• FAQs

  • Our list of frequently asked questions will give the answers to your questions. If you don't find what you are looking for, don't hesitate to contact us.
    • General Questions

      Is Australian Catholic Superannuation a complying superannuation fund?

      Australian Catholic Superannuation & Retirement Fund (Australian Catholic Superannuation) is a complying, resident and regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

      Our Fund has never received a notice of non-compliance and is not subject to a direction under section 63 of the SIS Act. This means Australian Catholic Superannuation can accept all types of superannuation contributions in accordance with the SIS Act.

      Australian Catholic Superannuation is a registrable superannuation entity and is eligible to be nominated as a default fund as it meets the minimum statutory insurance cover requirements for choice of fund.

      Download our Complying fund notice (PDF).

      What are Australian Catholic Superannuation's Fund identification numbers?

      There are important numbers which uniquely identify Australian Catholic Superannuation & Retirement Fund, the Trustee and our products. If you're filling in forms for account rollovers or super choice, or other documents related to managing your superannuation, then you'll probably need these numbers.

      Fund details  
      Fund name

      Australian Catholic Superannuation & Retirement Fund

      Australian business number (ABN)

      24 680 629 023

      Superannuation product identification number (SPIN)

      SCS0002AU (Australian Catholic Superannuation & Retirement Fund)
      SCS0100AU (Australian Catholic Superannuation & Retirement Fund – Accumulation)
      SCS0101AU (Australian Catholic Superannuation & Retirement Fund – RetireChoice Pension)
      SCS0001AU (Australian Catholic Superannuation & Retirement Fund – RetireSmart Pension)

      Superannuation fund number (SFN)

      17 602 949

      Registrable superannuation entity (RSE) registration number

      R1055436

      Unique superannuation identifier (USI)

      24 680 629 023 111 (Australian Catholic Superannuation & Retirement Fund – Accumulation)
      24 680 629 023 112 (Australian Catholic Superannuation & Retirement Fund – RetireChoice Pension)
      24 680 629 023 113 (Australian Catholic Superannuation & Retirement Fund – RetireSmart Pension)

      How can I join Australian Catholic Superannuation?

      Choose the type of membership that’s best for you

      Clicking one of the links below will take you to the relevant membership application form for you to complete and submit online.


      If you're working for a non-Catholic employer, are self-employed, not employed, want to make personal contributions or receive spouse only payments into super, then this membership application is for you. Please don't complete this online application if you're a new employee of a Catholic school or Church agency in NSW, the ACT, Qld or WA as in most cases your employer has already sent us your details.


      If you're transitioning to retirement or fully retiring from the workforce and want to transfer some or all of your super savings into a tax-effective retirement income stream, then this is the type of Fund membership for you. We offer two types of account based pensions—RetireChoice and RetireSmart. To become a member, simply download and complete the relevant member application form for the product you're interested in: RetireChoice account based pension member application form (PDF) or RetireSmart account based pension member application form (PDF).


      If your organisation wishes to make super contributions to Australian Catholic Superannuation on behalf of one or more employees, please complete this online application.

      Before completing your application to join our Fund, we recommend that you read our Product Disclosure Statements and fact sheets as these documents will provide you with the information you need to know about becoming a member of Australian Catholic Superannuation.

      How can I obtain financial advice?

      If you’ve decided it’s time to take control of your finances, we’re here to help you.

      There are three types of financial advice services available through the Fund:

      1. General advice and factual information—For advice on your everyday super-related matters, simply contact us during business hours.
      2. Over-the-phone advice—To take advantage of this service, call us on 1300 658 776 and we’ll book a phone appointment at a time that best suits you (within business hours).
      3. Tailored personal advice—For detailed advice about your unique financial or retirement goals, call us on 1300 658 776 to make an appointment to meet with a financial planner at a time that best suits you (within business hours).


      Our financial planning services are provided through an arrangement with Industry Fund Services Limited (AFSL 232514) and are available across Australia; face-to-face, by phone or via Skype.

      Why do I need to provide my tax file number?

      If you don’t provide the Fund with your tax file number (TFN), you may be charged extra tax and we may also be unable to accept some types of contributions.

      To avoid paying more tax on your super than is absolutely necessary, simply login to your Members online account and update 'Your Personal Details', or download and complete a Tax file number nomination form (PDF) and return it to us as soon as possible.

