employers
2016 Top 10 Insurance Features
contents About NSF Super Super performance Why you should join Understanding super
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Superannuation Guarantee Managing super online A quality super solution
About NSF Super With over 25 years of service, the team at Nationwide Superannuation Fund (NSF Super) remain committed to our original objectives – to establish and grow a multiindustry super fund that provides exceptional products and services. Being a multi-industry fund means NSF Super can support employers from a broad range of industries. Our focus is on providing our employers and members with a professional, cost-efficient super solution. As a participating employer, you will be joining thousands of other employers throughout Australia in offering your employees access to a member-based organisation that is not driven to maximise profits for shareholders – but
to return benefits to them. This is achieved by keeping fees low, providing competitive and value-added product features, and highly-regarded personalised service from our regionally-based head office in the Hunter Region of NSW. Our current participating employers are spread Australiawide and represent a range of industrial, commercial, professional and lifestyle organisations. NSF Super also enjoys the support of labour-hire organisations and welcomes the membership of casual and part-time employees. At NSF Super, we understand that super can be a complex topic, and that businesses are run by busy people who don’t always have a lot of time to
manage their super obligations - so we are always looking for ways to make super as simple as possible for our employers and members.
Simply put • Established in 1987 • Over 50,000 members and 7,000 employers nationally • Quality products and services • Making super simple
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Super performance you can trust Independent Ratings Heron has consistently acknowledged the quality of NSF Super’s products and services for members, with their highest ‘Five Quality Star Rating’ for both our Employer Sponsored and Personal Divisions, and ‘Top 10 Insurance Features’ rating. The Heron Partnership was established in July 2002 to provide independent superannuation advisory services, and their super fund rating service covers industry funds, master trusts and multi-employer funds.
for specific industries or occupations, including superannuation providers and entitlements. They apply on top of the National Employment Standards.
The Board meets regularly, with some committees meeting monthly. The Directors receive a fee in recognition of their time and responsibility commitment to NSF Super.
Modern Awards cover most jobs and employees in Australia, and each modern award applies to nearly everyone who works in the industry or occupation it covers.
Ms. Kim McHugh was appointed as NSF Super’s first female Chair in 2013, having first joined the Board in 2007.
NSF Super is currently nominated as a ‘default’ fund within the following Modern Awards: Horse & Greyhound Training Award 2010 Fitness Industry Award 2010 Our Board of Trustee Directors NSF Nominees Pty Limited is the Trustee of NSF Super. The Trustee is a company with a Board consisting of a number of independent Directors responsible for the management of NSF Super.
2016 Top 10 Insurance Features
Modern Award Nominations Modern Awards state government-legislated legal obligations that set minimum employment entitlements
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The role of the Board is to ensure that NSF Super is operated and managed in the best interests of members and in accordance with its Governing Rules and super legislation.
Simply put • Independent ‘Five Quality Star Rating’ from Heron • Nominated in Modern Awards • An experienced Board of Trustee Directors
Why you should join NSF Super With over 25 years experience helping thousands of employers around Australia meet
Help to understand your super obligations
their super obligations, the team at NSF Super are in a strong position to help you too. Some of the benefits
Easy management of your contribution and employee details online through EmployerAccess
available to our supporting employers include:
Flexible and compliant electronic payment arrangements
Support from our dedicated Relationship Managers
A quality super product offering for your employees
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Understanding super Choice of Fund Employees in most industries and businesses have the right to choose which super fund or retirement savings account will receive their Superannuation Guarantee (SG) contributions. Generally, you are obliged to offer your employees a Choice of Super Fund if they are: Employed under a federal award Employed under a former state award (now, a ‘notional agreement preserving state award’) Employed under another award or agreement that doesn’t require super support Not employed under any state award or industrial agreement You can download NSF Super’s Standard Choice Form and Complying Fund Notice from
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the ‘Employer - choice of fund’ section of our website, which includes the following important details about NSF Super: Fund name: Nationwide Superannuation Fund Australian Business Number (ABN): 15 201 768 813
help people save adequately for their retirement. MySuper products have a simple set of product features to help 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.
