NSF Super News Member Edition
Welcome to the ‘Spring into Summer’ edition of NSF Super News. In this edition we cover the latest ways to manage your super account online, confirm the launch of our MySuper investment option, help keep your super from being transferred to the ATO, and talk about what we’ve been doing in the local community.
Take control of your account online with MemberAccess ! As part of the recent updates to the NSF Super website, we have made it easier for members to manage more of their account details online, with MemberAccess. We’ve developed MemberAccess to be a much simpler and more useful service. After following the simple registration process, you’ll be able to: • View your up-to-date account balance and transactions • Request a benefit quote • Manage your contact details (address, email, phone etc.) • View and make changes to your investment options • Nominate and manage your beneficiary details • Apply for insurance • Change your communication preferences (choose to
receive your Annual Super Statement electronically) If you were registered previously and haven’t been online in a while, there are a couple of items to be aware of: 1. You will need to re-register for the new MemberAccess you’ll just need your Member ID (which was your Online Access Username) and to confirm some of your account details. Simply click on the ‘Register Now’ link in the
secure member login page you’ll find at the top right hand side of our website. 2. For members who make personal contributions to their account – you will have a new unique Customer Reference Number (CRN) for BPAY® payments. If you need help with registration or have any other questions about the changes simply email the NSF Super team at email@example.com or call 1800 025 241. ® Registered to BPAY Pty Ltd ABN 69 079 137 518
We’ll look good no matter what you use! Apart from looking more modern and having up-to-date information, the new NSF Super website is much more user-friendly and functional. The new site is ‘mobile friendly’ – meaning all pages and layouts are easy to view across a range of mobile devices including iPhones, iPads and Android devices, as well as laptop or desktop computers. If you have any issues with the site, simply contact the NSF Super team by email to firstname.lastname@example.org or call 1800 025 241.
It’s your super - don’t let it go to the ATO We know it’s not always easy for people to keep track of their super savings, especially if you’ve changed jobs or moved home. While getting in touch with your super fund may not be first thing on your mind at those times – it helps to keep your details up to date. Especially if your account is ever considered ‘lost’. In those circumstances, we are required to transfer your super savings to the Australian Taxation Office (ATO). While the money is still yours – without your current contact details, it could take some hard work to get reunited!
When is your super ‘lost’? Under current rules, your super account is considered ‘lost’ if: • Your account balance is below $2,000 (a limit that may increase in future) • There has been no contribution or rollover for you in the last 12 months, and
• We can’t contact you or identify you properly (you may
have changed your name, address or other contact details) There are a number of other circumstances under which we are required to transfer amounts to the ATO.
What you can do Staying in contact with us helps! Here’s a few more tips to help you keep track of your super with us: • Keep your contact details up to date – the simplest
way is online through MemberAccess • Make a regular contribution – either have your
employer contribute to your NSF Super account or you can make a personal contribution • Consolidate all of your super with us – it’s
easier to keep track of and may even help you save on fees Just make sure you read our PDS before making any decision, and consider any fees or insurance impacts from any other funds you may have. If you think you may already have lost super held with the ATO, you can check by visiting www.ato.gov.au/ superseeker or calling them on 132 865.
Your super savings – how much will be enough? The concept behind superannuation savings is that people will ‘put away’ enough money during their working years, that they can live ‘comfortably’ in retirement without relying entirely on the government’s aged pension, which may not be available by the time many of us retire. According to the latest report by Deloitte*, for most Australians nearing retirement, the amount they calculate as needed to live a ‘modest’ or ‘comfortable’ lifestyle in retirement is far more than they currently have in their super savings. Based on current life expectancy rates, the outlook is even more dire for women who are expected to live a few years longer, but on average have less super savings, than men of the same age. The report notes that despite changes to contribution caps and the increase of SG contributions to 12% over
coming years, the reality is that many people will need to work longer and contribute more. For those who have worked most of their life paying money into super, the story is a little better, but still not perfect. Deloitte calculates estimated savings by an average 30 year old male worker earning $60,000 a year, will be enough to live a ‘modest’ lifestyle only, and they will need $1.6 million in super to have a ‘comfortable’ retirement. There is a retirement estimate provided with your Annual Super Statement, and there are fact sheets, calculators and more information on our website to help you work out how much you may need to save for retirement and whether considering making extra personal or salary sacrifice contributions may be worthwhile. *Source: Dynamics of the Australian Superannuation System The next 20 years: 2013–2033, Deloitte Actuaries and Consultants, September 2013.
The future of advice We’ve been asked recently about what options are available for members when it comes to getting advice – including personal advice that can help you make decisions about what options are right for you when it comes to super and other financial matters – and we’re working on a solution.
Whatever type of advice you may need Whether you have a quick question about your account or a complex financial situation you need some help with, the NSF Super team will be able to offer you a solution. We will be able to provide advice and helpful information on your super savings including contributions, retirement estimates and planning, making investment choices and selecting the right level of insurance. There will also be options to receive comprehensive advice that covers financial matters outside of your super.
