Superannuation

Fees

Your total fees are made up of a few different type of fees:

• Administration fee
• Investment fee
• Transaction costs
• There are also additional costs including your insurance premium, services fee that you might have to pay depending on what you do with your super account. For more information about fees, please read the Virgin Money Super Product Disclosure Statement, Product Guide and Insurance Guide.

Administration fee

The administration fee covers the cost that the fund incurs to manage your account.  For Virgin Money Super this is made up of:

• A fixed dollar based customer fee of $4.83 per month ($58.00 per annum)
• A percentage based asset fee of 0.394% per annum
• Costs associated with product and strategic services, estimated to be 0.02% per annum of Mercer Super Trust assets.

Find out more about our fees.

Investment fees & Transaction Costs

These fees depend on the investment option (or options) you’re invested in. They’re made up of an investment fee plus a Transaction Cost.

The fees are calculated as a percentage based fee that applies to each investment options, based on the value of your investments. They’re general calculated and deducted daily (from the underlying investment vehicles or the relevant investment option) when unit prices are determined and are reflected in your super account balance.

Find out more about our fees.

Baby break fee benefit

The baby break fee benefit and how can I claim it.

Virgin Money Super will discount the asset based administration fee from 0.394% to 0.044% for Virgin Money Super customers who are on maternity or paternity leave, for up to 12 months per child. No more than one application per child will be approved.

To apply for your Baby Break benefit, fill in the baby break application form or call us on 1300 652 770.

Terms and conditions apply. See full terms and conditions.

Claim a Death benefit

Your super fund will pay a death benefit. This benefit includes the balance of your super account and any insurance benefits from paying an insurance premium to the fund. Death benefits are usually paid to either: 

• Your dependants - spouse (including a de facto spouse), children, anyone else who is financially dependent on you, or anyone with whom you have an interdependent relationship; or
• Your estate.

Can I nominate a beneficiary? 

Yes, Virgin Money Super gives you three options, but there are legal requirements you need to check.

The options:

• Binding nominations - you have the power to determine who should receive your death benefit. Download and complete the Binding Death Nomination Form. Please note you need to update nomination every 3 years if you have made a lapsing binding nomination.
• Non-binding nominations - the Trustee still has the discretion to pay your money to one or more of your dependants or your estate. You can make a preferred nomination from your online account from the ‘Beneficiaries’ section. A non-binding nomination form does not expire after 3 years.
• No nomination - your benefit will be paid at the discretion of the Trustee to one or more of your dependants and/or legal personal representative.

It's best to download the Beneficiary fact sheet if you're after the nuts and bolts on this. Regardless of which option you go with, the Trustee must ensure that your money is paid to your dependants or legal personal representative. 

Tax File Number (TFN)

You need to make sure your superannuation fund isn't in the dark about your Tax File Number. Otherwise you could end up paying three times more tax on your super than everyone else. Here's what the Australian Government says will happen if you don’t supply your TFN to your super fund: 

• The money employers put into your super is taxed annually at 46.5% instead of 15%. That's a hefty amount of dollars you may not get to play with when you retire
• Same goes if you're doing salary sacrifice contributions
• You won't be able to make any after-tax super contributions
• If you're eligible for the Australian Government co-contribution scheme, you might not get any of it
• It could get a bit complicated if you're trying to track down lost super or roll over super from one fund to another
• Your spouse won't be able to put money in your super (or vice versa)
• You won't be able to take money out of your super account if your super fund doesn’t have your TFN

So make sure your super fund has your Tax File Number. If you're already a Virgin Money Super customer and you'd like to provide your TFN please login to your online account or call our Customer Care team on 1300 652 770 and head to the ‘Personal details’ section.

If you don't know your TFN, ask the Australian Taxation Office - call 13 28 61  

When is super taxed? 

The superannuation tax can be confusing but in short, your superannuation benefit can be taxed at three stages.

• When making super contributions
• When a super fund earns income
• When your super is withdrawn (receiving super benefits)

Tax on contributions

Tax on your super benefits is generally taxed at your marginal tax rate, however this varies depending on several factors, including:

• Your preservation age and the age you will be when you get the payment
• Whether the money in your super account is taxable or tax-free
• Whether you will get the payment as an income stream or lump sum
• The type of income stream.

