What is Superannuation?
How are funds supervised?
What is preservation?
When can I access my benefits?
What are my options when I retire?
How do I make an enquiry or complaint?
Can I retain my benefits in the Fund?
What happens to my account if the Fund can’t contact me?
Can I contribute extra personal contributions into my superannuation?
Can I rollover or transfer my other superannuation benefits into the Fund?

1. What is Superannuation?

Superannuation is a way to plan for a comfortable retirement by regularly putting money away during your working life. A comfortable retirement is a major goal for most Australians. Planning for your retirement is about choosing effective ways to save and to invest your retirement savings.

Superannuation is a long-term savings and is different from other types of income saving because:

It is accumulated through special funds which have particular rules.
It receives special taxation treatment.
It is linked to your employment.
Most of the superannuation savings cannot be cashed until you reach retirement age.

2. How are funds supervised?

The Federal Government regulates the operations of the superannuation industry through the Superannuation Industry (Supervision) legislation (SIS) in conjunction with the Income Tax Assessment Act.

The Superannuation Industry (Supervision) Act 1993 sets out all the general areas in which funds are required to comply with the government rules. It also has the penalties for the trustees if the fund does not comply. The Act does not contain all of the detailed requirements as most of these are contained separately in the Superannuation Industry (Supervision) Regulations.

SIS is administered by two federal agencies – the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

The Australian Taxation Office (ATO) administers the Income Tax Assessment Act (ITAA), the Superannuation Guarantee Charge Act and the Superannuation Guarantee (Administration) Act (SGAA). The ATO also administer the Superannuation Holding Account Reserve (SHAR).

3. What is preservation?

Preservation is the regulatory requirement that certain superannuation benefits be retained in a superannuation fund or a rollover fund until one of the following conditions of release has been satisfied: -

Retires permanently from the workforce after age 55 (progressively increasing to age 60 as per the Table below); or

Date of Birth

Preservation Age

Before 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

After 30 June 1964
60

Leave your Employer on or after age 60 irrespective of whether or not you are retiring permanently from the workforce; or
Reaches age 65; or
Dies;
Becomes totally and permanently disabled;
Satisfies financial hardship requirements by receipt of a socially security benefit for at least 6 months and is unable to meet reasonable living expenses;
Satisfies compassionate grounds as approved by APRA;
A non resident who has permanently departed from Australia and can provide a copy of the eligible temporary residential visa (special withholding tax rate applies);
The benefit is less than $200.00;

4. When can I access my benefit?

A benefit will become payable under the following circumstances:

1. Permanent Retirement

You can access your benefits if you retire permanently from the workforce after your “preservation age". Your preservation age is determined in accordance with the following table:

Date of Birth

Preservation Age

Before 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

After 30 June 1964

60

2. Upon Ceasing Employment

When you cease employment, your current employer will advise the Fund that you have ceased employment, and finalise payment of any outstanding contributions. We will calculate your benefit entitlement and provide written advice to you explaining your benefit options. Your options upon cessation of employment are as follows:

Before preservation age

a) Retain part/all of your benefit within the Fund (and contiue your death insurance cover)
b) Cash in your non-preserved benefit (if applicable)
c) Maintain contributory membership within NCSF by arranging for your new employer to pay contributions to NCSF
d) Transfer part/all of your benefit (non preserved or preserved) to another superannuation fund

* Maintaining contributory membership of your NCSF account is dependent on your new employer agreeing to become a participating employer of NCSF.

After preservation age

a) Retain part/all of your benefit within the Fund (and continue your death insurance cover)
b) Cash in your entire benefit (subject to preservation rules)
c) Transfer part/all of your benefit to NCSF Allocated Pension
d) Transfer part/all of your benefit to another complying superannuation fund.
(A seperate NCSF Allocated Pension Combined Financial Service Guide and Product Disclosure Statement is avaliable upon request)

3. Death

If you die, your benefit, plus the amount of death insurance cover (if any), is payable to your beneficiaries. Your beneficiary nomination is non-binding and is subject to certain discretions vested in the Trustee.

