TELSTRASUPER DIVISION 5 DEFINED BENEFIT - 1 JULY 2019
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TelstraSuper Division 5
Super Guide
Defined Benefit
1 July 2019Telephone 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. • statements showing your contributions, investment
© Telstra Super Pty Ltd. 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 32.
02Contents
01 Main features and benefits of TelstraSuper Division 5 04
02 TelstraSuper Division 5, what’s it all about? 05
03 Understanding your benefits 06
04 Supplementary benefit 07
05 Prior service benefit 07
06 Part-time work and leave without pay 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 Death & TPD benefit 14
12 Fees and other costs 19
13 Moving on – changing jobs or changing funds 26
14 Tax and super 27
15 Important super information 28
16 Privacy information 30
17 Glossary 32
18 Easy access to your super online 35
0301
Main features and benefits
of TelstraSuper Division 5
This Super Guide makes reference
• Telstra sponsored defined benefit to the Investment Guide, which is
• the option of opening a Voluntary available at telstrasuper.com.au/pds
Accumulation Account, to access or by calling us. We encourage you to
a broad range of investment options read it before making any investment
for the conservative through to the decisions regarding your Voluntary
aggressive investor, including the Accumulation Account or Productivity
ability to invest in term deposits and Account (if applicable).
listed securities, including ASX300 The Investment Guide outlines the
shares and Exchange Traded Funds investment options available to you for
(ETFs) your Voluntary Accumulation Account
• security for your family through and your Productivity Account, as well
default* Income Protection, as explaining important investment
Death and Total & Permanent concepts to help you make any
Disablement (TPD) cover investment choices.
• apply for any amount of top-up
Death cover and up to $5 million
top-up TPD cover
• access to expert financial
planning through TelstraSuper
Financial Planning
• secure, online access to your
account details at
telstrasuper.com.au
* See section 11 for more details.
0402
TelstraSuper Division 5,
what’s it all about?
TelstraSuper Division 5, previously If you have ever contributed to your
known as TSS No1 or OTCSSS, is a defined benefit you’re considered a
complete retirement savings package, Contributory Member, even though
designed for Telstra employees who you may not be making defined benefit
were previously employees of OTC. contributions at present. However any
There are two main components to your periods of Non-contributory Membership
TelstraSuper Division 5 arrangement – cannot be converted into Contributory
an accumulation benefit that includes a Membership by contributing above 5%,
Telstra sponsored Productivity Account or by any other means.
and a defined benefit independent of Please note: All existing TelstraSuper
investment performance. Division 5 members are Contributory
In this Super Guide you’ll find out about Members, consequently information
how TelstraSuper Division 5 works, your for Non-contributory Members that
options and the benefits you receive as appeared in previous versions of the
a TelstraSuper Division 5 member. TelstraSuper Division 5 Super Guide
has been removed.
What makes up your As a TelstraSuper Division 5
TelstraSuper Division 5 Contributory Member, your benefit is
benefit? made up of the following:
As a TelstraSuper Division 5 Contributory Defined benefit:
Member you accrue a defined benefit.
A defined benefit arrangement is a type Contributory Members who exceed
of super arrangement where the benefits an Average Contribution Rate of 5%.
payable are based on set calculations. Accumulation benefit:
Member defined benefit contributions
form part of the defined benefit Accumulation benefit, including:
calculation for TelstraSuper Division 5. • Productivity Account – Telstra financed
Contributory Members also receive accumulation account
additional death, Total & Permanent And, if applicable:
Disablement (TPD) and income
protection benefits subject to • Voluntary Accumulation Account –
certain conditions. your voluntary contributions that are
not defined benefit contributions and
At any given time, you can contribute any roll-ins from other super funds after
up to 10% of your Superannuation Salary 1 July 1996. See page 13 for more
to your defined benefit. information.
However, the maximum Average TelstraSuper Division 5 members
Contribution Rate used to calculate who were previously members of the
your defined benefit is limited to 5%. Commonwealth Superannuation Scheme
If your Average Contribution Rate is (CSS) or the Interim Scheme may also
above 5% of your Superannuation have Prior Service Benefits (see page 7).
Salary, you will be entitled to a
Supplementary Benefit.
0503
Understanding your
benefits
All members of TelstraSuper Productivity Account
Division 5 will receive a total benefit Example
equal to or greater than the SG benefit. All TelstraSuper Division 5 members have
The SG is the minimum amount of a Productivity Account. Russell is 58 and is retiring with a
super support Telstra must provide to Final Average Salary of $53,000.
Telstra makes contributions equal to
you by law. He has been a member of
3% of your Superannuation Salary into
TelstraSuper Division 5 for nine
Please note: If you retire after age 65, your Productivity Account, which is an
years. Russell didn’t make any
your defined benefit is equal to the accumulation account.
contributions during his first year
defined benefit payable to you had you Your Productivity Account will also of employment. In his second year
ceased employment at age 65, credited include any productivity contributions he began making contributions at
with interest in accordance with the made by Telstra for periods of CSS or 3% and continued this rate for four
Conservative investment option until Interim Scheme membership. years. For the remaining four years
your actual retirement date. of his employment, he contributed
Your Productivity Account is free of
any dollar based administration fees at a rate of 5%. So his Average
On retirement, resignation (percentage based administration fees Contribution Rate is 4% for his eight
or retrenchment and indirect investment fees apply) and years of Contributory Membership.
is invested in the investment option of
If you retire after age 55, resign or are 0.08 + (2 x 0.04) = 0.16
your choice. See the Investment Guide
retrenched, your TelstraSuper Division 5
for details. x Contributory
benefit is equal to: 8
Membership
Defined Benefit* Defined benefit x Final Average Salary $53,000
The defined benefit formula is:
Plus = Defined benefit $67,840
Productivity Account Balance 8% + (2 x your Average Contribution During this time Russell’s
Rate) Productivity Account balance
And if applicable:
x years of Contributory Membership has grown to $10,000. He has
Voluntary Accumulation Account
no Prior Service Benefit and as
balance x Final Average Salary
his Average Contribution Rate
Supplementary benefit did not exceed 5%, he has no
= Defined benefit
Prior service benefits Supplementary Benefit.