      Does the Fund comply with UK pension schemes?

      UK residents can transfer their pension entitlements directly to qualifying overseas funds without incurring certain UK taxes. The recipient fund must apply to become a Qualifying Recognised Overseas Pension Scheme (QROPS) and must satisfy certain conditions to be accepted. Australian Catholic Superannuation is not a QROPS.

      If you want to transfer a UK pension to an Australian super fund, you should seek professional advice.

      How can I lodge a complaint?

      The Trustee has procedures in place to handle complaints from members and their beneficiaries.

      If you have a complaint, first contact the Fund’s Administration Manager on (02) 9715 0000 or 1300 658 776. Many problems can be dealt with quickly using this method.

      If your complaint is not satisfactorily resolved, it should be directed to:

      The Complaints Officer
      Australian Catholic Superannuation & Retirement Fund
      PO Box 656
      Burwood NSW 1805
      Phone: (02) 9715 0000

      The Trustee will try to resolve your complaint quickly and fairly. If you are not satisfied with the Trustee’s decision, or if the Trustee fails to make a decision within 90 days, you may be able to take the matter to the Superannuation Complaints Tribunal (SCT).

      For more information call the SCT on 1300 884 114 or visit the SCT website.

    • Superannuation

      How do I make salary sacrifice contributions?

      You will need to arrange this with your employer. Their payroll department will have a form you can use to request that your employer make salary sacrifice contributions.

      How do I make personal super contributions?

      Personal contributions to superannuation are made from your after-tax salary.

      To make personal contributions you can either:

      • Ask your employer to deduct the contributions from your after-tax salary and send them to us with their regular employer contributions
      • Make contributions by BPAY®, direct debit or EFTPOS—learn more about these contribution payment methods or call us on 1300 658 776 for instructions
      • Send us a cheque with a completed Lump sum contributions form (PDF), so that we can allocate the contribution to your account.

      ®Registered to BPAY Pty Ltd ABN 69 079 137 518.

      How can I receive a Government co-contribution?

      To be eligible for the Government's superannuation co-contribution payment, you must:

      • Have a total income (including salary sacrificed super and reportable fringe benefits) of less than $35,454
      • Make after-tax contributions to your super account
      • Earn 10% or more of your total income from eligible employment or carrying on a business or a mixture of both
      • Not hold an eligible temporary resident visa at any time during the year
      • Lodge an income tax return
      • Be less than 71 years old at the end of the financial year.


      For more information, visit our page on the Government co-contribution.

      Why isn’t my Government co-contribution shown on my benefit statement?

      The ATO calculates your eligibility for a co-contribution after you have submitted your tax return. This means your co-contribution is paid in the financial year after you made your contributions.

      Once we receive your co-contribution, we will show it on your next benefit statement.

      What is contributions tax?

      Strictly speaking there is no separate tax on contributions.

      The Fund pays 15% tax on all assessable income, including concessional contributions.

      Concessional contributions are employer contributions (including salary sacrifice contributions) and self-employed contributions for which you claim a tax deduction. These are taxed at 15% once they are paid into the Fund. 

      If you earn under $37,000 and receive at least 10% of your income from employment or operating a business, you will effectively pay no tax on your SG contributions—the 15% tax will be refunded to your super account. This is the called the low income super contribution (LISC). (Note that the LISC is payable for the 2012/13, 2013/14, 2014/15, 2015/16 and 2016/17 financial years only.) 

      If you earn $300,000 or more, the contributions tax will be 30%.

      If you make after-tax contributions, no further tax will be charged.

      How do I get back my no-TFN tax?

      If the Fund does not have a record of your tax file number (TFN), you may have to pay extra tax on your super.

      If you provide us with your TFN within four years, we will be able to claim a refund for the extra tax paid.

      Once we receive the refund, we will then credit that amount to your super account, provided you are still a member of Australian Catholic Superannuation.

      To avoid paying more tax on your super than is absolutely necessary, simply login to your Members online account and update 'Your Personal Details', or download and complete a Tax file number nomination form (PDF) and return it to us as soon as possible.

      What types of insurance does the Fund provide?

