The Trustee established an expense reserve in March 2011 to meet operational expenses and to fund other strategic projects. The Trustee considers the investment strategy of the Fund when investing reserve amounts. The reserve is held in cash unless otherwise determined by the Trustee. In the management of the reserve, the Trustee reviews the appropriateness of the amount of the reserve and ensures that payments from the reserve are limited to those purposes for which the reserve was established. In accordance with the Trustee’s expense reserve policy the following movements occurred over the period.
Deduction of tax from contributions
Contributions Tax is deducted from your taxable contributions (e.g. employer contributions), put into an account and forwarded to the ATO once a month (we call this the ‘Tax Provision’).
The Trustee has determined that the interest accrued on this account be used to pay certain extraordinary fund expenses, such as the cost of upgrading administration systems to ensure they comply with legislative change.
In the future, the Trustee may determine to use any remaining interest on this account to reimburse certain expenses, properly incurred by the Trustee, in the administration and management of the Fund.
The Trustee is The Trust Company (Superannuation) Limited (ABN 49 006 421 638, AFSL No. 235153, RSE L0000635).
It’s the Trustee’s job to keep Virgin Super running smoothly and working the best it can for you so that Virgin Super remains compliant under super and other relevant laws. The Trustee is also responsible for the issue of this Annual Report. The Trustee has engaged various service providers to assist with the management and operation of the Fund, and the issue of this report.
The Trustee satisfies its capital requirements under section 29 DA (3) of the Superannuation Industry (Supervision) Act through an Approved Guarantee in the sum of $5 million. A copy of the Approved Guarantee is available for review at the Trustee’s offices (see the Trustee’s contact details at the beginning of this report).
The Trustee’s insurance
Should any claims be made against the Fund, the Trustee has taken out professional indemnity insurance. This protects the directors and the Fund from any liabilities that might arise subject to the terms of the insurance policy. Like most insurance, not all claims are covered.
Lost member, a definition
You’re classed as a lost member if we:
- Receive one piece of unclaimed mail returned from your address, or
- Have no details of your current address, or
- Haven’t received any contributions or rollovers for you in five years.
It’s easy to become a lost member, but just as easy not to. If you’re moving house please let us know by calling 1300 652 770 otherwise your benefits may be transferred to the Tax Office or our nominated eligible rollover fund.
The Eligible Rollover Fund (ERF)
Our nominated ERF is Super Safeguard. The ERF is the fund used should we decide to move a member’s super money elsewhere. So, if we lose contact with you and your balance is less than $2000 (and you become a lost member) or your account balance falls below $1000 we may transfer your super into the ERF we’ve chosen unless we are required to pay your lost account to the Tax Office.
If it’s the latter, we’ll try to contact you first to see if you’d like to top up your account and stay with Virgin Super.
A few things happen if your super is transferred to the ERF:
- You stop being a member of Virgin Super
- You’ll need to talk directly with the ERF about your super (see contact details below)
- The investments and fees are different to Virgin Super
- Any insurance cover you have with Virgin Super will stop.
GPO Box 3426
MELBOURNE VIC 3001
Tel: 1300 135 181
Fax: 1300 135 191
The Trust Company (Superannuation) Limited is also the trustee of Super Safeguard and receives remuneration in this capacity.
If you enter Australia on a temporary visa you are entitled to receive your superannuation benefit once you leave Australia permanently and your visa has expired (except for certain visa sub-classes). This type of payment is known as a Departing Australia Superannuation Payment (DASP). Under Federal Government (Unclaimed Money) legislation, a former temporary resident's superannuation benefit must be paid to the Australian Taxation Office as unclaimed money where it has been at least six months since they have departed Australia and their visa has lapsed AND the Australian Taxation Office issues a notice to the Fund requesting the benefit be paid to the Australian Taxation Office. If this happens, you have a right, under the Government's legislation, to claim your super money directly from the Australian Taxation Office (subject to the applicable tax rates). For more information go to www.ato.gov.au
If you are a former temporary resident whose superannuation benefits are transferred to the ATO as unclaimed money, you may not be notified of this or receive an exit statement after the transfer occurs. The Trustee will rely on relief provided by the Australian Securities & Investments Commission (ASIC) Class Order [CO 09/437] which says, in effect, that the trustee of a superannuation fund is not obliged to meet certain disclosure requirements in relation to non-residents that have ceased to hold an interest in the fund as a result of the payment of unclaimed superannuation to the Commissioner of Taxation. If you require any further information, contact the Administrator on 1800 336 911.
How to resolve a complaint
As you'd expect, we're dedicated to providing the best service we can. If there comes a time that you're not happy, please write to us at the address below. We'll try to resolve your issue within one week and will write to you with the outcome. If the issue is complicated please allow up to 90 days to hear from us.
PO Box 1489
Wollongong NSW 2500
T: 1300 652 770
If you should make a complaint and you’re not happy with the outcome or you don’t hear from us in 90 days, you can contact the Superannuation Complaints Tribunal (SCT) at the address below. (The SCT is an independent body set up by the Federal Government to help super members resolve their complaints.)
Superannuation Complaints Tribunal
Locked Bag 3060
GPO Melbourne VIC 3001
T: 1300 884 114
Here to help
For information about investments, insurance and contribution options available to you, refer to the current Virgin Super PDS, contact our Customer Care Team on 1300 652 770 or email us at email@example.com