Why are you changing insurers?

Every three years, we review our insurance offering to ensure that it continues to be one of the best in Australia – in terms of price, coverage, service and overall value. This year we are changing our insurance partner – from CommInsure to TAL Life Limited, one of Australia’s largest Group Life Insurance specialists.

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Why are the costs of Income Protection increasing?

There are a number of reasons that the cost of Income Protection will increase. These include:

  • there has been an increase in claims. This has been mainly due to media coverage of insurance and the changes made to Workers’ compensation
  • there has been an increase in the benefit amount paid on claim due to wage increases
  • there has been some increases in the cover amount to better align with pay scales.

Despite the higher rates, NGS Super income protection premiums (for our default standard cover – 90 day waiting period – up to 5 year benefit payment period) will continue to be competitive and remain one of the lowest price offers in the industry.

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When will I know how much my new insurance will cost me?

We will notify you in April the details of your cover. This will include what cover you have, the sum insured amount and the cost of your cover.

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What if I want to apply to increase my cover?

For any requested changes prior to 12 May 2017, you can continue to make changes to your insurance through the forms available through our website or via Member Online. You will also be able to change your new cover (increase, decrease, make insurance transfers or life event changes) through your Member Online login available from 1 June 2017.

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I currently have a claim for insurance. Will my claim be affected?

Your claim will continue to be assessed and managed under the CommInsure policy.

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Where can I get more information?

We will provide you with further information in April. This will include providing you with details of your cover(s), sum insured amount and the cost of your cover.

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Can NGS Super members transfer their super to New Zealand?

NGS Super members can transfer their super to the KiwiSaver Scheme but the Fund cannot receive payments from KiwiSaver. Please use the Trans Tasman Portability form.

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What types of contributions can I make to NGS Super?

After-tax (member) contributions: you have the option to make regular personal contributions, deducted from your post tax earnings up to the legislated limit. This can be arranged as a regular payroll deduction through your employer payroll area. By topping-up from your after-tax income you may also be entitled to the Government co-contribution.

Lump sum contributions: you can also make a lump sum payment up to allowable limits at any time. By simply attaching a cheque, made payable to NGS Super with a covering letter, or by downloading and completing a Lump sum contribution eForm.

Before tax (salary sacrifice) contributions: with the prior approval of your employer, you can make regular contributions on a before-tax or salary sacrifice basis. Depending on your individual situation, salary sacrificing into super may save you tax. This can be arranged through your payroll or by downloading and completing a Payroll deductions eForm.

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Why do I have automatic insurance cover on my account?

NGS Super views insurance as an important benefit for members and your dependants. If you become permanently disabled or die, your NGS Super Life, terminal illness and disability (TPD) cover can provide you, your dependants or estate with a lump sum payment. If you have to stop work because of an illness or injury, our Income protection (IP) cover may provide you with a monthly income to assist with your living expenses after a specified waiting period  until you are able to return to work. Cover is not compulsory and you may elect to reduce or decline your cover at any time.

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How do I increase, decrease or cancel cover?

If you wish to apply for new or increased cover, as well as reduce or cancel your cover altogether, you will need to complete an Insurance variation form. You will also need to provide additional health information for an increase in cover.

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Does NGS Super offer Contribution Splitting?

NGS Super does offer contribution splitting to members.

You can request your contributions to be split by completing the Contribution splitting eForm.

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If I’m working in Australia on a working visa, how do I claim my super?

If you entered Australia on an eligible temporary resident visa and you have permanently left Australia, you may claim any super you have accumulated. This provision does not apply to Australian and New Zealand citizens, even if they were the holder of an eligible temporary visa. For more details and to download an application form visit the ATO website.

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Does NGS Super comply with UK Pension scheme requirements?

The UK HM Revenue and Customs have approved NGS Super as a Qualifying Recognised Overseas Pension Scheme (QROPS).

Due to pension rule changes made by UK HM Revenue and Customs NGS Super is not able to accept transfers from English pension schemes for the time being.

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I am going to work overseas. What happens to my super contributions?

Overseas employers may not be obliged to make super contributions on your behalf, however if you negotiate your super contributions as part of your employer employment arrangements then NGS Super can receive a cheque (this can be in foreign currency). You may need to seek tax advice in relation to the working arrangements of the country you are visiting.

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How do I give my partner, friend or financial advisor access to my account details?

To provide information to another party, NGS Super requires a written authority. This authority will remain valid until cancelled by the member.

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How do I change my investment options?

By completing an Investment switching eForm you can elect to change the investment option of your current account balance and/or for all future contributions, rollovers and transfers. You are entitled to one free investment switch each financial year. Any additional switch will incur a fee, currently $30.