= up to 5% Russell has opened a Voluntary
Surcharge Account
Accumulation Account that has a
Insurance Premium Account balance balance of $20,000.
= Contributory Member Benefits
Productivity Account $10,000
Voluntary Accumulation
$20,000
*T
he defined benefit of Contributory Members Account
who resign before age 55 with less than four
Supplementary Benefit $0
years of Contributory Membership may be
subject to a vesting percentage. Prior Service Benefits $0
Insurance Premium
$0
Account
= Accumulation Benefit $30,000
Therefore, Russell’s TelstraSuper
Division 5 benefit is $97,840.
0604 05
Supplementary Benefit Prior service benefit
If your Average Contribution Rate returns are applied to this account in Members who transferred
exceeds 5%, you will receive a accordance with the Conservative from the Commonwealth
Supplementary Benefit. investment option. This account balance
is used in the calculation of your Superannuation Scheme
The Supplementary Benefit Supplementary Benefit. (CSS)
is calculated as follows: If you were a member of the CSS
B is equal to 5% multiplied by the before 1 July 1990, you will receive a
A x (1 - B) member’s period of Contributory prior service multiple known as a CSS
Membership, divided by the Transfer Multiple, that recognises your
where: member’s Aggregate Contribution period of CSS membership up to 1 July
A is the balance of your Defined Percentage. 1990. It is calculated as:
Benefit Member Account.
A member’s Aggregate Contribution Years and complete months of
All contributions made towards a Percentage is equal to the Elected membership in CSS up to and
member’s defined benefit are credited Contribution Rate for a period of including 30 June 1990.
to an individual member account Contributory Membership multiplied x 20%
known as a Defined Benefit Member by the period that rate applied.
Account. This account balance is The percentages for each period are Your prior service benefit for the CSS is
the member’s total defined benefit totalled to determine the Aggregate your CSS Transfer Multiple times your
contribution amount, with investment Contribution Percentage. Final Average Salary (FAS) and is added
returns, less any taxes. Investment to your defined benefit.
Example Example
Jane contributed to TelstraSuper Division 5 for five years. For the first two years Jane was a member of the CSS
she contributed at 5% and for the last three years she contributed 6%. from 1 July 1980 to 30 June 1990.
She retired in June 2000. In addition
Defined Benefit Member Account $32,000 to her TelstraSuper Division 5
Defined Benefit, she also has prior
Total contribution period 5 years service benefit representing her
period of CSS membership. Jane’s
Jane’s Aggregate Contribution Percentage is as follows:
FAS is $60,000. Therefore her prior
2 years x 0.05 = .10 service benefit is equal to:
3 years x 0.06 = .18 Years of CSS
membership, up to and 10
Aggregate Contribution Percentage .28
including 30 June 1990
Therefore Jane’s Supplementary Benefit calculation is: x 20% 0.2
A x (1 - B) CSS Transfer Multiple 2
where;
x FAS $60,000
A = $32,000
Prior Service Benefit $120,000
B=5
% x 5 years (total contribution period)
0.28 (Aggregate Contribution Period) Jane’s prior service benefit
B=0
.25 / representing years of membership
0.28 in the CSS equals $120,000.
B = 0.8928
So in dollar terms, Jane’s Supplementary Benefit is equal to:
$32,000 x (1 - 0.8928) = $3,430.40
The Supplementary Benefit amount shown on your benefit statement will include
supplementary payments made to the CSS if applicable.
0706
Part-time work and
leave without pay
If you resign, your years of CSS Part-time employees
membership are added to your years of Example
Contributory Membership in TelstraSuper If you have ever been a part-time
Division 5 for vesting purposes. Peter was a member of the Interim Contributory Member your defined
Scheme from August 1990 to benefit is adjusted to account for your
Any supplementary contributions August 1991. He retired in July period of part-time work.
paid to the CSS are included in the 1999 after 9 years as a TelstraSuper
Supplementary Benefit amount shown A Service Fraction, which represents the
Division 5 Contributory Member. In
on your statement, benefit quotes and proportion of full-time hours worked for
addition to his TelstraSuper Division
member benefit advice. that period, will be applied to your years
5 Defined Benefit he also has a
of Contributory Service. Your Service
Any productivity contributions made by prior service benefit representing
Fraction is equal to your actual hours
Telstra while you were a CSS member his membership in the Interim
worked in any pay period divided by the
are included in your Productivity Account. Scheme. Peter’s Final Average
prescribed full-time hours for the position.
Salary is $100,000. Therefore, his
prior service benefit for the Interim The Superannuation Salary used to
Members who were in the determine your defined benefit is the
Scheme is equal to:
Interim Scheme equivalent full-time salary for your
Years of membership in the position.
The Interim Scheme was established to 1
Interim Scheme
provide super for new employees who
joined OTC on or after 1 July 1990 but x 13% 0.13 Example
before the establishment of TSS No.1. Interim Scheme Multiple 0.13
Members of the Interim Scheme were Susan retires after being a
transferred to TSS No.1 and the Interim x FAS $100,000 Contributory Member of TelstraSuper
Scheme was closed from 30 August 1991. Division 5 for five years. Susan
Prior Service Benefit $13,000
always worked 18 hours per week.
If you were a member of the Interim The prescribed full-time hours
Scheme, you will have an Interim Scheme Peter’s prior service benefit
representing years of membership in for her position are 36 hours per
Multiple that is calculated as: week. Susan’s equivalent full time
the Interim Scheme equals $13,000.