4. Total and Permanent Disablement

If you are totally and permanently disabled as defined in the Trust Deed, your benefit is payable and an Income Protection benefit may be payable, if approved by the Fund's Trustee and insurer.

5. Severe Financial Hardship

You may apply to the Trustee for a release of benefits (to a maximum of $10,000 gross in any 12 month period) on the grounds of severe financial hardship if you have been in receipt of a qualifying Commonwealth Income Support Payment for a continous period of at least 26 weeks. You must also satisfy the Trustee that you are unable to meet reasonable and immediate family living expenses or you have reached your preservation age and you have been in receipt of a qualifying Commonwealth Income Support Payment for cumulative 39 weeks.

Additional information or an application form can be obtained by contacting NCSF on 1300 655 002.

6. Compassionate Grounds

A member may apply to the Australian Prudential Regulation Authority (APRA) for a release of benefits on compassionate grounds. A benefit may be approved by APRA to:

Provide essential medical treatment
Prevent foreclosure on a mortgage
Modify your residence or vehicle to accommodate a severe disability suffered by you or one of your dependants
Pay for palliative care in the case of impeding death
Pay for expenses associated with a dependant's palliative care, death or funeral
Meet other expenses, consistent with the above as determined by APRA

Additional information can be obtained by contacting NCSF on 1300 655 002 or APRA on 1300 131 060.

7. Permanent Departure from Australia

From 1 July 2002, non-residents who have permanently departed from Australia and can provide a copy of their eligible temporary residential visa may be eligible to access their superannuation (less a government tax), once they have left the country.

Stringent eligibility criteria apply to access this benefit and it does not apply to New Zealand residents.

5. What are my options when I retire?

Your superannuation benefit is available to you when you retire. Government regulations define you as retired if you have:

Retired permanently from the workforce after preservation age; or
Upon attaining age 65;
Or where you satisfy one of the conditions of release (refer to Accessing your benefits)

Your superannuation money, which is called your superannuation benefit, may be paid to you in a variety of ways:

A lump sum payment for the entire amount.
All or part of your benefit may be retained with the Fund where it continues to remain invested in your chosen investment option.
Withdrawals are permitted under certain conditions.
All or part or your benefit may be transferred into the NCSF Allocated Pension
Rollover your benefit to another Superannuation Fund, Retirement Savings Account, Approved Deposit Fund or Deferred Annuity.

The benefit paid to you will be your account balance as at the previous financial year:

Plus:

Employer Award/Superannuation Guarantee contributions
Member or Salary Sacrifice contributions (if applicable)
Rollover/Transfers in from other complying superannuation funds, approved deposit funds or retirement savings account (if applicable)

Less:

Insurance premiums (if applicable)
Administration fees
Contribution tax
Surcharge tax (if applicable)

Interest will also be calculated using the interim interest rate applicable at the time we process your written instructions. (Refer to the Interim Interest Rate for further information).

A Benefit Protection rebate may also be applicable if your account balance is less than $1,000. (Refer to Member Protection Rebate for further information)

6. How do I make an enquiry or complaint?

The Trustee of the Fund, in accordance with the requirements of the Superannuation Industry Supervision (SIS) Legislation, has established a formal procedure for dealing with enquiries or complaints from members or beneficiaries of the Fund. It is suggested that routine queries be directed to Fund administration staff.

