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ASGARD Superannuation Choice

Dear St.George staff member

It gives me great pleasure to offer you the opportunity to transfer your superannuation to ASGARD. Please take the time to review the information on this site regarding the highly regarded* ASGARD Employee Superannuation Account. Some of the key features and benefits include:

  • Discounted administration fees: Special St.George staff discount.
  • Family discount: Discounted administration fee on superannuation products for your family (spouse, parents, siblings, and children).
  • Investment choice: Access to more than 270 managed investments from some of Australia’s leading fund managers and most ASX 300 listed shares.
  • Competitive insurance: Eligible staff can access Life and Total & Permanent Disablement (TPD) cover at wholesale premium rates.
  • Access to other ASGARD products at the discounted rate for both you and your family.
  • Online access to account details and investor education though Investor Online.
  • Comprehensive half yearly reporting.
  • Access to personalised financial planning: Free initial consultation with a St.George Financial Planner.
  • Fee-free swapping between investment choices.
  • Competitive fees: Utilise the calculator on this site to check fees against the Plum Superannuation Fund.
  • Member helpline: Specialist consultants available by phone to help with your queries.
  • Pensions: Option of rolling your super into an ASGARD Allocated Pension or ASGARD Term Allocated Pension when you retire.
  • DIY: Option of establishing a Self Managed Super Fund through ASGARD’s SuperLink service.

We look forward to hearing from you soon.

Best regards


Geoff Lloyd
CEO, SEALCORP Holdings Ltd

* ASGARD Employee Superannuation Account has been awarded winner of ASSET magazine’s Adviser Directed Small Business of the Year – Employee Super for 2005, Winner – ASSIRT/Wealth Insights Service Leverl Survey 2005, AAA rating by SelectingSuper, a division of Rainmaker Information and Gold rating for ASGARD Employee Super by SuperRatings.


If you would like more information on the ASGARD Employee Superannuation Account, please contact ASGARD Investor Services on 1800 998 185.

This website contains information about the new ASGARD option, including:

Item Use
Transfer Authority Request form You will need to include this form, authorising the transfer of the balance of your other superannuation account(s) to ASGARD if you wish to elect ASGARD as your staff super fund of choice.
Part 2 - Investment Selection You can use this document to choose investment options other than the age-based default.
Account Amendment form Once your Account has been opened, you can use this form to provide a death benefit nomination and update your ASGARD account details. Please note: this form cannot be used for changes in Salary Continuance insurance. Please refer to HRXpress for St.George Bank Salary Continuance policy and Terms and Conditions.
Adviser Appointment and Fee Amendment Financial planner use only

Insurance Variation form

This form is to be used by new staff after 1 July 2005 to alter your insurance cover from the default insurance for Life and TPD. Please note this form does not apply for casual staff. Casual staff are offered age-based fixed dollar per week death only insurance.
Family Discount form Complete this form to access discounted administration fees for your family members applying for an ASGARD Account.
ASGARD Employee Super Product Disclosure Statement (PDS) Individual (including Supplementary PDS and PART 2 Investment Selection) The PDS explains how the ASGARD Employee Superannuation Account works, and also explains your investment and insurance choices.
A guide to managed investments Find out more about managed investments.
A guide to investing in shares Find out more about investing in shares.
A guide to investment risk Find out more about investment risk.
A guide to regular investing Find out more about regular investing.
A guide to self managed super Find out more about self managed super.
Superannuation - Do I have enough? Find out more about saving for retirement.
Strategies for maximising super growth Government Co-contributions Find out more about Government Co-contributions.
Strategies for maximising super growth Salary sacrifice today for a future benefit Find out more about the benefits of salary sacrificing.
Strategies for maximising super growth Look after your spouse and save tax Find out more about spouse contributions.
Strategies for maximising super growth Personal super contributions can save you tax Find out more about tax deductible personal contributions

Please take the time to read all of this information. Your super is an important asset. Before making any decisions regarding your super, we recommend that you carefully consider your individual circumstances and, if required, seek financial advice.

 

   
 

 

How do I sign up?

  1. Download the ASGARD Employee Super Account – Member's Product Disclosure Statement from this site for your reference.

  2. Review the Super Choice information flyer provided by St.George either in your Welcome Pack if you are a new member of staff after 1 July 2005, or for existing staff members at 1 July 2005, the information that was emailed to you on or around 1 July 2005 from Staff Superannuation.

