Frequently asked questions | CareSuper [PDF]

Frequently asked questions

Superannuation Superannuation basics How can I increase my super? What are spouse contributions? How can I make additional contributions to top up my super before and after tax? When can I access my super? Can I access my super early? What do I do if my employer is not paying my contributions? How much super will I need in retirement?

Working arrangements and your super As a casual employee, do I get super? How can I help my super grow if I’m not receiving employer contributions? I’m a contractor. What does this mean for my super? I’ve changed jobs. What happens to my CareSuper account?

Superannuation and family law What happens to my super if I separate from my partner? Is there a fee associated with splitting superannuation interests? Where can I go for help?

Making contributions How will the date my contribution is received affect how I manage my super? How long will it take for CareSuper to receive my contribution? What information does CareSuper need to process my contribution? How long will it take for my contribution to appear on my CareSuper account? Are there any contribution limits?

Transferring my super What happens to my super when I change jobs? How do I transfer or rollover my super into one account? Can I transfer part of my super benefit? What happens to my super if I’m a temporary resident working in Australia? What happens to my super and annual statements if I am a temporary resident and leave Australia? Does CareSuper accept transfers from UK pension funds?

MySuper What is MySuper? What does MySuper mean for me? Do I receive insurance cover through MySuper?

Fees What are investment fees? What is the indirect cost ratio? What is the administration fee used for? What is a buy-sell spread? Why is there an exit fee? Are there any fees for advice?

Tax in superannuation How is super taxed? Do I need to provide my tax file number (TFN)? Do I have to pay tax when I withdraw my super?

Investments Investment basics

What does it mean that my money is invested? What am I actually invested in? How do I switch my investments? How do I cancel my investment switch? Why can I only switch my investments weekly? What is the best investment option for me? Am I in a risky investment option? Am I in a safe option? Why have I lost money? Do you invest sustainably? How does CareSuper manage environmental risks such as climate change? Has CareSuper divested from any industries/companies? What are net investment returns?

Fixed interest If you’re looking for details about how CareSuper’s Fixed Interest option has been performing, or interested in finding out about some of the factors that can have an impact on fixed interest investments, take a look at the information below. What types of fixed interest investments does CareSuper invest in? How do bonds generate returns? Can bond prices rise and fall? How does the performance of fixed interest securities affect CareSuper’s investments? What should members invested in the Fixed Interest option keep in mind?

Direct Investment option Direct Investment option basics Who can open a DIO account? How do I register for a DIO account? What are corporate actions? How is my super taxed in the DIO? What if I don’t know much about equities and the stock market? When will my trading instructions be put into action? How long must I hold listed securities for in order to be eligible for franking credits from any dividends paid? How do I transfer my super from the DIO to the CareSuper pension? Is the Direct Investment option affected by unit pricing?

Insurance Insurance basics What cover am I entitled to when I join CareSuper? I am part of a Corporate insurance arrangement (CIA) – what does this mean? Why do I have insurance? I never applied for it/who authorised you to take premiums for it? Who is CareSuper’s insurer? If I submitted an application for insurance cover to CareSuper’s previous insurer and I haven’t been advised of the outcome yet – what should I do? What is ‘active employment’? What is the default insurance cover for Personal Plan members? Can I apply for higher cover? If I apply for higher insurance cover outside of the 90-day New Member Option, what is the maximum cover I can apply for? Can I transfer my account and insurance from the Personal Plan to Employee Plan and vice versa? Will I be covered if I travel overseas? How much cover do I have/what type of cover do I have? How can I control what happens to my money in the event of my death? What does 'eligible for cover' mean? How will my claims be handled? What is a pre-existing condition exclusion and how could it apply to me?

Death and TPD cover What is death and TPD cover?

How much cover do I need? What if I have made a previous TPD or terminal illness claim? What is my occupational category? How does fixed cover work?

Income protection What is income protection cover? Am I eligible to apply for income protection? Am I covered for income protection? Does my income protection cover me in the event of redundancy or dismissal?

Retirement Pension Why should I take out a CareSuper Pension? How long will my pension last? How do I go about planning for my retirement? Who can I talk to about my retirement options? What happens if I die before my pension account runs out? What are ‘unrestricted non-preserved’, ‘preserved’ and ‘restricted non-preserved’ benefits? What is my preservation age?

CareSuper Pension Am I eligible to apply? What goes into my pension account? What comes out of my pension account? How are pension payments paid? How much can I withdraw from my account? Can I make contributions to my pension account? Do I need to inform Centrelink about my pension payments?

Transition to Retirement (TTR) Pension What is a Transition to Retirement Pension? Which TTR strategy suits me the best? How do I move from a TTR Pension to a CareSuper Pension? Can I make a lump sum withdrawal from my TTR Pension? When are payments from a TTR Pension made?

CareSuper mobile app CareSuper mobile app What does the app show? What can I do in the app? How do I download the app? Can my phone support this app? Who can use this app? How do I reset my password? How do I set up a pin? I’ve forgotten my pin. What do I do? How secure is the CareSuper mobile app? Is there any cost? How do I update the app? Which version is my phone running? I have multiple accounts. Can I switch between them?

This website contains general advice, not taking into account your objectives, financial situation or needs. Before acting on this advice you should determine if it is appropriate for you. Before acquiring a product, first read its product disclosure statement. Some products and services offered on this website are provided by third parties. The trustee is not responsible for the products or services, views or actions of these third parties. Terms and conditions may apply which should be obtained from the third parties direct. The trustee does not accept liability if loss or damage is incurred from the acquisition of third party products or services. Past performance is not a reliable indicator of future performance and you should consider other factors before choosing a fund or changing your investments. CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226 CARE Super (Fund) ABN 98 172 275 725