Super Insight What's inside
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Super Insight
Select
What’s inside
• Investment update
• Super update
• Super online features
• APY Lands Super Expo
• Super & mental health
• Insurance changes
Message from our Chief Executive
It is a pleasure to present the Super SA 2017–18 negatively impacted our member services for
annual statements and member newsletters. some months. These issues were challenging,
Without a doubt, this past financial year has but our dedicated staff worked extremely hard With thanks
seen some significant changes at Super SA. to return member service standards to the high I would like to thank the Board for their
levels our members deserve. commitment and contribution over this financial
Legislation and insurance changes
I would like to take this opportunity to year and thank our former Presiding Member
Since being appointed as the Chief Executive personally thank all 170 Super SA staff for Annette Hurley, who left the Board in June.
of the Fund in December 2017 the business their commitment and resilience during this We also thank Jan McMahon who retired
has delivered a number of major reforms and period and also thank our members for their from the Board on 1 October 2018 after 27 years
implemented some significant legislative-driven patience. The new system has already improved of service. The Board also welcomes a new
changes to super within the SA Public Sector. our member personalised experience and Board member – Ms Alison Kimber.
This also included the introduction of an updated will position the Fund for delivering improved We appreciate the support of our members
insurance offering for members in Triple S and products and services into the future. and are also very grateful for the long standing
FRP (3 September 2018). The new, more flexible
partnership with our key stakeholders.
product better reflects our members’ needs and An investment model that sets
is more closely aligned to industry standards. us apart I am very excited as are our staff about
the opportunity to continue growing and
ICT system transformation Super SA recorded solid investment returns for
strengthening the Fund and our services.
the 2017–18 financial year with the Balanced
We also launched our new superannuation option returning 7.8%. We look forward to
administration platform in May. As you may continuing working closely with Funds SA
expect with any ICT system transformation there for the benefit of all Super SA members.
were unfortunately some teething issues, which Dascia Bennett
Chief Executive, Super SA
Select
Investment Super update
update
The Balanced (default) investment option, There has been no change to the Applications are to be made through the ATO.
returned 7.8%1 for the year. The strong Superannuation Guarantee rate and it will
performance of shares and unlisted assets (such remain at 9.5% until 2021. Downsizing the family home
as property, private equity and infrastructure) contribution
provided diversity and made a positive Early Release on Severe Financial
Hardship or Compassionate Grounds Members aged 65 or over can make a
contribution to the year end result, while cash
“downsizer contribution” of up to $300,000
and bond assets recorded more modest results. Super SA Select members are able to if they sell their primary residence that they’ve
The Cash investment option returned 1.6% for 1 make an application for the release of their owned for at least 10 years. Their spouse may
the year. This is consistent with the very low super on compassionate or severe financial also be able to make a similar contribution.
interest rate environment. hardship grounds. Members are only able The sale of the home needs to be made after
to access their super where it is determined 1 July 2018 and the contribution needs to be
Asset mix that they meet the criteria defined by made within 90 days after the change in
The Balanced option provides members with a Commonwealth legislation. ownership. A form is available on ato.gov.au
well diversified investment including more than: which needs to be submitted to Super SA
The Commonwealth rules allow for the release
200 Australian shares, of benefits for medical treatment, to prevent at the time the contribution is made.
2000 International shares, and foreclosure or forced sale of a home, to modify
130 properties. a home or vehicle to accommodate special From 1 July 2019
Investments are managed by over 50 fund needs arising from severe disability or to pay The Government proposes to extend the
managers. for palliative care, death or funeral expenses. Pension Loans Scheme to all Australians
Further information is available on the of Age Pension age. This reverse-mortgage
Key message
website at supersa.sa.gov.au. scheme enables retirees to release equity
Our key message for members is that returns in their home to boost their retirement
are more likely to be lower over the medium First Home Super Saver Scheme income without impacting their eligibility
to longer term than recent history suggests. (FHSSS) for the Age Pension or other benefits.
