SENSIS SUPER PLUS DEFINED BENEFIT - 1 JULY 2018 - TELSTRASUPER

 
Sensis Super Plus
Super Guide

                Defined Benefit
                           1 July 2018
Telephone 1300 033 166
Facsimile 03 9653 6060
www.telstrasuper.com.au
contact@telstrasuper.com.au                                                            Keeping you up-to-date
The information in this document is general information only and does not take
                                                                                       It’s important that you’re kept informed about your super.
into account your personal financial situation or needs. You should obtain financial
advice tailored to your personal circumstances before making an investment             You will receive from us:
decision.                                                                              •	quarterly statements showing your contributions,
© Telstra Super Pty Ltd.                                                                  investment returns, and deductions
® is a registered trademark in Australia of the Telstra Corporation Limited.          •	an annual report available online at
                                                                                          telstrasuper.com.au which gives details of
BPay® Registered to BPAY Pty Ltd, ACN 079 137 518.
                                                                                          TelstraSuper's investment performance, financial
Telstra Super Pty Ltd ABN 86 007 422 522, AFSL 236709 is the trustee of the               details and products, and other relevant information.
Telstra Superannuation Scheme ABN 85 502 108 833 (TelstraSuper).
                                                                                       You can access or update your account details by calling
Information in this Super Guide that does not materially affect your super             1300 033 166 between 8.30am and 5.30pm (Melbourne
may change from time to time. Any updated information will be available at             time) Monday to Friday, or visit your online account at
telstrasuper.com.au or a copy of any updated information can be requested free
of charge by calling 1300 033 166.
                                                                                       telstrasuper.com.au

TelstraSuper is a super fund that provides super benefits to employees and
former employees of Telstra Corporation Limited (Telstra) and associated
                                                                                       Glossary
companies as well as eligible family members of TelstraSuper members.                  To help keep super as simple as possible for you, we
TelstraSuper has a licence to deal in and provide general advice about products.       have included explanations of some super terms in our
Telstra Super Pty Ltd acts on its own behalf in providing these services.              glossary on page 31.
Contents
01   Main features and benefits                             04

02   TelstraSuper Sensis Super Plus, what's it all about?   05

03   Understanding your benefits                            05

04   Retirement and retrenchment benefits                   06

05   Resignation benefit                                    07

06   Other accumulation accounts                            08

07   Contributing to your super                             09

08   Calculating your defined benefit contributions         12

09   Access the investment market                           13

10   You’re covered with TelstraSuper insurance             14

11   Fees and other costs                                   20

12   Additional explanation of fees and costs              23
     for your Voluntary Accumulation Account

13   Moving on – changing jobs or changing funds            27

14   Tax and super                                          28

15   Important super information                            29

16   Glossary                                               31

17   Privacy information                                    34

18   Easy access to your super online                       36

                                                                 3
01
    Main features and benefits of
    Sensis Super Plus Defined Benefit

                                               This Super Guide makes reference to
      • Sensis sponsored defined benefit.      the Investment Guide and is available
      • the option of opening a Voluntary      at telstrasuper.com.au/pds or
        Accumulation Account, to access        by calling us. We encourage you to
        a broad range of investment            read it before making any investment
        options for the conservative           decisions regarding your Voluntary
        through to the aggressive investor,    Accumulation Account (if applicable).
        including the ability to invest in     The Investment Guide outlines the
        term deposits and listed securities,   investment options available to you for
        including ASX300 shares and            your Voluntary Accumulation Account, as
        Exchange Traded Funds (ETFs)           well as explaining important investment
      • security for your family through       concepts to help you make any choices.
        default* Death and Total &
        Permanent Invalidity (TPI) cover
        and Income Protection cover
      • apply for any amount of top-up
        Death cover and up to $5 million
        top-up Total & Permanent
        Disablement (TPD) cover
      • access to expert financial
        planning through TelstraSuper
        Financial Planning
      • secure, online access to your
        account details at
        telstrasuper.com.au

    * Conditions apply, see page 14.

4
02                                           03
TelstraSuper                                 Understanding
Sensis Super Plus,                           your benefits
what's it all about?

Sensis Super Plus Defined Benefit is a       Your Sensis Super Plus Defined                Your contributions
complete retirement savings package          Benefit is based on your previous
designed for Sensis Pty Ltd (Sensis)         PASF arrangement. As a member of              You must contribute 5% of your
employees who were previously                Sensis Super Plus Defined Benefit,            Superannuation Salary towards
members of the Pacific Access                the retirement benefit payable to you         your defined benefit. This amount is
Superannuation Fund (PASF).                  is based on set calculations independent      recorded in your Defined Benefit Member
                                             of investment performance.                    Account. The balance of this account is
The main component of your Sensis                                                          currently invested by Telstra Super Pty
Super Plus arrangement, your defined         The way in which your benefit is calculated   Ltd in the Growth investment option, and
benefit, is not affected by investment       depends on your age and whether you           is not subject to investment choice – see
performance, but you can also access         resign, retire or are retrenched.             the Investment Guide for more detail.
the investment market by opening a
Voluntary Accumulation Account, see          Your retirement benefit                       You may also make voluntary
page 13 for details.                         Your retirement benefit is dependent          contributions in addition to the
                                             on your Accrual Rate, how long you            compulsory 5% contribution to your
While Sensis Super Plus caters                                                             Defined Benefit. Any voluntary member
specifically for Sensis employees,           have been with Sensis and your
                                             Superannuation Salary.                        contributions or roll-ins will accumulate
as a member you can also enjoy the                                                         in a Voluntary Accumulation Account,
advantages of being associated with the                                                    the balance of this account is subject to
                                             Other leaving service benefits
largest corporate super fund in Australia.                                                 investment choice – see the Investment
Through TelstraSuper you have access to      All other leaving service benefits
                                                                                           Guide for more detail.
additional products and services, as well    are based on your Defined Benefit
as competitive returns and flexibility in    Member Account.
reaching your super goals.
                                                                                           Employer contributions
                                             In all cases, the benefit payable to
                                             Sensis Super Plus Defined Benefit             Sensis does not make fixed contributions
                                             members must be equal to or greater           to each member’s benefit. Sensis
                                             than the benefit required under the           contributes the amount required to fund
                                             Superannuation Guarantee (SG)                 all benefits as advised by an independent
                                             legislation. This means that as a Sensis      actuary. All super contributions
                                             Super Plus member, the benefit payable        (whether they are member or employer
                                             to you will be the greater of your Sensis     contributions) and any money your super
                                             Super Plus benefit and the SG benefit.        earns from investment performance must
                                             The SG benefit is the minimum amount          be preserved. For more information on
                                             of super support your employer must           preservation, see page 29.
                                             provide to you by law.