  3. If you haven't already received a Superannuation Standard Choice form, download the relevant Superannuation Standard Choice form from the HRXpress site and complete and return it along with the requisite documentation to Payroll. Please note (defined benefit members): If you are a member of the M&F or pre-1990 categories within Plum , please refer to HRXpress for further information, as special conditions apply.

  4. To transfer your existing balance from the Plum Superannuation Account, please contact Plum to obtain a 'Portability Form'.  Plum can be contacted on 1300 557 586 on via e-mail at service@plum.com.au.  Once completed the form should be returned to Plum Financial Services Ltd, GPO Box 63A, Melbourne, VIC 3001. Please note: You only need to use this form if you are transferring (in whole or in part) or winding-up your Plum account. It is not required for a re-direction of contributions to ASGARD via the choice form.

Optional:

  1. If you wish to transfer the existing balance(s) of your other superannuation account(s) to ASGARD, please download and complete the Transfer Authority Request form and return it to ASGARD.

  2. If you wish to start, cease or change additional voluntary superannuation contributions, please complete a Deduction Authority form and return to Payroll (see Forms section of HRXpress or your St.George Welcome Pack).

  3. If you are just starting as a new staff member with St.George, and would like to elect a level of insurance cover other than the default level, download and complete the ASGARD Insurance Variation form and return it to ASGARD. Please note that insurance applications must be made within 28 days of joining St.George, otherwise the insurer may request evidence of good health in order to assess your application.

If you are an existing St.George employee, and you are electing to redirect your future superannuation contributions from Plum to ASGARD, your existing Life and TPD insurance benefit design will be continued under ASGARD if and when you transfer your existing balance from Plum to ASGARD (Excludes M&F and Pre-1990 Category members). If you are a member of the MySupa subsidised insurance category, your insurance premium subsidy will cease. If you would like to increase your insurance cover, you will need to provide medical evidence. Please speak to your Financial Planner if you would like to change your cover.

  1. If you decide to choose an investment option different to your age-based default portfolio option, download and complete the PART 2 – Investment Selection form and return it to ASGARD.

  2. If you would like to make amendments to your Account, like nominating a Financial Planner or nominating a death beneficiary, download and complete the ASGARD Account Amendment form and return it to ASGARD.

  3. If your spouse or family member would like to apply for the family discount on administration fees, download and complete the Family Discount form and submit it with your relevant application form to ASGARD. We recommend seeking financial advice from a Financial Planner before making any investment decisions.

 
   
 

 

What happens once I have signed up?

Once you have completed and signed the appropriate forms and returned them to the relevant areas, ASGARD administration will set up an account for you. It will take approximately five business days to open your new ASGARD account. Once an account is set up for you, a Welcome Pack will be sent to you that will include:

Item Use
Welcome Letter This letter confirms the details that ASGARD Employee Super has on record. If you wish to update these details or make an amendment such as a Nomination of Beneficiaries you can do so by using the Account Amendment form in the Individual Product Disclosure Statement.
Investor Online brochure An overview of the online site for ASGARD investors.
'Do you have more than one superannuation account?' flyer If you have additional superannuation accounts to your staff account held elsewhere, you can utilise ASGARD's free consolidation service.
Individual Product Disclosure Statement (PDS) This document explains how ASGARD Employee Super works, and also explains your investment and insurance options.
Part 2 - Investment Selection This form is used to choose an investment option other than the age based default. Please arrange to speak to a Financial Planner if you need assistance.
Reply Paid Envelope Please return any forms you complete back to ASGARD by using the enclosed reply paid envelope.

If you have insurance cover with Plum, your existing insurance benefit design will transfer across to ASGARD when you transfer your existing Plum fund balance to ASGARD (excludes M&F and Pre-1990 Category members). ASGARD will advise you when this transfer has taken place. Until this time your insurance will remain with Plum under the Terms and Conditions of this fund. Please note that if you are in the M&F or Pre-1990 Category of the Plum Superannuation Fund (Plum), your insurance will cease should you choose to direct your contributions to a fund other than Plum. If you were previously receiving an insurance premium subsidy within the Plum Fund (for example, if you were in the MySupa category) this will cease when you transfer your balance out of Plum.

 
   
 

 

Testimonials from staff who have previously transferred to ASGARD

‘The change over to ASGARD was smooth and over the last year I have had an exceptional range of investments to choose from. The Investor Online website provides up to date information I need to track and value my investments and make changes to maximise my superannuation benefits.’

