Looking for Agrium Australia Staff Super Plan's pds?
The Product Disclosure Statement for Agrium Australia Staff Superannuation Plan covers:
- How super works for Agrium Australia Staff Superannuation Plan
- Fees & Charges associated with Agrium Australia Staff Superannuation Plan
- Risks associated with Agrium Australia Staff Superannuation Plan
- How super annuation investments are made for Agrium Australia Staff Superannuation Plan
- Taxes associated with superannuation and Agrium Australia Staff Superannuation Plan
- Insurances associated with Agrium Australia Staff Superannuation Plan
- How to open an account for Agrium Australia Staff Superannuation Plan
pds stands for Product Disclosure Statement. Superannuation may sound complex but it is really just the money you put away for your retirement. Agrium Australia Staff Superannuation Plan is required to provide a product disclosure statement to ensure that each customers understands how their superannuation works. Superannuation is a financial product, and as a financial product is requires the statement of disclosure regarding the product. Product disclosure statements are a standard for financial services products in Australia.
Each of your employers contributes 9.5% of your ordinary time earnings (which is most likely your salary) to a superannuation fund, where that money is then invested, ready for your retirement. These contributions make up the Superannuation Guarantee (SG) and provide the base for your superannnuation. The Government is committed to increasing the amount of super that each employer must contribute, to sure up the retirement of those that rely upon super. The Federal Government has set the SG percentage rate to 9.5% until 1 July 2021 when it will gradually increase by 0.5% each year until it reaches 12% for the year starting on or after 1 July 2025. The increased Superannuation Guarantee ensures more funds will be available for each person in their retirement.
Are you eligible for SG?
Most employees working in Australia will be eligible for the Superannuation Guarantee (SG). There are a few exceptions to the rule tho. If you're an employee that is paid less than $450 per month, you will not receive the SG. If you're under 18 and working less than 30 hours per week, you will not receive the SG. In most other cases, your employer will be required to pay the SG on your behalf at the rate specified by the statute.
Accessing your Superannuation
There are restrictions on when and how you can access your superannuation. The Federal Government has placed modified the restrictions on when you can access your super. Generally, your super benefits are stored in a super or some form of rollover fund until you retire from the workforce on/or after reaching your preservation age. Your preservation age will vary between 55 and 60 years of age, depending on when you were born. If your date of birth is after 30 June 1964 your preservation age will be 60. For most people the preservation age is now 60, it was previously 55. The increase aims to sustain superannuation retirement benefits or future generations.