FAQ's - Superannuation

Individuals
  • Q. Heard about “MySuper” but not sure what it stands for?

    A. MySuper is part of the Federal Government’s package of reforms, called StrongerSuper. It aims at making it easier and more transparent for people to compare default super products. All super funds will need to offer a low cost product for customers who haven’t made a choice.

    A MySuper product must be authorised by APRA and include:

    • A single diversified investment option.
    • Same fees for all – fees must be the same for all customers and there must be no entry fees, adviser fees or commissions.
    • Automatic Insurance – to ensure all customers are protected, automatic Death and Total & Permanent Disablement Insurance will be added to every account which customers can tailor or opt-out completely.

    LifeStage Tracker® is Virgin Money Super's MySuper offer.

  • Q. What’s investment risk?

    A. 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.

  • Q. What’s an asset class?

    A. 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.
  • Q. What’s index tracking?

    A. 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.

  • Q. What are the tax incentives with super?

    A. Super has some super tax incentives. Salary sacrifice - If your employer has a salary sacrifice option, seriously think about taking advantage of it. 

    It works like this:

    • You ask your employer to pay some of your gross salary into your super fund (the sacrifice).
    • Your super contributions are taxed at a rate of 15% (provided you don't exceed the concessional contributions cap).
    • By reducing the income you receive you may push yourself into a lower tax bracket and pay less tax again.

    All of which means more money for you to invest.

  • Q. What's the investment mix for the Virgin Money Super LifeStage Tracker® product?

    A. 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 85% and defensive 15%). 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 45% growth and 55% defensive.

    When you’re ready to take more control, it’s easy to switch.

  • Q. What are my investment mix options with Virgin Money Super?

    A. Virgin Money Super fund has options for people who want to get more involved with their superannuation investment, and an option that lets you leave it to us. 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 our LifeStage Tracker® option, 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.

    You can click here to find out more about: Virgin Money Super Investment options.

    You can change your investment mix as often as you like or even switch to our Virgin Money Super LifeStage Tracker® product at any time.

  • Q. How is performance calculated?

    A. 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: 

    • the unit price changes daily, and so investment performance depends on the day you've invested
    • you need to consider the impact of any additional contributions.
  • Q. Why is the performance of Virgin Money Super different to the index return I read about in the paper?

    A. There are few things to think about when comparing Virgin Money Super to the Index return. 

    • index (market) returns are usually quoted over a full year or quarter.
    • index returns don't include buy/sell transaction costs or tax.

    Virgin Money Super has been growing pretty quickly and there's sometimes a delay between receiving and investing dollars, technically known as interfunding.

  • Q. How are contributions made to my super?

    A. Effective from 1 July 2014, employers are required by law to pay 9.5% of your earnings into a super fund if you're earning over $450 a month. Super must be paid at least quarterly by your employer.

    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
  • Q. How do I make personal contributions?

    A. 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.

  • Q. How do I get spousal contributions?

    A. If your spouse has an assessable income of less than $13,800, then you can make super contributions on behalf of your spouse and you can claim a tax offset of up to $540. Please note that this does not mean splitting your own contributions between your spouse and yourself.

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

    • you are 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 by logging in to your online super account in the ‘Personal details’ section or contacting our Customer Care team on 1300 652 770.

  • Q. How do I figure out what fees I pay?

    A. Fees include Administration fee and Investment mix options, please refer to the website to see the fee relevant to your investment.

    If you're working out how much maintaining your super is really going to cost you, remember to check out insurance fees if you have insurance cover or any specific 'activity' fees. For more details, you can check our Product Guide.

  • Q. What investment options can I switch between?

    A. All of them. To switch you can login to your online account and head to the ‘Investments’ section.

  • Q. Is there a fee to switch investment?

    A. No. we don’t charge switching fee.

  • Q. What sort of insurance can I buy through super?

    A. 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. 

    • 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.

    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.

  • Q. Why do I need to provide my Tax File Number (TFN)?

    A. 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 (otherwise, you could be taxed to the max). If you're already a Virgin Money Super customer and you'd like to provide your TFN please call our Customer Care team on 1300 652 770 or login to your online account and head to the ‘Personal details’ section.

    If you don't know your TFN, ask the Australian Taxation Office - call 13 28 61 (or talk to the nice HR person at work).

  • Q. Why should I rollover?

    A. Rolling over or consolidating is merging all your super accounts into one. Chances are if you've had more than one job, you'll have more than one super account. With multiple accounts you may be paying multiple fees which eat away at your retirement savings over time. Having all your money in one account means it reduces your fees so it can work harder for you over the long term and is easier for you to keep track of with just one statement each year.

    *Remember: Some funds may charge you for leaving them and insurance cover may cease - so if you're not sure, call them to clarify.