                                                                                                                                       5
04
    Retirement and
    retrenchment benefits

    Your retirement benefit                               If you retire after age 65                 Your retrenchment benefit
                                                          Upon reaching age 65, your benefit         Your retrenchment benefit cannot be less
    If you retire between age 55 and 65                   will be calculated in the same way         than your resignation benefit and will not
    Your retirement benefit is the greater of             as if you had retired at age 65.           be lower than the minimum government
    your resignation benefit (see Resignation             Your benefit will then be transferred      requirement under SG legislation.
    Benefit) and your retirement benefit,                 to an accumulation arrangement.
    calculated as follows:                                From your 65th birthday until you          If you’re retrenched before age 50
                                                          retire, you will receive employer          If you’re less than 50 years old your
        Accrual Rate
                                                          contributions at a rate of 9.5% of your    retrenchment benefit is a lump sum
        x   Final Average Salary (FAS)                    Superannuation Salary.                     equal to:

        x   years of membership                           Your benefit will be invested in the
                                                          investment option of your choice or,        Twice the balance of your Defined
                                                          if you don’t make a choice, in the          Benefit Member Account and your
    Plus any of the following applicable                                                              Bridging Account (if applicable).
                                                          Conservative option which is the default
    positive or negative balances:
                                                          option for the age group. See the
    •   Voluntary Accumulation Account                                                                Plus any of the following applicable
                                                          Investment Guide for more detail.
                                                                                                      positive or negative balances:
    •   Telstra Top-Up Account                            When you subsequently retire your
                                                                                                      •   Voluntary Accumulation Account
    •   Productivity Account                              benefit will be equal to:
                                                                                                      •   Telstra Top-Up Account
    •   Surcharge Account
                                                           The balance of your TelstraSuper           •   Productivity Account
    •   Insurance Premium Account.                         Personal Plus accumulation
                                                                                                      •   Surcharge Account
    Please note: Years of membership are adjusted          account
                                                                                                      •   Insurance Premium Account.
    to allow for any Additional Account or Bridging
    Account if applicable, see page 8. Your years of
                                                           Plus any of the following applicable
    membership will also be adjusted if you worked less
                                                           positive or negative balances:
                                                                                                     If you’re retrenched between age 50
    than full time for a period during your membership.    •   Voluntary Accumulation Account        and 54
    Refer to Service Fraction on page 33.                  •   Telstra Top-Up Account                The retrenchment benefit for members
                                                           •   Productivity Account                  who are retrenched between the ages
        Example                                            •   Surcharge Account                     of 50 and 54 is generally calculated
                                                                                                     in the same way as it is for members
        James is 57 years old and is retiring.             •   Insurance Premium Account
                                                                                                     under 50. Between ages 50 and 54,
        James has been a member of                                                                   your retrenchment benefit increases
        Sensis Super Plus Defined Benefit                                                            gradually for each year of membership
        (formerly PASF) for 17 years. He is                                                          after the age of 50 in a similar way to the
        a Category C member and has a                                                                resignation benefit for members aged 50
        FAS of $60,000. James also has a                                                             to 54 until it is equal to the age 55 early
        Voluntary Accumulation Account                                                               retirement benefit.
        with a balance of $12,000. His
        retirement benefit is equal to:                                                              If you’re retrenched between age 55
                                                                                                     and 65
         Accrual Rate                         15%                                                    The retrenchment benefit for members
         x FAS                           $60,000                                                     who are retrenched between the ages of
                                                                                                     55 and 65 is equal to the greater of:
         x Years of Membership                   17
                                                                                                     • your retrenchment benefit calculated at
                                        $153,000                                                       the relevant date
         Plus balance of                                                                             • your retirement benefit calculated at
         Voluntary Accumulation           $12,000                                                      the relevant date.
         Account
         James’ retirement
                                        $165,000
         benefit

6
05
Resignation
benefit

Your resignation benefit                                                                   This increase is equal to a proportion
                                                Example                                    of the difference between the following
will not be lower than the
                                                                                           benefits calculated at the actual date
minimum government                              Mary is 45 and has been a member           of resignation:
requirement under SG                            of Sensis Super Plus Defined
                                                Benefit for 9 years. She has $25,000       • resignation benefit, and
legislation                                     in her Defined Benefit Member              • an amount equal to the retirement
                                                Account, a Bridging Account with             benefit payable.
If you resign before age 50
                                                a $2,000 balance and a Voluntary
                                                Accumulation Account with a                This proportion is:
Your Defined Benefit Member Account
forms the basis of your resignation             balance of $9,000. If she were to
                                                resign, her resignation benefit would       Age          Proportion
benefit. If you resign from Sensis prior to
your 50th birthday, you will receive:           be equal to:                                51             20% of the difference

 The balance of your Defined Benefit            The balances of:                            52             40% of the difference
 Member Account.                                                                            53             60% of the difference
                                                Defined Benefit Member
                                                                             $25,000
                                                Account
 Plus any of the following applicable                                                       54             80% of the difference
 positive or negative balances:                 Bridging Account              $2,000        55            100% of the difference
 •   Voluntary Accumulation Account
                                                Voluntary Accumulation
 •   Telstra Top-Up Account                                                   $9,000       The proportion increases by 1.6667%
                                                Account
 •   Productivity Account                                                                  for each complete month between ages
                                                                             $36,000       50 and 55.
 •   Bridging Account
 •   Additional Account                         Plus an additional 10% of the
                                                balances of her Defined Benefit
 •   Surcharge Account
                                                Member Account and Bridging
 •   Insurance Premium Account.                 Account for each year of membership.

 Plus an additional 10% of your Defined         (10% x 27,000) x 9 years     $24,300
 Benefit Member Account and your                Mary’s total resignation
 Bridging Account (if applicable) for                                        $60,300
                                                benefit is equal to:
 each complete year of membership up
 to a maximum of 100%.
                                              If you resign between age 50 and 55
                                              The resignation benefit for members who
                                              resign between the ages of 50 and 55 is
                                              generally calculated in the same way as it
                                              is for members under 50. However, your
                                              resignation benefit increases gradually
                                              for each year of membership after age
                                              50 until it is equal to the age 55 early
                                              retirement benefit.

                                                                                                                                     7
06
                                                                                                Other accumulation
                                                                                                accounts

                                                                                                As a member of Sensis Super Plus
    Example                                                                                     Defined Benefit you may also have one
                                                                                                or more of the following accounts from
    Judy resigned at the age of 52, after 15 years of membership. Judy has a FAS of             previous arrangements or transfers.
    $40,000, has $40,000 accumulated in her Defined Benefit Member Account and
    $15,000 in her Productivity Account. Judy is a Category C member and so her
    Accrual Rate is equal to 15%.
                                                                                                Additional Account
                                                                                                If you were previously a member of the
    Step 1                                                                                      ADS Staff Superannuation Fund you will
    First we must work out Judy’s resignation benefit in the same way as if she had             have an Additional Account. The balance
    resigned before age 50, calculated as at Judy’s actual resignation date:                    of this account is currently invested by
                                                                                                Telstra Super Pty Ltd in the Growth
    Defined Benefit Member Account Balance                                       $40,000        investment option, and is not subject to
                                                                                                investment choice.
    Plus additional 100% of the balance of her Defined Benefit Member Account for her
                                                                                                Your retirement, Death and Total and
    15 years membership.
                                                                                                Permanent Invalidity (TPI) benefit will
    (100% x $40,000)                                                             $40,000        be adjusted to allow for any Additional
                                                                                                Accounts you may have by increasing
    Resignation benefit                                                          $80,000        your membership period in the
                                                                                                calculation of the defined benefit.
    Step 2
    Next we must work out Judy’s retirement benefit in the same way as if she had               Bridging Account
    retired after age 55 calculated as at Judy’s actual resignation date:
                                                                                                If you joined Sensis prior to July 1992
    Accrual Rate                                                                      15%       you may have a Bridging Account. The
                                                                                                balance of this account is currently
    x FAS                                                                        $40,000        invested by Telstra Super Pty Ltd in the
    x Years of Membership                                                                  15   Growth investment option, and is not
                                                                                                subject to investment choice.
    Retirement benefit                                                           $90,000
                                                                                                Your retirement, Death and TPI benefit
    Step 3                                                                                      will be adjusted to allow for any Bridging
                                                                                                Account you may have by increasing your
    Now we work out the difference between the two amounts:                                     membership period in the calculation of
                                                                                                the defined benefit.
    Retirement benefit                                                           $90,000
    Resignation benefit                                                          $80,000        Productivity Account
    Difference                                                                    $10,000       You will have a Productivity Account
                                                                                                if Sensis contributes an additional 3%
    So in addition to her $80,000 resignation benefit, as Judy is 52 she is entitled to:
                                                                                                of your Superannuation Salary because
    40% of $10,000.
                                                                                                of a previous award. If you have a
    (40% of $10,000)                                                               $4,000       Productivity Account, you may also be
                                                                                                entitled to additional Death and TPI cover,
    Plus resignation benefit                                                     $80,000        see page 14.
    Plus Productivity Account                                                     $15,000       Your Productivity Account balance
                                                                                                is paid in addition to your Sensis Super
    Resignation benefit                                                          $99,000
                                                                                                Plus Defined Benefit in all instances.
                                                                                                The balance of this account is invested in
                                                                                                the investment option of your choice, or
                                                                                                the default option for your age. For details
                                                                                                refer to the Investment Guide available
                                                                                                at telstrasuper.com.au/pds