These factors determine whether you:

• Pay tax on the withdrawal (for example, whether it is taxable income)
• Get tax offsets that reduce the amount of tax that you pay.

Tax when accessing super

To work out how your super withdrawal will be taxed you need to know:

• Your preservation age and the age you will be when you get the payment 
• Whether you will get the payment as an income stream or lump sum.
• The type of super income stream you receive
• Whether the money in your super account is tax-free or taxable
• Whether you are receiving a death benefit income stream 

To find out how tax applies to your super benefit payment, call us on 1300 652 770 or visit the ATO website. 

Access your super

To access your super, contact us on 1300 652 770 or download a payment instructions form. For more information read the Accessing your super fact sheet.

Generally, you’re able to access your superannuation benefit when you reach the appropriate preservation age, between 55 and 60 depending on when you were born and have retired.

When you reach preservation age, you can access your super as long as you are permanently retired (or reached age 65). If you haven't permanently retired, you can still access part of your super via a transition to retirement pension. A 'transition to retirement' (TTR) pension (also known as an 'income stream') is a way of accessing your super while you are still working. You must have reached your preservation age (between 55 and 60) to start a TTR pension. If you are younger than 65, you then draw down a TTR pension income of between 4% and 10% of the pension account balance each financial year, to supplement your employment income. You cannot withdraw a lump sum.

For more information on TTR, please visit the ATO website.

Access your Super early

In some instances, you may be able to access your super early under the following circumstances:

• You become totally and permanently disabled 
• You experience severe financial hardship and meet certain requirements 
• You have compassionate grounds for needing the money, as approved by the Australian Prudential Regulation Authority 
• If you are a temporary resident on a specified class of visa and you permanently depart Australia. This is currently referred to as Departing Australia Superannuation Payment (DASP). 
• Under the First Home Super Saving Scheme

If you have any questions please give our Customer Care team a call on  1300 652 770, 8am - 6pm (AEST), Monday - Friday.

Lost super

Your super fund will report you as a lost member if either:

• They have not been able to contact you
• They have not received any contributions or rollover amounts for you in the last two years
• Your account was transferred from another fund as a lost member account and no new address has been found.

The ATO maintains a register of reported lost members but the super fund still holds your monies. 

To find lost super Log in to your online account and head over to the ‘Find my Super’ section to start a search for any lost super monies held in your name.

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, your super account is added to a ‘lost super’ register held by the ATO. You can rollover your lost super to your Virgin Money Super account through our online form.

Unclaimed super

Super funds are required to report and pay unclaimed super money to us twice a year. The following are the unclaimed monies that we may hold on your behalf:

• unclaimed super money for  
  • a member 65 years old or older
  • a non-member spouse 
  • a deceased member
• unclaimed super money of former temporary residents
• certain accounts belonging to lost members  
  • lost accounts with balances of less than $6,000 (small lost member accounts) 
  • lost accounts which have been inactive for a period of five years and have insufficient records to ever identify the owner of the account (insoluble lost member accounts)
• accounts that are inactive for 16 months with low-balance below $6,000.

Inactive-low balance account

An ‘inactive-low balance’ account in reference to Protecting Your Super (PYS)

From 1 July 2019, customers with inactive low-balance accounts will have their account transferred to the Australian Tax Office (ATO). Generally, a super account is defined as an inactive low-balance account when no amount has been received for 16 months or more, and has an account balance of less than $6,000.

However, some activities such as changing your investment options, making changes to your insurance cover, nominating or changing a binding beneficiary will prevent the account to be considered an inactive low-balance account. There is also an option for the member to elect to not have their account treated as an Inactive low balance account

Where possible, the ATO will proactively consolidate any inactive low-balance account into an active super account in your name. Otherwise, the transferred funds will remain with the ATO until claimed by you. For further information, please visit the ATO website.

Velocity Frequent Flyer Points

Each calendar quarter, Virgin Money could reward you with 1 Velocity Point for every $5 you contribute and rollover to your super account, less any payments out of your account up to 250,000 Velocity Points in any financial year.

You need to have provided your Velocity Frequent Flyer number to be eligible. Find out more about our Velocity Rewards.