  • Q. How do I rollover to Virgin Money Super?

    A. If you're already a Virgin Money Super customer, you'll just need to login to your online account and head to the ‘Consolidate’ section to search for your other super fund and have them consolidated into your Virgin Money Super account – no paperwork or hassle.

    If you’re not a customer yet, join online and once your account is open you can log online and follow the above instructions.

    If you prefer, you can give us a call, and you can rollover your accounts over the phone by calling our Customer Care team on 1300 652 770.

    To ensure there aren't any delays in processing your rollover, it will make it easier if you have any old member numbers and fund names from your old super accounts ready.

    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. 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 Money Super fits your objectives, financial situation and needs.

  • Q. What’s lost super?

    A. Super becomes 'lost' when your fund can no longer contact you so they put you on the ATO's Lost Customers Register. This could happen if: 

    • Your account's been inactive for the last 12 months (inactive means no-one has put money in it)
    • Your fund doesn't have your address or the mail they sent you has been returned twice.
  • Q. How do I find lost super?

    A. Login to your online account and head over to the ‘Consolidate’ section to start a search for any super monies of yours. It only takes a minute and you just need to have provided us your Tax File Number.

    Alternatively you can log into or create a myGov account to find any of your lost super.

    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 your Virgin Money Super account by logging into your online account to request a rollover of your other super fund – no paperwork or hassle!

  • Q. When can I claim my super benefits?

    A. It depends how old you are. It's a nice thought but you can't give up at 35 and start drawing on your super from a beach in Fiji. You must have reached the appropriate preservation age, between 55 and 60 depending on when you were born.

    Date of birth Preservation age
    Before 1 July 1960 55
    1 July 1960 to 30 June 1961 56
    1 July 1961 to 30 June 1962 57
    1 July 1962 to 30 June 1963 58
    1 July 1963 to 30 June 1964 59
    After 1 July 1964 60

     

    Apart from retirement you can access your retirement savings under the following circumstances (one is usually enough): 

    • You leave gainful employment after age 60
    • 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.

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

  • Q. How do I claim my superannuation benefits?

    A. Australian Government rules prevent you from accessing your super benefit until you retire from the workforce and have reached your preservation age. You can access your super in the following circumstances (conditions may apply): 

    • You leave employment and your benefit is less than $200; 
    • You leave gainful employment after the preservation age (normally 60 but you can check out your preservation age at in our FAQ "When can I claim my super benefits?" above); 
    • You become totally and permanently disabled; 
    • You become terminally ill; 
    • 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 (APRA);
    • You’re a temporary resident on a specified class of visa and you permanently depart Australia. 

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

  • Q. What happens if I’m leaving Australia?

    A. If you're a non-resident or an eligible temporary resident. 
    If you've come to Australia after 1 July 2002 on an eligible temporary resident's visa or if you're a non-resident leaving Australia permanently, you may be eligible for the Departing Australia Super Payment (DASP).

    After leaving Australia, you can claim your super at any time from us or by contacting the Australian Taxation Office.

    Main things you need to know: 

    • To claim you must be either a non-resident or on an eligible temporary resident's visa.
    • You can't make a claim if you're an Australian citizen, permanent resident or New Zealander.

    Claims are made as a cash lump sum and cannot be rolled into another overseas fund.

    More things you need to know 
    The folks at the Australian Taxation Office have got all you need to know about their process, including online forms.

  • Q. How to claim a Death benefit?

    A. 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 bits and pieces 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 your binding nomination every 3 years.
    • Non-binding nominations - the trustee still has the discretion to pay your money to one or more of your dependants or your legal personal representative. You can make a preferred nomination from your online account from the ‘Beneficiaries’ section.
    • No nomination - your benefit will be paid at the discretion of the Trustee to one or more of your dependants and/or legal representative.

    It's best to download the  Product Disclosure Statement 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.

  • Q. What happens if I change employer?

    A. You can still stay with Virgin Money Super if you are starting a new job. All you need to do is download and complete the  Super Choice Form, give it to your new employer and they can start putting your Super Contributions into your Virgin Money Super account.

  • Q. How do I get my employer to make contributions?

    A. You'll 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 Money 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 Money Superannuation fits your objectives, financial situation and needs.

  • Q. What if I’m a casual worker?

    A. 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, and earn more than $450 before tax in a calendar month, 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.

    Even if you normally don't work more than 30 hours per week, extra shifts may entitle you to super payments. If you'd like to join Virgin Money Super start our online application

  • Q. What if I’m not working right now?

    A. 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.

    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 Money Superannuation fits your objectives, financial situation and needs.

  • Q. What happens if I’m really struggling?

    A. If you are struggling financially or meet certain specified grounds for release, you may be able to access some or all of your super before retirement.