Superannuation Salary when she
Years and complete months of
left was $50,000. As Susan always
membership in the Interim Scheme If you resign, your years of Interim contributed to her defined benefit at a
x 13% Scheme membership are added to rate of 5%, her Average Contribution
your years of Contributory Membership Rate is 5%.
Your prior service benefit for the Interim in TelstraSuper Division 5 for vesting
Scheme is calculated as your Interim purposes. Actual hours 18
Scheme Multiple times your FAS and is divided by full time hours 36
added to your defined benefit. Any productivity contributions made by
your employer to the Interim Scheme are Susan’s Service Fraction 0.5
included in your Productivity Account. Susan’s defined benefit calculation
5% + (2 x 5% Average Cont. Rate) 0.18
x years of Cont. Membership 5
x Service Fraction 0.5
x Final Average Salary (Full time) $50,000
Susan’s Defined Benefit $22,500
Leave without pay
Periods of leave without pay may not
count as superannuation membership
for the purposes of calculating your
TelstraSuper Division 5 Defined Benefit
and may affect any insured benefit.
For details regarding the treatment of
leave without pay, check with your HR/
personnel unit.
08If you would like information regarding contributions total more than $250,000, • proceeds from the disposal of
contributions during leave without pay, you may have to pay an additional 15% eligible small business assets up to
or how leave without pay affects tax on some or all of your concessional an indexed lifetime limit (for further
the calculation of your benefit, contributions. Pre-tax contributions in conditions and to find out the current
please call us on 1300 033 166. excess of the pre-tax contributions cap will limit, visit the Australian Taxation Office
be taxed at your marginal tax rate if they (ATO) website www.ato.gov.au)
are not withdrawn from the Fund and will • proceeds from certain settlements
count towards your post-tax contributions for injuries resulting in permanent
07 cap. These caps and taxes may change in
the future.
disablement
• downsizer contributions.
Contributing to You're able to 'carry-forward' any unused
amount of your concessional contributions The post-tax contributions cap is set at
your super cap. You're able to access your unused four times the pre-tax contributions cap,
concessional contributions cap on a which is usually indexed.
rolling basis for five years if your Total
If you’re under age 65 you can make Superannuation Balance (including all If you’re aged under 65 years, you will
regular or one-off contributions to your balances if you have more than one super be able to bring forward two years of
super at any time. account) is less than $500,000 at the post-tax contributions limited to the
end of a financial year. Amounts carried number of years that would take your
If you’re aged between 65 and 74 balance to $1.6m and make a lump
(inclusive) you can contribute to your super forward that have not been used after five
years will expire. For further information sum contribution of $300,000 in one
providing you’re gainfully employed on at financial year. For example, if you made
least a part-time basis in the financial year visit the Australian Taxation Office (ATO)
website at www.ato.gov.au a $300,000 contribution during the
in which the contributions were made. 2019/20 financial year, you would not
To be considered ‘gainfully employed be allowed to make any further post-tax
on a part-time basis’ you need to have contributions until the 2022/23
Please be aware that if you have more
worked at least 40 hours in a period of financial year.
than one fund, all contributions made
not more than 30 consecutive days in
to all your funds are added together Where your balance is close to
that financial year.
and count towards the caps. $1.6m, you will only be able to make
Once you reach age 75 you cannot make a contribution in that year and access
contributions to your super. Your employer the bring forward of future years
may contribute to your super SG and Limits on post-tax (non- contributions that would take your
Award mandated contributions. concessional) contributions balance to $1.6m, as highlighted in the
Limits on pre-tax If your balance is less than $1.6m as table below:
(concessional) contributions at 30 June in the previous financial
Contribution
year, your post-tax contributions cap is
The 2019/20 pre-tax contributions cap is Superannuation and bring
$100,000. If your balance is greater than
$25,000 for all individuals. Balance forward
$1.6m, you are not permitted to make
Contributions included in the pre-tax cap post-tax contributions to your account. available
includes:
Contributions included in the post-tax Less than $1.4 million 3 years ($300,000)
• employer Superannuation Guarantee cap are:
(SG) and award contributions $1.4 –Transitional arrangements will apply if
2015/16 2016/17 2017/18 2018/19 2019/20
you have made a post-tax contribution in
the 2015/16 or 2016/17 financial year. If End of transition
period $100,000
you have triggered the bring forward rule More than $460,000 Nil
or 3 year bring
but haven’t fully met your bring forward forward
cap, the transitional arrangements will More than End of transition
reflect the reduced annual post-tax Cannot exceed
$180,000 but period $100,000
$460,000 from
contributions cap, see table on this page. less than or 3 year bring
2015/16 to 2017/18
$460,000 forward
Tax on excess post-tax contributions End of transition
is at the top marginal tax rate plus the More than period $100,000
Nil Nil
Medicare levy in the 2019/20 year. $380,000 or 3 year bring
forward
This excess contributions tax may not
More than End of transition
be payable if you elect to release the $180,000 but
Cannot exceed
period $100,000
$380,000 from
excess post-tax contribution plus 85% less than
2016/17 to 2018/19
or 3 year bring
of associated earnings, or another $380,000 forward
exception applies.
The ATO will monitor your pre and post-
Contributions splitting Spouse contributions
tax contributions and send you a tax bill if Contributions splitting legislation allows A spouse contribution allows you to
you exceed the caps. you to split your super contributions into make post-tax (non-concessional)
your spouse’s* account annually after contributions to your spouse’s account.
