FAQs - Superannuation
Looking for an answer? Here you'll find our most Frequently Asked Questions. If you can’t find what you’re looking for, call our friendly Customer Care Team on 1300 652 770 (8am to 6pm EST, weekdays). Super. Solved.
Top FAQs for Individuals
- Join now by completing our straightforward 5-min online application form (you'll need your Tax File Number handy)
- Then download, print and complete the Rollover Form to tell us you want to rollover an old super account. Post it to us at Virgin Money, PO Box 1489, Wollongong, NSW 2500
- Virgin Super Essentials: in which your current balance as well as your future contributions will be invested in our Life Stage Tracker® Balanced investment option
- Virgin Super Plus: in which you’ll be able to choose from the more conservative cash/fixed interest asset classes through to the potentially riskier and higher-returning Australian and international shares, as well as from our LifeStage Tracker® options (Balanced or Aggressive), which automatically adjust your asset mix as you get older. You also have the flexibility of applying a different investment mix to your existing Super balance and your future contributions. When already in Virgin Super Plus, you can also change your investment mix between the four major asset classes or our LifeStage Tracker® option
You can switch either online or in writing:
• Log in to your online account and select 'Investment Choice', then simply make your choice of investments; or
• Fill in an Investment Options Form and mail it to us at Virgin Super, PO Box 1489, Wollongong, NSW 2500.
- Death cover: This provides a lump sum cash payment when you die or if you're diagnosed with a terminal illness.
- Total and Permanent Disablement (TPD) cover: This provides a lump sum cash payment if you're permanently unable to work due to illness or injury. You can only take up TPD with death cover (i.e. not on a standalone basis).
Provided you are an Australian Resident (or hold an Australian Visa entitling you to residency or employment) aged between 15 and 64, you are automatically eligible for cover under this insurance option and do not need to provide us with any information about your medical history or lifestyle. We will determine the level of insurance cover that will automatically apply to you based on your age.
- Income Protection (IP) cover: If you're unable to work after a 90-day waiting period, Income Protection insurance pays up to 75% of your salary in monthly benefits. You can only take up IP with Death cover (i.e. not on a standalone basis).
If you wish, you can apply for a specific or higher amount of Death and/or TPD, as well as applying for Income Protection through our Tailored Insurance Application form.Find out more information about Insurance.
If you're wondering what makes super ' lost', it's if there's a super account in your name that hasn't had any deposits made in the last 12 months, or if your super fund gets a couple of return-to-sender notices after they've tried to reach you. When this happens, the ATO is informed, and your 'lost' record is added to their register.
You can rollover your lost super to us by completing the Rollover Form (PDF) and sending it back to us - we'll do all the rest for you!
If you're not a Virgin Super member, you can join online now and rollover your lost super to us.
Please note: If you have lost super in more than one fund you'll need to complete a form for each one.
Things you should know
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. You should consider our Product Disclosure Statement which can be found on our website. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial adviser before making a decision about whether Virgin Super fits your objectives, financial situation and needs.
Once you are a member of Virgin Super, you need to complete the Super Choice Form and pass it to your HR Department so they know you want your 9.5% employer contributions paid into your Virgin Super account.
Things you should know
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. You should consider our Product Disclosure Statement which can be found on our website. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial adviser before making a decision about whether Virgin Superannuation fits your objectives, financial situation and needs.
Top FAQs for Employers
If you think Virgin Super might be right for your company, there are a couple of things you can do.
|BPAY®||To make a contribution using BPAY you'll need your Virgin Super Customer Reference Number (CRN) and our Employer BPAY Biller Code - 81133.
If you don't know your CRN, just give our Customer Care Team a call on 1300 855 040 and they'll give it to you.
|EFT / Direct Deposit||You can organise a transfer from your account using the following details: Account Name: Virgin Super / BSB 083355 / Account No. 585998274 and quote your employer code as the bank's reference number.|
|Direct Debit||To set up a Direct Debit for regular contributions to Virgin Super you’ll need to:
1. Complete a Regular Voluntary Contributions Direct Debit Form.
2. Mail it to us at Virgin Super, PO Box 1489, Wollongong NSW 2500.
|Cheque||Complete a Contributions Return Form and mail it to us with a cheque payable to 'Virgin Super'. Send it to Virgin Super, PO Box 1489, Wollongong NSW 2500.|
|Clearing House||If your business has 19 employees or less, you can organise for all your employees’ contributions to be paid electronically in one single payment to the Small Business Superannuation Clearing House, available at humanservices.gov.au/smallbusinesssuper.|
Please remember to complete a remittance advice for each payment either via your online account or via our paper Contributions return form.
Important note: Contribution payments by cheque won't be available from July 2014 for employers with more than 20 employees and then from July 2015 for employers with less than 20.
StrongerSuper is the Federal Government’s package of reforms designed to make Super better, fairer and more efficient. StrongerSuper changes are kicking from 1 July 2013 onwards.
Among those changes, by 1 January 2014, employers must pay contributions into a superannuation fund that has a MySuper authorised product.
A MySuper product must be authorised by APRA and include:
- a single diversified investment option
- same fees for all
- automatic Death and Total & Permanent Disablement Insurance.
If your business has 19 employees or less (employed on a full-time, part-time or casual basis), you can register for free on the Department of Human Services website: humanservices.gov.au/smallbusinesssuper. You’ll then only have to make one electronic payment each contribution period and the clearing house will distribute payments to each employees’ nominated superannuation fund including Virgin Money on your behalf.