To provide us with your Velocity number just log in to your online account and head to the personal details section (the person icon at the top right-hand corner) to add your Velocity Frequent Flyer member number. 

Velocity Points are allocated to your account approximately three and a half months after the end of the quarter. 

Please note: There are some Velocity Points Earn limits to be mindful of. You can earn a maximum of 250,000 Velocity Points per financial year of which you may earn:

• a maximum of 5,000 Velocity Points through Concessional Contributions and,
• a maximum of 20,000 Velocity Points through Non-Concessional Contributions

You will not earn any points for any contributions that exceed the relevant contribution limit.

The program is tended to be an ongoing promotion, however Virgin Money reserves the right to amend or withdraw the offer at any time in accordance with Virgin Money's Super Engagement Program Terms and Conditions.

View Velocity Points

If eligible, Points earned from Virgin Money on contributions made to your Virgin Money Super account will be transferred to your Velocity account approximately three and a half months after the end of each Points Earn Period. The Points Issue Dates fall on 15 July, 15 October, 15 January and 15 April or the next business day when these dates fall on a weekend or public holiday. 

You can see your Velocity Points from the home page of your Velocity online account in the latest activities table. Points earned from Virgin Money relating to your Virgin Money Super will appear as 'Virgin Money Super' Points on each Points Issue Date which fall on 15 July, 15 October, 15 January and 15 April or the next business day when these dates fall on a weekend or public holiday. 

Find out more about our Velocity super rewards.

Please note: If you didn’t receive all or some points there could be a few reasons why you didn’t receive your Velocity Points:

• You did  not provide a valid Velocity Membership number before the end of the relevant Points period.
• Your first and last name on your super account did not match the first and last name on your Velocity Membership account.
• You did not meet all the eligibly criteria.

If you are missing Velocity Points from your Super account, please contact our Customer Care Team on 1300 652 770. 

Casual worker

If you are a casual worker.

If you're doing casual work or taking on extra hours in your existing job, you may be able to boost your long-term savings by checking your eligibility for super contributions from your employer. 

If you're over 18, your employer is usually required to pay super guarantee contributions on your behalf.

If you're under the age of 18 and work in excess of 30 hours a week, you may also be entitled to super contributions from your employer.

Self-employed

If you’re self-employed – that is, a sole trader or a partner in a partnership – you don’t have to make super contributions to a super fund for yourself but you might want to think about super as part of your financial plan. You may also be:

• Able to claim some tax breaks if you do make super contributions.
• Eligible for the low income super contribution
• Eligible for the super co-contribution on contributions that you don’t claim a deduction for
• Eligible for additional concessions for certain invalidity payments.  

There are two ways to contribute to your super, depending on how you pay yourself. If you receive:

1. A wage, set up a regular transfer into super from your before-tax income (as a guide, employers currently contribute 11.5% of an employee's 'ordinary time earnings' to super)
2. Income from business revenue, you may find it easier to periodically transfer a lump sum to super when you have sufficient cash flow.

You will need to give your fund your tax file number (TFN) so they can accept contributions.

Contractor

I am a contractor, does my client pay my super? 

The rules are tricky and our good friends at the Australian Tax Office (ATO) have all the answers to the technicalities.

Generally, if you're hired under a contract wholly or principally for your labour and you're not free to engage other people to perform the work, you may be entitled to employer super contributions.

You're never entitled to super from your clients when you run your business as a company, but you must pay super on behalf of your company's employees.

 For more tools and information, please visit the ATO website.

Not working right now

If you've been retrenched or aren't working currently, you can still join Virgin Money Super and rollover to us. 

If you do start working again, you just need to let your new employer know that you prefer your Super Contributions to be paid into your Virgin Money Super account. All you need to do is download and complete the Super Choice Form, give it to your new employer and they will begin paying your contributions to us.

If you are a Virgin Money Super customer taking a break from the workforce, there are a couple of ways to keep your super growing. Even if you've stopped working, your super doesn't have to.

Add to your partner's super

Your partner may be able to split their pre-tax super contributions with you. Up to 85% of these contributions can be paid into your super account instead of theirs once a year. Conditions apply.

Download the Contributions Splitting form to apply.

Take a baby break

If you're planning on taking parental leave, we offer primary carers a discount on asset based administration fees for up to 12 months. The baby break isn't means tested and you can apply once per child.