If you are nearing retirement it is important that
you take this into account, to ensure that your As part of the First Home Super Saver The Pension Work Bonus will be expanded
retirement plans are not adversely affected. Scheme (FHSSS) eligible members can to allow pensioners to earn an extra $50
Your preparation should involve an assessment withdraw voluntary contributions they have a fortnight without reducing their pension
of all of the factors that go into determining made to their super since 1 July 2017 for payments. It will also be extended to
the level of income expected in retirement, a deposit for their first home. Members self‑employed people.
and whether your retirement plans remain on should confirm their eligibility at ato.gov.au.
track.
1
Please note, this return may differ from that reported by
Funds SA due to differential year end cut off timeframe.
Online features: Super SA member portal
What a member is saying...
YOUR SUPER BALANCE
Check your balance anywhere any time.
By logging into the online member portal to check her balance
COMMUNICATIONS and related information, Melissa from the Environment
Opt in to receive communications electronically. Protection Authority is working out her options for
retirement.
CALCULATORS “I had no problems accessing the new
Compare ways to grow your super. portal,” says Melissa. “It’s easier to navigate
than the old one and seems to work quicker
than the old one too.”
SEMINARS
21 Book into the lastest seminar. Using her new Client ID number Melissa was able to get straight
into the member portal on her first try. She likes that you can see your balance up front.
FILING CABINET “It’s easy to see growth for the year on the first screen,” she says.
View all your correspondence from us
in one place. She used to only visit the secure area once or twice a year, but now as she is getting her
retirement plans sorted, she plans to visit a lot more often.
INVESTMENT OPTIONS help
Switch your investment option(s) online. save Simply visit supersa.sa.gov.au
paper log in to the online member portal and opt in to receive your statements online.
2 | supersa.sa.gov.au
APY Lands Super Expo
Earlier this year two Super SA Member will make the withdrawal process smoother
Education Officers, Jarrad and Carolyn, travelled at retirement,” says Jarrad.
to the Anangu Pitjantjatjara Yankunytjatjara
“The new AUSTRAC identification guidelines,
(APY) Lands in the state’s north-west for
where a community leader or elder can verify
first-hand experience of the barriers Aboriginal
a person’s identity, made things a lot easier,”
members face when trying to access their super.
says Jarrad. “But there’s still a lot to do.”
The week long expo was organised by ASIC’s
“It was difficult telling some people they had
Indigenous Outreach Program, MoneyMob
no super,” says Carolyn. “An elderly gentleman
Talkabout and First Nations Foundation. ASIC,
told me he’d worked for years on cattle stations,
ATO, AUSTRAC, Centrelink, AustralianSuper,
but that was before 1992, when super wasn’t
Prime Super, QSuper and HESTA also took part.
compulsory.
Jarrad, Carolyn and the other members of
“It was also hard talking to people about the
the expo visited Indulkana, Mimili, Fregon,
super of deceased family members, and having
Pukatja and Amata communities. They spoke
to explain that super can’t immediately go to
to members about their super, often with
a sibling.”
the assistance of interpreters, and came to
a greater understanding of the obstacles they The week was busy for Jarrad and Carolyn who
face, including poor phone coverage, language saw almost 200 Super SA members. Together
barriers and missing identification documents. with the other funds, the representatives saw
50% of people in the Lands who have super.
“We updated dates of birth, found lost super
and recorded people’s alternative names, which
APY
LANDS
Q: Can I boost my A: Yes. If you’re aged 65 or over and sell your primary residence that you’ve
owned for at least 10 years, you can make a “downsizer contribution” of up to $300,000.
super by downsizing? For more information and eligibility criteria go to ato.gov.au.
Super
No bed of roses
& mental health with anxiety, you are not alone. Celebrities like The Rock and JK Rowling
have publicly discussed their experiences with mental illness.
If you need help, contact Lifeline on 13 11 14, 24 hours a day or
lifeline.org.au. There are plenty of treatment and support options around if you are feeling
more stressed or sadder than usual. Talk to your GP or explore the online
Despite appearances, no-one’s life is a permanent bed of roses. resources at beyondblue.org.au, lifeline.org.au or
Sometimes life has its own plans for you and your hopes take a battering. www.SAMentalHealthCommission.com.au/need-help/.
There’s a difference, though, between feeling disenchanted when you’re
in a slump and something more serious. Check your statement, or log in to your account online, to see whether you
have access to Income Protection Insurance too.
