Why isn’t my Government co-contribution shown on my benefit statement?
A.
Before the ATO can allocate any Government co-contribution payment to your super they need to have received your tax return for the relevant financial year and ensure that you meet all eligibility criteria.
You will receive any Government co-contribution to which you are entitled in the financial year after you made your contributions.
Once ACSRF receives a co-contribution on your behalf, the payment will be shown on your next benefit statement.
Q.
Why does ACSRF want my tax file number?
A.
The Fund simply wants to ensure that you avoid paying more tax on your super than is absolutely necessary.
The following taxation rules will apply if you do not have a TFN recorded with your superannuation fund:
Super funds will only be able to accept your non-concessional contributions (ie lump sum (post-tax) contributions) if you have quoted your TFN.
If you were an existing fund member as at 1 July 2007 and have not quoted your TFN, your concessional contributions (ie employer (Superannuation Guarantee), salary sacrifice and self-employed contributions) in excess of $1,000 for the financial year will be subject to penalty taxes. The $1,000 limit does not apply if you joined the fund after 30 June 2007 and accordingly, all of your concessional contributions will be taxed at 46.5% instead of the normal 15% and the super fund must remit the taxes to the Australian Taxation Office (ATO).
It is not compulsory to provide your TFN, however, to avoid the rejection of post-tax contributions or additional taxes being imposed on other contributions, please complete an ACSRF Tax file number nomination form and return it to us as soon as possible. You will then be able to continue to contribute on both a pre-tax or post-tax basis without penalty, provided you are eligible.
General
Q.
How do I join the Australian Catholic Superannuation & Retirement Fund (ACSRF)?
A.
You can join the Fund as an Employer Sponsored member or a Personal member.
As an employee of a Catholic school or church agency in NSW, the ACT, Qld or WA, you will be informed by your employer of the choice of super funds available to you. ACSRF, as Australia's largest Catholic super fund, will most likely be listed in these choices and may in fact be the default fund if no active choice is made. As an employee of a participating Catholic school or Church agency, you will either be a Permanent or Casual member of ACSRF depending on your employment status.
Personal membership of the Fund is available to anyone who is eligible for superannuation in Australia. You do not need to work in the Catholic education system to become a member of ACSRF. Whether you are self-employed or working on a full time, part time, temporary or casual basis in any industry, you are eligible to join ACSRF's Personal Super Plan. Simply contact the Fund for details and a membership application form.
If you are a Catholic employer and would like to become a participating employer with ACSRF, please contact the Fund office to check your eligibility.
Q.
How do I nominate or alter a beneficiary?
A.
You can give us a notice nominating how you would prefer your benefit to be distributed among your dependants or your legal personal representative (ie your estate) by completing a Change of personal details form.
Dependants are your spouse (including a same-sex spouse), your children (including children of a same-sex relationship), a person in an interdependency relationship with you, and anyone who is financially dependent on you.
Your benefit can be paid to another person only if you do not have any dependants or a legal personal representative. You can give us a new nomination at any time.
You may choose to make either a binding or non-binding nomination. The Trustee is obliged to follow your binding nomination if it is valid. Some conditions apply for a binding nomination to be valid. These are explained on the Binding nomination form.
If your binding nomination is not valid at the date of your death or if you make a non-binding nomination, the Trustee will seriously consider your nomination, but will not be bound by it. (For example, your circumstances may have changed so that your nomination is no longer appropriate.)
If you hold an allocated pension, you may also nominate your spouse to receive a reversionary pension.
Contributions
Benefit payments
Q.
What is preservation?
A.
Preservation is the part of your benefit that must be retained in a superannuation fund, approved deposit fund, retirement savings account or used to purchase a deferred annuity from a life insurance company, until you satisfy a condition of release.