Download the Baby Break form to get started. 

Contributions made to your super

Effective from 1 July 2024, employers are required by law to pay 11.5% of your earnings into a super fund if you're over 18. Super must be paid at least quarterly by your employer.

If you are under 18 and working 30 hours a week in one job you are also eligible for the 11.5% Super Guarantee contribution.

You can also make your own personal contributions. (Please see below question for more details).

Your employer would usually need to know the following information: 

• Our Fund name: Virgin Money Super
• Our Australian Business Number (ABN): 19 905 422 981
• Our Unique Superannuation Identifier (USI): 19905422981701 
• Your Virgin Money Super customer number 

Contribution limits

There are limits on how much you can contribute. Annual caps are applied to your super contributions.  

CAPS ON CONCESSIONAL CONTRIBUTIONS

Concessional contributions include employer and salary sacrifice contributions and some other contributions and allocations from reserves. You may contribute up to $30,000 for the 2024/2025 financial year.

CAPS ON NON-CONCESSIONAL CONTRIBUTIONS

The caps for the financial year 2024/2025 are:

• $120,000 (This will remain available to individuals between 65 and 74 years old if they meet the work test), or
• $360,000 in three years for people under age 75 as long as you have a total superannuation balance less than the general transfer balance cap of $1.9 million at the end of 30 June of the previous financial year.

From 1 July 2018, if your superannuation balance is less than $500k, you will be able to make 'carry-forward' concessional super contributions. This means that you will be able to access your unused concessional contributions cap in future years.

Find out more on the super contribution caps page.

Spousal contributions

Spouse superannuation contributions can be made for spouses earning up to $40,000 per year. If your spouse has earnings below $37,000 you can claim the maximum tax offset of $540 when you contribute $3,000 to his/her super.

For the purposes of superannuation, a 'spouse' means another person (of any sex) who: 

• You’re in a relationship with that is registered under a prescribed state or territory law,
• Although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.

To receive a spouse contribution into your Virgin Money Super account you’ll need to provide your spouse with your Virgin Money 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 when you log in to your online account in the ‘Personal details’ section or by contacting our Customer Care team on 1300 652 770. 

Personal contributions

You can make personal contributions at any time. They’re also called non-concessional contributions because they’re made from your salary after income tax has been deducted.

To make a contribution via BPAY® you’ll need your Virgin Money Super BPAY® Customer Reference Number (CRN) and our BPAY® Biller Code. These details are available by logging into your online account in the ‘Personal details’ section or contacting our Customer Care team on 1300 652 770.

Salary sacrifice

Salary sacrifice is a contribution made to your super from your before-tax pay, by your employer. The contribution is deducted from your total salary before income tax has been calculated, and forwarded to your super account. A before-tax contribution is also called a ‘concessional’ contribution. There is a limit to the amount of concessional contributions you can make in a financial year.

Find out more on concessional contributions.

Any salary sacrifice amount over the concessional contributions cap will be taxed at your income tax marginal rate. There is also an Excess Concessional Contributions charge (ECC). For more information, head to the ATO website.

Check out our salary sacrifice calculator.

Salary sacrifice Vs Personal contribution

The difference between salary sacrificing through your employer and making a personal contribution.

• Salary sacrifice is a contribution you make to your super from your before-tax pay by your employer.
• An after- tax Personal contribution are made from your salary after your income tax has been deducted, from your bank account.

Check out our salary sacrifice calculator to explore the benefits of salary sacrifice versus after-tax contributions to help you decide the best option for you.

Find investments

To find out where your money is being invested, login to your online account and select the ‘Investment’ option on the menu. You will find information about your investments including investment options, unit prices and number of units for each investment options.

You can switch between all investment options. To switch you can login to your online account and head to the ‘Investments’ section. 

Please note: There is no fee to switch investment. We don’t charge a switching fee.

Change  investments

Choosing how your super is invested and an appropriate investment strategy for your needs may make a difference to your retirement. Login to your online account and select the ‘Investment’ option on the menu, then Press 'Edit' on the Investments page to update either your Current Investments or your Future Contributions.

Under either of these options (in edit mode), you will be able to view the full investment menu. By clicking on the investment option name you will find out more about that option.  