8
07
                                                        Contributing to
                                                        your super

Telstra Top-Up Account                                  If you’re under age 65 you can make           Employer Superannuation
                                                        regular or one-off contributions to your      Guarantee
If you changed employment from                          super at any time.
Telstra Corporation Limited to Sensis                                                                 Employer Superannuation Guarantee
on 1 November 1997, and didn’t take the                 If you’re aged between 65 and 74
                                                                                                      (SG) contributions and concessional
one-off 15% lump sum option, Telstra                    (inclusive) you can contribute to your
                                                                                                      (salary sacrifice) contributions can be
agreed to make additional contributions                 super providing you’re gainfully employed
                                                                                                      split between spouses at any time in the
into a separate account within the PASF                 on at least a part-time basis in the
                                                                                                      financial year following the financial year
for 5 years (or earlier if you ceased                   financial year in which the contributions
                                                                                                      in which the contributions were made.
employment with Sensis). This account is                were made. To be considered ‘gainfully
called your Telstra Top-Up Account.                     employed on a part-time basis’ you need       You can split any amount less the 15%
                                                        to have worked at least 40 hours in a         contributions tax payable on these
Your Telstra Top-Up Account balance                     period of not more than 30 consecutive        contributions. So effectively you can split
is paid in addition to your Sensis Super                days in that financial year.                  up to 85% of these gross contributions.
Plus Defined Benefit in all instances. The                                                            Splits can be made between spouses’
balance of this account is invested in                  Once you reach age 75 you cannot
                                                                                                      accumulation accounts within the same
the investment option of your choice, or                make contributions to your super.
                                                                                                      super fund, or to another super fund
the default option for your age – see the               Your employer may contribute to
                                                                                                      or Retirement Savings Account you
Investment Guide for more details.                      your super including SG and Award
                                                                                                      nominate. Amounts split to a spouse’s
                                                        mandated contributions.
                                                                                                      account are preserved on entry to the
  Refer to the Investment Guide for                     Co-contributions                              receiving account.
  details of investment options or our
                                                        The government may make                       To arrange a split you will need
  website telstrasuper.com.au
                                                        co-contributions for members who              to complete a Contributions
                                                        make post-tax contributions and               Splitting Application, available by
                                                        meet eligibility conditions (which            calling 1300 033 166 or visiting
                                                        includes an earnings threshold).              telstrasuper.com.au
                                                        You will not be eligible for the government
                                                        co-contribution in a financial year if:       Spouse contributions
                                                        •   your total superannuation balance is      A spouse contribution allows you to
                                                            equal to or greater than $1.6m as at      make post-tax (non-concessional)
                                                            the end of 30 June of the previous        contributions to your spouse's account.
                                                            financial year, or                        You may be eligible to claim a tax offset
                                                                                                      of 18% (up to a maximum of $540) on the
                                                        •   you have exceeded your non-               first $3,000 of the contributions if your
                                                            concessional contributions cap in         spouse's income for the financial year is
                                                            that financial year.                      below $40,000. You will not be eligible to
                                                        For more information on co-contributions      claim a tax offset if:
                                                        including an online calculator, please        •   your spouse earns more than
                                                        visit telstrasuper.com.au or the                  $40,000
                                                        Australian Taxation Office (ATO) website
                                                        at www.ato.gov.au                             •   your spouse's total superannuation
                                                                                                          balance is greater than $1.6m as at
                                                                                                          the end of 30 June of the previous
                                                        Contributions splitting                           financial year, or
                                                        Contributions splitting legislation allows
                                                                                                      •   your spouse has exceeded their non-
                                                        you to split your super contributions into
                                                                                                          concessional contributions cap in
                                                        your spouse’s* account annually after
                                                                                                          that financial year.
                                                        30 June each year. Contributions your
                                                        spouse has made to their super account        To make a spouse contribution you
*T
  o be eligible for contributions splitting you
                                                        can be rolled into your account.              can do so via BPay® or cheque. If you
 and your spouse must be living together. Your          Contributions splitting can only be           make a contribution via cheque you
 spouse must be under 65 years of age, even if          applied to accumulation arrangements.         will need to complete a Member and
 they are still working. If your spouse is over their   Defined benefit members can split             Spouse Contribution form available at
 preservation age, they must declare they have          their Voluntary Accumulation Account          telstrasuper.com.au/forms or by
 not retired in order to receive contributions from     contributions with their spouse,              calling us.
 your account. Further eligibility conditions may       but are unable to split their defined
 apply, visit telstrasuper.com.au for details.          benefit entitlement.

