Access to your super. Preservation rules apply to super

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Melvin Moore
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1 This Reference Guide was issued on 30 September The information in this document forms part of the Product Disclosure Statement (PDS) for Accumulate Plus dated 30 September 2017 and the PDS for Retirement Access dated 30 September The Reference Guide should be read in conjunction with the relevant PDS and is not intended to be read as a document in its own right. The Reference Guide may be updated at any time. You can download the current PDS or Reference Guide from oursuperfund.com.au/memberbooklets or by calling us on The purpose of super is to help you save money for your retirement, therefore there are restrictions by law on when it can be paid to you in cash. Generally, super is only payable in cash once you reach your preservation age and permanently retire. In this Reference Guide: Preservation rules apply to super 1 Access your super before you retire with a transition to retirement account 2 Transfers to other funds 2 Additional restrictions may apply to temporary residents 2 Transfers to a New Zealand KiwiSaver scheme 3 Processing withdrawal or transfer requests 4 Lost members and unclaimed money 4 Important There may be tax implications for benefits paid to you in cash. You should refer to the How super is taxed chapter of the PDS for Accumulate Plus or Retirement Access (as applicable) or the Reference Guide: How super is taxed for more information. You may also wish to seek professional taxation and/or financial planning advice before making any decisions that affect your financial future. Preservation rules apply to super Most of your super will generally be preserved, which means, by law, it must be kept within the super system until you meet a condition of release to be able to withdraw these benefits in cash. This is known as preservation. You may also have some part of your super that is restricted non-preserved benefits (which you can withdraw in cash providing you have left employment with an employer who contributed to the fund on your behalf) or unrestricted nonpreserved (which you can withdraw in cash at any time). Your super remains allocated to these components even if you transfer it between super funds or accounts. The components of your super are listed on your benefit statement. You must meet certain conditions before you can access your super To withdraw any preserved portion of your super in cash (either as a lump sum or a pension), you must meet one of the following conditions of release allowed by law: You permanently retire at or after reaching your preservation age (refer to page 2). You reach your preservation age and begin a transition to retirement income stream from your super (refer to page 2). You reach age 65 (regardless of whether you are still working). You leave an employer at or after age 60 (although super contributions received after age 60 may continue to be preserved). You retire early due to permanent incapacity*. You meet the criteria of having a terminal medical condition*. You meet the criteria for early release on compassionate grounds*. You meet eligibility requirements for severe financial hardship*. You meet the criteria for an eligible departing temporary resident*. You leave an employer and your preserved benefit is less than $200. You become a lost member and when found, the value of your preserved benefit is less than $200. You have a liability for excess contributions tax set out in an Australian Taxation Office (ATO) release authority. You die. *Eligibility criteria and/or approval from the trustee or a government body will be required in these cases. There may be other circumstances in which the trustee is required by law to release part or all of your super, e.g. under bankruptcy or proceeds of crime legislation.

2 To withdraw super as a cash lump sum Complete our Withdrawal request form (oursuperfund.com.au/forms) Call us on this phone option is only available if you have provided certified identification and bank account details to us for a previous partial withdrawal from your account Want to compare funds? For help deciding if Accumulate Plus or Retirement Access is right for you, you can compare super funds on an apples for apples basis by using the Chant West AppleCheck fund comparison tool developed by research consultant Chant West. You can find a link to this tool by visiting our website oursuperfund.com.au/compare. To request a transfer to another fund Complete our Withdrawal request form (oursuperfund.com.au/forms) Preservation age If you were born: Your preservation age is: Before 1 July July 1960 to 30 June July 1961 to 30 June July 1962 to 30 June July 1963 to 30 June After 30 June Access your super before you retire with a transition to retirement account Once you reach your preservation age, you can begin withdrawing from your preserved super benefits in the form of a transition to retirement income stream (TRIS), even if you are still working. A TRIS account may allow you to reduce your work hours and top up your salary from your super, or it may offer you tax benefits to help boost your retirement savings while you continue to work. For more information on how a TRIS works, refer to the Member Guide (PDS) for Retirement Access. Transfers to other funds You are generally entitled to transfer your super to another super fund if you wish. You can generally initiate this type of request to either the sending or receiving fund. Exceptions may apply in some circumstances and we are not obliged to process more than one transfer request within a 12-month period. If you are considering transferring out of our fund and closing your Accumulate Plus or Retirement Access account, you may wish to keep in mind that eligibility rules apply if you change your mind and wish to re-join the fund in the future. Generally you must be a current employee of the Commonwealth Bank Group or its Associated Employers, or the partner or spouse of a current member to be eligible to join the fund. Additional restrictions may apply to temporary residents You are entitled to a Departing Australia Superannuation Payment (DASP) equal to your account balance less any fees and taxes that may apply if all of the following apply: You are not one of the following: (i) an Australian or New Zealand citizen, (ii) a permanent resident of Australia, or (iii) the holder of a 405 or 410 retirement visa. You leave Australia. Your temporary visa has ceased to have effect. The Department of Immigration provides us with written evidence of these facts via a Certification of Immigration Status. You should contact the Department of Immigration and Citizenship to obtain this document. Telephone or if outside Australia contact your nearest Australian mission, or download the form at If you are (or were) a temporary resident and you do not meet the criteria above, your super benefit can only be paid to you in cash if you satisfied one of the following conditions of release on or after 1 April 2009: You retire early due to permanent incapacity. You meet the criteria of having a terminal medical condition. You die. If you met one of the conditions of release listed on page 1 before 1 April 2009, you (or your beneficiaries in the case of death) do not need to re-apply to access your super benefit on the grounds of permanent incapacity, terminal medical condition or death. To withdraw super as a DASP or cash lump sum Complete our Withdrawal request for temporary residents form (oursuperfund.com.au/forms) 2