Co-contributions 30 June each year. Contributions your You may be eligible to claim a tax offset
spouse has made to their super account of 18% (up to a maximum of $540) on the
The government may make can be rolled into your account. first $3,000 of these contributions if your
co-contributions for members who spouse’s income for the financial year is
make post-tax contributions and meet Contributions splitting can only be
applied to accumulation arrangements. below $40,000. You will not be eligible to
eligibility conditions (which includes an claim a tax offset if:
earnings threshold). Defined Benefit members can split
their Voluntary Accumulation Account • your spouse earns more than $40,000
You will not be eligible for the government contributions with their spouse, but
co-contribution in a financial year if: • your spouse's total superannuation
are unable to split their defined benefit balance is greater than $1.6m as at the
• your total superannuation balance is entitlement. end of 30 June of the previous financial
equal to or greater than $1.6m as at Employer Superannuation Guarantee year, or
the end of 30 June of the previous (SG) contributions and pre-tax (salary • your spouse has exceeded their non-
financial year, or sacrifice) contributions can be split concessional contributions cap in that
• you have exceeded your non- between spouses at any time in the financial year.
concessional contributions cap in that financial year following the financial year
financial year. in which the contributions were made. To make a spouse contribution you can
do so via BPay® or cheque. If you make
For more information on co-contributions You can split any amount less the 15% a contribution via cheque you will need
including an online calculator please visit contributions tax payable on these to complete a Member and Spouse
telstrasuper.com.au or www.ato.gov.au contributions. So effectively you can split Contribution form available
up to 85% of these gross contributions. at telstrasuper.com.au/forms or by
Low Income Superannuation Splits can be made between spouses’ calling us.
accumulation accounts within the
Tax Offset (LISTO) same super fund, or to another super
The government will refund the tax paid fund or retirement savings account you
on pre-tax (concessional) contributions, nominate. Amounts split to a spouse’s
up to a cap of $500 for low income account are preserved on entry to the
earners with an adjusted taxable income receiving account.
up to $37,000. To arrange a split you will need to
complete a Contributions Splitting
Application form available at
telstrasuper.com.au/forms
or by calling us.
*T
o be eligible for contributions splitting you and your spouse must be living together. Your spouse must be under 65 years of age, even if they are still
working. If your spouse is over their preservation age, they must declare they have not retired in order to receive contributions from your account. Further
eligibility conditions may apply, visit telstrasuper.com.au for details.
10First Home Super Saver Applications for withdrawal are made To make a downsizer contribution,
Scheme 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 First Home Super Saver Scheme submission of an application. provide it to TelstraSuper when making
(FHSSS) allows eligible first home or prior to making the contribution. If you
Release of your concessional
buyers to withdraw voluntary super make multiple contributions, you must
contributions and deemed earnings will
contributions, along with deemed provide a form for each contribution.
be taxed at your marginal tax rate less a
earnings, to put towards a house deposit.
30% tax offset. All downsizer contributions must be
You can only withdraw contributions made within 90 days of receiving the
The ATO will not require proof of a
under the Scheme once and you can’t proceeds of sale, with extensions granted
home purchase before allowing release,
withdraw the super that your employer is by the ATO in limited circumstances.
but once the ATO does release your
obliged to pay. Only additional voluntary Where the ATO determines that a
contributions, you must purchase
contributions you’ve made after 1 July downsizer contribution is invalid and you
your home within 12 months, or sign
2017 are eligible for withdrawal. are unable to meet other contribution
a contract within 12 months to build
The FHSSS is administered by the a house. If this does not happen, you eligibility criteria, the contribution will be
ATO, however, you make contributions can apply for an extension of up to 12 refunded.
as normal into your TelstraSuper months, or recontribute the amount to For more information on downsizer
account. Contributions are made using your super fund, or use the money for contributions and to see a full list of
a salary sacrifice arrangement with other purposes and pay additional tax. eligibility criteria, visit the ATO website.
your employer, through tax-deductible
For more information on FHSSS and to
super contributions or alternatively, you
see a full list of eligibility criteria, visit the
can make non-concessional (after-tax)
ATO website.
contributions to your account.
To be eligible to withdraw contributions Downsizer contributions
under the FHSSS, you must:
If you're 65 years old or over and sell your
• be over 18 primary residence, you may be eligible
• have never owned a home in Australia, to contribute a portion of the proceeds
or have previously owned a home into super. Contributions up to $300,000
but are currently eligible for financial for individuals or $600,000 for couples
hardship as determined by the ATO, can be made with existing contribution
and caps and restrictions not applicable to
• have not previously accessed the the downsizer contribution. There is no
Scheme. restriction on making non-concessional
contributions under the downsizing cap,
While there is no change to the amount even if you have over $1.6 million in your
of money you can contribute to super, total super balance. However, if you have
annual contribution caps still apply, reached your $1.6 million transfer balance
and limits apply to how much you can cap, these contributions must remain in
withdraw for the FHSSS. A $15,000 the accumulation phase.
limit applies to contributions that can be
eligible for withdrawal in one financial It is important to note that downsizer
year and a $30,000 limit applies to total contributions will count towards your Age
contributions eligible across all years. Pension assets test.
This means a couple saving for a first To be eligible to make a downsizer
home could contribute up to $60,000 contribution:
combined. • you must be 65 years old or over.
The ATO will calculate the amount you • the house must be in Australia and
contribute as part of the FHSSS and the cannot be a caravan, houseboat or
amount those contributions are deemed mobile home.
to have earned and include that in the
• you or your spouse must have owned
releasable amount.
the residence for more than ten years.
1108
Calculating your defined
benefit contributions
Post-tax (non-concessional) Exemption for defined However, a change from a 5%
contributions benefit members contribution rate to a 10% contribution
Post-tax contributions to your defined rate (or any rate in between) will not
benefit are shown on your statement If you were a defined benefit member result in the loss of the exemption as
or Benefit Quote. Your total post-tax on 12 May 2009 and your Notional contributions between 5% and 10%
contributions for the purposes of the Taxed Contributions exceed the pre-tax (inclusive) represent a 12% Notional
contribution caps will include your contribution cap, they will be taken to Contribution Rate. A change from a 4%
post-tax defined benefit contributions equal this cap and no additional tax will contribution rate to a 5% contribution rate
and any post-tax contributions made be applied (provided TelstraSuper has will result in a loss of the exemption as
to an accumulation account, such as a your TFN)*. this represents a change from a Notional
Voluntary Accumulation Account. However, for this dispensation to Contribution Rate of 10% to a Notional
apply, no changes have been made Contribution Rate of 12% and will also
Pre-tax (concessional) contributions to your defined benefit from 12 May result in a greater defined benefit.