                                                                                                                                                    9
Low Income Superannuation                     Applications for withdrawal are made                 To make a downsizer contribution,
     Tax Offset (LISTO)                            via the ATO, with TelstraSuper advised               you will need to complete a downsizer
                                                   of the amount that can be released after             contribution form from the ATO and
     The Government will refund the tax paid       submission of an application.                        provide it to TelstraSuper when making or
     on pre-tax (concessional) contributions,                                                           prior to making the contribution.
                                                   Release of your concessional
     up to a cap of $500 for low income
                                                   contributions and deemed earnings will               If you make multiple contributions,
     earners with an adjusted taxable income
                                                   be taxed at your marginal tax rate less a            you must provide a form for each
     up to $37,000.
                                                   30% tax offset.                                      contribution.
     First Home Super Saver                        The ATO will not require proof of a                  All downsizer contributions must be made
                                                   home purchase before allowing release,               within 90 days of receiving the proceeds
     Scheme                                        but once the ATO does release your                   of sale, with extensions granted by the
     The First Home Super Saver Scheme             contributions, you must purchase                     ATO in limited circumstances. Where
     (FHSSS) allows eligible first home            your home within 12 months, or sign                  the ATO determines that a downsizer
     buyers to withdraw voluntary super            a contract within 12 months to build                 contribution is invalid and you are unable
     contributions, along with deemed              a house. If this does not happen, you                to meet other contribution eligibility criteria,
     earnings, to put towards a house deposit.     can apply for an extension of up to 12               the contribution will be refunded.
     You can only withdraw contributions           months, or recontribute the amount to                For more information on downsizer
     under the Scheme once and you can’t           your super fund, or use the money for                contributions and to see a full list of
     withdraw the super that your employer is      other purposes and pay additional tax.               eligibility criteria, visit the ATO website.
     obliged to pay. Only additional voluntary     For more information on FHSSS and to
     contributions you’ve made after 1 July        see a full list of eligibility criteria, visit the   Limits on concessional
     2017 are eligible for withdrawal.             ATO website at www.ato.gov.au
                                                                                                        (pre-tax) contributions
     The FHSSS is administered by the
     ATO, however you make contributions           Downsizer contributions                              The 2018/19 pre-tax contributions cap is
     as normal into your TelstraSuper                                                                   $25,000 for everyone.
                                                   If you're 65 years old or over and sell your
     account. Contributions are made using                                                              Contributions included in the pre-tax cap
                                                   primary residence after 1 July 2018, you
     a salary sacrifice arrangement with                                                                includes:
                                                   may be eligible to contribute a portion of
     your employer, through tax-deductible
                                                   the proceeds into super. Contributions up            • employer Superannuation Guarantee
     super contributions or alternatively, you
                                                   to $300,000 for individuals or $600,000                 (SG) and award contributions
     can make non-concessional (after-tax)
     contributions to your account.                for couples can be made with existing                • salary sacrifice contributions
                                                   contribution caps and restrictions not
     To be eligible to withdraw contributions      applicable to the downsizer contribution.            • insurance premiums paid directly by
     under the FHSSS, you must:                    There is no restriction on making                       your employer.
     • be over 18                                  non-concessional contributions under                 Pre-tax contributions that you
                                                   the downsizing cap, even if you have                 subsequently split to your spouse (under
     • have never owned a home in Australia,
                                                   over $1.6 million in your total super                the Contribution Splitting rules - see page
        or have previously owned a home
                                                   balance. However, if you have reached                9) still count towards your own cap; they
        but are currently eligible for financial
                                                   your $1.6 million transfer balance cap,              do not count towards your spouse's cap.
        hardship as determined by the ATO,
        and                                        these contributions must remain in the               Contributions up to your cap will be
                                                   accumulation phase.                                  subject to 15% contributions tax. This tax
     • have not previously accessed the
        Scheme.                                    It is important to note that downsizer               is 30% for any amount of eligible income
                                                   contributions will count towards your Age            over $250,000. Pre-tax contributions in
     While there is no change to the amount                                                             excess of the pre-tax contributions cap
                                                   Pension assets test.
     of money you can contribute to super,                                                              will be taxed at your marginal tax rate
     annual contribution caps still apply,         To be eligible to make a downsizer
                                                                                                        if they are not withdrawn from the fund
     and limits apply to how much you can          contribution:
                                                                                                        and will count towards your post-tax
     withdraw for the FHSSS. A $15,000             • you must be 65 years old or over.                  contributions cap. These caps and taxes
     limit applies to contributions that can be
                                                   • the house must be in Australia and                 may change in the future.
     eligible for withdrawal in one financial
     year and a $30,000 limit applies to total       cannot be a caravan, houseboat or                  From 1 July 2018, you will be able to
     contributions eligible across all years.        mobile home.                                       'carry-forward' any unused amount of
     This means a couple saving for a first        • you or your spouse must have owned                 your concessional contributions cap.
     home could contribute up to $60,000             the residence for more than ten years.             You will be able to access your unused
     combined.                                                                                          concessional contributions cap on a
                                                                                                        rolling basis for five years if your Total
     The ATO will calculate the amount you
     contribute as part of the FHSSS and the                                                            Superannuation Balance (including all
     amount those contributions are deemed
     to have earned and include that in the
     releasable amount.
10
balances if you have more than one                tax contributions limited to the number
super account) is less than $500,000              of years that would take your balance to               If you’re aged 63 or 64 you’re able to
at the end of a financial year. Amounts           $1.6m and make a lump sum contribution                 bring forward two years contributions
carried forward that have not been                of $300,000 in one financial year. For                 without meeting the work test in the
used after five years will expire. You            example, if you made a $300,000                        subsequent two years. If you’re aged
can access the unused concessional                contribution during the 2018/19 financial              65 years or over you cannot bring
contributions cap from 1 July 2019. For           year, you would not be allowed to make                 forward contributions.
further information visit the ATO website         any further post-tax contributions until the
at www.ato.gov.au                                 2021/22 financial year.                                Transitional arrangements will apply if
                                                                                                         you have made a non-concessional
                                                  Where your balance is close to                         contribution in the 2015/16 or 2016/17
Limits on non-concessional                        $1.6m, you will only be able to make                   financial year. If you have triggered the
(post-tax) contributions                          a contribution in that year and access                 bring forward rule but haven't fully met
                                                  the bring forward of future years                      your bring forward cap, the transitional
If your balance is less than $1.6m as             contributions that would take your
at 30 June in the previous financial                                                                     arrangements will reflect the reduced
                                                  balance to $1.6m, as highlighted in the                annual non-concessional contributions
year, your post-tax contributions cap is          table below:
$100,000. If your balance is greater than                                                                cap, as highlighted in the table below:
$1.6m, you are not permitted to make
post-tax contributions to your account.                                      Contribution
                                                   Superannuation            and bring
Contributions included in the post-tax             Balance                   forward
cap are:
                                                                             available
• contributions you make from
                                                   Less than $1.3 million 3 years ($300,000)
  post-tax income (where no
  deduction is claimed)                            $1.3 –
08
     Calculating your
     defined benefit
     contributions

     Non-concessional                            Exemption for defined benefit members
     contributions                               If you were a defined benefit member on 12 May 2009 and your Notional Taxed
     Non-concessional contributions to           Contributions exceed the pre-tax contribution cap, they will be taken to equal the cap
     your defined benefit are shown on           and no additional tax will be applied (provided TelstraSuper has your TFN)*.
     your Super or Benefit quote. Your total     However for this dispensation to apply, no changes can be made to your defined
     non-concessional contributions for          benefit from 12 May 2009 onwards.
     the purposes of the contribution caps
                                                 Before transferring into an accumulation arrangement, you should consider seeking
     will include your non-concessional
                                                 financial advice from TelstraSuper Financial Planning. To discuss your advice needs,
     defined benefit contributions and any
                                                 please call TelstraSuper Financial Planning on 1300 033 166 between 8.30am and
     non-concessional contributions made
                                                 5.30pm (Melbourne time), Monday to Friday.
     to an accumulation account such as a
     Voluntary Accumulation Account.

