People who have reached Commonwealth preservation age and wish to transition from           entitlement to draw a regular
 full-time work to retirement can choose a non-commutable allocated pension (NCAP).
 This will allow them to access their preserved super benefits without having to retire.     income stream.
 Eligibility for the Super SA Allocated Pension
 You are able to purchase a Super SA Allocated Pension if you are a current member
 (active or preserved) of one of the SA public sector super schemes. You are also eligible
 if you have received an entitlement from one of these schemes in the last 12 months:
 – The Super SA Flexible Rollover Product
 – Triple S
 – The Lump Sum Scheme
 – The Pension Scheme
 – The Parliamentary Superannuation Scheme
 – The SA Ambulance Service Superannuation Scheme
 – Any other super scheme established by the SA Government for its employees.

 You can also purchase a Super SA Allocated Pension if you are already receiving
 fortnightly retirement income payments from one of the schemes mentioned above.

  Note: Generally, you must be over age 55 to purchase a Super SA Allocated Pension.

  Spouses or de facto partners of SA public sector employees are also eligible to            Disclaimer
  purchase a Super SA Allocated Pension (conditions apply).                                  This fact sheet provides a general summary to help you
                                                                                             understand your entitlements in the Super SA Allocated Pension.
                                                                                             Super SA does its best to make sure the information is accurate
  Your investment must be a superannuation lump sum transfer or rollover from a super        and up to date. However, you need to be aware that it may not
  scheme, and be “unrestricted non-preserved”. Your investment is not required to be         include all the technical details relevant to the topic. For the
 “unrestricted non-preserved” to purchase the Super SA Non Commutable Allocated              complete rules of the Super SA Allocated Pension, please refer to
  Pension (NCAP). See the Super SA Allocated Pension Product Disclosure Statement            Section 47B of the Southern State Superannuation Act 1994. The
                                                                                             Act, accompanying Regulations and Product Disclosure Statement
  (PDS) for further information, available on the Super SA website.                          set out the rules under which the Super SA Allocated Pension is
                                                                                             administered and entitlements are paid. You can access copies of
 The opening balance of your Super SA Allocated Pension, including an NCAP account,          these documents from the Super SA website at
 must be a minimum of $30,000. Once your Super SA Allocated Pension is set up, you           www.supersa.sa.gov.au/allocated_pension/ap_downloads.html.
 cannot add further amounts, but you can commence a second Super SA Allocated
                                                                                             Super SA and the State Government disclaim all liability for all
 Pension account with a minimum amount of $10,000.                                           claims, losses, damages, costs or expenses whatsoever (including
                                                                                             consequential or incidental loss or damage), which arise as a
                                                                                             result of or in connection with any use of, or reliance upon, any
                                                                                             information in this fact sheet.



Telephone 1300 781 874                    Fax (08) 8226 0593                                   Last updated
                                                                                                                                                         APFS01




                                          Website www.supersa.sa.gov.au                        March 2009
                                          Email superproducts@saugov.sa.gov.au                 Page 1 of 4
 Who can a non-commutable allocated pension benefit?                                         With a Super SA Allocated Pension
 While you may be eligible, you may wish to consider that members who can benefit
 most from an NCAP under the current rules are those who have a portion (or all) of their    you can choose to have income
 super preserved. Generally this money is not accessible until you retire permanently        paid fortnightly, monthly, quarterly,
 from the workforce from age 55 or reach age 65. An NCAP enables you access to this
 money through regular income payments.                                                      half-yearly or annually. You are able
You may also wish to consider combining any super you have invested in other funds and
                                                                                             to choose the amount of your
contributing personal savings towards the purchase of your Super SA Allocated Pension        annual income within limits set by
or NCAP.
                                                                                             the Commonwealth Government.
 Advantages of an allocated pension
 Allocated pensions, including NCAPs, can offer significant tax benefits under current
 legislation.

 With a Super SA Allocated Pension you can choose to have income paid fortnightly,
 monthly, quarterly, half yearly or annually. You can withdraw lump sum amounts, with a
 minimum of $1,000, whenever additional cash is needed (conditions apply).

 If you are over age 60, your income and lump sum withdrawals are tax free and do not
 need to be declared on your tax return.

 If you choose an NCAP, the ability to withdraw lump sum amounts is limited to
“unrestricted non-preserved” money. Amounts that are “restricted non-preserved” and
“preserved” can only be accessed by your regular income payments.

Advantages of the Super SA Allocated Pension
The Super SA Allocated Pension is administered by Super SA, your trusted super partner.
With the Super SA Allocated Pension you will avoid the inconvenience of having to find
a new fund administrator, and have peace of mind knowing your retirement investments
are being managed by Funds SA, an investment team with a solid history of producing
better than average returns.

 Investment markets and the Super SA Allocated Pension
 Like the majority of products in the investment market, if you choose a Super SA
 Allocated Pension you should be aware that capital losses are possible, depending on
 the investment option(s) you choose and their performance over time. This is due to the
 volatility of investment markets. This volatility is a normal part of investing and can
 occur with monies you may have in other super funds, the share market and other types
 of investment.

 One of the most important factors to consider when making an investment decision is
 the trade-off between risk and return. Generally, the options that offer the highest
 potential long-term returns also come with the highest risk of generating negative short-
 term returns, while the options that come with the lowest risk of negative returns also
 offer the lowest potential long-term returns.

You should also remember that payments you receive from your Super SA Allocated
Pension will only be made until your account balance runs out.

 It is therefore possible that your Super SA Allocated Pension account may not provide
 you with sufficient income for the rest of your life.

