Resignation or Retrenchment

When you leave your job, the options available to you depend on your circumstances at the time.

If you commence work for a new employer who is an employer member of ACSuper, you can continue to use your ACSuper account to receive compulsory SG contributions. Simply give your new employer your ACSuper member number.

If your new employer is not a current employer member, and you wish to continue your superannuation with ACSuper, ask your new employer to contact ACSuper Administration on 1800 856 653.

If you commence employment with a new employer who contributes to a different superannuation fund or you stop working, then you have several options.

You can:

Leave your account balance with ACSuper and continue to receive the benefits of the Fund’s investment return and limited life insurance cover (see retaining your insurance on page 24 of the Member Booklet - PDS).
Take a cash payment (less tax) of any amounts not required to be preserved for your retirement, or
Transfer it (roll it over) to another superannuation fund.

Benefit Payment Request forms can be obtained by calling the ACSuper Administrator. Australian Christian Services Financial Planners are available to discuss your choices. Contact Australian Christian Services on 1800 646 777.

The following table shows how your retirement, death, or TPD benefit is calculated, when its payable and to whom.

RETIREMENT BENEFIT

DEATH BENEFIT

TPD BENEFIT

How is the benefit calculated?

Account Balance

Account Balance +

Insured Death Benefit

Account Balance +

Insured TPD Benefit

When is the benefit payable?

When you meet a condition of release and request payment

On your death

If you meet the definition of total and permanent disablement as approved and agreed by the insurer and the Trustee

Who is the benefit paid to?

You or your nominated pension or superannuation fund

Your dependant/s or Legal Personal Representative

You

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Preserved Benefits / Accessing Your Super

Superannuation is a long-term investment. Government rules restrict when you can access your benefits. ‘Preserved Benefits’ which include contributions to this Fund plus interest earned, can be paid to you when you:

have reached age 65;
have reached your preservation age (see table below) and have permanently retired;
leave gainful employment on or after age 60;
die or become permanently incapacitated;
suffer severe financial hardship or are eligible for ‘compassionate grounds’ as defined in superannuation legislation;
end gainful employment with a sponsoring employer who is contributing on your behalf and your account balance is less than $200 at that time; or
are a temporary resident and depart Australia permanently.

Any ‘restricted non-preserved benefits’ that have been rolled over to the Fund can be paid out when you cease employment with your employer who is contributing to this Fund on your behalf.

Benefits classified as ‘unrestricted non-preserved’ that have been rolled into the Fund from a previous fund can be paid to you at any time.

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Preservation Age

If you were born before:

Your preservation age is:

1 July 1960

55

1 July 1960 – 30 June 1961

56

1 July 1961 – 30 June 1962

57

1 July 1962 – 30 June 1963

58

1 July 1963 – 30 June 1964

59

On or after 1 July 1964

60

Example:

If you were born 1 September 1963 and have retired permanently, your
benefit can be paid to you when you reach age 59.

From 1 July 2005, you can receive your superannuation benefits
(including ‘Preserved Benefits’ and ‘Restricted Non-Preserved Benefits’)
whilst you are still working under the following conditions:

You have reached your preservation age (see above); and
Your superannuation benefits are paid to you in the form of a
non-commutable pension/annuity or a non-commutable
allocated pension/annuity as prescribed by legislation.

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When Must We Pay Your Benefits?

There is no requirement to remove a member’s money from their superannuation account. Members are able to leave their benefits in their accounts indefinitely.

By law, we are obliged to pay a member’s benefit upon notification of their death.

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Your Benefits

The Fund offers an “accumulation” style benefit design. This means that your benefit is determined by the value of your account balance plus any insured benefit.

Your account balance is made up of:

Total contributions,

plus any rolled over amounts,
plus investment earnings,
plus distributions and bonuses,
less amounts withdrawn,
less fees and charges, insurance premiums (if any) and tax.

A benefit will be paid to you, subject to the provisions of the Trust Deed and preservation rules, when you:

retire (retirement benefit);
die (death benefit);
qualify for a total and permanent disablement benefit (TPD benefit);
qualify for a temporary total disablement (TD) benefit via your insurance cover; or
satisfy other conditions as permitted by legislation.

Government Pension Qualification Age

DATE OF BIRTH

RETIREMENT AGE

MALE

FEMALE

1 July 1935 to 31 December 1936

65

60.5

1 January 1937 to 30 June 1938

65

61

1 July 1938 to 31 December 1939

65

61.5

1 January 1940 to 30 June 1941

65

62

1 July 1941 to 31 December 1942

65

62.5

1 January 1943 to 30 June 1944

65

63

1 July 1944 to 31 December 1945

65

63.5

1 January 1946 to 30 June 1947

65

64

1 July 1947 to 31 December 1948

65

64.5

1 January 1949 and later

65

65

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Unclaimed Money

Your benefit is classified as unclaimed money if:

you have reached the age of 65
the Trustee has not received a contribution on your behalf for at least two years; and
after a period of five years since the Trustee last had contact with you, the Trustee is unable to contact you again after making reasonable efforts.

Unclaimed money must be paid to the Victoria Unclaimed Monies Register. Unclaimed monies are required to be reported by 31 October and 30 April each year, for the period ended 30 June and 31 December. The contact details for the Victoria Unclaimed Monies Register are as follows:

Write to:

Unclaimed Monies State Revenue Office

GPO Box 1641N

Melbourne VIC 3001

Phone:

132 161

Fax:

03 9667 6222

Website:

www.sro.vic.gov.au

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SuperMatch

SuperMatch is a facility that offers funds an opportunity to find lost superannuation accounts on behalf of their members. As part of this initiative, ACSuper will utilise SuperMatch to assist members in consolidating their superannuation benefits. Through SuperMatch, ACSuper will be able to match individuals with specific information from the Lost Member Register (LMR), identify unclaimed super guarantee charge amounts and access Small Holding Accounts (SHA) special data on a bulk basis.

The search results to each individual will be at no cost. However, to enable a search of the LMR on a member’s behalf, you as a member must be notified that such a search will be conducted.

The Australian Taxation Office (ATO) runs the search with a member’s TFN and other relevant information required for the search.

If a match is found, the member will be notified as soon as practicable after the search date to obtain authority to transfer the benefit to ACSuper.

If members do not want ACSuper to conduct a search on their behalf, members can “opt out” of the search by contacting the Administrator.

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