Remember that even if you only make 2009 onwards. Before changing your contribution rate,
post-tax contributions to your defined A change of contribution rate will be you should consider seeking financial
benefit, your employer still makes pre-tax considered a change to the defined advice from TelstraSuper Financial
contributions to fund your defined benefit. benefit arrangement and result in the Planning about the impact this may
Pre-tax member and employer loss of this exemption if the change in have on the calculation of your pre-tax
contributions to defined benefits contribution rate increases the Notional contributions. To discuss your
(which count towards contribution Taxed Contribution rate and also results advice needs, please call TelstraSuper
caps) will be calculated using the in a greater defined benefit. Financial Planning on 1300 033 166
formula below and known as Notional between 8.30am and 5.30pm
In general, when a member decreases (Melbourne time), Monday to Friday.
Taxed Contributions. This formula will their contribution rate they will remain
be adapted for members who work entitled to the exemption, while an
part-time or leave during the year. increase in contribution rate will result in
Notional Taxed Contributions plus any the forfeit of the exemption.
voluntary pre-tax contributions made
to an accumulation account such as
a Voluntary Accumulation Account Calculating Notional Taxed Contributions
will be included in your total pre-tax
The formula for the calculation of Notional Taxed Contributions is:
contributions reported to the ATO for the
purposes of the contribution caps. [(Notional Contribution Rate x Superannuation Salary at 1 July)
less any post-tax member contributions] x 1.2
Example
2019/20
Notional Contribution Rates Terry is a 41 year old TelstraSuper Division 5 member with a Superannuation
Current member Notional Taxed Salary of $75,000. For the 2019/20 financial year he makes pre-tax contributions
contribution rate Contribution rate of 5% of his Superannuation Salary to his defined benefit, giving him a Notional
Taxed Contribution Rate of 11%. Terry’s Notional Taxed Contributions are
0% 5% calculated as:
1% 6% (Terry’s Notional Taxed Contribution Rate 11%
$8,250
x Super Salary at 1 July $75,000)
2% 7%
3% 8% Less post-tax member contributions to his defined benefit -$0
4% 9% Sub total $8,250
5% to 10% 11% Multiplied by x 1.2
Equals Terry’s Notional Taxed Contributions = $9,900
So Terry’s Notional Taxed Contributions are under the pre-tax contribution cap.
Note: when calculating notional contributions you need to use your
Superannuation Salary at 1 July and not your Superannuation Salary as at
your birthday.
*T
he exemption for Defined Benefit members does not apply to the Section 293 contributions tax on high income earners.
For more information please visit www.ato.gov.au
1209
Access the
investment market
All TelstraSuper Division 5 members Member contributions Tax payable
have the opportunity to open a Voluntary
Accumulation Account and access the With a Voluntary Accumulation Account As an incentive for retirement savings,
investment market. you can boost your super by making the government provides concessional
additional member contributions. (pre-tax) tax rates for super contributions
Your Voluntary Accumulation You can choose to: and earnings:
Account is made up of • make additional contributions from • any pre-tax contributions, including
Member contributions your pre-tax salary^ voluntary contributions made from
+ (if you make any) • make regular pre-tax or post-tax your pre-tax salary, and any deductible
contributions^ member contributions up to the pre-
Government co-contributions
+ (as applicable) • make an additional member
tax contributions cap are subject to a
15% contributions tax. If your income
contribution as a one-off payment
Super you may roll-in (transfer) and concessional contributions total
+ from another super fund
at any time.^
more than $250,000, you may have to
To make a one-off contribution to your pay an additional 15% tax on some or
– Administration fees account please complete a Member and all of your concessional contributions.
Spouse Contribution form available at Contributions tax is deducted from
– Tax payable
telstrasuper.com.au/forms or by your account
= Your units calling us.
• investment earnings are taxed at the
low (concessional) rate of up to 15%.
x Unit prices Government co-contributions This tax on earnings is taken out as
Your Voluntary Accumulation part of the calculation of unit prices
= Account’s value
The government may make
co-contributions for members who • an additional tax called surcharge may
make post-tax contributions and be payable. The government abolished
Unlike your TelstraSuper Division 5 meet eligibility conditions (which includes the surcharge from 1 July 2005,
Defined Benefit, the balance of your an earnings threshold). See our website however, assessments may still be
Voluntary Accumulation Account for more details. issued for previous years. See page 27
increases or decreases according to for more information on tax and super.
investment performance. This gives
you the opportunity to use Member Roll-ins (transfers)
Your units
Investment Choice to build your super You can also boost your super by
the way you want. You also have rolling in (transferring) any super you Your contributions and roll-ins buy
Investment Choice through your may have in other super arrangements units in our broad range of investment
Productivity Account. into your Voluntary Accumulation options, covering all major asset classes,
Account. To do this visit to suit the conservative through to the
For more information on Member
telstrasuper.com.au/consolidate aggressive investor. You can choose
Investment Choice see the
or call us. an option that suits your own personal
Investment Guide available at
circumstances and financial goals.
telstrasuper.com.au/pds or by
calling us. Administration fees If you decide not to make a choice now,
your super will be invested in a default
A Voluntary Accumulation Account is TelstraSuper Division 5 members
option based on your age.
automatically opened in your name: currently do not pay the $1.50 weekly
administration fee for their Voluntary For more information on member
• at your request
Accumulation Account. This fee is currently investment choice options and
• when government co-contributions paid by Telstra Corporation Limited. default options, please see the
are received on your behalf or A percentage based indirect Investment Guide available at
• when you roll-in money from another administration fee of 0.20% p.a. of the telstrasuper.com.au/pds.
super fund. balance of your Voluntary Accumulation You can update your investment option
The balance of your Voluntary Account is deducted daily as part of anytime via your online account or by
Accumulation Account is paid in addition the unit price calculation. Other fees completing an Investment Choice form
to your TelstraSuper Division 5 Defined and costs apply. See page 20 for more available at telstrasuper.com.au/forms
Benefit in all instances. information.