CC

‘Since I moved my super to ASGARD I haven't stopped raving to anyone who would listen. I like being able to own shares within my super and my adviser recommends what and when to buy. I can't understand why every staff member is not taking advantage of this product.’

Pamela Chalmers

 
   
 

 

Useful information about Choice of Superannuation

What is Choice of Superannuation Fund?

Choice of Superannuation Fund or ‘Choice’ refers to legislation passed by the Federal Government in June 2004, which allows employees (with some exceptions) to choose a complying superannuation fund or Retirement Savings Account, to which their employer pays their compulsory Superannuation Guarantee (SG) contributions into. Choice of Super comes into effect on 1 July 2005.

Why has Choice been introduced?

The Federal Government has introduced Choice of Super to encourage people to take a more active role in the management of their superannuation. For most Australians superannuation will be the primary source with which they will fund their retirement and the biggest asset they own outside of home ownership.

Who does Choice of Super apply to?

All working Australians will be offered Choice of Super apart from those who:

  • are covered by a State Award that specifies a particular fund such as an industry fund
  • are covered by an Australian Workplace Agreement that specifies a particular fund such as a corporate fund or industry fund
  • are covered by a Certified Agreement that specifies a particular fund
  • remain members of a defined benefit fund
  • are covered by an employment agreement in forces under the Victorian Employee Relations Act 1992.

Some Government employees are also ineligible. These are:

  • Government employees who are members of the Commonwealth Superannuation Scheme (CSS) or Public Sector Superannuation Scheme (PSS)
  • Government employees in an unfunded public sector super scheme.

The Government has estimated that this will equate to 4.82 million employees and 654,000 employers who will be affected by Choice of Super.

Do I have to make a choice?

Under the Choice of Super legislation you have two options:

Option 1

Do nothing and you will remain in your employer’s nominated default fund. In many instances this will be the superannuation fund that your employer currently pays your SG contributions into. The default fund can be any complying superannuation fund or Retirement Savings Account chosen by your employer.

Option 2

Complete the relevant Superannuation Standard Choice form available from HRXpress and nominate a complying superannuation fund or Retirement Savings Account, to which your employer will pay your future SG contributions into on your behalf.

If you do decide to exercise your right of choice, you will need to provide your employer with confirmation that the superannuation fund you have nominated is a complying fund and will accept contributions on your behalf.

How do I make a choice?

If you are eligible to make a choice under the new legislation your employer is required to provide you with a Superannuation Standard Choice form before 29 July 2005. If you begin working for a new employer after 1 July 2005, they must provide you with a Superannuation Standard Choice form within 28 days of you commencing employment. Employers must also offer you Choice of Super upon your request unless you have been offered choice within the previous twelve months.

If you decide to choose a different fund to your employers default fund, you need to complete PART B of the Superannuation Standard Choice form, stating your fund’s ABN or superannuation product identification number (SPIN) and a letter from your trustee verifying that the fund is a complying superannuation fund (for self-managed superannuation funds you will need to obtain a letter from the ATO confirming that the fund is regulated) and that it will except contributions from your employer.

What is in the Superannuation Standard Choice form?

There are three sections within the Superannuation Standard Choice form, the first section (PART A) is to be completed by your employer and advises you of the name of the default fund your superannuation contributions will be paid to, should you not make a choice.

The second section (PART B) is to be completed by you. In this section you need to either nominate to have your contributions made to your employers default fund, or you can nominate your own complying superannuation fund or Retirement Savings Account.

The third section (PART C) is for your employer to record the dates that they received and processed the Superannuation Standard Choice form as an aid to proving their compliance with the Choice legislation.

What happens if I do nothing?

If you decide to not exercise your right to choose a superannuation fund, your employer will pay your SG contributions into their nominated default fund.

What do I need to take into account if I am considering changing funds?

If you’re considering changing funds, you need to make sure you are being given enough information to properly compare any offer from another superannuation fund with your current fund. You’ll need to consider things like the following:

  • What are the fees and charges?
  • Does this fund offer good insurance cover and do I understand what the cover entails?
  • What is the investment performance now, and in the medium and long term?
  • Is the range of investment choice suitable for my needs?
  • What member services does the fund offer?
  • Do I need financial advice in relation to my Choice of Super?

How do I find out about a superannuation fund’s fees and charges?

It can be very difficult for the average person to make true comparisons between various types of options that superannuation funds offer. This can be particularly difficult where most of the fees are implicit in unit prices from fund managers. One of the greatest advantages of an account-based system like ASGARD is that all of the fees charged are shown in dollar terms on your Statement of Advice and on Investor Online.

