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Home : Publications : Frequently asked questions

Frequently asked questions

 

• Can I get financial advice from WALGSP and what does is cost?

• Yes you can get advice from qualified and experienced financial planners and the good news is that for members, financial planning is all part of the service and there is no extra charge. If you want to learn more about getting the most out of your super and retirement is a long way off, you should speak to one of our Member Services Consultants. On the other hand if you're thinking of retiring in the next the year or two you should speak to one of our financial planners and learn about our four easy steps to retirement.

• What are the new rules for Superannuation that were announced on Budget night?

• The new rules are part of the Federal Governments plan to simplify superannuation. Check out the details here.

• Can I change my address over the telephone?

• The easiest way to change you contact details is online via the Secure Member Log- in area. You just need your client number and password.
  

• When can I expect my Member Statement?

• For your convenience, the Plan issues you an Annual Member Statement each financial year. Your Annual Statement covers the 12 month period 1 July to 30 June. An account balance quotation can be issued at any time on request and this information is also available on the Member Log-in section of the Web Site.

• How do I transfer my super into the Plan?

• The Plan allows you to transfer in money you may have with other super funds. This is a free service and, unlike many super funds, we don't charge you Entry Fees for rolling in your other super.

  If you wish to use this service, complete a Transfer In Authority Form and send it to your previous super fund. You will need to complete a separate form for each transfer. Supplies of this form can be downloaded and are also available in the back of the Employer Solutions Member Booklet.

  Alternatively, you can call one of our friendly Member Services Officers to assist you with this process.

• What's happening with my Benefit Payment?

• A Benefit Payment occurs when you wish to transfer your super out of the Plan, withdraw lump sum amounts or transfer your super into the Plan's pension products.

  Processing a Benefit Payment usually takes up to 20 days from the receipt of all documentation including correctly certified identification. In some circumstances it may also be necessary to obtain final contributions from an employer and proof of termination.
  
  Request for payments can only be processed if submitted on the current and correct forms. Most delays are caused by in adequate Identification or certifciation. We recommend you read the forms carefully.

• What's my account balance?

• The easiest way to check your account balance is in the Secure Member Log-in area, or you can write to us at any time to request the dollar value of your account as at a certain date. We are only able to provide this type of information in writing. Your first two requests in each financial year are free of charge, with any subsequent requests in that year incurring a Benefit Quotation Fee of $20.00 each.

• What are the latest returns for the Plan?

• You can find out how each of the different investment options has performed by clicking on the Investments tab in the Navigation Tool Bar on our home page.

• What are the tax rates payable on my benefit?

• The tax rates applicable to Benefit Payments vary depending upon the different components of your payment.

  There is no tax deducted when you transfer your super to another complying fund and, generally, a maximum tax rate of 30 cents per dollar, plus the Medicare Levy of 1.5%, is deducted on taxable payments under your "Reasonable Benefit Level".

  For further information, please refer to the table shown on page 38 of the Employer Solutions Member Booklet or contact our Member Services Officers for assistance.

• What do the types of insurances mean?

• The Plan offers two different types of insurance:

  • Life Insurance (ie Death Only or Death and Total and Permanent Disablement)
  • Salary Continuance Insurance

  You can choose from 4 levels of Death Only or Death and Total and Permanent Disablement (TPD) Insurance. This insurance provides a one off cash payment in the event of your death or total and permanent disablement. Your employment status, age and timing of application determines your eligibility for life insurance and whether you will be automatically covered for Death and TPD (within automatic acceptance limits).

  You can also choose from 4 levels of Salary Continuance Insurance (SCI). SCI provides you with a monthly income in the event you are no longer able to work due to illness or injury (after a qualifying period). Your medical condition, employment status and salary determines your eligibility and whether you will be automatically covered for SCI.

  Please refer to the Employer Solutions Member Booklet for more information about the Plan's current insurance options and premium rates.

• How much super will I have when I retire?