The preserved part of your benefit may be paid to you if:
you leave an employer on or after age 60, irrespective of whether or not you are retiring permanently from the workforce
you permanently retire from gainful employment on or after your preservation age (refer to the table below)
you reach age 65 and request payment of your benefit
you become permanently disabled or die
you are in severe financial hardship (as defined under superannuation law) and the Trustee approves the payment
you require your benefit as follows (subject to approval by the Australian Prudential Regulation Authority and the Trustee):
ofor the payment of medical costs or palliative care (in case of impending death) for you or a dependant or
oto prevent foreclosure of a mortgage or the sale by a mortgagee, of your principal residence or
oto modify your principal residence or vehicle to accommodate special needs arising from your or your dependant’s severe disability
you leave your Participating Catholic Employer and your preserved benefit is less than $200
you are a temporary resident who entered Australia on an eligible temporary resident visa and are permanently departing Australia (subject to a special withholding tax)
you have reached your preservation age and have not retired and invest your superannuation in a non-commutable income stream (eg a transition to retirement pension).
Restricted conditions of release apply to temporary residents. In most cases, you will only be able to access your benefit if you permanently depart Australia, you become totally and permanently disabled or die. This does not apply to New Zealand citizens. Please contact ACSRF for more information.
Your preservation age
Preservation age is the age that you are able to receive your preserved benefits after you have permanently retired from the workforce. Your preservation age is set by superannuation legislation and depends on your birth date.
Your date of birth
Your preservation age
Before 1 July 1960
55 years
1 July 1960 to 30 June 1961
56 years
1 July 1961 to 30 June 1962
57 years
1 July 1962 to 30 June 1963
58 years
1 July 1963 to 30 June 1964
59 years
After 1 July 1964
60 years
Components of your super benefits
The preserved component of your super benefits cannot be accessed until you satisfy a ‘condition of release’. For example, if you retire after age 55 or on termination of your employment after age 60.
If your statement shows an unrestricted non-preserved component, please contact the Fund to establish when you are able to access this benefit.
Your restricted non-preserved component will become unrestricted and non-preserved (hence accessible) when you terminate your employment.
Retirement income stream
Family law
Q.
What happens to my superannuation in the event of divorce or separation?
A.
Family law legislation gives couples a range of options to split their assets, including splitting super entitlements, in the event of divorce or separation.
For further information please contact your Fund office.
Who do the changes effect?
The changes apply to the following:
divorcing legally married couples
genuinely separated couples (for more than 12 months)
couples preparing a pre-nuptial arrangement before marriage
property settlements finalised after 28 December 2002
separating de facto couples, from 2009 (except in WA or SA).
Please contact us on 1300 658 776 for more information.
Investments
Q.
What costs are involved to switch my investment option?
A.
There is no switch fee, but you will incur a buy/sell spread when you change investment options.
Q.
Can returns for the Diversified Fixed Interest option be negative?
A.
Yes, fixed interest investments can produce negative returns. Negative returns can occur when interest rates increase.
Q.
Why can l get a higher return in the banks than ACSRF’s Cash option?
A.
All of the Fund’s returns are listed after tax and fees. If you have your money invested in a bank, the earnings will be taxed at your marginal tax rate and the earning rate declared will be before taxation.
Q.
How often can I change my investment option(s)?
A.
You can change your investment option(s) once a week.
Investment switches are processed on a forward pricing basis. This means that your switch will be processed at unit prices that are set after your switch application is received.
Unit prices are normally set on a Tuesday. To receive the unit price set on a particular Tuesday, your application must be received by close of business (5:30 pm AEST or AEDST) on the previous Friday.
Q.
Can I select a different investment option for my future contributions?
A.
Future contributions can be directed to different investment option(s) than those investment options in which you have your existing account balance invested.
Q.
Why is the Balanced option ACSRF’s default investment option when it can yield negative returns?
A.
The Balanced option is designed for members who are looking for a medium to high level of return over a five-year period and are prepared to accept a medium to high level of volatility. This option may not be suitable for everyone and the Trustee offers 11 different investment options so that members can make an investment choice to best suit their requirements.
To achieve its return objectives, the Balanced option is invested 75% in growth assets (eg shares and property). These assets will sometimes produce negative returns.
Q.
Why can investment performance for the Fund’s Allocated Pension Plan be lower than the Super Plan?
A.
In positive years, the Fund’s Allocated Pension Plan members receive the benefit of higher returns as there is no tax on investment earnings in the Fund, but when returns are negative this is reversed.
When returns are negative, the Superannuation Plan members receive the benefits of tax credits due to investment losses, whereas the pension members do not receive these benefits as there is no tax payable.