• Update your current investments only

You can change your current investment strategy for your current account balance. Your current strategy for your future contributions and transfers won’t change.

You can apportion your current account balance into investment options by percentage.

• Update your future contributions only

You can change your future contribution investment strategy. Your current account balance won’t change.

• Update both your current investments and your future contributions

To change both your current account balance and your investment strategy for your future contributions and transfers you will need to complete two separate transactions.

For any of the above, please call us on 1300 652 770 if you would like to speak to a qualified financial adviser.  

Investment risk

Some assets carry a higher form of investment risk than others. These are known as growth assets (e.g. shares and property). Those that are more stable are called defensive assets (e.g. cash and fixed interest). 

If your super investment option carries a higher level of risk, it means you have the potential to see higher returns over the long term. In the short term, it's important to note that investment options with higher level of risk may experience negative returns - generally between one and five years.  Different types of risks applicable for super funds include: 

• Investment risk - All investments have the potential for fluctuating returns. Generally the higher the risk, the higher the return; but also the higher the probability of a negative return. 
• Market risk - This includes universal factors such as economic cycles, government policy, interest rates and inflation. Changes in these factors may result in dramatic increases or decreases in market valuations. 
• Currency risk - The risk that movements in foreign currency will affect the domestic value of overseas investments. 
• Legislative risk - Changes in legislation (such as super and taxation laws) may affect your investment. 
• Fund risk - The risk around your fund terminating, a risk we plan to keep to a minimum. 
• Liquidity risk - Liquidity risk is the extent to which investments can be converted into cash or other liquid securities without suffering a substantial reduction in value. This risk may arise in circumstances where in order to liquidate an asset quickly, it may be necessary to sell that asset at a substantial discount and so have a negative impact on the overall performance of the Fund. 

For more information on risk and return, see our Product Disclosure Statement and Product Guide.

Performance

How is performance calculated?

• The fund 
  

We look at the sell price of each asset class (at the beginning and end of each quarter). The change in price is then shown as a percentage.

• Your individual super  
  

Your individual performance may vary from the overall performance for two reasons: 

1. The unit price changes daily, and so investment performance depends on the day you've invested 

2. The impact of any additional contributions. 

Asset class

There are five major asset classes with varying levels of risk and return. 

• Cash - Deposits in a bank, short-term loan securities and other similar investments. Lowest risk with a corresponding expectation of low returns. 
• Fixed interest - Usually a loan to a government or business where a fixed rate and loan length are agreed to in advance. Moderate risk investment. Less risky than property and shares over the short term, but also provides a lower level of return. 
• Property - An investment in property or developments, either directly or through property trusts. Moderate to high risk investment, due to reliance on economic factors, location and quality. Has a corresponding level of moderate to high returns.
• Australian shares - Investments in Australian companies, usually listed on the Australian Stock Exchange (ASX). The expected return is high over the long term, but the risk is greater. 
• International shares - Investments in overseas companies. Similar to Australian shares. Generally the expected return is high over the long term, but the risk is greater. 

Index tracking

Index tracking is an investment strategy. We use this strategy for all our customer investments. 

• The index bit  
  An index is a way of measuring the change in value of a market over time. Every asset class has its own index; for Australian shares it's the Australian All Ordinaries. You might notice on the evening news in the financial report, the person will usually say something like “The All Ordinaries initially fell by x% today before bouncing back to end the day higher”.
• The tracking bit 
  You follow in the tracks of the index. A bit like a wildlife enthusiast, you follow at a distance, patiently observing market behaviour. When tracking, you're trying to perform as the index does. An active manager will actively attempt to out-perform the index and may come up short if investments behave differently than expected.
• Putting the two together 
  You follow (track) an index. The index manager buys a sample of all the assets in the index. When the index goes up, your investment follows. And when it goes down, so does your investment. If you bought shares in all the companies in the Australian All Ordinaries, you'd be paying a lot of attention to those graphs on the news.
• Drawing a conclusion 
  Basically, index tracking is a long-term strategy designed to remove the risk of picking poor investments in the short-term. It's about not relying on the luck or skill of a fund manager, therefore reducing a level of risk. It also means if a particular investment goes through the roof, you may miss out.

