Member Benefits

You already know about CONNECT's great benefits:

• We keep super simple
• We give you three different options for investing your super
• You have insurance for death and disablement - which you can top up
• You have access to Super Member Home Loans
• You receive easy to understand publications to keep you informed

But here are some of the other things you need to know...

• How does your account in CONNECT work?
• About your payout

How does your account in CONNECT work?

Your employer contributes money
Each pay, your employer puts aside an amount equal to a percentage of your pay and contributes that amount to your super with CONNECT.

How much money does your employer put in?
All contributions made by your employer are credited to your account. The amount your employer contributes will usually be either based on the amount specified in an Industrial Agreement or Award; or Superannuation Guarantee (SG) legislation.

However, your employer may decide to contribute more, and this will also be credited to your account. You can make contributions in addition to those your employer makes. Your employer must submit these to CONNECT within 28 days after the end of the month in which they were deducted from your salary.

If you want to make these contributions, you need to complete the section 'Voluntary Contributions' on the Membership Application Form. This gives your employer permission to deduct the voluntary contribution from your salary. You may also be able to make these from before-tax pay (known as 'salary sacrifice') - check with your employer.

Rollovers from other plans
If you belonged to any other superannuation plan and have
since left it, you can roll over your super from that other plan
into CONNECT. This avoids your having to pay
administration fees to more than one fund and is a great way
to keep track of your super.

Investment returns
CONNECT offers you three investment choices - each of
which will perform differently and are suited to different types
of Members. Read more about them on our Your money
growing strong page.

About your payout

When you retire
When you permanently retire after your preservation age (see
table below), you will be entitled to the full balance in your
personal account, after tax has been deducted. Depending on
your age this may be subject to preservation requirements and
'reasonable benefit limits' (RBLs).

If you were born	Your preservation age is
Before 1 July 1960	55 years
1 July 1960 - 30 June 1961	56 years
1 July 1961 - 30 June 1962	57 years
1 July 1962 - 30 June 1963	58 years
1 July 1963 - 30 June 1964	59 years
1 July 1964 or after	60 years

If you resign
When you stop working for your current employer, and if your new employer is also in CONNECT, your benefit will continue to accumulate in CONNECT. If your new employer doesn't belong to CONNECT, you may still be able retain your membership in CONNECT as long as you are eligible to exercise choice under the choice of fund legislation. Simply complete the standard choice of fund form, nominate CONNECT as your selected fund and give a copy of the form to your employer. To find out more about choice of fund and check your eligibility, go to www.superchoice.gov.au

If your new employer doesn’t belong to CONNECT and you cannot or choose not to continue your membership, or you're unemployed, a benefit equal to the full balance in your personal account is payable, after tax. This benefit may be subject to preservation, which generally means it must be kept for use in retirement.

What if you die or become totally and permanently disbled?
In the event of your death or total and permanent disablement, the following benefits will be paid: The balance in your personal account; plus An insurance payout, received by the Trustee from the insurer in respect of you. (When you join CONNECT you're automatically provided with on unit of cover for death and total and permanent disablement.

You can buy extra cover through CONNECT. To find out more go to Affordable insurance cover – how much do you need and do you have enough?)

What does total and permanent disablement mean?
If you currently have your employer super contributions paid into CONNECT this is the definition that will be applied by the Fund’s insurer: An insured member is considered Totally and Permanently Disabled (TPD) if he or she has suffered the permanent loss of:

• two limbs (i.e. a limb is a whole hand or whole foot)
• the sight of both eyes, or
• use of one limb and the sight of one eye.

A member would also qualify for a TPD payment if he or she is engaged in a gainful occupation, business, profession, or employment and as the result of an injury or illness is:

• totally unable to engage in that occupation, business, profession or employment for 6 consecutive months and
• is assessed by the insurer at the end of the 6 months to be permanently incapacitated and unlikely ever again to engage in any gainful occupation, business, profession or employment for which the insured member is reasonably suited by education, training or experience.

If you don’t currently have your employer super contributions paid into Connect and it’s been more than 6 monthssince any contributions have been paid into your account a different definition of TPD applies. To qualify for a TPD payment a member would be assessed on the basis of whether he or she is able to perform at least two out of five activities of daily living. These activities are: bathing and showering, dressing and undressing, eating and drinking, using the toilet to maintain person hygiene and moving from place to place by walking, wheelchair or with the assistance of a walking aid.

Who gets the money if you die?
If you die before age 65, Connect pays out a death benefit to your dependants or to your estate. Any benefit paid to your estate is distributed according to your Will. You can nominate one or more preferred beneficiaries, including dependants, who you would like to receive the benefit payable in the event of your death and indicate the share of the benefit they should receive. Dependants include your husband or wife (legal or de facto), your children, or any other person who is financially dependent on your income.

While Connect’s Trustee has the final decision about who receives the benefit, the Trustee would be guided by your wishes and what is on your latest nomination form. You can nominate who should receive the death benefit payable in the event of your death by completing a Nomination of Beneficiary Form. It’s important to keep this up to date by filling in a Change of Beneficiary Form if your circumstances change.

Special note on payment of insured benefit
If the Trustee is unable to claim the full insurance or to arrange for insurance on standard terms, then your death and total and permanent disablement benefits may be reduced by the amount of insurance refused, restricted or limited in respect of certain medical conditions.

Can you take your payout in cash?
Some money in your account may not be restricted by preservation rules. This will usually be money rolled over from another plan. Any non-restricted money is known as 'Unrestricted Non-Preserved Benefits'. You may withdraw this money at any time. However there will be a small charge to process your claim. For accounts less than $1000, the fee will not exceed the interest earned.

How do you claim a benefit?
You'll need to complete an Application for payment of benefits form selecting the type of claim and providing any relevant details.