      Australian Catholic Superannuation provides three types of insurance to cover you should you become disabled or die:

      1. Total and Permanent Disablement (TPD) cover, which pays a lump sum if illness or injury means you are unlikely to ever be able to work again.
      2. Temporary Salary Continuance (TSC) cover, which pays a monthly income while you are temporarily unable to work because of illness or injury. You have a choice of waiting periods (30, 60 or 90 days) and a choice of benefit payment periods (two years, five years or to age 65). This is the same as income protection cover.
      3. Death cover, which pays a lump sum to your beneficiaries if you die or to you if you suffer a terminal illness.

      You should consider obtaining professional advice before deciding on the suitability of insurance cover for your circumstances.

      For more details, download our:

      Why do I have automatic insurance cover?

      Members often don’t realise they need insurance cover until they become ill or injured and run out of employment leave entitlements.

      On joining the Fund, a member could also be unfortunate to suffer an illness or disability before receiving their new membership kit and having the opportunity to actually apply for an appropriate amount of cover.

      To avoid situations like these, you will automatically receive a certain amount of cover when you join us, provided you meet certain eligibility criteria.

      • If you were enrolled into the Fund by an employer sponsor, you will automatically receive both Death/Total and permanent disablement (TPD) cover and income protection (TSC) cover.
      • If you are a personal member (i.e. you were not enrolled into the Fund by an employer sponsor), you will receive Death/TPD cover only.


      For details of the amount of cover you will receive, the premiums you will be charged and the conditions that apply, please download our:


      If you do not want automatic insurance cover, you will need to notify us by completing a Change your insurance arrangements form (PDF). A copy of this form is provided when new members join the Fund.

      However, please be aware that if you do cancel or reduce your cover, you will need to apply and be accepted for underwriting by our insurer if you want insurance in future.

       

      How do I change my insurance cover?

      If you want to increase, reduce or cancel your current level of death, total and permanent disablement (TPD) or income protection (temporary salary continuance – TSC) insurance cover at any time, you will need to complete our Change your insurance arrangements form (PDF).

      You can also convert to fixed or unitised cover, transfer external cover to your Australian Catholic Superannuation account and apply for additional types of insurance such as Lifestyle cover. Simply go to the Insurance options section of this website and download the form relevant to the change you want to make.

      Please be aware that if you do reduce or cancel your cover and then decide to take up insurance again in future, you will need to apply and be accepted for underwriting by our insurer.

      If you need help working out which is the correct insurance form for your situation, call us on 1300 658 776.

      How can I consolidate my superannuation?

      The simplest way of consolidating your other super accounts (including the opportunity to bring your existing insurance cover with you) into Australian Catholic Superannuation is to let us do it for you.

      Simply download and complete our Consolidate your super form (PDF) and return it to us. We'll contact your other funds and arrange to have your super transferred to your Australian Catholic Superannuation account.

      There are important things to consider before consolidating your super, so for more information on combining multiple accounts, refer to our consolidate your superannuation page.

      What happens to my superannuation account when I change jobs?

      You can ask your new employer to make contributions to your Australian Catholic Superannuation account.

      1. If your employer already contributes to the Fund for other employees (e.g. most Catholic school employers), just give them your Client ID (shown on your most recent benefit statement).
      2. If your employer normally contributes to a different fund for their employees, you can ask for a Standard Choice form. Complete the form, stating that you want your contributions paid to Australian Catholic Superannuation, and return it to your employer.
      3. If your employer contributes to a different fund and you don’t complete a Standard Choice form, your future contributions will be paid to the fund chosen by your employer. Your existing account balance will remain with Australian Catholic Superannuation unless you choose to transfer it to your new fund.


      Many members in this situation leave their existing account balance in Australian Catholic Superannuation—for example because they want to keep their insurance. If this applies to you, please download the following documents for information about what will happen with your insurance cover:

      How can my employer contribute to Australian Catholic Superannuation?

      Your employer might have chosen Australian Catholic Superannuation as their default fund. In that case, they will automatically pay your super to the Fund unless you ask them to pay to a different fund.

      If Australian Catholic Superannuation is not your employer’s default fund:

      • Ask for a Standard Choice form
      • On the form, state that Australian Catholic Superannuation is your chosen fund and return the form to your employer
      • Let your employer know your Client ID in the Fund, to ensure that your contributions are paid to your existing account.


      To complete any relevant documentation, you may also need to refer to our important Fund numbers.

      What fees and costs are taken out of my account?

      We only charge you what it costs to manage the Fund. We don’t pay dividends to shareholders or commissions to financial planners.