From 1 July 2005, Product Disclosure Statements of superannuation funds will contain standardised fee disclosure including worked fee examples, in order to help you make an informed decision. You need to be aware that fees (especially investment, administration and insurance) for personal accounts can often be considerably higher than for accounts that fall under an employer arrangement.

In addition, you also need to consider just what you are receiving for the fees that you pay. For instance, many industry funds offer $1 per week insurance. However, this often provides an extremely low level of cover, which may not be suitable for your needs.

How could changing superannuation funds affect my insurance cover?

If you are considering changing your superannuation fund, you need to familiarise yourself with the insurance cover that you currently have within your existing superannuation fund. Like investment fees, insurance fees can vary widely. From style of pricing – formula driven (5 x salary) or cost driven ($1 per week) – to group versus personal, there are many different options and premiums available.

As such, you need to consider the effect that changing funds will have on the cost of your cover, the level of cover that you will be able to obtain and whether you will need to provide a personal statement or medical evidence in order to get insurance cover through another superannuation fund.

To help protect your lifestyle and investments in the event of a personal crisis, ASGARD offers a range of insurance options, including Life Protection and Total & Permanent Disablement Protection.

How can I find out if a superannuation fund is the right one for me?

Many people simply compare the past performance of superannuation funds when considering if it is suitable for them, even though this is not a good indicator of future performance. The best way to compare superannuation funds is to obtain the assistance of a Financial Planner who will be able to help you make an informed decision regarding your investment choice.

 
   
 

 

Financial advice

Your superannuation is an important part of your financial future. You may wish to talk to a Financial Planner before making changes to your current superannuation arrangements. Call the Financial Advice Contact Centre (FACC) on 02 9553 5022 to arrange an appointment with a St.George Financial Planner in your area.

What do I need to consider when choosing a Financial Planner?

Financial planning is all about making sure that your current and long-term financial needs are met in the best possible way, as such, choosing a Financial Planner is a very important and personal decision. As you will need to provide your Financial Planner with a lot of personal information about your current financial situation and your financial goals, you need to ensure that you feel comfortable with the Financial Planner you choose so that you can develop an effective long-term financial plan.

A good Financial Planner will work through each stage of the financial planning process with you, making sure you have a clear understanding of each stage and that you are comfortable with any recommendations they make. There are strict legal requirements for Financial Planner, including the 'know your client' rule. This requires Financial Planner to be able to prove that they know each client in detail and have prepared an individual plan for each client.

Further information about obtaining financial advice can be obtained from the Australian Investment and Securities Commission on 1300 300 630 or online at www.fido.asic.gov.au, you can also contact the Financial Planning Association on 1800 626 393 or visit them online at www.fpa.asn.au.

How does financial planning work?

A Financial Planner is an expert, trained to understand your individual investment profile. Using the range of responsible options available, your Financial Planner will assist you to develop a financial plan that will help you to a secure and informed investment future.

When preparing your investment strategy with your Financial Planner, you will have many factors to consider and discuss. Apart from assessing if you are investing an adequate amount to fund your investment or retirement goals, there are numerous other issues to decide on and include in your plan. There are three stages in the financial planning process - information gathering, analysis and recommendation, and implementation and review.

Information gathering

Your Financial Planner will ask you many questions to get to know you and to determine your financial goals, both long and short-term. Your Financial Planner will consider your current situation - your assets and liabilities, expenses and income. Your Financial Planner will also determine your risk tolerance, that is, how you feel about risk.

There are no right or wrong answers. Your Financial Planner is there to learn all about you, so he or she can analyse your situation and determine a recommended course of action. If you have any questions or concerns, ask away. Your Financial Planner is there to assist you.

Analysis and recommendation

Your Financial Planner will analyse the information you have given them in detail. They will determine a strategy to help you achieve your financial goals, and then recommend investments to carry out the strategy. Once your Financial Planner has determined a course of action, they will meet with you to discuss your plan.

When you meet with your Financial Planner to discuss strategy, be prepared to ask questions. Make sure you understand all aspects of the plan before signing anything. Your Financial Planner will go through your plan with you in detail. If you are uncomfortable with any sections, discuss your concerns with your Financial Planner.

Implementation and review

Once you have agreed on your plan, it can then be implemented. This may involve opening a new account, consolidating your superannuation accounts and other assets, taking out insurance and more. Your Financial Planner will assist you every step of the way to ensure that your financial plan is implemented with a minimum of fuss. Once your plan has been put in place, you will need to review your plan regularly with your Financial Planner to ensure that it continues to meet your needs, which will change over time.