Who can help You’ll be dealing directly with qualified financial advisers, who have specialist skills in super matters and broader financial management. As you would expect, our advisers will need to understand your personal circumstances to help make recommendations that are right for you, and will be available to provide advice over the phone or in person. Our aim is to improve your money skills and grow your confidence in taking control of your finances and investments. You’ll then be better placed to boost your savings and plan for a more comfortable retirement.
Flexible cost As a service to our valued members, you will generally not incur any fees the first time you receive advice that relates directly to your NSF Super account. In all other circumstances, our cost structure will be made very clear and is designed to ensure that you only pay for the advice you need, and where possible, the amount will be deducted directly from your super account. This comprehensive advice solution is planned to commence in early 2014, so stay tuned to our website for a launch announcement. For any other help in the meantime, you can talk to the NSF Super team today, simply call 1800 025 241.
MySuper is here and it’s business as usual The NSF Super team were pleased to launch the NSF MySuper option in September 2013. Replacing the existing NSF Diversified option, Fund Secretary, Ian Morante said “In a changing legislative and competitive environment for the super industry, NSF Super is now well positioned to continue to provide a genuine, competitive alternative to the larger funds”.
What it means for you – just business as usual On the impact of the new product to our Employer Sponsored Division (ESD) members, Mr Morante added “Given that our existing default option already met the majority of the requirements for MySuper product features, there were only minimal changes required – meaning our members don’t need to do anything as a result”. Members of the ESD who were in the NSF Diversified (Default) investment option prior to 1 September, will simply notice that the option is now referred to as the NSF MySuper option.
About MySuper MySuper is a new, simple and cost effective super product that will replace the existing ‘default’ products offered by super funds. MySuper products will have a simple set of product features, regardless of who provides them. This will enable members, employers and market analysts to compare funds more easily based on a few key differences – cost, investment performance and the level of insurance cover. It will also ensure members don’t pay for any unnecessary‘bells and whistles’ they don’t need or use. If you would like any further information about MySuper, simply contact the NSF Super team.
Go green with us – ditch the paper and get an eStatement instead! As more and more of your super information is managed and available online, you can help us reduce paper usage and ‘go green’! You can choose to receive your Annual Super Statement (and even this newsletter) electronically – plus, we already make our Annual Report available online only unless you request a printed copy. Making your selection is simple – you can manage your communication preferences online through MemberAccess, by editing the ‘Personal details’ section. Alternatively, you can email or call the NSF Super team.
Change jobs, not funds As a member of NSF Super, keep in mind that changing jobs doesn’t mean you have to change funds – you can take us with you! Generally speaking, when you start a new job, your employer should provide you with an ATO Standard Choice Form to complete. You can also download this form from our website, along with a Complying Fund Notice, and just complete your member details before handing it to your employer. That way, you can continue to enjoy being a valued NSF Super member, and your super savings continue to grow with us – right where you want them.
Contact Us 242 Pacific Highway (PO Box 42) Charlestown NSW 2290 Telephone: 1800 025 241 Facsimile: 1800 839 774 Email: email@example.com Website: nsfsuper.com.au NSF Nominees Pty Limited ABN 29 053 228 667 • AFSL 253129 Trustee of NSF Super (Nationwide Superannuation Fund) ABN 15 201 768 813
Administered by PSI Superannuation Management Pty Limited ABN 93 003 422 320
NSF Super in the community The NSF Super team were proud to present ‘Olivia’s Ride’ in September, supporting local Hunter Region charity, Live for Kids. Olivia’s Ride is a community bicycle riding event, where riders of all ages and abilities are encouraged to join the Live for Kids Cycle Classic riders on the final leg of the their journey from the Gold Coast, QLD to Newcastle, NSW in a safe, family friendly environment. The ride is named in loving memory of the baby daughter of Live for Kids founders, Simon and Gwendalyn Burt, with an aim to support children’s health in the Hunter Region by raising funds to purchase much-needed medical equipment at the John Hunter Children’s Hospital, and the purchase of modified bikes for kids with disabilities. Riders had the option of a 5, 10 or 30km return ride over flat terrain and along a dedicated bicycle track. The weather was perfect and hundreds of local families turned out to support the event. In conjunction with the Cycle Classic riders, the charity has this year raised over $120,000. For more information on Live for Kids, visit www.liveforkids.com.au
This document contains general information only and has been prepared without taking into account your financial objectives, situation or needs. It may, therefore, not be right for you. Before you make any investment decision, we suggest you consult NSF Super’s Product Disclosure Statement and/or seek licensed financial advice. As at the time of compilation, the information contained in this document is correct and any estimates, opinions, conclusions or recommendations are reasonably held or made. Subsequent events may mean that the information becomes out-of-date and so, to the maximum extent permitted by law, we disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document.