• ASFA provide a Super Smart Planner, which is a sophisticated and technically advanced retirement income calculator. You can use the Super Smart Planner to calculate what your future retirement income might be, in today's dollar values. For more information please see ASFA's Super Smart Planner. To run this calculator your computer will require Macromedia Flash 5.

• Can I split my contributions with my spouse?

• Yes you can. This can be done once every financial year on the contributions paid into your super account in the previous financial year.

  As these new rules only came in on 1 January 2006, in the 2006/2007 financial year, you can only split your contributions paid to your super account from 1 January to 30 June 2006. The details of these splittable contributions are included on your 30 June 2006 member statement and will be included on all future annual member statements.

  A splitting form is included in the forms page. If you wish to undertake a switch, please complete the form and post it to the Plan Administration Team for action.

  Remember, we offer free advice for members on their super including splitting contributions, so contact the Member Services Team if you need this advice.

  Please note a contribution switch to a spouse’s account within the Plan will not be charged any fee but if the spouse’s account is with another super fund, a $75 benefit payment fee is charged.

• Who makes money out of the fund? Is the Fund run by a full profit company that has to meet the demands of its commercial shareholders?
• The WA Local Government Superannuation Plan returns all of its profits to members. The fund also owns WA Local Financial Services which provides members with a wider range of products and services. Any profits made by WA Local Financial Services Group flow back to the members as well.

• How has my fund performed?
• Although this sounds like a simple question it is actually quite complex. When comparing funds it is important to be sure that you know what you are comparing. WALGSP and most other funds have a variety of investment options some of which are broadly catergorised as Growth or Stable and the like. Even though these groups may have similar names, often the percentage composition of various asset classes within these groups is quite different. Fund performance is best measured against the investment objectives which are determined having regard to risk. The period of time over which the performance is measured is also important. Superannuation is generally a long term investment and yearly or half yearly performance may have little impact on the longer term returns. For the latest performance results of WALGSP, visit the Plan Performance page on this web site. WA Local Government Superannuation Plan has assets approaching $1 billion in funds under management and over 31,000 members. Whilst this is not a guarantee of security or performance, level of assets and our association with FuturePlus Group in NSW gives the Trustee continuous and cost effective access to professional advice and products and services.

• What fees are charged?
• Fees and charges can vary widely from one superannuation fund to another. It can also be expensive to move in and out of some funds which have hefty entry and exit fees. If you want to make a change you should examine the product disclosure statement of any superannuation fund to assess their fees and charges, but make sure you are comparing apples with apples. And most importantly compare what you are getting in return for these fees. At WA Local Government Superannuation Plan we have:

1. Competitive administration charges;
2. No entry fees;
3. Allow you to switch your investment option twice each financial year at no cost with any subsequence which is in each financial year incurring a fee of $50 every switch thereafter;
4. Have a varying management fee according to which investment option you are in and aim to keep fees competitive and comparable with competitive funds;

• Will I lose insurance cover if I move superannuation funds?
• Insurance is vital in protecting you and your family in a case of unexpected misfortune. It is important to check what level of cover you will get with other superannuation funds and how much this will cost you.  At the WA Local Government Superannuation Plan you enjoy a competitive group insurance rate which the fund has negotiated on your behalf using its buying power. You might not get the same deal if you join another superannuation fund as an individual. You may also not be given insurance cover automatically at another superannuation fund and may have to provide satisfactory medical evidence before insurance cover is granted (if at all).

• Where do I get more information?
• It is important to compare apples with apples when comparing superannuation funds. If you need more details about what WA Local Government Superannuation Plan offers you please phone our member services contact centre on 08 9480 3550 or country callers 1800 630 524, or you can also send us an email.

• What happens if you do nothing about choice of superannuation fund?
• You can decide to do nothing about choice of superannuation funds. There is no obligation for you to do anything. If you don’t fill in the standard choice form your superannuation will be paid into WA Local Government Superannuation Plan.          .

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