     Concessional contributions                    Calculating Notional Taxed Contributions
     Remember that even if you only                The formula for the calculation of Notional Taxed Contributions is:
     make non-concessional contributions
                                                   [(Notional Contribution Rate x Superannuation Salary at 1 July)
     to your defined benefit, your employer
                                                   less any post-tax member contributions] x 1.2
     still makes concessional contributions
     to fund your defined benefit.
     Concessional member and employer
                                                   Example
     contributions to defined benefits             Terry is a 41 year old Sensis Super Plus member with a Superannuation Salary
     (which count towards contribution caps)       of $75,000. Terry was an accruing member for the entire 2017/18 financial year
     will be calculated using the formula          and made pre-tax contributions of 5% of his Superannuation Salary to his
     on page 12 known as Notional Taxed            defined benefit. As a Category B member he has a 17.5% Accrual Rate and a
     Contributions. This formula will be           Notional Taxed Contribution Rate of 9%. Terry’s Notional Taxed Contributions are
     adapted for members who work                  calculated as:
     part-time or leave during the year.
                                                   (Terry’s Notional Taxed Contribution Rate 9%
     Notional Taxed Contributions plus any                                                                                                 $6,750
                                                   x Super Salary at 1 July $75,000)
     voluntary concessional contributions
     made to an accumulation account such          Less post-tax member contributions to his defined benefit                                   -$0
     as a Voluntary Accumulation Account will
     be included in your total concessional        Sub total                                                                               $6,750
     contributions reported to the ATO for the
     purposes of the contribution caps.            Multiplied by                                                                              x 1.2
                                                   Equals Terry’s Notional Taxed Contributions                                           = $8,100

      2017/18                                      So Terry’s Notional Taxed Contributions are under the pre-tax contribution cap.
      Notional Contribution Rates                  Note: when calculating notional contributions you need to use your
                              Notional             Superannuation Salary at 1 July.
      Membership      Accrual Taxed
      category        rate    Contribution       * The exemption for Defined Benefit members does not apply to the Section 293 contributions tax on
                              rate                  high income earners. For more information please visit www.ato.gov.au.
      Category B        17.5%             9%
      Category C          15%             9%

12
09
Access the
investment market

All TelstraSuper Sensis Super Plus         Member contributions                                  Tax payable
Defined Benefit members have the
opportunity to open a Voluntary            With a Voluntary Accumulation Account                 As an incentive for retirement savings,
Accumulation Account and access the        you can boost your super by making                    the Government provides concessional
investment market.                         additional member contributions.                      tax rates for super contributions and
                                           You can choose to:                                    earnings:
 Your Voluntary Accumulation               • make additional contributions from                  • any concessional contributions,
 Account is made up of                       your pre-tax salary ^                                 including voluntary contributions
      Member contributions                 • make regular pre or post-tax member                   made from your pre-tax salary, and any
 +    (if you make any)                      contributions in multiples of $1 each                 deductible member contributions up to
                                             fortnight from your salary ^                          the concessional contributions cap are
      Government co-contributions
 +    (as applicable)                      • make an additional member
                                                                                                   subject to a 15% contributions tax. This
                                                                                                   tax is 30% for any amount of eligible
                                             contribution as a one-off payment
      Super you may roll-in (transfer)                                                             income over $250,000. Contributions
 +    from another super fund
                                             at any time.^
                                                                                                   tax is deducted from your account.
                                           To make a contribution(s) to your account             • investment earnings are taxed at the
 –    Administration fees
                                           please see your Payroll Officer. You can                low (concessional) rate of up to 15%.
 –    Tax payable                          also make regular payments online.                      This tax on earnings is taken out as
                                           Simply use the BPAY® number generator                   part of the calculation of unit prices.
 =    Your units                           at telstrasuper.com.au to obtain your                 • an additional tax called a surcharge
                                           BPAY® Payment Reference Number and
 x    Unit prices
                                           then make an online payment through
                                                                                                   may be payable. The government
                                                                                                   abolished the surcharge from 1 July
      Your Voluntary Accumulation          your banking institution.
 =    Account’s value
                                                                                                   2005, however assessments may
                                                                                                   still be issued for previous years.
                                           Roll-ins (transfers)                                    See page 28 for more information
The balance of your Voluntary                                                                      on tax and super.
Accumulation Account increases or          You can also boost your super
decreases according to investment          by rolling in (transferring) any super
                                           you may have in other super                           Your units
performance. This gives you the
opportunity to use member investment       arrangements into your Voluntary                      Your contributions and roll-ins buy
choice to build your super the way         Accumulation Account. To do this                      units in our broad range of investment
you want.                                  visit telstrasuper.com.au/consolidate                 options, covering all major asset classes,
                                           or call us.                                           to suit the conservative through to the
For more information on member
                                                                                                 aggressive investor. You can choose
investment choice see the
Investment Guide available at              Administration fees                                   an option that suits your own personal
                                                                                                 circumstances and financial goals.
telstrasuper.com.au/pds or by              Sensis Super Plus Defined Benefit
calling 1300 033 166.                      members do not pay dollar based                       If you decide not to make a choice now,
                                           administration fees for their Voluntary               your super will be invested in a default
A Voluntary Accumulation Account is
                                           Accumulation Account. This fee is                     option based on your age.
opened in your name:
                                           currently paid by Sensis. An indirect                 For more information on member
• at your request                          administration cost of the balance of                 investment choice options and default
• when government co-contributions are     your Voluntary Accumulation Account is                options, please see the Investment
   received on your behalf or              deducted daily as part of the unit price              Guide available at
• when you roll-in money from another      calculation.                                          telstrasuper.com.au/pds You can
   super fund.                             Fee and other costs apply, see page 20                update your investment option anytime
The balance of your Voluntary              for more information.                                 via your online account or by completing
Accumulation Account is paid in addition                                                         an Investment Choice form available at
to your TelstraSuper Sensis Super Plus                                                           telstrasuper.com.au/forms
Defined Benefit in all instances.
All contributions and roll-ins buy units
in the investment options you have
chosen. Any money withdrawn from your
Voluntary Accumulation Account reduces
the number of units held.

                                           ^ Within limits. See Contributing to your super on
                                              page 9 for more details.

                                                                                                                                              13
10
                                                   You’re covered with
                                                   TelstraSuper insurance

     Unit prices                                   The cover described on these pages             Note: Insurance payments are subject to
                                                   is insured by TAL Life Limited (TAL)           insurance cover being in force at the time
     All contributions and roll-ins buy units in
                                                   ABN 70 050 109 450 AFSL 237848.                of your death or TPI and approval of your
     the investment options you have chosen.
                                                   As a permanent employee of Sensis              claim by the insurer and Telstra Super Pty
     Any money withdrawn from your account
                                                   working more than 15 hours per week,           Ltd. Should you be unable to take care
     reduces the number of units held using
                                                   if you’re a member of Sensis Super Plus        of your business or financial affairs at the
     the sell price.
                                                   Defined Benefit, you get Death, Total &        time the TPI benefit becomes payable,
                                                   Permanent Invalidity (TPI) and Income          Telstra Super Pty Ltd has the right to pay
      Number of units held
                                                   Protection cover at no cost.                   your TPI benefit to a separate trust.
      x daily unit price
                                                   You’re covered 24 hours a day,                 Leave without pay
      = Your Voluntary Accumulation               seven days a week, 365 days a year,
         Account's value                           whether at work or at play, while              Death and TPI cover (if applicable)
                                                   employed by Sensis.                            will continue for up to one year of
     Percentage based administration and                                                          leave without pay. Sensis will continue
     investment fees, transaction costs and                                                       to pay death and TPI premiums for
                                                   When are death and TPI
     taxes are deducted when calculating                                                          periods of leave without pay.
     daily unit prices.                            payments made?
                                                   Death benefits will be processed               Permanent part-time
     Unit prices reflect the earnings on the
     investments of your chosen investment         promptly and paid to your dependants or        and casual employees
     option. A new unit price is set each          legal personal representative at               If you’re a casual employee or a
     Victorian business day, reflecting the        the discretion of Telstra Super Pty Ltd.       permanent part-time employee who
     changing value of the underlying assets       To be eligible for a TPI benefit, you must:    works less than 15 hours per week,
     in the investment option(s).                                                                 your death and TPI benefit will be
                                                   • have ceased work with Sensis
                                                                                                  adjusted and Income Protection cover
                                                     because of TPI (and not have worked
       Example                                                                                    no longer applies.
                                                     for six consecutive months) and,
                                                   • satisfy the Insurance Policy definition      If you’re a permanent part-time employee
       Barry’s opening Voluntary
                                                     of TPI.                                      and work more than 15 hours per week,
       Accumulation Account balance
                                                                                                  your death, TPI and income protection
       is $50,000. The unit price for his
                                                   If you have taken up income protection         benefit will be adjusted to reflect your
       chosen investment option the day he
                                                   cover for Temporary Total Disability (TTD)     part-time hours.
       opened this account and purchased
                                                   you may be eligible for income protection
       his units was $1.00000. Therefore,
                                                   payments while you’re waiting for your
       Barry has 50,000 units.
                                                   claim for a TPI benefit to be assessed.
       After one month, the unit price
       for Barry’s chosen investment
       option has risen to $1.05375. As
       he has made no contributions or               Example
       withdrawals and no dollar based
       administration fees have been                 Calculating your death and TPI benefit
       deducted during the month, his                Karen had been a member of Sensis Super Plus Defined Benefit for 10 years,
       number of units is still 50,000 but his       she was a Category C member and therefore had an Accrual Rate of 15%.
       account balance is now $52,687.50             Karen also had a Voluntary Accumulation Account with a balance of $10,000.
       (50,000 x $1.05375).                          In October 2000, she was seriously hurt in an accident and was not able to work
                                                     again. Karen was 53 at the time of her TPI and her FAS was $60,000.