Superannuation Product Identification Number (SPIN): NSF0100AU
MySuper Employers must make SG contributions for employees who have not made a choice of fund, to a fund offering a MySuper product, in order to satisfy their SG obligations – and NSF Super is authorised to offer a MySuper product. MySuper is part of the government’s Stronger Super reforms and was introduced to
Simply put • We’re a ‘Complying Fund’ • MySuper Authorised
Superannuation Guarantee (SG) You are an employer for SG purposes if you employ a person under a verbal or written employment contract on a fulltime, part-time or casual basis. You are required to pay SG contributions for your permanent and casual employees, where they are: At least 18 years old (or under 18 and working at least 30 hours per week); and Earning at least $450 per month (before tax) When to pay You must pay SG amounts at least each quarter, but if it suits your business you can choose to pay more frequently. You have 28 days after the end of each quarter for your contribution to be paid and received by the super fund. The following table is a reminder of the key periods and cut-off dates: SG Quarter
Payment due date*
1 July – 30 September
28 October
1 October – 31 December
28 January
1 January – 31 March
28 April
1 April – 30 June
28 July
*Where the cut-off date falls on a nonbusiness day, the next business day is used instead.
Amount to pay Currently, you must pay at least 9.5% of your employees’ ‘ordinary time earnings’ to super each quarter. ‘Ordinary time earnings’ is the amount your employee earns for their ordinary hours of work, including loadings, allowances, bonuses and commissions, but excluding overtime.
Other penalties apply for not meeting your super obligations – you should refer to the ATO website for full details. Claiming a tax deduction You can claim a full tax deduction for super payments you make for employees under 75 years old by the cut-off date. Super payments are tax deductible in the financial year you pay them.
Increasing SG over time As part of the government’s Stronger Super legislation, employer SG contributions will increase to 12% in gradual increments. Currently, the SG rate of 9.5% will remain at this level until 30 June 2021. You should visit the ATO website for the latest information www.ato.gov.au What happens if you don’t pay? If you do not meet your SG requirements, for example, your contribution was received after the cut-off date, you will be subject to penalties enforced by the ATO, including: You must lodge a Superannuation guarantee charge statement with the ATO You must pay a SG charge to the ATO, including 10% penalty interest and an administration fee
Simply put • You need to make SG contributions for all eligible employees • Payments are to be made at least quarterly • The current SG rate is 9.5% • There are penalties if you don’t pay by the due date
You will not be able to claim a tax deduction for the contribution or the SG charge NSF Super - Employers
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Managing super online EmployerAccess NSF Super wants to make super as simple as possible for our supporting employers, which is why we have developed EmployerAccess – to make it easier for employers to manage more of their super obligations online. EmployerAccess allows you to: Check your contribution and payment histories Manage your contact details Create multiple users for the account with varying levels of access Submit contributions for your employees View/edit and create new employee profiles Eligible employers can also use EmployerAccess to utilise a ‘clearing house’ service – SCH Online – to make a single super payment for all employees, no matter which fund their super is with. Registering for EmployerAccess is easy. Once you join NSF Super as a contributing employer, simply visit our website and
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complete a quick registration process. You will just need your Employer ID and to confirm some business details.
Simplify your super contributions – SCH Online! The easiest way to pay your super contributions – because you only pay once. The NSF Super team have partnered with SCH Online*, to offer a full superannuation clearing house service that you can access through your online EmployerAccess account. Now you can pay super to all your employees, no matter which fund their super is with, in one convenient session – saving you plenty of time and possible frustration. With SCH Online you also get the following: Easy payment options: You can make payments by BPAY®, EFT and Direct Debit Easy payroll file upload: Upload one file (from almost all payroll
systems) for all employees, no matter which fund they are in. Quick direct entry: For businesses with a smaller number of employees, our direct entry allows you to quickly and accurately complete your online super payment. Compliant payments: With SCH Online, you can be sure that your super contribution details will meet the new government requirements being implemented under SuperStream. Complete payment history & automatic reports: All payments, for all employees, can be viewed and downloaded. How it works Using the SCH Online clearing house is simple – once you’re already registered for EmployerAccess, just login and click ‘Setup’ when prompted, to activate your clearing house access (you’ll also need to read the Product Disclosure Statement (PDS) and agree to the terms). Before you start making payments, you simply need to enter the details and super fund of choice for each of your
employees (a once-off process). Then you just make a single payment each super period and the clearing house takes care of the rest. A payment and notification is sent on your behalf to each of the super funds you’re making payments to. *SCH Online is operated by The Superannuation Clearing House Pty Limited (ABN 15 086 576 721), a corporate authorised representative (representative number 290290) of the product issuer, Pacific Custodians Pty Limited (ABN 66 009 682 866 AFSL 295142). ® Registered to BPAY Pty Ltd. ABN 69 079 137 518.