What will obtaining financial advice cost?

The cost of obtaining financial advice varies depending on whether the Financial Planner you choose charges an hourly rate, a flat fee, a commission on the amount you invest or a proportion of the total funds that you invest. Some Financial Planner may charge a combination of these options and you may also be able to negotiate the fees that you are charged depending on the fee structure that the Financial Planner has in place.



 
   
 

 

About ASGARD

ASGARD is Australia’s most awarded administration platform – offering retirement, investment, cash, insurance and margin loan Accounts.

Today, ASGARD administers over $20 billion for more than 300,000 investors. ASGARD is part of the St.George Group, one of Australia’s largest and most respected service companies. ASGARD also offers insurance that can be tailored to your individual needs, a service which complements its Investment and Superannuation Accounts. With an ASGARD Account, it’s easy for you to diversify your savings and manage all your investments and insurance needs through one central contact point.

Within the corporate super market in Australia, ASGARD offers the most flexible array of investment choices through the one administration platform and is the only provider offering access to direct shares (Source: Rainmaker Information). You can choose from five pre-set diversified profiles or create your own portfolio from more than 270 managed funds and most of the top 300 stocks in the ASX.

ASGARD has more than 20 years’ experience in master fund and managed investment scheme administration. In recognition of its ongoing commitment to providing service of the highest quality, ASGARD has recently been awarded:

Money magazine‘Best of the Best’ Awards

  • Winner – Best Industry Funds and Master Trusts Australian Shares 2005
  • Best Industry Funds and Master Trusts International Shares 2005
  • Finalist – Best Cash Management Account 2005

SelectingSuper

  • AAA rating for ASGARD Employee Super by SelectingSuper, a division of Rainmaker Information.

SuperRatings

  • Gold rating for ASGARD Employee Super by SuperRatings. ASGARD Employee Super was also a finalist in the Rising Star Award by SuperRatings.

Investment Trends

  • Best online service for financial advisers – adviserNET – Competitive Analysis Report 2004.

ASSIRT Service Level Survey

  • Winner – ASSIRT/Wealth Insights Service Level Survey 2005
  • Runner up – ASSIRT Service Level Survey 2004

Asset magazine Awards

  • Winner of the Adviser Directed Small Business of the Year for ASGARD Employee Super – ASSET Magazine Innovation Awards 2005.
  • Best Master Trust/Wrap – ASGARD eWRAP Investment ASSET magazine Awards for Excellence in Financial Services 2002, 2003 and 2004.
  • Best Master Trust/Wrap – ASGARD eWRAP Super/Pension – ASSET magazine Awards for Excellence in Financial Services 2002 and 2003.

 
   
 

 

Five Great Reasons to Choose ASGARD

  • Peace of mind: Knowing your money is in good hands. ASGARD is owned by St.George Bank, one of Australia’s largest and most respected service companies. St.George supports the financial futures of more than 2.2 million Australians.

  • Largest investment menu in the industry which provides the freedom to construct a portfolio to best meet your needs.

  • You can decide: You can choose from a range of pre-set portfolios, or with your adviser create your own portfolio from the ASGARD menu.

  • Save on transaction costs and paperwork by keeping your investments in one place. ASGARD has a solution to suit you from your very first investment through to your retirement.

  • Excellent service: ASGARD is one of Australia’s most highly regarded investment platforms.

 
   
 

 

Why ASGARD Employee Super?

Choice of product and choice of investments

What are my ASGARD choices?

ASGARD Separately Managed Accounts - Funds

Choose from one of the five portfolios of managed investments that are tailored to meet specific risk and return objectives.

If you do not nominate a specific portfolio, your superannuation will automatically default into an age-based portfolio.

ASGARD Managed Profiles

Choose from over 270 managed investments and from most of the top 300 direct shares listed on the Australian Stock Exchange.

You can hold a maximum of 80% of your superannuation account balance in direct shares and up to 30% or $10,000 in any one particular stock listed on the ASX.

 
What does this mean?

You (or you in conjunction with your adviser) choose one or more of our five pre-mixed investment options:

• High Growth
• Growth
• Balanced
• Moderate
• Defensive

You (or you in conjunction with your Financial Planner) create your own portfolio of managed funds and shares from investment categories like:

• Cash
• Property
• Fixed Interest
• International Shares
• Australian Shares
• Mortgages
• Direct Shares
• Multi-sector

 
Who for?