    Financial grounds for release. 
    The trustee may release from your super one lump sum payment every twelve months if you can prove both of the below criteria:

    • You’ve been receiving a social security pension or benefit for the last 26 weeks.
    • You’re unable to meet "reasonable and immediate family expenses".

    The payment will be no more than a gross amount of $10,000 and no less than $1,000 (or the balance of your benefit if it is less than $1,000).

    Compassionate grounds for release.  
    Compassionate reasons include where you have expenses for yourself or a dependant when:

    • Medical treatment that is not available through the public health system is required for a life threatening illness or acute or chronic pain
    • Medical transport is required for the conditions above
    • Modifications to the family car or home are required to meet the needs of a disabled dependant
    • Palliative care or death related expenses (e.g. funeral) are required.
    • To prevent foreclosure of a mortgage on a family home.

    You’ll need to apply to both Australian Prudential Regulation Authority and us by completing the necessary forms.

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

Employers
  • Q. What if I’m starting up a new company?

    A. 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.

  • Q. What if the size of my work force changes?

    A. 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.

  • Q. How do I contribute to my employees super if I’m a large employer?

    A. If your business has 20 or more employees:You need to be SuperStream compliant when making contributions

    Employers have options for meeting SuperStream – either using software that conforms to SuperStream; or using a service provider who can meet SuperStream on your behalf. 

    Your options may include:

    • Upgrading your payroll software
    • Using an outsourced payroll function or other service provider
    • Using a commercial clearing house.

    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.

    For more information you can also check our  SuperStream guides.

  • Q. How do I contribute to my employees super if I’m a small employer?

    A. If your business has 19 or fewer employees: 
    You need to be SuperStream compliant when making contributions from 30 June 2016.

    Employers have options for meeting SuperStream – either using software that conforms to SuperStream; or using a service provider who can meet SuperStream on your behalf. We recommend that you start investigating your options now.

    Your options may include:

    • Upgrading your payroll software
    • Using an outsourced payroll function or other service provider
    • Using the free Small Business Superannuation Clearing House – Find  more details and register online from the ATO's website.

    If Virgin Money Super is your default fund we can also provide you with details about how to comply with SuperStream using our preferred Clearing House. For more information you can also check our SuperStream guides.

    Important note: Contribution payments by cheque are no longer available and will be returned if received.

  • Q. What are Virgin Money Super’s fund details?

    A. To make employer contributions for a Virgin Money Super customer you 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
  • Q. How do I manage my super?

    A. 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.

  • Q. Who can benefit from the Small Business Superannuation Clearing House facility?

    A. 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 $2 million. 

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

  • Q. What is Stronger Super, MySuper and SuperStream?

    A. 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 which 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.

    Another important change is  SuperStream which 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.

  • Q. What if I’m already using a SuperStream compliant solution?

    A. Great! 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
  • Q. Do I need to pay myself super?

    A. No. You have no legal obligation to contribute to your super fund. 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.

  • Q. How much tax can I claim on my super?

    A. Most self-employed people can claim a full deduction for contributions they make to their super until they turn 75. Keep in mind that contributions you make may attract extra tax if they exceed the contributions limit for that year.

  • Q. I’m a contractor, does my client pay my super?

    A. The rules are tricky and our good friends at the Australian Tax Office 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.

  • Q. What is QuickSuper?

    A. 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.

  • Q. How do I access Virgin Money QuickSuper?

    A. 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.

  • Q. How long do I need to wait until my Virgin Money Super QuickSuper account is set up?

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

  • Q. Can I use QuickSuper for all employees, including those who are not customers of Virgin Money Super?

    A. Yes, 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.

  • Q. What’s the difference between a Single and Multiple Employer Facility?

    A. 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.
  • Q. How do I specify that Virgin Money Super is my default fund in QuickSuper?

    A. 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.

  • Q. How do I add a new employee in QuickSuper?

    A. 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’.

  • Q. How can I terminate an employee who has left the company?

    A. 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.

  • Q. Which contribution entry method is best for me?


    Choose 'Online Contributions' method if... Choose 'Contribution Files' method if...
    You have a small number of employees (e.g. < 20) or have few changes between contribution periods OR; You have a large number of employees (e.g. 20+) or have a large number of changes between contribution periods OR;
    You would like to use QuickSuper as the central repository for superannuation related information, such as your employee’s fund and fund customer ID OR; You use your payroll system to manage all superannuation related information and have no need to re-register details in QuickSuper OR;
    You want to do everything within QuickSuper, without needing to integrate with your payroll system. You are able to extract a file from your payroll system that contains all required details for the contribution file format OR;
      You have no need or do not want contribution amounts to be modified within QuickSuper.

    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.