© 2012 FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, the trustee of the First State Superannuation Scheme ABN 53 226 460 365. Please click on the links on the right hand side to the general advice warning and conditions of use for this website.
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Super terms explainedABC DEF GHI JKL MNO PQRS TUV WXYZ Account balance: The amount of money credited to a member in the Fund and generally includes employer contributions, personal contributions, any other super money rolled into First State Super, any Federal Government co-contributions less tax, insurance premiums, administration fees, investment switching fees, withdrawal fees and benefits paid. Accumulation fund: A superannuation fund where the benefit paid is the total of your employer’s contributions and any other contributions that have been paid into your account and their investments earnings (which may be positive or negative) less fees, taxes and insurance premiums. Benefit: Your entitlement in First State Super including, in the event of death or disablement, any insured amount or entitlement payable (if your claim is accepted by the insurer). A benefit can generally only be paid when you satisfy a condition of release. See Cashing super and payments for more information. Choice of fund: Many employees can choose which complying superannuation fund they want to invest their future superannuation guarantee contributions. Co-contribution: Is a Federal Government initiative to help eligible individuals save for retirement. Subject to qualifying rules, the Government makes contributions of up to $1.00 for every $1 of non-concessional contributions paid to a superannuation fund by eligible persons. Note that if we do not hold your tax file number, we will not be able to accept your non-concessional contributions and you will therefore not be eligible to receive any co-contribution. For more information, see Government co-contributions. Concessional contributions: See Make contributions Condition of release: You can access the preserved component of your superannuation, if you satisfy a condition of release which is the earliest of the following events:
* These conditions of release do not apply to temporary residents (from 1 April 2009) Conditions of release – temporary residents: The Superannuation Industry Supervision (SIS) Regulation 6.01B(3) (conditions of release for temporary residents) states that from 1 April 2009 any person who holds, or has ever held, a temporary visa and is not an Australian citizen or a New Zealand citizen, or a permanent resident of Australia, or is not the holder of a subclass 405 (investor retirement) visa, or a subclass 410 (retirement) visa can only have money released to them under the following conditions of release:
Contribution: A contribution is a payment to your superannuation account or income stream accounts. After an initial contribution or rollover into the Fund to set up an income stream account, no further contributions or rollovers to the income stream account are permitted. However, you can set up another income stream account. Contributions tax: A Federal Government tax imposed on employer and before-tax (salary sacrifice) contributions. Currently up to 15% of those contributions. Consumer Price Index (CPI): CPI is one way the rising (or lowering) costs of everyday living are measured. This change in the cost of living is also referred to as inflation. To calculate CPI, the Australian Bureau of Statistics collects between 85,000 and 90,000 prices of a fixed list of goods and services, four times a year. The fixed list or ‘basket’ is made up of the most common goods and services purchased by metropolitan wage and salary earners. Custodian: A custodian is appointed to ensure that the assets of the Fund are independently and securely held. Death benefit: See Death and disablement. Death benefit insurance: See Importance of insurance. Default fund: A default fund (also known as employer fund) is the superannuation fund nominated by an employer to receive their employees' superannuation guarantee contributions if the employee does not make a choice. A default superannuation fund must be a complying fund and also offer a minimum level of life insurance as set out in the choice regulations (with some exceptions). Dependant: See Depandants. Disablement insurance: See Importance of insurance. Eligible rollover fund: The Trustee may automatically transfer your benefit to an eligible rollover fund (ERF) if:
The eligible rollover fund used by First State Super is AUSfund. Employer category: For insurance purposes First State Super’s participating employers have been categorised into broad occupational groups. These groupings affect the level of cover for Basic and Startup Bonus cover and in some circumstances income protection. For examples, click here Employer Sponsored Division: means that you have automatically become a member of First State Super because this is the fund your employer has chosen to send super contributions to for all employees who do not choose their own fund. Employment termination payment (ETP): Broadly, a lump sum payment from an employer to an employee when they cease employment – exceptions apply (eg. accrued annual leave or long service leave). FSS Trustee Corporation: FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, RSE L0002127 the trustee of the First State Superannuation Scheme. First State Super participating employer: If an employer is a NSW public sector employer or signs an agreement to be a ‘participating’ First State Super employer, then employees of that employer are automatically accepted as members of the Fund once we receive the first contribution from the employer on the member’s behalf. Fund: First State Superannuation Scheme ABN 53 226 460 365, RSE R1005134. Growth assets: Are those which have the potential to achieve capital growth over the medium to long term. Typically, they are investments in property and Australian and international shares. Historically, it has been found that while in the long term these types of assets have the potential to produce greater benefits, they can be more volatile (or risky) in the short term when compared with income assets and they have a greater potential to produce negative