      We charge you:

      • An administration fee of $1.50 per week—deducted from your account balance
      • Investment management costs that depend on the underlying costs of each investment management option—deducted from unit prices
      • Operating costs of 0.25%—deducted from unit prices.


      In addition there are some user-pays fees e.g. family law fees and an exit fee of $55.

      We do not charge a fee for switching investment options.

      More details, including the investment costs for each investment option, are outlined at Our superannuation offer. Alternatively, you can download our Fees and costs fact sheet (PDF).

      When can I access my superannuation?

      Superannuation is intended to be used during your retirement. Therefore access before retirement is restricted—this is called 'preservation'. The most common triggers allowing you to access your super are that you have:

      • Reached 65 years of age
      • Left an employment arrangement after turning 60
      • Permanently retired upon reaching your preservation age (from age 56 to 60 depending on your date of birth)
      • Become permanently disabled
      • A benefit under $200 and you've left your employer
      • Permanently left Australia after working here on a temporary resident visa
      • Compassionate grounds to claim for financial hardship.


      For more details on accessing your superannuation, download our Conditions of release super fact sheet (PDF) or Conditions of release pension fact sheet (PDF).

       

      Who can receive my superannuation when I die?

      Your super can be paid to your legal personal representative (i.e. your estate) or your dependants. It can be only paid to another person if you do not have any dependants or a legal personal representative.

      Dependants can be:

      • Your spouse (including a same-sex spouse)
      • Your children (including children of a same-sex relationship)
      • A person in an interdependency relationship with you (e.g. a relative who you live with on a permanent basis) and
      • Anyone who is financially dependent on you.

      How do I nominate or alter a beneficiary to receive my super when I die?

      There are two types of nomination you can make to inform us of how you would prefer your superannuation benefits to be paid:

      • Binding | The Trustee must follow a binding nomination if it is valid at the time of your death. This includes reversionary pensions where, in the event of your death, any money remaining in your allocated pension account is to be paid as a pension to your nominated eligible dependant. Certain conditions apply to binding nominations.
      • Non-binding | If you make a non-binding nomination (or if your binding nomination is invalid), 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.


      Making or altering your beneficiary nomination

      To make a non-binding nomination or to alter the dependants whom you wish to receive your superannuation benefits, simply login to your Members online account. Once logged in, simply select 'Your account', then 'Beneficiaries' from the left-hand menu options onscreen and enter any new details.

      Alternatively, you can download and complete a Nomination of beneficiaries form (PDF). You can also use this form if you wish to make or alter a binding beneficiary nomination.

      Note: A separate death benefit nomination is required for each account held with the Fund.

      Find out more about nominating beneficiaries.

      Can I use my will to direct how my superannuation is paid?

      The Trustee of the Fund holds your superannuation in trust for you. That means your super is not property that you can distribute via your will. When you die, the Trustee has to pay your super to your beneficiaries i.e. your legal personal representative (your estate) or your dependants.

      You can make a binding nomination that directs the Trustee to pay your super to your estate. Providing the nomination is valid at the time of your death (e.g. it has not expired), your benefit will be paid to your estate and will then be distributed according to your will.

      Do children from a first marriage receive a share of their parent’s super?

      Not necessarily.

      Children are dependants under superannuation law and are eligible for consideration, but there is no automatic entitlement to receive part of their parent’s death benefit.

      If the parent had a valid binding nomination at the time of death, their benefit will be paid according to that nomination.

      If there is no binding nomination, the Trustee must consider all potential beneficiaries, then decide how the benefit is to be paid.

      One important consideration is who would have benefited from the member’s super if they had not died. For example, a spouse or a minor child is likely to take priority over an independent adult child. However, each case is decided on its merits and all potential beneficiaries are entitled to put forward a case for receiving part of the benefit.

      What happens to my superannuation in the event of divorce or separation?

      Family law legislation gives couples a range of options to split their assets, including splitting super entitlements, in the event of divorce or separation.

      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).


      For more information, please call us on 1300 658 776.

      Will my children have to pay tax on my super when I die?

      There is no tax if your superannuation is paid to someone who is a dependant under tax law.

      For tax purposes, dependants include:

      • Your spouse
      • Your former spouse
      • A person in an interdependency relationship with you
      • Someone who is wholly or partly financially dependent on you at the time of your death.