3 Automatic payment to the ATO after 6 months If you have not requested your benefits from us by the later of (i) six months of your temporary visa expiring or (ii) leaving Australia, your account balance (less any fees and taxes that may apply) will be transferred to the Australian Taxation Office (ATO) upon request from the ATO. When this happens, you will no longer be a member of our fund. Any insurance cover that you may have had in your Accumulate Plus account will cease on the next premium due date after your account is closed. Generally no investment earnings or interest applies to your account balance from the time it is transferred to the ATO. You will need to claim your benefit directly from the ATO by completing the online or paper DASP application form from calling or ing DASPmail@ato.gov.au. In most cases, we are required to provide a member with an exit statement when their benefit is paid out of the fund. However, Australian Securities and Investments Commission (ASIC) has provided relief from these requirements where the benefit is paid to the ATO in these circumstances. We intend to rely on this relief and therefore will not send you an exit statement (or any other significant event notification) if your account is closed and your balance is transferred to the ATO in the circumstances described above. Transfers to a New Zealand KiwiSaver scheme If you have moved permanently to New Zealand, you can request to transfer your Accumulate Plus account balance to a New Zealand KiwiSaver scheme under trans-tasman portability legislation for superannuation benefits effective 1 July If your Australian superannuation benefit is transferred to a KiwiSaver scheme, it is generally subject to New Zealand s retirement savings rules. Your benefits will be held in your KiwiSaver scheme in two parts and there are different rules for accessing each component, as they must follow the access rules of the host country: To access the Australian-sourced component (i.e. arising in Australia), you will generally need to be age 60 and satisfy the Australian definition of retirement at that age. To access the New Zealand-sourced component, you will need to reach the New Zealand age of retirement (currently 65). There are also some rules that only apply to money transferred from an Australian super fund, such as it cannot be used to purchase your first home and it cannot be moved to a third country. Note: Retirement Access accounts cannot be transferred to a KiwiSaver scheme. Requesting a KiwiSaver transfer To request a transfer super from your Accumulate Plus account to a KiwiSaver scheme, you must meet the following conditions: You have permanently emigrated to New Zealand. You will need to sign a statutory declaration stating that this is the case and provide proof of residence at an address in New Zealand. You have a KiwiSaver scheme and have ensured that scheme will accept your Australian transfer. For more information on opening a KiwiSaver scheme, visit You have completed a KiwiSaver transfer request form (available from our website), requesting us to transfer the whole balance of your Accumulate Plus account to a KiwiSaver scheme. Note: Partial transfers are not permitted. You will also need a New Zealand Inland Revenue Department (IRD) number in order to transfer super benefits to a KiwiSaver scheme. For more information about obtaining an IRD number, visit If you request to transfer your super to New Zealand and have provided us with all of the required information, we will transfer your super to your KiwiSaver scheme within 30 days. We will send you confirmation of the transaction once the payment is complete. To transfer to a KiwiSaver scheme Complete our KiwiSaver transfer request (oursuperfund.com.au/forms) Some additional information about KiwiSaver transfers There is no limit on how much you can transfer from an Australian super fund to a KiwiSaver scheme but you must transfer your whole Accumulate Plus account balance; partial transfers are not permitted. We do not charge you a withdrawal, transfer or exit fee for your Accumulate Plus account. However, you should check whether your KiwiSaver scheme charges any fees for accepting funds on your behalf. Transfers from a participating Australian super fund are not taxed when you transfer them to a KiwiSaver scheme. Your super benefits are also tax-free when withdrawn from your KiwiSaver scheme once you are legally allowed to access them. If you transfer your whole account balance and close your Accumulate Plus account, any insurance cover with your account will cease on the next premium due date after your account is closed. Note: Commonwealth Bank Group Super does not currently accept incoming transfers from a KiwiSaver scheme. 3