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.
1310 11
You’re covered with Death and
TelstraSuper insurance TPD benefit
Unit prices The cover described on these pages In the unfortunate instance of a
is insured by TAL Life Limited (TAL) TelstraSuper Division 5 Contributory
All contributions and roll-ins buy units in ABN 70 050 109 450 AFSL 237848. Member’s death or TPD prior to age
the investment options you have chosen. 60, the member, their dependants or
Any money withdrawn from your account As a member of TelstraSuper Division 5,
you get default base cover for Death, nominated legal personal representative
reduces the number of units held using will receive a benefit payment equal to:
the sell price. Total and Permanent Disablement (TPD)
and Income Protection cover at no cost.
Number of units held Productivity Account Balance
You’re covered 24 hours a day, seven
x daily unit price days a week, 365 days a year, as long as
you’re employed by Telstra. Death & TPD And if applicable: Voluntary
= your Voluntary Accumulation insurance covers all members to the age Accumulation Account Balance
Account’s value of 65 (or age 75 if you have top-up Death Supplementary Benefit Prior Service
cover). Payments and any top-up cover is Benefits
Percentage based administration and subject to the insurance policy. See page
investment fees, transaction costs and 15 for details of top-up cover. Plus the greater of
taxes are deducted when calculating a) Death or TPD benefit
If you cease employment with Telstra,
daily unit prices. b) Salary Multiple benefit
your Death & TPD insurance cover
Unit prices reflect the earnings on the continues for 30 days after cessation.
investments of your chosen investment Your extended insurance cover ceases
option. A new unit price is set each 30 days after ceasing employment or
a) Death or TPD benefit
Victorian business day, reflecting the if you roll your super into another super If you’re younger than age 65
changing value of the underlying assets fund – whichever occurs first.
in the investment option(s). Your death and TPD benefits are
calculated as if you had retired at age
When are the Death and TPD 65. If you die or qualify for a TPD benefit
Example payments made? before age 65, your defined benefit will
Barry’s opening Voluntary Death benefits will be processed be calculated using the Benefit Multiple
Accumulation Account balance promptly and paid to your dependants you had built up at the date of death or
is $50,000. The unit price for or legal personal representative at the TPD plus a Prospective Multiple that
his chosen investment option discretion of Telstra Super Pty Ltd. represents the period of time between
the day he opened this account your date of death or TPD and the
To be eligible for a TPD benefit, date you would have reached age 65.
and purchased his units was
you must: The Prospective Multiple assumes an
$1.00000. Therefore, Barry has
50,000 units. • have ceased work with Telstra Average Contribution Rate of 5% from
because of TPD (and having not the date of your death or TPD until age
After one month, the unit price 65, and assumes that your FAS remains
worked for three consecutive months)*
for Barry’s chosen investment the same for that period.
option has risen to $1.05375. • satisfy the Insurance Policy definition
As he has made no contributions of TPD.
If you’re older than age 65
or withdrawals and no administration If you’re a Contributory Member, income
If you’re older than 65 at the date of
fees have been deducted during protection payments may be made
your death or TPD, your death or TPD
the month, his number of units while you’re waiting for your TPD benefit,
benefit is calculated the same as if you
is still 50,000 but his account so long as you’re contributing at the
had retired on the day of your death or
balance is now $52,687.50 time you become temporarily unable
TPD, using the Benefit Multiple you had
(50,000 x $1.05375). to perform the normal duties of your
accrued to that date.
occupation (see Income Protection on
page 19).
Unit prices are available at
telstrasuper.com.au or by calling
1300 033 166.
* In certain circumstances the requirement that
the member be absent from all active work for at
least three consecutive months may be waived.
14b) Salary Multiple Benefit Top-up Death and TPD cover
Example
To calculate your benefit in the case You can apply to increase your level of
Kevin has been a member of of death or TPD using the Salary insurance cover above your base level.
TelstraSuper Division 5 for eight Multiple method, you multiply your Any insurance in addition to your base
years. In October 2018, he is Superannuation Salary at the date of level of cover is referred to and reported
seriously hurt in an accident and will death or TPD - not your Final Average as top-up cover. You can apply for any
never be able to work again. Kevin Salary - by the appropriate salary multiple amount of Death cover and up to
was 53 at the time of his TPD and as illustrated in the table below. $5 million total TPD cover*. You will need
his FAS was $55,000. Over the eight to supply evidence of your occupation,
years he has worked for Telstra, Kevin Example health and lifestyle, which will be
has always contributed 4% to his assessed by our insurer, TAL.
defined benefit. As Kevin is 53, his salary multiple is 3. To apply for top-up insurance over the
His Superannuation Salary at date of phone with our insurer TAL, complete
First we must calculate Kevin’s TPD is $57,000. an Insurance Telephone Application
Benefit Multiple for the period of Request form available at telstrasuper.
TelstraSuper Division 5 membership Salary Multiple 3
com.au/forms or call us on 1300 033
leading up to his TPD x Super Salary at 166 to have the form sent to you.
$57,000
TPD date For all terms and conditions, please
0.08 + (2 x 0.04) 0.16
Kevin’s TPD benefit $171,000 call us to obtain a copy of the Policy
x Contributory Membership 8 Document.