      Adult children don’t automatically qualify as dependents for tax purposes. Unless they are financially dependent on you or live with you in an interdependency relationship, they will not qualify. In that case, any benefit they receive will be taxed at 15% plus the Medicare levy. (If the benefit contains an insured component, a higher rate of tax may apply to part of the benefit.)

      The reason for this is that super is meant to provide for you and your dependants in retirement. Tax concessions are provided for this purpose only. If your adult children would not benefit from your super while you are alive, they will not receive your super tax-free when you die.

    • Retirement

      When can I access my superannuation?

      Superannuation is intended to be used during your retirement. Therefore access before retirement is restricted—this is called 'preservation'. The most common triggers allowing you to access your super are that you have:

      • Reached 65 years of age
      • Left an employment arrangement after turning 60
      • Permanently retired upon reaching your preservation age (from age 56 to 60 depending on your date of birth)
      • Become permanently disabled
      • A benefit under $200 and you've left your employer
      • Permanently left Australia after working here on a temporary resident visa
      • Compassionate grounds to claim for financial hardship.


      For more details on accessing your superannuation, download our Conditions of release super fact sheet (PDF) or Conditions of release pension fact sheet (PDF).

       

      When can I start an account based pension?

      You need to be at least 56 years of age or permanently disabled to start an account based pension.

      If you are under age 65 and not yet retired, you are restricted to a transition to retirement pension. This is very similar to a standard account based pension, but your maximum annual pension payment is restricted (to 10% of the account balance for RetireChoice pension members, or to 20% of the account balance for RetireSmart pension members) and you cannot withdraw any lump sums.

      What happens to my super account when I retire?

      If you reach your preservation age (from age 56 to 60 depending on your date of birth) and have fully retired, you have the choice of:

      • Taking some or all of your super as a lump sum
      • Converting it to an income stream (called an allocated pension)
      • Simply leaving it until you need it.


      Once you reach age 60, you do not pay tax when you take your super. If you are under age 60, any withdrawals you make are taxable. However, generous tax concessions apply to reduce, or even eliminate, the tax payable.

      For more details, download the Tax and superannuation fact sheet (PDF) (if you are a super member) or the Tax and account based pensions fact sheet (PDF) (if you plan to convert your super to an allocated pension).

      What fees and costs are taken out of my account?

      We only charge you what it costs to manage the Fund. We don’t pay dividends to shareholders or commissions to financial planners.

      We charge you:

      • An administration fee of $1.50 per week—deducted from your account balance
      • Investment management costs that depend on the underlying costs of each investment management option—deducted from unit prices
      • Operating costs of 0.25%—deducted from unit prices.


      In addition there are some user-pays fees e.g. family law fees and an exit fee of $55.

      We do not charge a fee for switching investment options.

      More details, including the investment costs for each investment option, are outlined on our pension account fees and costs page.

    • Employers

      How do I join the Fund to make employee super contributions?

      To make contributions to Australian Catholic Superannuation on behalf of your employees, you simply need to complete our online form to join as an employer.

      Is Australian Catholic Superannuation a complying superannuation fund?

      Australian Catholic Superannuation & Retirement Fund (Australian Catholic Superannuation) is a complying, resident and regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

      Our Fund has never received a notice of non-compliance and is not subject to a direction under section 63 of the SIS Act. This means Australian Catholic Superannuation can accept all types of superannuation contributions in accordance with the SIS Act.

      Australian Catholic Superannuation is a registrable superannuation entity and is eligible to be nominated as a default fund as it meets the minimum statutory insurance cover requirements for choice of fund.

      Download our Complying fund notice (PDF).

      What are Australian Catholic Superannuation's Fund identification numbers?

      There are important numbers which uniquely identify Australian Catholic Superannuation & Retirement Fund, the Trustee and our products. If you're filling in forms for account rollovers or super choice, or other documents related to managing your superannuation, then you'll probably need these numbers.