4 Processing withdrawal or transfer requests Minimum withdrawal rules For any cash withdrawals from an Accumulate Plus account, a minimum withdrawal amount of $1,000 applies (or your full account balance if it is less than $1,000). If you are requesting a transfer to a KiwiSaver scheme, you must transfer your whole Accumulate Plus account balance; partial transfers are not permitted. If you are no longer an employee with the Group but you have kept your Accumulate Plus account, a minimum balance of $1,500 applies if your account is not receiving contributions from another employer. If your balance falls below this limit and you do not top it up with employer or personal contributions or a transfer from another super fund, your balance may be transferred automatically to the fund s selected eligible rollover fund (ERF). If your account is closed because your balance is transferred to the ERF, you will no longer be a member of Accumulate Plus. Any insurance cover you held with your Accumulate Plus account will end effective the next premium due date after your account is closed. Refer to the Reference Guide: General Information for more information on the rules and processes related to the ERF. Transaction cut-off and processing times If we receive a transaction request before 3pm (AEST) on a NSW bank business day, it will be processed using the unit price determined for that day, providing we have received all necessary information 1. This cut-off time applies to all transaction requests, whether made online via FirstNet, or by phone or form as applicable to the transaction type. Unit prices are calculated at the close of trading of all markets for that day, therefore it is generally not known until the following NSW bank business day. It is important to consider this when making any transaction requests. For more information on unit pricing, refer to Reference Guide: Invest your account available from oursuperfund.com.au/memberbooklets. If we determine that a request is incomplete, it will be processed on the date that we receive the completed information subject to the cut-off times above. The unit price that applies will depend on the time we receive and can reasonably process the completed information. For withdrawals or transfers out of your account (in normal circumstances and where we have received all necessary information 1 ), please keep in mind the following transaction times: A transfer to another Australian super fund will generally be processed within three business days. A cash withdrawal will generally be paid within seven business days. For any request that involves a withdrawal from one account and a deposit into another account in our fund (e.g. moving super from Accumulate Plus into Retirement Access, or contribution splitting), the timing of the separate transactions on each account means that there will generally be a period of one NSW bank business day where the funds are not invested. Note: We reserve the right to delay a transaction where there may be a concern over its legitimacy or for the security of our members. If a transaction is delayed, you will receive the unit price that applies on the day your request is processed. Lost members and unclaimed money It s important for you to keep in touch with us about your super. Under super laws, we may be required to transfer an Accumulate Plus or Retirement Access account balance to the ATO if it meets the definition of a small lost member account or unclaimed superannuation money. Generally, a lost member account is where: a member is uncontactable and has not received a contribution or rollover to their account within the last 12 months, or a member is inactive, meaning no contribution or rollover has been received within the last five years. If your account balance is less than $6,000, we will be required to transfer it to the ATO as a small lost member account. To ensure you remain a member of our fund, you can ask us to permanently exclude you from being considered a lost member, even if your account may meet the criteria above in the future please call us for more information. We may also be required to pay your balance to the ATO as unclaimed super if one of the following applies: You are aged 65 or older and we have not received a contribution or transfer to your account within the last two years, and it has been more than five years since we last had contact with you (and we have been unable to contact you). A death benefit is payable from your account and we have not received a contribution or transfer to your account within the last two years and we are unable to ensure the death benefit will be received by the person who is entitled to receive it. 1 A completed request (which includes a correctly completed form (if applicable), together with any material we may ask for to establish your identity) that is received in our office before 3pm (AEST) on a NSW bank business day will be processed as at the date of receipt of the completed request. Funds will be debited from your account on the day we process your completed request. We may not be able to process your transaction if prior transactions exist on the same day. 4

5 If we have to transfer your balance to the ATO, your account with us will be closed and you will no longer be a member of Accumulate Plus or Retirement Access in respect of that account. Any insurance cover you may have had in an Accumulate Plus account will end effective the next premium due date after your account is closed. After transfer to the ATO, your super will no longer be invested in the same way as it was in our fund. Interest will accrue on your account balance from the time it is paid to the ATO. You may claim your benefit by contacting the ATO on or downloading a form from Commonwealth Bank Group Super Accumulate Plus and Retirement Access members oursuperfund.com.au from 8am to 7pm (AEST) Monday to Friday oursuperfund@cba.com.au GPO Box 4758, Sydney NSW 2001 (02) This Reference Guide was prepared and issued by Commonwealth Bank Officers Superannuation Corporation Pty Limited (the trustee) (ABN , AFSL ) as trustee of Commonwealth Bank Group Super (the fund) (ABN SPIN OSF0001AU). The information in this Reference Guide may change from time to time. If a change is not materially adverse, we may issue an update on our website or provide details through a member newsletter or annual report. The most current PDS, Reference Guides or any written updates are available free of charge from oursuperfund.com.au/memberbooklets or by calling us on The information is general information only and does not take into account your individual objectives, financial situation or needs. You should consider the information contained in the PDS and this Reference Guide and its appropriateness, having regard to your own objectives, financial situation and needs, before making a decision about whether to acquire or continue to hold the product. The PDS is available and can be obtained from oursuperfund.com.au/member booklets or by calling us on You should seek professional advice tailored to your personal circumstances from a licensed financial adviser. GroupSuper/1213/0917 5

Qantas Super Gateway Member Guide Supplement

Issued 1 October 2018 Qantas Super Gateway Member Guide Supplement Contents About this document 2 How super works 3 Building your benefits 3 Accessing your benefits 4 Choice of fund and portability 6 Benefits