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I have money in another fund. Can I transfer it to NGS Super and how do I do it?

As a member, you are able to transfer other superannuation benefits into your account with NGS Super. Rolling over superannuation accounts may help you keep track of your money and may save you extra fees.

You can transfer any inactive accounts into NGS Super by:

While NGS Super does not charge you an entry fee for transferring your money in, you should check whether your other fund charges you an exit fee.

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What is a unit price?

Your contributions, rollovers and transfers are used to purchase investment units, which represents a portion of the Fund’s underlying investments in your particular investment option. Learn more about unit prices here.

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What fees do I incur on my account?

The Fund charges a maximum administration fee of $1.25 per week ($65.00 per annum). Percentage based investment management fees are passed onto members by way of an adjustment to unit prices. Investment switching and withdrawal fees, currently $80, only apply in limit circumstances. All fees and charges are specified in the Fees, costs and tax fact sheet.

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How can I get financial advice?

You can access financial planning as part of your NGS Super membership. To take advantage of this no obligation free initial financial planning consultation, just call 1300 133 177.

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What happens when your employment changes?

If you’re changing jobs or are no longer employed, you can keep your super with NGS Super. Your membership will continue unchanged, including any insurance you have with us while there is enough in your account to cover the premiums.

Should you gain employment with a different employer (no matter what industry), we can accept contributions from them into your superannuation account. Simply complete the Superannuation Choice e-form print it out, sign it and give it to your employer.

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What do I do if my employer is not making contributions?

An employer has obligations under the Super Guarantee (SG) legislation to submit SG payments at least quarterly. 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). If you have not received contributions into your account, please contact your employer. You can also contact the ATO on 13 10 20 for further information.

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What if I want to reduce my cover?

You can continue to make changes to your insurance through the forms available on our website.

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Can I draw payments from different investment options?

Yes, you can choose which investment option(s) your payments are taken from. If there is no longer enough money in your chosen option(s), payments will automatically be deducted proportionally from your remaining investment option(s).

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I have a transition to retirement pension. Are there changes when I turn age 65?

From age 65 your pension is no longer limited to 10% of your account balance in any financial year and you may make separate lump sum withdrawals from your income account as required.

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What is a reversionary pensioner?

You can choose to have your pension continue to be paid to your spouse or other dependant if you pass away; a reversionary pensioner is the person the pension will continue to be paid to.

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Is the whole of my income account counted as income by Centrelink?

Centrelink considers a range of factors to determine what portion of income account is counted as income, such as nominated pension amount and life expectancy. Upon the commencement of pension a ‘Centrelink Schedule’ is provided, which contains the information Centrelink requires for its income and asset test purposes.

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How frequently can I receive income account payments?

You can elect to receive income account payments either fortnightly, monthly, quarterly, six monthly or annually.

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When are income account payments made?

Income account payments are made on the first business day on or after the 15th of the month (except when fortnightly option is selected).

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How often can I change the frequency of my income account payments?

You may change the frequency of income account payments at any time by completing a request to vary your income account payment form.

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What is the minimum amount of payment I need to take?

You are required to receive a minimum payment (proportioned if income account starts during the year) based on your age as follows:

Your age as at 1 July Current minimum annual
payment (2015/16)
55-64 4.00%
65-74 5.00%
75-79 6.00%
80-84 7.00%
85-89 9.00%
90-94 11.00%
95+ 14.00%
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What is the work test?

The work test commonly applies to members over age 65 and means being gainfully employed for at least 40 hours in a period of no more than 30 consecutive days during the same financial year in which the contributions are made.

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What if I do not need any income account payments?

If you are under age 65 (or over 65 and meet the work test during the financial year), you may choose to contribute any income account payments that you do not require back into a superannuation account.

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What if I want to add more contributions to my NGS Super Income Account ?

Once an income account commences no additional funds can be added directly to the account, this needs to be done via a superannuation account (subject to contribution limits and work test requirements if over 65). The extra funds can either be used to set up a second income account account (this may be required for estate planning purposes). Alternatively, you can roll your pension back to your super account, add the additional money and start a new income account with the combined funds.

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Once I commence drawing an income account, can I at any time in the future, revert to not drawing a payment and go back to a super account?

You are not locked into an income account and can transfer your benefit back into a superannuation account at any time.

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Once I commence drawing an income account, I understand that whatever earnings my pension investments attract will no longer be taxed (within the fund) at 15 percent. Is this correct?

Yes – earnings on your income account investments are tax-free.

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What is the difference between receiving a lump sum with my regular income account or as a separate payment?

