Looking for CARE Super's pds?
The Product Disclosure Statement for CARE Super covers:
- How super works for CARE Super
- Fees & Charges associated with CARE Super
- Risks associated with CARE Super
- How super annuation investments are made for CARE Super
- Taxes associated with superannuation and CARE Super
- Insurances associated with CARE Super
- How to open an account for CARE Super
pds stands for Product Disclosure Statement. Superannuation may sound complex but it is really just the money you put away for your retirement. CARE Super 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.
To download the PDS from CARE Super click here.
The full members pds is also available for CARE Super. For more information view the pds here.
More About CARE Super
CareSuper is the largest industry fund specialising in super for people engaged in professional, managerial, administrative and service occupations. CareSuper returns all profits to members, which means more money for retirement.
CareSuper was established in 1986 to help members save for a financially secure retirement. As an industry super fund, CareSuper is run only to profit members – not shareholders or financial planners.