Frequently asked questions from members
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- What types of contributions can I make to NGS Super?
- Why do I have automatic insurance cover on my account?
- How do I increase/decrease/cancel insurance?
- Does NGS Super offer Contribution Splitting?
- If I'm working in Australia on a working visa, how do I claim my super?
- Does NGS Super comply with UK Pension scheme requirements?
- I am going to work overseas. What happens to my super contributions?
- How do I give my partner, friend or financial advisor access to my account details?
- How do I change my investment options?
- I have money in another fund. Can I transfer it to NGS Super and how do I do it?
- What is a unit price?
- What fees do I incur on my account?
- How can I get financial advice?
- What happens when your employment changes?
- What do I do if my employer is not making contributions?
- Can NGS Super members transfer their super to New Zealand?
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.
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.
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.
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 Contributions splitting eForm.
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.
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).
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.
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.
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 $80.
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.
By completing a Transfer authority eForm and returning it to NGS Super, it allows you to transfer any inactive accounts into NGS Super.
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.
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.
What fees apply to 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 fees and exit fees may apply. All fees and charges are specified in the Fees, costs and tax fact sheet.
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.
What happens when your employment changes? Stay with us.
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.
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.
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.