      Fund details  
      Fund name

      Australian Catholic Superannuation & Retirement Fund

      Australian business number (ABN)

      24 680 629 023

      Superannuation product identification number (SPIN)

      SCS0002AU (Australian Catholic Superannuation & Retirement Fund)
      SCS0100AU (Australian Catholic Superannuation & Retirement Fund – Accumulation)
      SCS0101AU (Australian Catholic Superannuation & Retirement Fund – RetireChoice Pension)
      SCS0001AU (Australian Catholic Superannuation & Retirement Fund – RetireSmart Pension)

      Superannuation fund number (SFN)

      17 602 949

      Registrable superannuation entity (RSE) registration number

      R1055436

      Unique superannuation identifier (USI)

      24 680 629 023 111 (Australian Catholic Superannuation & Retirement Fund – Accumulation)
      24 680 629 023 112 (Australian Catholic Superannuation & Retirement Fund – RetireChoice Pension)
      24 680 629 023 113 (Australian Catholic Superannuation & Retirement Fund – RetireSmart Pension)

      What are the penalties for not paying superannuation?

      An employer has obligations under the Super Guarantee (SG) legislation to submit SG payments at least quarterly by the due dates set by the government. However, there may be occasions when an employer is not obliged to contribute, for example if an employee earns less than $450 in a month.

      Employers who fail to comply with SG requirements, may incur a super guarantee charge, which includes SG payments, lost earnings and administration charge/s.

      When are employer superannuation contributions due?

      You must make Superannuation Guarantee (SG) payments at least four times a year, within 28 days after the end of each quarter.

      Quarter Deadline for payment
      1 July – 30 September 28 October
      1 October – 31 December 28 January
      1 January – 31 March 28 April
      1 April – 30 June 28 July

      NOTE: If the quarterly deadline for payment date falls on a weekend or public holiday, you should make the payment by the next working day.  

      • It’s important to pay the correct amount of super by the deadline each quarter.
      • You can choose to make super payments more regularly than quarterly.
      • If you make your contributions through a clearing house, you will need to check the clearing house’s deadline for the receipt of payments.
      • Failure to meet these deadlines means you have to pay the required amount, plus a penalty imposed by the Australian Taxation Office the following month.
         

       

    • Investments

      How often can I change my investment choice?

      If you are a super member or a RetireChoice pension member, you can change your investment options once a week. However, if you have a RetireSmart account based pension, your investment strategy has been pre-mixed for you and cannot be changed.

      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 AEDT) on the previous Friday.

      Can I select a different investment option for my future contributions?

      Yes. Your future superannuation contributions can be directed to different investment option/s than those in which you have your existing super account balance invested.

      Is there a cost if I make an investment switch?

      No. We do not charge a fee when you change investment options.

      Why is MySuper Balanced the default investment option for Superannuation Plan members when it can yield negative returns?

      Superannuation is a long-term savings vehicle and the Fund's MySuper Balanced option is designed to produce a medium to high return over at least a five-year period. To achieve this, it is invested 75% in growth assets (like shares and property) and 25% in defensive assets (like cash and fixed interest).

      Shares and property investments produce volatile returns and some years the returns will be negative. However, over the longer term, these assets are expected to produce a higher return. There is a trade-off between higher returns and higher risk.

      We understand that the MySuper Balanced option is not suitable for everyone and that some members want an investment that is lower risk. That is why we offer 11 different investment options.

      You can choose the option that best matches the returns you expect and your tolerance for risk.

      Why do pension investments have different returns to superannuation investments?

      Investment earnings on account based pensions are free of tax. This means that when returns are positive, pension members receive a higher return as no tax is deducted.

      If returns are negative, super members receive a tax benefit on realised and unrealised capital losses that tops up their earnings.

      Pension members do not receive a tax benefit on realised and unrealised capital losses as their earnings are not subject to tax. This means that if returns are negative, super members receive a higher return than pension members.

      Pension members, however, still receive the benefits of imputation credits earned on dividend and trust distribution earnings.

      As history has shown, there are more years with positive returns, therefore on average, pension members may receive higher longer-term returns.

      Can returns for the Bonds investment option be negative?

      Yes. Fixed interest investments, such as bonds, can produce negative returns.

      If interest rates go up, the returns on fixed interest investments go down (and vice versa).

      Note that prior to 1 October 2015, the Fund's 'Bonds' investment option was called 'Diversified Fixed Interest'.

      Why is the return on the Fund's Cash and Term Deposits option less than I can get from a bank term deposit?

      The return you receive on the Cash and Term Deposits option is after tax. Returns on money in the bank are before tax. You have to pay tax on this money at your marginal tax rate. Once tax has been deducted, the return on your bank earnings could be lower than the return on the Fund's Cash and Term Deposits option.