Managing super in the workplace Whether it’s help to understand your super obligations, manage new employees and contributions, or on-site seminars for financial education – NSF Super offers our supporting employers access to a dedicated team of Relationship Managers.
We know that super can be complex and time-consuming, so our job is to make it as simple and pain-free as possible. Providing financial education on super and related matters can be seen as a genuine employee benefit, so we will work with you to build an effective, tailored program that suits the needs of your business – whether that’s access to a Money Coach, online calculators and tools or a seminar in the workplace.
Simply put • Manage your super obligations online with EmployerAccess • Consider the SCH Online clearing house to make one super payment for all employees • Support from a team of dedicated Relationship Managers • Financial education for your employees
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A quality super solution for your employees Choosing NSF Super means giving your employees access to a range of quality super products and services designed to help them reach their retirement goals. Members of NSF Super enjoy a range of benefits, including: Strong returns NSF Super has a history of providing competitive, longterm returns since the Fund was established (Note: Past performance is no indication of future performance). Competitive fee structure A competitive and easy to understand fee structure, plus there are no entry or contribution fees (see the Product Disclosure Statement for more on our fees). A choice of investment options Members are offered a choice of investment strategies (including our MySuper option), that they can select based on their tolerance for risk and life stage – without confusing them with too many choices. High quality, personalised service A key advantage, the NSF Super team prides itself on making super simple by providing members with a superior level of service from our regionally-based headquarters. Online, via email or over the phone - you have direct access to a team of real people (not machines) who are specially trained and educated in super.
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Not for profit fund NSF Super does not pay commissions to advisers and returns profits to members. Multi-industry fund Members can invest their super with NSF Super no matter which industry they work in – so when they change jobs, they don’t have to change super funds. Education and advice NSF Super members have access to a Money Coach* to help with any questions they may have about their super. Insurance Flexible insurance options, including cover for death, total and permanent disablement and income protection. Pension products Eligible members also have the ability to access super savings through a pension before they retire (NSF Super Pre-Retirement Pension) or after they’ve retired (NSF Super Pension). Access to discounted banking products ME Bank offers NSF Super members access to a range of simple and straightforward everyday banking products. More details about NSF Super’s offering to your employees is available through our Product Disclosure Statements and Guides. They can be downloaded from our website or simply call the NSF Super team to request a copy.
*Financial advice is provided through NSF Super’s relationship with Money Solutions Pty Ltd, Australian Financial Services Licence 258145.
Joining NSF Super is simple! If you would like to join NSF Super as a participating employer online – simply click the ‘Join Now’ button on the EmployerAccess page of our website and complete all of the required details, the process will only take a few minutes – it’s that easy. Alternatively, you can download and complete an Employer Application Form and return it to NSF Super at PO Box 42, Charlestown, NSW, 2290. If you have any questions about the application form or making contributions, simply contact the NSF Super team.
Want more detail? Get in touch • Web – nsfsuper.com.au • Email – enquiries@ nsfsuper.com.au • Phone – 1800 025 241 • Address: Street and Postal – 242 Pacific Highway (PO Box 42) Charlestown NSW 2290
Disclaimer
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. The financial advice service available for NSF Super members, will be provided by Money Solutions Pty Ltd, AFSL 258145. Neither Money Solutions Pty Ltd nor its employees are representatives of NSF Nominees Pty Ltd, the Trustee of NSF Super. No commissions are paid by any party to any other party, for referring NSF Super members to Money Solutions Pty Ltd. NSF Nominees Pty Ltd does not accept liability for any loss or damage incurred by anyone using Money Solutions products or services. SCH Online is operated by The Superannuation Clearing House Pty Limited (ABN 15 086 576 721), a corporate authorised representative (representative number 290290) of the product issuer, Pacific Custodians Pty Limited (ABN 66 009 682 866 AFSL 295142). NSF Nominees Pty Limited ABN 29 053 228 667 AFSL 253129 Trustee of Nationwide Superannuation Fund ABN 15 201 768 813 Administered by PSI Superannuation Management Pty Limited ABN 93 003 422 320
Dated: April 2016