Employees who do not have the time or expertise to tailor their own portfolios. You choose one or more of our five pre-set mixed investment options.

Employees who want to take control of their superannuation and manage their own investments. You (in conjunction with your Financial Planner) create your own portfolio of managed funds.


 
   
 

 

Your ASGARD benefits

St.George employees investing in ASGARD products pay a discounted administration fee. To highlight the savings in fees between a normal investor and a St.George employee, two examples follow:

  • Example one is for an investment of $10,000
  • Example two is for an investment of $2,500.

Both investments are placed in a Managed Profiles account. We have also assumed that the average account balance over one year is the same as the amount invested.

Example 1 ($10,000):    
  Normal Investor St.George Employee
Contribution Fee $500.00 Nil
Administration Fee $153.75 Nil
Trustee & Expense Fee $45.62 $45.62
Total $699.37 $45.62

Example 2 ($2,500):    
  Normal Investor St.George Employee
Contribution Fee $125.00 Nil
Administration Fee $153.75 Nil
Trustee & Expense Fee $11.41 $11.41
Total $290.13 $11.41

Family benefits

ASGARD also offers the same great benefit for family members who fall under the specified relationship categories. That is, your family pay no ASGARD administration fee, so are left with only the expense fee and trustee fee payable.

Managed Profiles and Separately Managed Accounts– Funds (SMA – Funds)

  ASGARD Investment Funds Account* ASGARD Superannuation Account ASGARD Allocated Pension Account ASGARD Term Allocated Pension Account
Managed Profiles
SMA – Funds
*Family discount not available for ASGARD Investment Funds Account.
** Staff discount and family discount not available for ASGARD Elements Account, ASGARD eWRAP Account or ASGARD Self Managed SuperLink

Currently, the discounted fee benefit will remain for you and your family even if you leave employment of the St.George Group. This is not a lifetime guarantee but represents our current practice. Any fee increase will be communicated in advance.

Investor Online

Investor Online gives you access to information on your ASGARD Accounts anywhere, any time over the Internet. You can view your Account balances, investments held, transaction details, insurance details and asset allocation in an easy to read format. Investor Online is fast, secure and gives you up-to-date information about your Account. This service is free of ASGARD fees.

Self Managed Super Funds

Do-it-yourself (DIY) super via a Self Managed Super Fund (SMSF) is becoming an increasingly popular choice for investors who want to have control of how their superannuation monies are invested.

A SMSF is a trust where money or assets are held and managed on behalf of up to four members to provide future retirement benefits. The trustee of your fund (you) decides on your fund’s investment strategy and chooses what your fund’s assets are invested in. This means your fund’s investments can be tailored to suit the specific needs of members before and after retirement.

While there are undoubted benefits to members in establishing an SMSF, running your own fund is complex and there are many things you have to consider including your investment strategy, the administration of your fund and compliance with superannuation and other laws. In fact, many investors who choose the DIY super path are employing the services of specialist SMSF administrators to undertake the onerous compliance activities on behalf of their fund, while they still enjoy the benefits of investment control and flexibility.

ASGARD Self Managed SuperLink is a full suite of SMSF support services which link together all of the operational and administrative needs of a SMSF. SuperLink is designed to assist the trustees of a SMSF with administration, reporting and compliance tasks while the trustees retain control over the investments of the SMSF.

Insurance

All new applicants to the ASGARD Employee Super Account are offered Life and Total & Permanent Disablement (TPD) insurance cover when they join, with the option to cancel or change that cover. New staff will be offered the standard St.George Group insurance benefit design, but can opt out of that cover within 28 days. The standard St.George Group insurance benefit design for Life Protection and TPD for permanent staff is:

10% of salary1 x YFS2 to age 60

These rates are for permanent staff only and do not apply to casual staff. Casual staff are offered age-based fixed dollar per week death only insurance.

Note:
1. Salary is defined as Total Employment Cost (TEC) or Total Remuneration for packaged staff. For non-packaged staff this is base salary.
2. YFS means Years of Future Service.

Standard premiums

The age related premium rates per annum apply for each $1,000 of sum insured.