If you are in receipt of a Centrelink benefit (such as age pension) any lump sum, if added to your regular income account payments, will form part of your income test (where any separate lump sum will not be – unless the lump sum is reinvested in another Centrelink-assessed investment).

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How do I give my partner, friend or financial adviser access to my account details?

Before we will provide information to another party, we require your written authority. This authority will remain valid until cancelled by the member. However we will provide information to another party at any time on production of a valid Power of Attorney.

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How do I change my investment options?

NGS offer a comprehensive range of investment options. You can elect to change your investment options for your current income account balance by completing a Income Account investment switching form, or by logging into Member Online.  You can also use the investment switching form to nominate which investment options you want your future pension payments to be drawn from. You are entitled to one free investment switch each financial year (any additional investment switches will incur a fee, currently $30). There is no charge for any new nomination of investment options for pension drawdown purposes.

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What is a unit price?

Your contributions, rollovers and transfers are used to acquire investment units, which represent your interest in the underlying investments in your selected investment option. Learn more about unit prices here.

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What forms of ID can I use to verify my identity?

You must send us certified copies of documents to prove you are the person making the transaction. Don’t send the originals.

ACCEPTABLE DOCUMENTS

One of the following documents:

  • drivers licence, issued under Australian State or Territory law

     OR

  • passport

A combination or documents: 

If you can’t supply either a drivers licence or passport, you can send a combination of documents. You will need one document from each of the two groups below.

One of the following documents:

  • birth certificate or birth extract
  • citizenship certificate issued by the Commonwealth of Australia
  • pension card issued by Centrelink that entitles you to financial benefits

AND One of the following documents:

  • letter from Centrelink entitling you to a government assistance payment
  • notice issued by Commonwealth, State or Territory government or local council issued in the last twelve months that contains your name and residential address, such as a rates notice from a local council or notice of assessment from the tax office.

 

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What are certified identity documents?

Take photocopies of your original proof of identity documents and have them certified as true copies of the originals.

The person certifying the documents must see the original document and the photocopy so that they can certify that the documents are identical. They must certify every page as a true copy by stamping or writing ‘certified true copy’, sign and add their printed name, full qualification as a certifier of identity documents (such as ‘a permanent employee of Australia Post with two or more years of continuous service’) and date.

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How can I get financial advice?

You can access financial planning as part of your NGS Super membership. To take advantage of our no-obligation free initial financial planning consultation, call 1300 133 177.

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Who can certify proof of identity documents?

  1. a permanent employee of Australia Post with two or more years of continuous service
  2. a finance company officer with two or more years of continuous service with one or more finance companies
  3. an officer with, or authorised representative of, a holder of an Australian Financial Services Licence (AFSL) having two or more years of continuous service with one or more licensees
  4. a notary public officer
  5. a police officer
  6. a registrar or deputy registrar of a court
  7. a Justice of the Peace
  8. a person enrolled on the roll of a state or territory Supreme Court or the High Court of Australia, as a legal practitioner
  9. an Australian consular or diplomatic officer
  10. a judge of a court
  11. a magistrate
  12. a Chief Executive Officer of a Commonwealth court
  13. a teacher employed on a full-time basis at a school

You can download and print proof of identity information.

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A new employee has chosen NGS Super due to choice of fund and I am not registered. How do I register?

It’s not complicated. To register to make contributions to NGS Super, employers should complete an Employer Details Form to become a participating employer, available in our Employer Guide.

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How can I make contributions?

You can choose to pay contributions by cheque, BPay, EFT or employer-initiated direct debit.

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What can I do online?

We have two online options that allow you to provide contribution details, make payments and update member details. For further information see our fact sheets.

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Can I see past contributions?

Where an employer is submitting superannuation contribution payments via NGS Online or NGS OnlinePlus a history of past contributions is accessible.

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What are the Super Guarantee (SG) deadlines?

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
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What are the penalties for not paying super?

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 (see above). 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).

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What information do I give employees?

You give new employees NGS Super’s Product Disclosure Statement. This provides important information about the features, costs and benefits of investing superannuation with NGS Super. We will send a Product Disclosure Statement to employees, where a completed member application has not been received.

Once an employee joins, we will send them a welcome pack and regular statements and our member e-magazine, True Weath.

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How regularly can I make contribution payments?

Employers can make payments on a fortnightly, monthly or quarterly basis.

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What is Active Employment?

Active employment means that you:
(a) are employed to carry out identifiable duties;
(b) are actively performing those duties; and
(c) In our opinion, you are capable of actively performing those identifiable duties and any other duties of your usual occupation on a full time basis (even if you are not working on a full time basis) without restriction due to injury or illness.

For the purposes of the definition of active employment, full time basis means at least 35 hours per week.

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