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Making Contributions

One of the smartest ways to manage your super for the long term is to make regular contributions. There are many types of contributions you can make, here we'll tell you how to go about it.

This is the compulsory payment made by employers of permanent or contract employees. By law it’s 9.5% of your Ordinary Time Earnings. Ordinary Time Earnings (OTE) are what you earn for your ordinary hours of work, including over-award payments, certain bonuses, commissions, shift-loading, certain allowances and do not include payment for unused sick leave or unused annual leave for example.

To tell your employer that you’d like your 9.5% employer contributions paid into your Virgin Super account, download the Super Choice Form, sign it and pass it to your HR department.

Your employer would usually need to know the following information:
  • Our Fund name: Virgin Super
  • Our Australian Business Number (ABN): 88 436 608 094
  • Our Unique Superannuation Identifier (USI): 88 436 608 094 001
  • Your Virgin Super member number

Making voluntary after tax contributions to your Super can have a positive impact on your retirement savings. You can make after tax contributions at any time online via Bpay. Log in to your online account to check your Virgin Super BPAY® Customer Reference Number and BPAY® Biller Code under the ‘Contributions’ tab.

Don’t forget that if you make after- tax contributions and earn less than $50,454 a year (for the 2015/16 year), the Australian Government may also contribute to your Super (up to certain dollar limits). Find out more about the eligibility criteria on the ATO website. You should also keep the contribution caps in mind.

In order to Salary Sacrifice, all you need to do is ask your employer if they will pay some of your gross salary into your super Fund. Remember that your Salary Sacrifice contributions do not get treated as taxable income, so income tax is not payable on the amount paid to the super Fund. For more information on Salary Sacrifice, go to the Super Explained section.

Most couples can make contributions on behalf of each other. To receive a spouse contribution into your Virgin Super account you’ll need to provide your spouse with your Virgin Super BPAY® Customer Reference Number (CRN) and our BPAY® Biller Code. Note that your BPAY biller code for spousal contributions is different to your personal contributions biller code. These details are available by logging in to your online super account or contacting our Customer Care Team.

 

Things you should know

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 Super will suit you. Please consider the Product Disclosure Statement and Financial Services Guide before making a decision about the product.

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It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.

 

* 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 Super Insurance Guide for more information.

 

^ The Virgin Super Plus Administration Fee rate percentage is tiered and decreases for balances greater than $25,000 and $250,000. Other fees & costs apply, see the Product Disclosure Statement for further information.

 

+ 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.

 

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 Super will suit you. Please consider the Product Disclosure Statement and Financial Services Guide before making a decision about the product.

 

Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395, AFSL 286869. Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 is Trustee for Virgin Superannuation ABN 88 436 608 094. Virgin Superannuation ABN 88 436 608 094.