Depression and anxiety are quite common; around one in seven Australians
experience depression, and around double that number experience anxiety 1
Black Dog Institute; Facts and figures about mental health;
in any given year1. If you are feeling sadder than usual or are struggling https://www.blackdoginstitute.org.au/docs/default-source/factsheets/facts_figures.pdf?sfvrsn=8
supersa.sa.gov.au | 3
Q: Can I use super for my A: Yes. Eligible members can make after-tax or salary sacrifice contributions
into their Select account and withdraw these for the deposit on their first home
first home deposit? through the new First Home Super Saver Scheme (FHSSS). Check your eligibility
at ato.gov.au.
Insurance Super SA and the
changes Mother’s Day Classic
More cover, greater flexibility
For the fourth year running, Super SA was
As a member of Super SA Select, you maintain a proud supporter of the Mother’s Day
insurance cover through Triple S. Classic (MDC), Australia’s largest walk-run
to raise money for the National Breast Cancer
On 3 September 2018 Triple S insurance
Foundation.
changed to improve flexibility and fairness:
we’ve extended the maximum age for cover by This year’s event saw over 5,000 participants,
five years, introduced age‑based premiums, and supporters and volunteers at Peace Park,
given members more choice about their level North Adelaide.
of cover.
Each year more than 100,000 people walk
or run at the MDC at more than 90 events
Death and Total & Permanent
around the country. As a result in the last
Disablement (TPD) Insurance changes
21 years, the MDC has donated $33.2 million
include:
to fund breast cancer research. The goal is
Increasing level of default cover from two to to raise $40 million by 2020.
three units of Standard Insurance cover free
of limitations1
Maximum age increasing by five years –
from age 65 to age 70
New Fixed Benefit Insurance product with
age-based premiums. Contact us High ratings
Income Protection Insurance changes Email Telephone Super SA Select has been awarded
include: supersa@sa.gov.au (08) 8207 2094 a Gold rating by leading industry
Ability to choose between 30 or 90 day 1300 369 315 researcher SuperRatings to reflect
waiting period Website Super SA Select’s excellent low
(for regional callers)
supersa.sa.gov.au fees, and good member services and
Maximum age increasing by five years – Fax (08) 8115 1296
advice options.
from age 60 to age 65
New premiums based on your age and your Postal In person
choice of a 30 or 90 day waiting period.
GPO Box 48 Ground floor,
Casual employees do not automatically receive Adelaide SA 5001 151 Pirie Street (Enter
IP Insurance but can apply for cover.2 from Pulteney Street)
Adelaide SA 5000
More information
Affected members were sent a letter explaining
the changes and outlining their options. Further
Super SA Select is an exempt public sector superannuation Southern Select Super Corporation and the State Government
information is available at supersa.sa.gov.au. scheme and is not regulated by the Australian Securities and disclaim all liability for all claims, losses, damages, costs or
Investments Commission (ASIC) or the Australian Prudential expenses whatsoever (including consequential or incidental loss or
Regulation Authority (APRA). Southern Select Super Corporation is damage), which arise as a result of or in connection with any use
not required to hold an Australian Financial Services Licence to of, or reliance upon, any information in this document.
1
Police and SA Ambulance members are still required provide general advice about Super SA Select. The information in SuperRatings does not issue, sell, guarantee or underwrite this
to hold a prescribed amount of Death and TPD Insurance this document is of a general nature only and has been prepared product. Go to www.superratings.com.au for details of its ratings
(equivalent of six Standard units). without taking into account your objectives, financial situation or criteria.
needs. Super SA recommends that before making any decisions
2
If an existing member commences casual employment with about Super SA Select, you consider the appropriateness of this
SA government within three months of having been in full or information in the context of your own objectives, financial situation
part time SA government employment, their previous Income and needs, read the Product Disclosure Statement (PDS) and seek
Protection (IP) Insurance will carry over. financial advice from a licensed financial adviser in relation to your This newsletter is printed
financial position and requirements. Please refer to the PDS for on paper farmed from
The provision of all insurance cover is subject to eligibility information on the cooling off rights associated with this product. sustainable resources.
requirements under the governing legislation of Triple S.
4 | supersa.sa.gov.au 2018 | Public – I1 – A1
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