Therefore Kevin would be entitled
Kevin’s Benefit Multiple 1.28 Transfer your insurance to
to a TPD benefit of $189,200,
As Kevin was younger than 65 at the calculated using the death or TelstraSuper†
date of TPD, we now need to calculate TPD benefit rather than the Salary If you currently have Death only or Death
his Prospective Benefit Multiple using Multiple method, as this is the & TPD insurance with another super fund
the Assumed Contribution Rate of 5% greater of the two amounts, in or life insurance company, you may be
addition to any other applicable able to transfer that cover to TelstraSuper.
0.08 + (2 x 0.05) = 0.18 benefits. To transfer your external cover to
x years until age 65 12 TelstraSuper, please complete
the Transfer External Insurance
Prospective Benefit
2.16 Age at date of death/TPD Application form available at
Multiple
Salary Multiple telstrasuper.com.au/forms or by calling
These multiples are then added us.
together and multiplied by Kevin’s 55 and below 3
Upon receipt of your completed form,
FAS 56 2.7 we’ll forward it on to TAL for assessment.
Benefit Multiple 1.28 If the application is accepted, you will
57 2.4 be provided with the equivalent top-up
Prospective Benefit 58 2.1 cover in TelstraSuper as provided by your
2.16
Multiple previous super fund or insurer. See Table
Kevin’s TPD Benefit 59 1.8 3 on page 18 for top-up premium rates.
3.44
Multiple 60 1.5 Any transferred Death only or Death &
x Kevin’s FAS $55,000 61 1.2 TPD cover will apply in addition to any
existing cover you currently hold with
Kevin’s total TPD 62 0.9
$189,200 TelstraSuper. A cap of $2,000,000 on all
benefit
transfers applies and the cap is exclusive
63 0.6
Had Kevin been older than 65 at the of any cover you may already have with
time of his accident, his TPD benefit 64 0.3 TelstraSuper. It is important that you do
would have been the same as his not cancel your cover with your current
retirement benefit on the day of his 65 and above Nil super fund or insurer until TelstraSuper
TPD. has advised you in writing that your
insurance transfer application has been
accepted.
* Death cover must be equal to or higher than
your level of TPD cover.
15Cancel or reduce your cover Table 1: Top-Up Death & TPD cover
You can cancel or reduce your
topup cover at any time by emailing Member’s total sum insured Initial requirements
underwriting@telstrasuper.com.au or Under age 55 Up to $1,500,000 Personal statement
calling us on 1300 033 166. Alternatively,
you can complete a Cancel or Reduce $1,500,001 up to $2,000,000 Personal statement and blood
Insurance form available on our website tests
telstrasuper.com.au/forms
$2,000,001 up to $3,000,000 Personal statement, blood tests
If you cancel your cover: and mini health check
• you will not be able to make a claim $3,000,001 up to $5,000,000 Personal statement, blood
for insurance benefits for events or tests, medical examination by
conditions that arise after your cover own doctor, Personal Medical
has cancelled Attendants Report (PMAR) (if TPD)
and financial questionnaire
• we will no longer deduct insurance
premiums for the cover you have $5,000,001 up to $10,000,000 Personal statement, blood
cancelled tests, medical examination by a
• your ability to restart your cover may specialist, medical report, financial
be subject to health assessment and questionnaire and tax return and
acceptance by our insurer who may assessment notices for the last 2
place an exclusion or premium loading years
on cover and you may not be able to Age 55 and over Up to $1,500,000 Personal statement
get cover
• if you are replacing your cover with $1,500,001 up to $2,000,000 Personal statement and blood
alternative cover, you should not cancel tests
until the replacement cover is in place.
$2,000,001 up to $3,000,000 Personal statement, blood tests,
Before you cancel your insurance you mini health check and PMAR
may wish to discuss your decision with a
TelstraSuper Financial Planning Adviser $3,000,001 up to $5,000,000 Personal statement, blood tests,
on 1300 033 166. medical examination by own
doctor, PMAR and financial
questionnaire
$5,000,001 up to $10,000,000 Personal statement, blood
tests, medical examination by a
specialist, stress ECG, medical
report, financial questionnaire and
tax return and assessment notices
for the last 2 years
Leave without pay
Subject to all Policy conditions, including the payment of premiums, top-up cover will
continue while you’re on paid or unpaid leave.
Overseas members
Subject to all Policy conditions, worldwide top-up cover shall continue 24 hours a day
for all Australian residents.
†
Subject to eligibility criteria and provisions in the Policy.
16Interim Accident cover If you have a Voluntary Accumulation Leaving your employer
Account (VAA), you can request that If you cease employment with Telstra,
If you apply for additional insurance funds be transferred from your VAA
cover, you will receive Interim Accident you receive 30 days extended Death &
into your Insurance Premium Account. TPD insurance cover. This cover ceases
cover for the period of time your Transferring funds from your VAA
application is being assessed (known as 30 days after ceasing employment or
offers the advantage of paying for your immediately upon withdrawal of your
the Interim Accident cover period). insurance premium with concessionally entire benefit from TelstraSuper.
If you have an accident during the Interim taxed dollars.
Accident cover period that results in your When we receive notification that you’re
TelstraSuper does not receive money or leaving Telstra, your account balance will
death or TPD, you will be covered for other material benefits (other than claims
the applied amount (up to the maximum be transferred into our portable, flexible
payments for our members and related product, TelstraSuper Personal Plus.
Interim Accident benefit of costs) from our insurer or reinsurer. The
$1.5 million for death or TPD) for the premium paid by members is directly for Your current level of Death only or Death
period starting from the date your the cost of insurance, and avoids any & TPD cover may be transferred to
completed application is received by conflict of interest between our members TelstraSuper Personal Plus and may be
TelstraSuper and finishing when: and our insurer. split between base cover and top-up
1. your application is withdrawn, cover, to the same total value, without
If this arrangement ever changes, we the need for assessment by TAL*. If you
accepted or rejected will make you aware of this by updating remain in TelstraSuper Personal Plus,
2. the policy is terminated this statement on our website, PDS and premiums will be payable for this cover.