     Unit prices are available on our website                                                            x (10 full years of membership
                                                      Accrual Rate             x Final Average Salary
     at telstrasuper.com.au and by calling                                                                           + 12 years to age 65)
     1300 033 166.                                    15%                             x $60,000                         x 22
                                                      Karen’s TPI benefit                                                      = $198,000
                                                      Plus balance of
                                                                                                                                  $10,000
                                                      Voluntary Accumulation Account
                                                      Karen’s total benefit                                                    = $208,000

14
Calculating your death and                  If you were previously a                   If you have a
TPI benefit                                 member of TelstraSuper                     Productivity Account
                                            Division 2 or TelstraSuper                 If you have a Productivity Account
If you’re younger than age 65
                                            Division 5                                 and are under age 55 you may be
Your death and TPI benefit is a lump                                                   entitled to additional death and TPI
sum equal to the retirement benefit         In 1997, if you had been a TelstraSuper
                                                                                       insurance cover as shown in the
that would have been payable, had           Division 2 or TelstraSuper Division 5
                                                                                       following table. If you’re aged between
you continued as a member of Sensis         member, you also received guarantees
                                                                                       55 and 65 the additional amounts listed
Super Plus and retired at age 65.           that, upon transfer to PASF, your death
                                                                                       in the table are for Death cover only. The
Plus, if applicable, the balance of any     and TPI benefit would not be lower than
                                                                                       premiums for this additional cover are
Voluntary Accumulation, Telstra Top-Up,     what you would have received from
                                                                                       paid by Sensis.
Productivity Account, Surcharge Account     TelstraSuper on 1 November 1997. These
or Insurance Premium Account and any        guarantees continue unchanged in           Any insurance payment will be
applicable top-up cover.                    Sensis Super Plus.                         added to your death and TPI benefit,
                                                                                       upon approval of a claim. For more
The FAS used to calculate your death        The death or TPI benefit payable to
                                                                                       information, please call TelstraSuper on
and TPI benefit assumes that your           Sensis Super Plus Defined Benefit
                                                                                       1300 033 166.
salary remains unchanged from the date      members who were previously
of your death or TPI. However the salary    members of TelstraSuper Division 2                                       Additional
used for calculating FAS for death or TPI   is the greater of:                          Age attained
                                                                                                                      Amount
benefits is the greater of your salary at
                                                                                        39 or less                            $21,500
the date of death or TPI and your salary     Your Sensis Super Plus death or TPI
at the previous 1 July. See example on       benefit (as above)                         40                                    $21,000
page 14.
                                             OR                                         41                                    $20,600
Please note: Years of membership
                                             A lump sum equal to:                       42                                    $20,200
are adjusted to allow for any
Additional Account or Bridging                                                          43                                    $19,700
Account (if applicable).                     Your FAS as at 1    x 20%     x years
                                             November 1997                 until age    44                                    $19,300
If you’re aged 65 or older                                                 60           45                                    $18,900
If you’re aged 65 or older at the date                                                  46                                    $18,400
                                             Plus the balance of your Voluntary
of your death or TPI, your death or TPI      Accumulation Account, if                   47                                    $18,000
benefit is equal to your Sensis Super        applicable.
Plus Defined Benefit account balance                                                    48                                    $17,600
the same as if you had retired after age                                                49                                     $17,100
65) plus any of the following applicable     The death or TPI benefit payable to
positive or negative balances:               Sensis Super Plus Defined Benefit          50                                    $16,700
                                             members who were previously
                                                                                        51                                    $16,300
•   Voluntary Accumulation Account           members of TelstraSuper Division 5 is
                                             the greater of:                            52                                    $15,800
•   Telstra Top-up Account
•   Productivity Account                     Your Sensis Super Plus death or TPI        53                                    $15,400
                                             benefit (as above)
•   Surcharge Account                                                                   54                                    $15,000
•   Insurance Premium Account                OR
                                                                                        55*                                   $15,000
•   Top-up Death insurance cover.            A lump sum equal to:
                                                                                        56                                    $13,500
                                             Your FAS as at 1    x 18%     x years      57                                    $12,000
                                             November 1997                 until age    58                                    $10,500
                                                                           65
                                                                                        59                                     $9,000
                                             Plus the balance of your Voluntary         60                                      $7,500
                                             Accumulation Account, if                   61                                     $6,000
                                             applicable.
                                                                                        62                                     $4,500
                                                                                        63                                     $3,000
                                                                                        64                                      $1,500
                                                                                       * From 55 years of age, this amount is applicable
                                                                                          to Death cover only.
                                                                                                                                            15
Top-up Death and TPD cover                        Table 1: Top-Up Death & TPD cover
     You can apply to increase your level of
     insurance cover above your base level.                                   Member’s total sum insured
                                                                                                                          Initial requirements
     Any insurance in addition to your base                                        Death & TPD
     level of cover is referred to and reported        Under age 55         Up to $1,500,000                          Personal statement
     as top-up cover. You can apply for any
     amount of Death cover and up to                                        $1,500,001 up to $2,000,000               Personal statement and blood
     $5 million top-up TPD cover*. You                                                                                tests
     will need to supply evidence of your
     occupation, health and lifestyle, which                                $2,000,001 up to $3,000,000               Personal statement, blood
     will be assessed by our insurer, TAL.                                                                            tests and mini health check

