Superannuation Outsourcing FAQs
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- Charlotte Warner
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1 General Superannuation Outsourcing FAQs Date: 19 November Why is the Company proposing to outsource the Shell Australia Superannuation Fund (SASF)? Refer to employer. 2. What does Successor Fund Transfer mean? Successor Fund Transfer (SFT) is regulated under the Superannuation Industry Supervision Act 1993 and the Superannuation Industry Regulations The regulations define a successor fund in relation to a transfer of benefits of a member from a fund (called the original fund, which in this case is the SASF) to a fund which satisfies the following conditions: (a) the fund confers on the member equivalent rights to the rights that the member had under the original fund in respect of the benefits; (b) before the transfer, the trustee of the new fund has agreed with the trustee of the original fund (i.e. SASF) that the new fund will confer on the member equivalent rights to the rights that the member had under the original fund in respect of the benefits. 3. What is the process to identify and select the outsourced fund? A formal and comprehensive tender process will be conducted to identify the superannuation fund that best meets our requirements. Stage 1 involves a request for proposal (RFP) which will be prepared and distributed to each prospective fund (tenderer) which outlines the current structure of the SASF, benefit design, membership demographics and specific expectations. Each fund will then respond after having a period of time to prepare their submission. Following receipt of all submissions, they will be evaluated by a selection panel made up of Company and SASF Trustee representatives and a short list will be agreed to move to stage 2. Stage 2 involves further assessment of the short listed funds including such activities as presentations to the selection panel, reference checking, etc. The selection panel will then be in a position to finalise a recommendation regarding the preferred successor fund. Rice Warner Actuaries has been engaged to manage the tender on behalf of the Company. Rice Warner is a leading consulting firm with a solid background in managing tenders for organisations outsourcing their superannuation arrangements. Rice Warner does not have any affiliations with other companies, and will be managing the process as an independent consultant. 4. Who will approve the new fund? The Board of Shell Australia Limited will approve the selection of the successor fund after the tender process is completed. In addition, as the transfer will be managed under Successor Fund Transfer conditions, the SASF Trustee and the incoming trustee will need to agree that the new fund arrangements will provide equivalent rights in respect of benefits. 5. When will the new superannuation arrangements commence? Once a successor fund is selected and approved by the Board of Shell Australia Limited and agreed by the SASF Trustees, a transition period will occur. Due to the scale and complexity of the transition, a minimum
2 period of six months will be required to move to the new superannuation arrangements. It is expected that the new fund arrangements will commence in Q Who are the funds which will be invited to participate in the tender? This will be determined by the selection panel with advice from the independent consultant, Rice Warner. They will typically be industry funds or master trusts which have the capability to manage Shell s benefit designs (i.e. defined benefit, pensions and defined contribution). 7. What improved product features should I expect to receive? This is dependent on the fund selected. However, members should be able to access an enhanced suite of product features and future innovation which large scale funds can deliver. These may include; online education and seminar programs, modelling tools and other planning tools; general financial advice and fee-for-service financial planning, and a wider range of investment options to cater for a variety of needs. This is in addition to a dedicated member customer service and administration team and secure access to your account details. Members will also be able to continue membership in the fund (outside of the Shell sub-plan) upon ceasing employment which enables continuity of investments and member services. 8. As a member of the SASF, how are my rights represented? The Trustee for the SASF represents all members. Representatives of the SASF Trustee will participate on the selection panel and will, therefore, be involved throughout the entire tender process. In addition, the SASF Trustee and the incoming trustee will need to agree that the new fund arrangements will provide equivalent rights in respect of benefits. 9. Who will pay for the transition of the SASF to a new fund? All costs associated with transitioning from the SASF to the new fund will be the responsibility of the Company. These costs include; tender management, project management to manage the transition, actuarial fees, tax and legal fees, investment transfer fees, and administration fees. There will be no fee to establish your account in the new fund. 10. What happens to my member records? Member records will be transitioned to the new fund to ensure that they can administer benefits accordingly. This will include fund category, contact details, dates of birth, beneficiaries, etc. It is anticipated that members will be given the opportunity to update their records during the transition period. 11. When will I hear more about the progress of the outsourcing? The focus in the short term will be on the tender process and given the level of confidentiality required in managing tenders, details regarding its progress will not be shared until the tender is completed and a fund has been selected and approved by the Board of Shell Australia Limited and agreed by the SASF Trustee. If you would like to access further information, please review the More Information section in this FAQ document or visit the Superfacts website -
3 Defined Benefit Members (Option 1 and 2) A defined benefit fund is a superannuation fund where the formula for calculating the retirement benefit is specified in terms of years of membership in the fund and superannuable salary (for the SASF, this is the highest average level over any twelve consecutive months). Under the SASF, defined benefits relates to Option 1 and 2 categories. 1. I m a defined benefit member, how does the transfer impact my benefit? There are no changes to defined benefits. The formula for determining your defined benefits will not change as a result of outsourcing the Fund. Your years of membership in the SASF will be recognised in the new fund and you will continue to have access to information about your benefit such as member statements and online facilities. If you have an additional accumulation account that is subject to investment choice in the SASF, this will also be transferred. You will have the opportunity to select from a wide range of investment options, and information will be provided as to how the investment options under the SASF align with the options under the new fund. All administration activities such as member communication, benefit payments, etc will transfer to the new fund. 2. Will I be charged increased fees as a result of the outsourcing? No. 3. Are there any increased risks to defined benefit members? Risk to defined benefit members is essentially unchanged. 4. Will my benefits be protected if managed by a third party? The formula for determining your defined benefits will not change as a result of outsourcing the Fund. 5. Under a new arrangement how can I be confident that my benefits will not change in the future? The SASF is governed by a Trust Deed which is a legal document that describes the rights and benefits of all the fund members as well as the duties and obligations of the Trustee and the Company. Upon transferring to the new fund the Trust Deed governing the SASF will be replaced by the Trust Deed of the new fund. The new Trust Deed will confer on the member equivalent rights in respect of the benefits. 6. Will the company still have control over my benefit entitlement/design? All benefits and entitlements in the new fund will be set out in a Trust Deed which is an agreement between the new fund and the Company. No changes can be made to the benefits without being agreed by the Company and the fund and subsequently updated in the Trust Deed.
