Super Information for Employees
Many people find superannuation complex and confusing. Let us take away the worry of super for your staff. Once you’ve chosen Virgin Money Super as your default fund, the best thing you can do is give your employees all the information they’ll need about the fund, so they can see and understand the benefits like you do.
At the end of the day, you want to help your employees make the right choice when it comes to their superannuation.
When you join Virgin Money Super, we’ll provide you with a Toolkit that will help you tell your employees about Virgin Money Super’s comprehensive offering and benefits. Your Toolkit will include:
- a flyer for your employees, with key information about the product (including fees, performance, investment & insurance options and information about managing your super online)
- emails with links to our website that you can send out to your new employees to introduce them to Virgin Money Super
Wondering if Virgin Money Super is the best choice for your default super fund? Virgin Money Super has some great benefits to offer your employees. But don’t take our word for it, take a look at some of our key benefits for yourself:
No tricky fees - our simple and easy-to-understand fee structure makes perfect sense and we offer one of the lowest fees on the market – less fees means more for their retirement.
More control with a choice of investment options
There are two types of investment options:
- Default Lifestage Tracker® option – the investment strategy that changes through their lifetime, decreasing risk as they get older.
- A variety of other investment options, so your employees can take more control of their investments. This option covers Australian and overseas shares, diversified options, property and cash.
Easier ways to consolidate Super
About 43% of Australians who have a super fund account have more than one super fund account1. Virgin Money Super can help your employees find their other super accounts and consolidate them via their online account.
Full range of insurance options to help them protect what matters
Taking out insurance through a super account can be an easy (and tax-effective) way to look out for loved ones. Premiums can be paid directly from your employee’s account. At Virgin Money Super, we offer Automatic Insurance cover6 for Death & Total and Permanent Disability (TPD), based on their age.
Online tools to help your employees achieve their goals
We have a range of easy to use tools to show how much money could be available at retirement.
Virgin Money Super - How we are different
We offer your employees
- Among the lowest fees in the market
- State-of-the art, mobile-friendly online account management
- General advice over-the-phone advice at no additional cost to them
- Baby Break options for parental leave - Men or women who are taking time out of work
Help your employees to make informed choices
Enabling your employees to do more at retirement with beautifully simple super using our online resource kits, tools, calculators and a secure portal. See how we compare with other super funds based on age and on our performance.
Beautifully simple information and member portal
Life can be complex, but super shouldn't be. That’s why Virgin Money Super makes saving for retirement easy. With 24/7 access to their account online, your employees can easily track and manage their super, any time.
When your employee has selected Virgin Money Super, or they have not made a choice and you need to contribute their payments into a super fund, simply:
- Upload their payment details along with your other employees into our SuperStream system, QuickSuper
- Start making payments
- Virgin Money Super will send your employees a Welcome email and on board them into the fund so they’re all set up and ready to go
Find out more about setting up your employees
The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO.
As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.
QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.
This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don't know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the Insurance Guide.
While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).
Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees.
It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.
Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.
SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.
The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2016-2017 Financial Year.
Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 30 June 2016. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.
The median results are provided by SuperRatings and are current as at 30 June 2016 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.
Eligibility crtieria and fees apply. Aged 15-64 Death and Total and Permanent Disablity cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.
Automatic Death & TPD cover for Australian residents aged 15-64 with our default insurance offering. Conditions and Exclusions (such as pre-existing medical conditions) apply. See the Virgin Money Super Insurance Guide for more information.
The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.