A member of the Fund, or the legal personal representative or potential beneficiary of a deceased member, may direct formal enquiries or complaints, either by telephone or in writing, to the

Enquiries and Complaints Officer
Secretary to the Trustee
National Catholic Superannuation Fund
GPO Box 180
Melbourne Vic 3001
Tel: (03) 9934 3000 or 1300 655 002

The Trustee's objective is that any enquiries or complaints will be properly considered and dealt with within 90 days after the lodging of such an enquiry or complaint. However, if you are not satisfied with the handling or resolution of your complaint, you may contact the Superannuation Complaints Tribunal (SCT). The SCT has been established by the Federal Government to resolve certain complaints which have been lodged by superannuation fund members and which have not been satisfactorily dealt with by a fund's own internal enquiries and complaints mechanism. The role of the SCT is to resolve such complaints through conciliation or, if this is not practical, to review the decision of the Trustee to which the complaint relates. The SCT may choose to affirm, vary or revoke a decision of the Trustee. You may contact the SCT as follows:

Street Address
Level 15
31 Queen Street

Melbourne VIC 3000

Postal address
Locked Bag 3060
GPO Melbourne VIC 3001
Telephone: 1300 780 808 Fax: (03) 8635 5588

Website: www.sct.gov.au

If your complaint is in relation to Privacy please refer to the Privacy Statement.

7. Can I retain my benefits in the Fund?

Yes. Members are encouraged to retain their superannuation investment within the Fund. Continuing your investment has a number of advantages.

For example you can: -

Defer the taxation liability on your benefit. If received after your “Preservation Age”, current legislation provides for up to $135,590 of your benefit to be tax-free.
Continue receiving tax-favoured investment income.
Ensure that your benefit is available for your retirement.
Maintain favourable tax treatment that may be applicable to any “pre 1 July 1983” service.
Withdraw your total non-preserved benefit at any time after ceasing contributory Fund membership.

While all or parts of your benefits are retained in the Fund, Annual Benefit Statements will continue to be issued, keeping you informed of your balance. You will also receive all other member information (eg. Fund newsletters).

8. What happens to my account if the Fund can’t find me?

Lost Members Register

The Trustee is required to provide details to the Lost Members Register maintained by the Australian Taxation Office where:

A member cannot be contacted; or
Employer contributions or rollover amounts have not been received in the previous 2 years, unless the member has indicated by a positive act (i.e., retaining a benefit in the Fund or otherwise contacting the Fund and so advising) that they wish to remain a member of the Fund.

Individuals may contact the Lost Members Register on 13 10 20 for assistance in locating any superannuation entitlements.

Unclaimed Moneys

The Fund Trustee is required to report unclaimed moneys to the Registrar of Unclaimed Moneys, together with payment of such money. Money unclaimed is defined, as any benefit in respect of a Member who has reached eligibility age for an age pension, where the benefit is immediately payable, the beneficiary has not applied to the Trustee to be paid the amount of the benefit, and the Trustee is unable to locate the Member or beneficiary after making reasonable enquiries.

9. Can I contribute extra personal contributions into my superannuation?

Yes. You may increase your superannuation contributions at any time. Depending on your employer arrangements you may make regular payroll deductions or you may wish to make lump sum payments through out the year.

This can be a tax effective strategy should you qualify under current legislation for Government Co-contribution or a rebate against taxable income.

Please contact your employer should you wish to commence regular deductions, or alternatively contact the Fund should you wish to contribute a lump sum.

10. Can I rollover or transfer my other superannuation benefits into the Fund?

Yes. If you have had more than one employer you may have money in multiple superannuation funds. This could mean you are paying more fees than necessary as well as experiencing greater difficulty in keeping track of your money.

It is very simple to consolidate your funds. All you need to do is complete and sign the 'Authority to Transfer Superannuation Benefits' form authorising the Fund to contact the other fund on your behalf. You will receive written confirmation of the transfer once it is finalised.

The Fund does not charge you any fees for accepting your transfer/s, however your other fund may have an exit fee. Before transferring you should firstly find out if there will be fees or a penalty charged. Some financial institutions impose quite severe penalties and fees for people transferring their money before retirement age.

There may also be a portion of your rollover that is an untaxed element (see glossary) which will be subject to the 15% contribution tax upon rolling over your benefit to the Fund. Your other fund will be able to advise you of untaxed elements if any.

Date of Birth	Preservation Age
Before 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
After 30 June 1964	60