Virgin Money Super LifeStage Tracker® 

Investment mix for the Virgin Money Super LifeStage Tracker® 

LifeStage Tracker® automatically adjusts your investments as you age. The investments slowly shift from growth, or ‘higher-risk’ assets, to defensive or ‘lower-risk’ assets. When you’re younger, your Path starts with a higher allocation of growth assets (growth 90% and defensive 10%). As you get older, your Path will gradually be adjusted to reduce volatility in the years leading up to your retirement. This adjustment continues until you have an asset allocation of 50% growth and 50% defensive.

Find out more about the Virgin Money Super LifeStage Tracker® Investment Option based on your age and when you’re ready to take more control, it’s easy to switch. 

Insurance

Virgin Money Super offers Automatic Insurance, designed to provide cover for Death and Total & Permanent Disablement (TPD). 

• Death cover: This provides a lump sum cash payment when you die or if you're diagnosed with a terminal illness.
• Total & 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. 

We also offer tailored insurance across: 

• Death cover (including terminal Illness)
• Total and Permanent Disablement (TPD) cover
• Income Protection (IP) cover

Find out more about our Insurance Options here.

Insurance cover

MySuper members automatically receive a level of Death and Total & Permanent Disablement (TPD) insurance as part of the MySuper legislation. 

To find out what type of cover you have and how much you are covered for log in to your online account and select the insurance option on the menu.  If you have insurance cover, your total benefit, including the insured amount, will be shown on this page.

To find out more about the type of insurance we offer through your Super call our Customer Care team on 1300 652 770.

If you need more insurance Virgin Money Super offers a range of insurance options that you can tailor to suit your needs. Eligible Virgin Money Super members can apply for Tailored Insurance cover to top up their Life Insurance cover and / or add Income Protection (Total but Temporary Disablement), by completing the Tailored Insurance application form. You may also be required to provide additional health related details to our insurance provider OnePath.

Please note: To opt out of insurance, log in to your online account or call our Customer Care Team on 1300 652 770.  

Lodge an insurance claim

If and when you need to make a claim, we’ll do our best to make sure the process is as easy as possible for you.

There are 3 steps to the process for you (or your personal legal representative):

1. Notify us of your intent to claim as soon as possible from the date of death or disability.
2. Once we’ve received the notice of your potential claim, we’ll send you a claim form within 7 days. You need to complete the claim form and return it to us as soon as possible. 
3. Complete the claim form and provide evidence, as required by the Insurer to support your claim. Depending on the type of claim and the amount you are claiming, you’ll also need to co-operate if the Insurer requests that you undertake any additional medical assessments or vocational assessments

To notify us of your intent to claim, call the Customer Care Team on 1300 652 770.  

Inactive insurance

What happens to my insurance if my account is inactive? 

On and after 1 July 2019, if a contribution has not been made to a super account for a continuous period of 16 months, and a person has not opted in to take out or maintain their insurance, the insurance benefits with the super fund will be ceased.

To keep your insurance, you can either opt in for insurance or make a contribution. You don’t need to do both.

If your starting up a new company

If you have a registered company and employees, we can make setting up your company super smooth and trouble-free.

If you think Virgin Money Super might be right for your company, there are a couple of things you can do.

• Read more about Virgin Money Super for Employers.
• Make Virgin Money Super your default fund via our online application form.
• Or give us a call on 1300 855 040; we'd love to talk to you about your options.

Contribute to employees super

All employers need to be SuperStream compliant when making contributions, meaning that you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically.

The benefit for employers is that you can make all your contributions in a single transaction, even if they're going to multiple super funds.

Your options include:

• Payroll system that meets the SuperStream standard;
• Messaging portal;
• Commercial clearing house;
• The ATO's free Small Business Super Clearing House (If you have 19 or fewer employees, or a turnover of less than $10 million a year); 
• your super fund's online system.

If Virgin Money Super is your default fund we can provide you access to our SuperStream compliant Clearing House, QuickSuper. 

For more information you can also check our SuperStream guides.

Manage your super

As a default employer you can manage your Super account online 24/7, just head to ‘Login' on the top right and select ‘Employer'.

If you didn't receive or can't find your login details, please contact our Customer Care team on 1300 855 040 (9am to 5pm AEST, weekdays apart from public holidays), they'll be able to sort you out or you can reset you password online.