     To apply for top-up insurance over the                                 $3,000,001 up to $5,000,000               Personal statement, blood
     phone with our insurer TAL, complete                                                                             tests, medical examination
     an Insurance Telephone Application                                                                               by own doctor, Personal
     Request form available at                                                                                        Medical Attendants Report
     telstrasuper.com.au/forms                                                                                        (PMAR) (if TPD) and financial
     Alternatively, if you prefer to complete                                                                         questionnaire
     an Insurance Application Full Personal                                 $5,000,001 up to $10,000,000              Personal statement, blood
     Statement form, call us on 1300 033 166                                                                          tests, medical examination by
     to have the form sent to you.                                                                                    a specialist, medical report,
     For all terms and conditions, please                                                                             financial questionnaire and tax
     call us to obtain a copy of the                                                                                  return and assessment notices
     Policy Document.                                                                                                 for the last 2 years

                                                       Age 55 and over      Up to $1,500,000                          Personal statement
     Leave without pay
     Subject to all Policy conditions,                                      $1,500,001 up to $2,000,000               Personal statement and blood
     including the payment of premiums,                                                                               tests
     cover will continue while you’re on
     paid or unpaid leave.                                                  $2,000,001 up to $3,000,000               Personal statement, blood
                                                                                                                      tests, mini health check and
     Overseas members                                                                                                 PMAR
     Subject to satisfying the relevant
     Policy conditions, worldwide cover is                                  $3,000,001 up to $5,000,000               Personal statement, blood
     provided 24 hours a day, seven days                                                                              tests, medical examination
     a week for insured members who are                                                                               by own doctor, PMAR and
     overseas, as well as members who are                                                                             financial questionnaire
     on leave. Income Protection cover (if                                  $5,000,001 up to $10,000,000              Personal statement, blood
     applicable) continues for two years for                                                                          tests, medical examination
     members who are on unpaid leave.                                                                                 by a specialist, stress ECG,
                                                                                                                      medical report, financial
     Transfer your insurance to                                                                                       questionnaire and tax return
     TelstraSuper†                                                                                                    and assessment notices for
     If you currently have Death only or                                                                              the last 2 years
     Death & TPD insurance with another
     super fund or life insurance company,
     you may be able to transfer that cover           Upon receipt of your completed form,          with TelstraSuper. A cap of $2,000,000
     to TelstraSuper.                                 we’ll forward it on to TAL for assessment.    on all transfers applies. It is important
     To transfer your external cover to               If the application is accepted, you will      that you do not cancel your cover with
     TelstraSuper, please complete                    be provided with the equivalent top-up        your current super fund or insurer until
     the Transfer External Insurance                  cover in TelstraSuper as provided by your     TelstraSuper has advised you in writing
     Application form available at                    previous super fund or insurer. See Table     that your insurance transfer application
     telstrasuper.com.au/forms or by                  3 on page 18 for top-up premium rates.        has been accepted.
     calling us.                                      Any transferred Death only or Death
                                                      & TPD cover will apply in addition to
                                                      any existing cover you currently hold
                                                                                                    †
                                                                                                         ubject to the ‘Active Employment
                                                                                                        S
     * Death
       
              cover must be equal to or higher than                                                     Requirements’ and other eligibility criteria and
       your level of TPD cover.                                                                         exclusions contained in the Policy.
16
Interim accident cover                      Insurance premiums                             Premium rates
If you apply for additional insurance       Insurance premiums for base Death              Any premiums for top-up cover will
cover, you will receive interim accident    and TPI cover are currently paid by            vary annually in line with your age.
cover for the period of time whilst your    your employer.                                 Premium rates are also reviewed
application is being assessed (known as     Insurance premiums for top-up cover            regularly by Telstra Super Pty Ltd and
the interim accident cover period).         are payable by you and will be applied to      the fund’s insurer, TAL. See Table 3 on
                                            an Insurance Premium Account in your           page 18 for current premium rates.
If you have an accident during the
interim accident cover period which         name. Interest will be charged on the          These top-up premium rates are
results in your death or TPD, you will be   balance of this account at a rate equivalent   applicable to white collar employees.
covered for the applied amount (up to the   to the daily earning rate of TelstraSuper’s    Additional occupational and health
maximum interim accident benefit of         Balanced investment option.                    loadings may apply to these rates
$1.5 million for death or TPD) for the      You’re under no obligation to make             depending on your occupation (e.g.
period starting from the date your          a payment toward your premiums.                blue collar) and current health status.
completed application is received by        If you choose not to make a payment,           Members given a premium loading
TelstraSuper and finishing when:            the balance of your Insurance Premium          during the underwriting process will be
                                            Account will be deducted from your total       given the opportunity to cancel their
1. your application is withdrawn,                                                          application for cover if they do not want
   accepted or rejected                     benefit when it becomes payable.
                                                                                           the premium loading.
2. the policy is terminated                 If you would like to make a payment into
                                            your Insurance Premium Account, you will       Occupational loadings that may also be
3. the Insurer cancels your interim         need to complete an Insurance Premium          applicable to your cover are outlined in
   accident cover                           Payment Defined Benefit form available         Table 2 below:
4. you reach cover cessation age,           at telstrasuper.com.au/forms or call us.
                                                                                            Table 2 – Premium loadings
   which is 65 for TPD and 75 for
   Death cover                                                                              Occupation           Death          TPD
5. the date any existing cover under                                                        Light blue              1.25        1.40
   the policy ceases
                                                                                            Medium blue            1.50         2.00
6. 120 days has passed
   (whichever is earliest).                                                                 Heavy blue              1.75        2.50

                                                                                                                                       17
Table 3 – Top-up insurance premiums per $1,000                Table 3 – Top-up insurance premiums per $1,000
      sum insured                                                   sum insured
      Age next               Death only          Death and TPD      Age next          Death only          Death and TPD
      birthday*            Male     Female       Male     Female    birthday*      Male      Female       Male       Female
      16                     0.69         0.37     0.70      0.39   46                1.31         0.95     2.51        2.15
      17                     0.81         0.37     0.82      0.39   47                1.46         1.04     2.84        2.38
      18                     0.88         0.36     0.94      0.37   48                1.57         1.10     3.16        2.64
      19                     0.95         0.36     1.03      0.37   49                1.74         1.20     3.53        2.91
      20                     0.96         0.35     1.04      0.36   50                1.86         1.30     3.91        3.26
      21                     0.96         0.35     1.05      0.36   51                2.03         1.39     4.37        3.58
      22                     0.95         0.30     1.06      0.33   52                2.17         1.48     4.80        3.99
      23                     0.89         0.29     1.03      0.32   53                2.36         1.60     5.29        4.40
      24                     0.87         0.28     1.03      0.30   54                2.55         1.74     5.86        4.90
      25                     0.81         0.27     0.98      0.29   55                2.75         1.83     6.40        5.39
      26                     0.78         0.23     0.95      0.29   56                2.95         1.96     7.03        6.00
      27                     0.75         0.22     0.91      0.28   57                3.17         2.06     7.67        6.64
      28                     0.69         0.22     0.85      0.29   58                3.44         2.17     8.41        7.34
      29                     0.64         0.21     0.82      0.30   59                3.69         2.33     9.17        8.07
      30                     0.60         0.21     0.81      0.33   60                3.98         2.43     9.98        8.79
      31                     0.58         0.22     0.78      0.34   61                4.28         2.58    10.87        9.51
      32                     0.57         0.22     0.77      0.38   62                4.63         2.71    11.81       10.26
      33                     0.57         0.23     0.77      0.43   63                5.00         2.86    12.81       11.00
      34                     0.57         0.28     0.78      0.50   64                5.41         3.03    13.92       11.76
      35                     0.57         0.29     0.81      0.57   65                5.86         3.20    15.06       12.51
      36                     0.58         0.32     0.85      0.62   66                6.32         3.40      n/a         n/a
      37                     0.60         0.36     0.90      0.74   67                6.82         3.61      n/a         n/a
      38                     0.67         0.40     1.03      0.83   68                7.37         3.83      n/a         n/a
      39                     0.71         0.46     1.11      0.96   69                7.97         4.07      n/a         n/a
      40                     0.78         0.51     1.25      1.08   70                8.60         4.31      n/a         n/a
      41                     0.82         0.57     1.39      1.24   71                9.29         4.57      n/a         n/a
      42                     0.90         0.61     1.57      1.36   72               10.04         4.84      n/a         n/a
      43                     1.00         0.71     1.76      1.53   73               10.84         5.13      n/a         n/a
      44                     1.09         0.78     1.98      1.74   74               11.71         5.43      n/a         n/a
      45                     1.20         0.85     2.24      1.94   75               12.65         5.76      n/a         n/a