Age next birthday Death TPD Age next birthday Death TPD

16

0.196

0.036

39

0.501

0.189

17

0.261

0.044

40

0.545

0.218

18

0.334

0.058

41

0.588

0.254

19

0.407

0.065

42

0.639

0.305

20

0.45

0.073

43

0.704

0.356

21

0.465

0.08

44

0.77

0.421

22

0.443

0.073

45

0.849

0.494

23

0.407

0.065

46

0.944

0.581

24

0.363

0.058

47

1.045

0.682

25

0.334

0.051

48

1.162

0.799

26

0.319

0.051

49

1.292

0.937

27

0.319

0.051

50

1.445

1.089

28

0.319

0.051

51

1.612

1.307

29

0.327

0.051

52

1.8

1.546

30

0.341

0.051

53

2.011

1.837

31

0.348

0.065

54

2.243

2.171

32

0.356

0.073

55

2.505

2.548

33

0.37

0.087

56

2.773

2.969

34

0.385

0.094

57

3.071

3.449

35

0.399

0.109

58

3.398

3.986

36

0.414

0.123

59

3.753

4.603

37

0.443

0.145

60

4.145

5.3

38

0.472

0.167

     

Please note:
1. These rates are current as at: 1 July 2005

If you are a new employee after 1 July 2005 and wish to elect a different level of cover, you will need to download and complete the St.George Employee Insurance Variation Form and return it to ASGARD. Please note this form does not apply for casual staff. Casual staff are offered age-based fixed dollar per week death only insurance.

If you are an existing staff member at 1 July 2005 and transfer your superannuation balance from Plum to ASGARD, your existing Life and TPD insurance benefit design under Plum will be transferred to ASGARD at that time (excludes M&F and Pre-1990 category members). If you would like to increase your insurance cover, you will need to provide medical evidence. Please speak to your Financial Adviser if you would like to change your level of cover.

The calculation basis for the Life and TPD insurance formula has recently changed for St.George Group members of the ASGARD Employee Super Account. Life and TPD insurance was originally based on 80% of TEC (Total Employment Cost), but on 1 July 2005 this changed so that Life and TPD insurance for all St.George Staff is now based on the full 100% of TEC. As a result, all staff will now have their insurance cover and premiums based on 100% of TEC (or base salary for non-packaged staff), providing additional peace of mind for all St.George Group staff.

All eligible St.George staff are covered by the Bank’s salary continuance insurance policy. The Terms and Conditions of this policy are not dependant on which superannuation fund you contribute to, as it is provided outside of your superannuation arrangements (unless you are a member of the ex-M&F category of the Plum Superannuation Fund). For more information on Salary Continuance insurance, please refer to the relevant section of HRXpress.


 
   
 

 

Instructions for Comparison Calculators
ASGARD Employee Superannuation Account and Plum Superannuation Fund

What do the calculators show?

The calculators compare the estimated total ongoing cost of each superannuation account per annum. These costs include:

  • Expense and trustee fees.
  • Investment management fees (charged by investment managers).
  • Insurance costs (Life and Total & Permanent Disablement cover).
  • Please note that all fees and other costs shown in these calculators are up-to-date as at October 2004

What information do I need to have ready to enter into the calculators?

  • Amount of superannuation you currently have.
  • Level of Life and Total & Permanent Disablement cover you currently have.
  • Investment option you are currently invested in.

There are three calculators for you to use:

Type of Investment
Description

Portfolios

Five portfolios tailored to meet specific investment risk tolerance levels.


Shares

As this option is available through ASGARD only, the comparison is based on several Australian share managed investments available through the Plum Superannuation Fund. You can compare the cost of holding shares directly in an ASGARD Employee Super account versus investing in a managed investment through the Plum Superannuation Fund.


Managed Investments

Specific managed investments from different asset classes are available for investors. For example, Australian shares or fixed interest funds.

Why is Plum shown twice, once with a subsidy and once without?

The plan member fee for the Plum Superannuation Fund is currently $99.13 pa although this is partially subsidised by St George. As a result, only $49.28 pa is debited from your account each year. Both scenarios are shown to illustrate the effect should the subsidy be removed at some stage in the future.

Where do I need to enter my details in each scenario?

All data that needs to be entered is denoted by a hand signal and will be yellow in colour.

Portfolios

Amount

Enter the amount you currently have in superannuation. This could be just the amount in your Plum Superannuation Fund or the total amount of superannuation that you wish to transfer from other providers.

Investment option

Enter the current investment option you hold in your Plum Superannuation Fund using the drop down box.

You will now have the total cost of administration plus investment management fees for your chosen portfolio and account balance.

However insurance costs differ between the Plum Superannuation Fund and the ASGARD Employee Superannuation Account so your age and cover details need to be entered..

