5/4 Homer Street Moonee Ponds 3039

Superannuation & Insurance Glossary

Centrelink Assets Test

The amount of assets you have before it will reduce or even suspend your right to Centrelink benefits.

Centrelink Income Test

The amount of regular income you receive before it will reduce or even suspend your right to Centrelink benefits .

Dependants

The spouse, defacto spouse, child or any other person who is wholly or partly financially dependant on a member at the time of his/her death.

Eligible Termination Payment

The lump sum payable on termination of employment from a super fund, an employer or a rollover fund.

Employee Contributions

The contributions made by super fund members to their own account.

Employer Contributions

The amount of money contributed by your employer to a super fund on your behalf.

Fees and Charges

The amounts deducted from your account by the super fund or insurance company to cover the set up costs, administration fees, insurance premiums etc.

Financial Industry Complaints Service (FICS)

An alternative dispute resolution scheme set up by the financial industry to deal with complaints against life insurance companies, financial planners, stockbrokers etc.

Industry Fund

Usually a large fund which covers employers in a particular industry e.g. CBUS (building industry), HESTA (health industry), REST (retail industry).

Insurance Ombudsman Service (IOS)

An alternative dispute resolution scheme set up by the general insurance industry to deal with complaints against individual general insurers.

Non-Preserved Amount

The part of your super you can usually get when you resign from your job and your employment super fund, no matter how old you are.

Preserved Amount

The part of your super that must usually be kept in a super fund until your super retirement age.

Rollover

The transfer of a benefit into a super fund – usually from another super fund.

Salary Sacrifice

An extra agreed amount of money paid to a super fund by an employer on behalf of an employee in return for a reduction in wages.

Superannuation Complaints Tribunal (SCT)

A tribunal set up by the Federal Government to deal with complaints about decisions of super funds.

Super Guarantee

The minimum amount an employer must contribute to the super fund on behalf of their employees.

Super Lump Sum

A super benefit paid in one cash payment.

Super Pension

A super benefit usually paid in regular fortnightly or monthly payments for a set period or for lifetime.

Trust Deed

The document that sets out the rules of the super fund.