     * As at last 1 July

18
Leaving your employer                                      Superannuation Salary, paid in monthly           If eligible, your TTD payments are paid:
If you cease employment with Sensis,                       instalments for up to two years.                 • from three months after the date of
you receive 30 days extended Death and                     Income protection benefits will be                 disablement
TPI insurance cover. This cover ceases                     reduced by the amount of any other               • monthly in arrears
30 days after ceasing employment or                        payments you receive or are entitled to
immediately upon withdrawal of your                                                                         • under current legislation your income
                                                           receive during a payment period (such
entire benefit from TelstraSuper.                                                                             protection payments are treated as
                                                           as sick leave payments or workers'
                                                                                                              income and are taxable.
When we receive notification that you’re                   compensation payments). Social
leaving Sensis, your account balance will                  security benefits and motor accident             When do payments stop?
be transferred into our portable, flexible                 compensation are not offset against
                                                                                                            Your TTD payments cease when one of
product, TelstraSuper Personal Plus.                       insurance benefits.
                                                                                                            the following occurs:
Your current level of death and TPI/TPD                    Leave without pay                                • you reach age 65
or death only cover will be transferred                    Sensis will continue to pay income               • you die
to TelstraSuper Personal Plus and may                      protection premiums for periods of leave
be split between base cover and top-up                                                                      • you have a claim for TPI and/or
                                                           without pay. You cannot receive benefits           TPD accepted
cover, to the same total value, without                    under your Income Protection cover
the need for assessment by TAL.* If you                    during periods of leave without pay.             • you return to work
remain in TelstraSuper Personal Plus,                                                                       • you have received a total of 24 monthly
premiums will be payable for this cover.                   However, if you lodge a claim during your
                                                                                                              payments.
                                                           period of leave without pay:
Sensis Super Plus Defined Benefit
members with existing Income                               • Income Protection cover will be                TTD payments are subject to continued
Protection cover will also have that cover                   automatically reinstated as at the             approval of your TTD benefits by
automatically† transferred to TelstraSuper                   date you were due to return to work            TelstraSuper. If you’re on flexible
Personal Plus. The cover will be 75%                         (provided that TelstraSuper was given          remuneration the cost for this cover
of your salary (excluding super) with an                     prior notification of the date you were        forms part of your Total Employment
additional 10% of your salary (excluding                     due to return to work)                         Cost (TEC).
super) to be paid to your TelstraSuper                     • any period of incapacity immediately           Insurance restrictions
account. For the cover to be retained you                    prior to and including the date you
will need to provide a Superannuation                        were due to return to work will count          Criteria for receipt of a death, TPI or
Guarantee (SG) contribution from your                        towards your 3 month waiting period            income protection benefit is determined
new employer, along with details of                                                                         by satisfying the Insurance Policy
                                                           • Income protection payments will                definitions. While the terms in this Super
your new salary and occupation within                        commence on the later of the end of
120 days of you leaving your previous                                                                       Guide reflect current eligibility criteria,
                                                             the 3 month waiting period and the             Telstra Super Pty Ltd provides no
employer. Details of these requirements                      date you were due to return to work
will be provided upon transfer.                                                                             guarantee that the eligibility criteria or
                                                           • before you go on leave without pay,            payment terms will continue indefinitely.
Please refer to the TelstraSuper                             you should contact our Insured                 TPI and TTD benefits are subject to the
Personal Plus Product Disclosure                             Benefits Group to advise                       terms and conditions of the Insurance
Statement and the TelstraSuper                               them of your impending period                  Policy. Payment of any “top-up”
Personal Plus Insurance Guide for                            of leave without pay and the date              death or TPD benefit is subject to the
more information. These documents are                        you’re due to return to work.                  terms and conditions in the relevant
available at telstrasuper.com.au/pds                                                                        insurance policy.
                                                           When are income protection
                                                           benefits paid?                                   If for some reason the insurer does not
Income Protection                                                                                           approve the top-up part of the benefit,
                                                           To obtain monthly payments for TTD,
As a member of Sensis Super Plus                                                                            then the benefit payable may be reduced
                                                           you must:
Defined Benefit you receive automatic                                                                       by that amount. You will be advised by
Income Protection cover, also known as                     • have been unable to work for                   Telstra Super Pty Ltd if any reduction
Total & Temporary Disability (TTD) cover.                    Sensis (and off work) for three                applies to you.
                                                             consecutive months
This provides you with regular income
while you’re temporarily unable to work                    • satisfy the Insurance Policy definition
and satisfy the definition of TTD. The                       of TTD.
benefit is calculated at 75% of your

*S
  ubject to the ‘active employment’ test contained in the Policy.
†
     ubject to the ‘At work’ requirements and other eligibility criteria and exclusions contained in the
    S
    Policy.

                                                                                                                                                          19
11
     Fees and
     other costs

     There are no fees or charges attached to   This document shows fees and other
     your Sensis Super Plus Defined Benefit,    costs that you may be charged. These
     the fees and charges described on the      fees and other costs may be deducted
     following pages apply to your Voluntary    from your money, from the returns on
     Accumulation Account only.                 your investment or from the assets of the
                                                superannuation entity as a whole. Other
       DID YOU KNOW?                            fees, such as activity fees, advice fees for
                                                personal advice and insurance fees, may
       Small differences in both                also be charged, but these will depend
       investment performance and fees          on the nature of the activity, advice or
       and costs can have a substantial         insurance chosen by you.
       impact on your long term returns.
                                                Taxes, insurance fees and other
       For example, total annual fees           costs relating to insurance are set
       and costs of 2% of your account          out in another part of this document.
       balance rather than 1% could             You should read all the information
       reduce your final return by up to        about fees and other costs because
       20% over a 30 year period (for           it is important to understand their impact
       example, reduce it from $100,000         on your investment.
       to $80,000).
       You should consider whether
       features such as superior
       investment performance or the
       provision of better member
       services justify higher fees and
       costs.
       Your employer may be able
       to negotiate to pay lower
       administration fees. Ask the fund
       or you financial adviser.

       TO FIND OUT MORE
       If you would like to find out more,
       or see the impact of the fees
       based on your own circumstances,
       the Australian Securities and
       Investments Commission (ASIC)
       website (www.moneysmart.gov.au)
       has a superannuation fee
       calculator to help you check out
       different fee options.

20
You can also read
Next slide ... Cancel