3. the Insurer cancels your Interim Insurance Guide. We may also notify you
directly. If you had top-up Death only or top-up
Accident cover
Death & TPD cover as a TelstraSuper
4. you reach cover cessation age, Premium Rates Division 5 member, this will continue in
which is 65 for TPD and 75 for TelstraSuper Personal Plus. Members
Death cover Any premiums for top-up cover will vary
annually in line with your age. Premium with existing Income Protection cover
5. the date any existing cover under the rates are also reviewed regularly by will also have that cover automatically†
policy ceases TelstraSuper Pty Ltd and the Fund’s transferred to TelstraSuper Personal
6. or 120 days has passed insurer, TAL. See Table 3 on page 18 for Plus. The cover will be 75% of your salary
(whichever is earliest). current premium rates. (excluding super) with an additional 10%
of your salary (excluding super) to be
These top-up premium rates are paid to your TelstraSuper account.
Insurance premiums applicable to white collar employees. For the cover to be retained you will need
Insurance premiums for base Death & Additional occupational and health to provide a Superannuation Guarantee
TPD cover are currently paid by your loadings may apply to these rates (SG) contribution from your new employer,
employer. depending on your occupation along with details of your new salary
Insurance premiums for top-up (e.g. blue collar) and current health and occupation within 120 days of you
cover are payable by you and will be status. Members given a premium leaving your previous employer. Details
applied to an Insurance Premium loading during the underwriting process of these requirements will be provided
Account in your name. Interest will be will be given the opportunity to cancel upon transfer.
charged on the balance of this account their application for cover if they do not
want the premium loading. Applications for additional cover are
at a rate equivalent to the daily earning subject to assessment by TAL. Please
rate of TelstraSuper’s Balanced Occupational loadings that may also refer to the TelstraSuper Personal Plus
investment option. be applicable to your cover are outlined Product Disclosure Statement and the
You’re under no obligation to make in table 2 below: TelstraSuper Personal Plus Insurance
a payment toward your premiums. Guide for more information. These are
If you choose not to make a payment, Table 2 – Premium loadings available at telstrasuper.com.au/pds
the balance of your Insurance Premium Occupation Death TPD
Account will be deducted from your total
benefit when it becomes payable. Light blue 1.25 1.40
If you would like to make a payment Medium blue 1.50 2.00
into your Insurance Premium Account,
you will need to complete an Insurance Heavy blue 1.75 2.50
* Subject to the ‘active employment’ test
Premium Payment Defined Benefit
contained in the Policy.
form, available from telstrasuper.com.au
or by calling 1300 033 166. †
ubject to the ‘At work’ requirements
S
and other eligibility criteria and exclusions
contained in the policy.
17Table 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
1812
Fees and
other costs
Income Protection When are income protection There are no fees or charges attached
benefits paid? to your TelstraSuper Division 5 Defined
You automatically receive Income Benefit, the fees and charges described
Protection insurance for the period To obtain monthly payments for income
protection, you must have Income on the following pages apply to your
that you’re making defined benefit Voluntary Accumulation Account only.
contributions. Protection cover and:
This provides you with a regular income • have been unable to work for your
employer (and off work) for three DID YOU KNOW?
if you’re temporarily unable to perform
the normal duties of your occupation months, and Small differences in both
while you satisfy the definition of • satisfy the definition of total investment performance and fees
total disablement. Income Protection disablement and costs can have a substantial
insurance can provide an income of up impact on your long term returns.
Travel outside of Australia may impact
to 75% of your Superannuation Salary For example, total annual fees
eligibility for income protection benefits
for up to two years, while you’re deemed and costs of 2% of your account
unless otherwise agreed. If eligible, your
totally disabled. balance rather than 1% could
income protection payments are paid:
Income protection benefits will be reduce your final return by up to
• from three months after the date of 20% over a 30 year period (for
reduced by the amount of any other
disablement example, reduce it from $100,000
payments you receive or are entitled to
receive during a payment period (such • monthly in arrears to $80,000).
as sick leave payments or workers' • for a period of two years providing you You should consider whether
compensation payments). Social continue to meet the definition of total features such as superior
security benefits and motor accident disablement. investment performance or the
compensation are not offset against provision of better member
insurance benefits. Under current legislation your income
services justify higher fees and
protection payments are treated as
costs.
What is the definition of income and will be taxable.
Total Disablement? Your employer may be able
When do payments stop? to negotiate to pay lower
Income protection benefits are payable
Your income protection payments cease administration fees. Ask the fund
for up to two years if, subject to satisfying
when one of the following occurs: or you financial adviser.
the requirements in the insurance policy,
you are temporarily unable to continue • you return to work
to perform the normal duties of your TO FIND OUT MORE
• you have a claim for TPD accepted
occupation because you’re seriously ill or If you would like to find out more,
injured, and the injury is not permanent, • you have received a total of 24 monthly
or see the impact of the fees
an intentional self-injury, or as a result of a payments
based on your own circumstances,
normal pregnancy or childbirth. • you cease to satisfy the definition of the Australian Securities and
total disablement Investments Commission (ASIC)
You do not have to be permanently
unable to work to get income • you reach age 65 website (www.moneysmart.gov.au)
protection benefits. • you die has a superannuation fee
calculator to help you check out
(whichever occurs first). different fee options.
Income protection payments are subject
to continued approval of your benefits by This document shows fees and other
TAL. costs that you may be charged. These
fees and other costs may be deducted
from your money, from the returns on
your investment or from the assets of the
superannuation entity as a whole. Other
fees, such as activity fees, advice fees for
personal advice and insurance fees, may
also be charged, but these will depend
on the nature of the activity, advice or
insurance chosen by you.
Taxes, insurance fees and other costs
relating to insurance are set out in another
part of this document. You should read all
the information about fees and other costs
because it is important to understand their
impact on your investment.
19You can also read