returns in the short to medium term. Income assets: Generally provide a fixed income, and include bonds, bank bills, debentures and cash. These investments are generally considered to be less risky than growth assets, but at times, can produce a negative return. Interdependent relationship: See Dependants Lost super: See Find your lost super. Member: A member of First State Super. Member protection: See Protection for small account balances. Member reporting period: A member reporting period begins on 1 July each year and ends at 30 June the following year or your date of exit from the Fund, whichever occurs first. Non-concessional contributions: See Make contributions NSW public sector employer: A NSW public sector employer that is required to contribute to the Fund under the First State Superannuation Act 1992. Occupation category: For insurance purposes a wide range of job types have been categorised into broad groups based on the risks and hazards of those types of jobs. These groupings affect the level of cover for some insurance (additional) cover and in some circumstances income protection. In determining occupation categories, the insurer relies on information provided by you. If that information is inaccurate, the insurer may be entitled to re-assess the category that applies. For examples, click here Participating employer: See First State Super participating employer Permanent incapacity (for condition of release purposes): In relation to a member means ill health (whether physical or mental), where the Trustee is reasonably satisfied that the member is unlikely, because of the ill health, to engage in gainful employment for which the member is reasonably qualified by education, training or experience. Personal contributions: Any after tax contributions that you make voluntarily to your superannuation account, either as a regular deduction from your pay or as a lump sum payment. They are a form of non-concessional contributions. Personal Division: The division of First State Super open to any individual who is eligible to join a superannuation fund. Pooled fund: Pooled fund means the assets of the State Authorities Superannuation Scheme (SASS), the State Superannuation Scheme (SSS), the Police Superannuation Scheme (PSS), and the State Authorities Non-contributory Superannuation Scheme (SANCS). Preservation: Is a Federal Government requirement that certain member benefits be maintained within the superannuation environment until a condition of release is satisfied. See Cashing super and payments. Preservation age: See retirement for more information. Reversionary beneficiary: A person who is nominated as the spouse to receive an income stream on the death of a superannuation income stream division member. A reversionary beneficiary can be nominated at the time a member joins either the First State Super Retirement Income Stream or the Transition to Retirement Income Stream or any time after joining by completing the appropriate form. The reversionary spouse will continue to receive the income stream (or have the option of cashing out the income stream account as a lump sum), only if he or she is the spouse at the time of death. Rollover or transfers: An amount that is transferred between superannuation funds, approved deposit funds, deferred annuities or retirement savings accounts. Spouse: a person who is legally married to you, or a person (whether of the same sex or a different sex) with whom you are in a relationship that is registered on a relationship register of a State or Territory or a defacto spouse (whether of the same sex or a different sex). Spouse member: You may become a spouse member if your spouse is a member of First State Super, SASS, SSS or PSS, or is a NSW Parliamentarian and has made spouse contributions to First State Super for you. See Pooled fund Superannuation benefit: Amounts paid from the Fund if you meet a condition of release. Superannuation Guarantee: Employers in Australia are required by the Superannuation Guarantee (SG) legislation to make contributions to a complying superannuation fund for most employees in order to avoid being liable for additional tax. The rate is currently 9%. Superannuation Income Stream Division (formerly known as the Pension Division): The division of First State Super open to eligible persons who wish to set up an income stream account. There are two superannuation income streams available from First State Super, a Retirement Income Stream and a Transition to Retirement Income Stream. Tax offset at 15%: The Australian Taxation Office (ATO) permits a tax offset (rebate) for superannuation income streams paid to individuals between preservation age and age 60 from complying taxed superannuation funds. The offset is applied through an individual’s income tax return. Temporary incapacity (for condition of release purposes): In relation to a member who has ceased to be gainfully employed (including a member who has ceased temporarily to receive any gain or reward under continuing arrangement for the member to be gainfully employed), temporary incapacity means ill health (whether physical or mental) that caused the member to cease to be gainfully employed, but does not constitute permanent incapacity. Terminal illness or medical condition (for condition of release purposes): A terminal medical condition exists in relation to a person at a particular time if the following circumstances exist:
Transition Date: 1 May 2006, the date First State Superannuation Scheme ABN 53 226 460 365 became a superannuation fund regulated by the Commonwealth. Trustee: The FSS Trustee Corporation. Unrestricted non-preserved benefit: Preserved and restricted non-preserved components of your superannuation benefits become unrestricted non-preserved components when you satisfy one of the conditions of release. See the fact sheet Access to your super. Volatility: Changes in the price of a security, the variability (fluctuation) of returns, both positive and negative, usually expressed in percentage per annum terms. Year-To-Date (YTD): The period starting 1 July of the current year and ending today. Used mostly to describe investments returns (+/-) between today's date and the beginning financial year (ie 1 July).
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