4 Defined Contribution Members (Option 3) Defined contribution or accumulation is a fund where the benefit a member receives is the total of specifically defined contributions to the fund, plus/minus investment earnings on those contributions, minus expenses and tax. Under the SASF, defined contribution relates to Option 3 and Restricted categories. 1. I m a defined contribution member, how does the transfer impact my benefit? As a defined contribution (accumulation) member your account balance will be transferred to the new fund and all Company and voluntary contributions will be directed to the new fund and invested according to your chosen investment options. You will have the opportunity to select from a wide range of investment options, and information will be provided as to how the investment options under the SASF align with the options under the new fund. Charges, fees and taxes will continue to be deducted from your account. Investment management costs are deducted from investment returns that are used to determine crediting rates and vary across different investment options. Prior to the transfer all investment management costs will be disclosed to members in order to make an informed decision on which investment option/s to select. If you currently have deductions made for additional insurance for death, total and permanent disability (TPD) and terminal medical condition (TMC) cover (Option 3 members only), these can continue in the new fund, however, will be subject to the terms and conditions of the new funds insurer. 2. Will I be charged increased fees as a result of the outsourcing? The fee structure is an important aspect in evaluating funds and will be assessed during the tender process. Fee structures can vary across funds, and the evaluation team will be using the fee structure within the SASF as a benchmark. It is anticipated that there will be little or no change to service fees and fees associated with moving money in or out of the fund, but it is likely that management costs which are deducted from investment returns and or account balances, may be different in the new fund due to differing investment management portfolios, volume of money held and level of transactions. 3. What are the risks to defined contribution members? As a defined contribution member there is a degree of risk involved due to the exposure to investment markets. You need to be aware that the value of your superannuation account in any fund may rise or fall. Your defined contribution account will be transitioned to the new superannuation fund and you will have the opportunity to select from a variety of investment options. It is possible that some fees and charges may change. For example, investment management fees which are deducted from investment returns could be higher for some investment categories. These will be fully disclosed during the transition period so as all members can make informed decisions on their investment strategy. 4. What are my options if I do not want to become a member of the new fund? Under the Choice of Fund ( Choice ) legislation, you are legally allowed to nominate the superannuation fund into which you want your contributions made. Therefore, if you do not want to become a member of the new fund you can exercise choice prior to the transition date by completing a Standard Choice Form available on HR Online (MyBenefits > Australia Financial Benefits > Superannuation > Choosing your own Superannuation Fund). The same process applies if following the transition you would like to exercise choice. Your chosen fund must be a complying superannuation fund (which must be confirmed by the fund of choice) or retirement savings account and the Company must be able to make contributions to that fund. Please note that you will only be allowed to change your superannuation fund once per annum.
5 5. How is my account balance transferred to the new fund? As this is a transfer from one fund to another there will be an exit date and a commencement date. Your account balance will be reconciled and crediting rates applied up to the exit date and this value will be transferred to the new fund and become the opening account balance. This account balance will then be invested according to your selected investment options. You will receive a statement from the SASF outlining your final account balance and a welcome pack including a statement of account balances from the new fund.
6 Choice of Fund Member Choice of fund member refers to a member who has exercised their right to have compulsory employer superannuation contributions made to a fund other than the SASF. 1. I have elected choice of fund and do not have any contributions directed to the SASF. What does this mean for me? As you have Company and potentially additional voluntary contributions directed to a fund other than the SASF, you will not have any account balances transferred. The outsourcing of the SASF does not affect contributions that are made to your chosen fund and this will continue unchanged. You will however, be joined in the new fund as an Insurance only member as insurance cover for death, total and permanent disablement and terminal medical condition will continue to be provided. 2. Can I choose to join the new fund? Under the Choice of Fund ( Choice ) legislation, you are legally allowed to nominate the superannuation fund into which you want your contributions made. Therefore, if you wish to join the new fund you can do so by completing a Standard Choice Form available on HR Online (MyBenefits > Australia Financial Benefits > Superannuation > Choosing your own Superannuation Fund). You can elect to join the new fund from the commencement date or at some stage following commencement. Further details will be provided during the transition period. 3. As a Choice of Fund member, will I still be covered by insurance? Yes.
7 More Information 1. Where can I go to find out more information? Visit the Superfacts website - or HR Online has a section dedicated to the project which includes a complete set of all FAQs which will be updated periodically. Also included will be the correspondence sent to employees as well as the project timelines. This section can be accessed via HR Online: My Benefits > Australia Financial Benefits > Superannuation. Click on the link titled 5. SASF Outsourcing Project Home Page. An account has also been established which can be used for any queries in relation to the project. The account is SAL-superannuation-transition-queries@shell.com
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