 You should consider seeking professional financial advice before opening a
 Super SA Allocated Pension account.




Telephone 1300 781 874                      Fax (08) 8226 0593                                Last updated
                                            Website www.supersa.sa.gov.au                     March 2009
                                            Email superproducts@saugov.sa.gov.au              Page 2 of 4
 Bringing it all together                                                                 The Super SA Allocated Pension
 If you have super invested in several funds, or you would like to contribute personal
 savings, you can bring it all together by rolling it into one of the other schemes       has a simple fee structure. There
 established by the SA Government or the Super SA Flexible Rollover Product before        are no hidden fees or charges.
 investing in the Super SA Allocated Pension. As well as simplifying your finances, you
 can maximise your money by paying low fees. You should consider that you may be
 charged an exit fee when you leave your other fund and any insurance you have with
 them may cease.

You may also be able to establish a Super SA Flexible Rollover Product account for your
spouse or de facto then you are able to split your retirement income between you and
your spouse by establishing a Super SA Allocated Pension in each of your names.

 For more information regarding the Super SA Flexible Rollover Product please refer to
 the Super SA Flexible Rollover Product PDS.

Choose your payment option
You are able to choose the level of your annual income within limits set by the
Commonwealth Government. Refer to the Super SA Allocated Pension PDS for more
information on how to calculate your annual income and minimum limit. You can
nominate the frequency of your regular income payments:
– fortnightly
– monthly
– quarterly
– half-yearly
– annually.

 If you are under the age of 60, your regular pension payments will be taxed as income.
 However, you may be entitled to a tax free amount and rebate, which means that part or
 even all of your income, could be tax free.

Lump sum withdrawals
The Super SA Allocated Pension gives you the freedom to withdraw your money
whenever you choose. There are no fees charged for doing so. You can make partial
withdrawals with a minimum amount of $1,000 (conditions apply). Please see the Super
SA Allocated Pension PDS for details. If you want to close your account you can request
a full withdrawal and your entitlement to a Super SA Allocated Pension will cease.

What happens to your money if you die?
You are able to nominate your spouse or de facto as your reversionary beneficiary. This
means that if you die while you are receiving income payments from your Super SA
Allocated Pension, your spouse or de facto will become the owner of your account and
can choose to continue income payments or withdraw the remaining balance.

You must nominate your reversionary beneficiary when you purchase your Super SA
Allocated Pension. If you have not nominated your spouse or de facto as a reversionary
beneficiary, the balance of your account will be paid to your spouse or de facto in the
first instance, or otherwise to your Estate as a lump sum payment. In some cases it may
not be possible for your spouse or de facto to reinvest this money back into super and
re-establish an Allocated Pension.




Telephone 1300 781 874                          Fax (08) 8226 0593                         Last updated
                                                Website www.supersa.sa.gov.au              March 2009
                                                Email superproducts@saugov.sa.gov.au       Page 3 of 4
Investment options                                                                           Most Centrelink benefits are
The Super SA Allocated Pension gives you the flexibility to choose from eight
investment options, and because your money is working in the tax-effective super             subject to two key tests: an
environment, it has the potential for higher growth. The options are:                        income test and an assets test.
– High Growth
– Growth
– Balanced
– Moderate
– Conservative
– Capital Defensive
– Cash
– Socially responsible - Balanced
You can choose up to two options at any time. A full description of investment options
can be found in the PDS.

The Super SA Allocated Pension and Centrelink
If you are in receipt of the Super SA Allocated Pension and you or your spouse or
de facto (as defined by Centrelink) are claiming Centrelink payments, you may find that
your Super SA Allocated Pension affects the level of Centrelink payment to which you or
your spouse or de facto are eligible.

 Most Centrelink benefits are subject to two key tests: an income test and an asset test.
 If applying for, or receiving, a Centrelink entitlement, it is important that you consult
 your Centrelink or Department of Veterans’ Affairs (DVA) representative to discuss your
 particular financial circumstances.

You can phone Centrelink between 8am and 5pm Monday to Friday on 13 23 00 or the
DVA on 13 32 54.

Tax and the Super SA Allocated Pension
Once you reach age 60, all of your payments will be tax free.

 If you are between age 55 and 60 a portion of the income may be tax free and the
 remainder of your pension will receive a tax rebate of 15%, called the Super Rebate.
 Full information on tax is available in the PDS.

Keep your money working for you with low fees
The Super SA Allocated Pension has a simple fee structure. There are no hidden fees or
charges. Unlike many other funds, we do not charge fees for entry, exit or withdrawals,
and your first investment switch in any financial year is free.

The Super SA Allocated Pension has an all-inclusive competitive administration fee and
investment fee. The administration fee is 0.4% of assets held in the Super SA Allocated
Pension and the investment fee ranges from 0.08% - 0.83% depending on the
investment option that you choose. In most cases the total fee is below the maximum
1.17%. The administration fee is also capped so no-one pays more than $800 pa.

 Further information
 Full details and application forms for the Super SA Allocated Pension can be found in
 the Product Disclosure Statement, available on the Super SA website.

You may also wish to attend a product information session. To find out more, please
email Super SA at superproducts@saugov.sa.gov.au.

 If you have any enquiries, please contact Super SA on 1300 781 874.




Telephone 1300 781 874                          Fax (08) 8226 0593                            Last updated
                                                Website www.supersa.sa.gov.au                 March 2009
                                                Email superproducts@saugov.sa.gov.au          Page 4 of 4

				
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