Changes to your workforce size

It's important to keep us up to speed with employees starting and leaving, you can do this via your Virgin Money Super QuickSuper account if we’re your default super fund.

To terminate an employee who has left the company just head to the 'View Employees' section and select the relevant employee and click on the 'View details' button. You can then click on the 'End Employment' button to specify their end of employment date and reason.

Stronger Super, MySuper & SuperStream

• Stronger Super is the Federal Government's package of reforms designed to make super better, fairer and more efficient. Stronger Super changes started on 1 July 2013.

Among those changes, since 1 January 2014, employers must pay contributions into a superannuation fund that has a MySuper authorised product.

• MySuper is a low cost product for customers who haven't made a super fund choice. Virgin Money Super Life Stage Tracker® is Virgin Money Super's MySuper offer.
• SuperStream aims at improving the efficiency of Australia's superannuation system, and requires employers to send contributions electronically in a standard format with linked data and payments.  If Virgin Money Super is your default fund we can provide you with details about how to comply with SuperStream using our preferred Clearing House. 

SuperStream compliant solution

If you are already using a SuperStream compliant solution there isn’t much for you to do. However, if you wish to add a new fund you may find this information handy:

• Our Fund name: Virgin Money Super
• Our Australian Business Number (ABN): 19 905 422 981
• Our Unique Superannuation Identifier (USI): 19905422981701

Small Business Superannuation Clearing House facility

The Small Business Superannuation Clearing House is a free, optional service for employers with 19 or fewer employees, as well as businesses with an annual aggregated turnover of less than $10 million. 

The clearing house is designed to reduce complications and compliance costs for small businesses. 

QuickSuper

QuickSuper is Virgin Money Super’s preferred clearing house solution. It will allow employers who have selected Virgin Money Super as their default fund to process all their employer contributions and keep their employee list and contact details up to date.

Your account will be all set-up within 1-3 business days after you’ve submitted your completed QuickSuper online application.

You can use QuickSuper for all employees, including those who are not customers of Virgin Money. If Virgin Money Super is your business default super fund you’ll be able to set up your Virgin Money Super QuickSuper account and process your employer contributions on behalf of all your employees from there.

To login, just head to the drop down in the top right corner and select 'Employer' under Superannuation. If you don’t have an account yet with Virgin Money Super, you'll need to apply here first.

QuickSuper Single & Multiple Employer Facility

When you set up your company within QuickSuper you can either configure it as a single employer facility or a multiple employer facility. 

• A single employer facility means you will only make contributions on behalf of one business.
• A multiple employer facility means you will make superannuation contributions on behalf of multiple businesses (each with their own ABN) within QuickSuper.

Set Virgin Money Super as default fund

To specify that Virgin Money Super is your default fund in QuickSuper.

Defining your default super fund will make it easier to register employees in QuickSuper as well as determining the types of SuperStream messages issued.

• If you set up QuickSuper as a single employer facility, you'll need to head to the 'Administration' section in the left hand menu and select the 'Fund Relationships' option and follow the steps.
• If you set up QuickSuper as a multiple employer facility, you'll need to assign a fund relationship to each employer. QuickSuper will ask you to establish fund relationships at the time of creating the employer and you can review these from the 'View Employers' section in each employer’s detailed view.

For more information please read section 3.6 of the ‘QuickSuper User Guide’ available from the ‘Downloads’ section in the left hand main menu once you've logged into QuickSuper. 

Add a new employee in QuickSuper

This will depend on the contribution entry method you select.

• If you choose the 'create online contributions' method, you must first register employees in QuickSuper before you can utilise the 'create online contributions' method. The employees registered in QuickSuper will generate the contribution grid for contribution data entry. You can either register employees individually from the ‘View Employees’ section or use the ‘Upload Employees’ function to register multiple employees at once by uploading your employee list.  
• If you chose the ‘upload contribution file’ method, employees’ information will be automatically generated and updated when you submit a contribution file. 

For more information please read section 9 of the 'QuickSuper User Guide’.

Contribution entry method

Which contribution entry method is best for me?

For more information please read the ‘Entering contributions’ guide available from the ‘Downloads’ section in the left hand main menu once you've logged into QuickSuper.