Age next birthday

Life & TPD cover

Please note:

  • Insurance cover is not available in the Plum Superannuation Fund for members over age 60.
  • If you wish to obtain cover to age 65 within ASGARD, you will need to apply or the default age of 60 will remain.
  • Insurance cover is available from age 16 for both providers.

Results

The results will show total ongoing costs at the bottom of the page together with some notes and assumptions. The one page printout will give you an estimate of the total ongoing costs of both superannuation accounts.


Managed Investments

Comparison ONLY

There is no need to enter any information here, as this is a comparison only (as the managed investments offered are different between the Plum Superannuation Fund and the ASGARD Employee Superannuation Account).

Managed investments list

The managed investments available within each product are shown below the fee comparison so that you can view the range of choice available to you and the ongoing cost per annum of a particular managed investment. An example is shown below for the case of Australian Shares managed investments:

There are three columns shown here:

  1. The first column is the cost of the managed investments available through the Plum Superannuation Fund.
  2. The second column shows the cost of the managed investments available through the ASGARD Employee Superannuation Account.
  3. The third column shows the cost of the managed investments available through the ASGARD Employee Superannuation Account after the maximum investment management fee rebate for that fund is applied.

The investment management fee rebate is a discount on the investment management fee in the form of a rebate payable to you on certain managed investments. The rebate is based on the volume of funds invested and negotiated between ASGARD and the Investment Manager from time to time. ASGARD does not retain any of the rebate – the full rebate is passed on to you. The maximum rebate is applied here to illustrate the effect of these rebates.

Total Cost

The total cost per annum of investing in various managed investments is equal to the administration fee, trustee fee and expense fee plus the cost of the underlying managed investments.


Shares

Enter the amount you currently have in superannuation. This could just be the amount in your current St George Superannuation Account or the total amount of super that you wish to transfer from other providers.

As shares are not available within the Plum Superannuation Fund, a range of Australian Share Managed investments have been selected from the Plum Investment menu for comparative purposes. The three managed investments chosen for comparison are:

Credit Suisse Australian Share Fund

0.49%
MLC Australian Share Fund 0.57%
Schroder Australian Equity Fund 0.64%

You will now have the total cost of administration plus investment management fees for the portfolio chosen for the particular account size entered.

However insurance costs differ between the Plum Superannuation Fund and the ASGARD Employee Superannuation Account so your age and cover details need to be entered.

Age next birthday

Life & TPD cover

Please note:

  • Insurance cover is not available in the Plum Superannuation Fund for members over age 60.
  • If you wish to obtain cover to age 65 within ASGARD, you will need to apply or the default age of 60 will remain.
  • Insurance cover is available from age 16 for both providers.

Results

The results will show total ongoing costs at the bottom of the page together with some notes and assumptions. The one page printout will give you an estimate of the total ongoing costs of both superannuation accounts.

 
   
 

 

Want to know more or still unsure of what to do?

If you have questions about your super or investments in general, please either:

  • Call ASGARD Investor Services on 1800 998 185 for more information about the ASGARD Employee Super Account and other Accounts available to you. Read through the material and flyers on this website.
  • Talk to a Financial Planner before making changes to your super. Your superannuation is an important part of your financial future. To get in touch with a St.George Financial Planner in your locality please call the FACC on (02) 9553 5022.
 
   
 

 

Important Information

The information on this website was prepared by ASGARD Capital Management Ltd, ABN 92 009 279 592, Australian Financial Services Licence Number 240695. To the extent permitted by law, no liability is accepted for loss or damage as a result of reliance on this information.

ASGARD is a wholly owned subsidiary of St.George Bank Limited ABN 92 055513 070 Australian Financial Services Licence Number 240997 (St.George). ASGARD Accounts do not represent deposits with, or liabilities of, St.George and they are subject to investment risk, including possible delays in repayment and the loss of income and capital invested. Neither St.George, nor any member of the St.George Group in any way stands behind or guarantees the capital value and/or the performance of the specific investments you select, or the Accounts, products and services provided by ASGARD generally.

The investment information or general advice provided does not take into account any person's personal objectives, financial situation or needs and because of that a person should consider the appropriateness of the information or advice having regard to these factors.

In deciding whether to open, or to continue to hold, an ASGARD Account, you should consider the relevant Product Disclosure Statement or Financial Services Guide for that Account issued by ASGARD. Copies can be obtained from ASGARD or a licensed financial adviser.