Flexible, tax effective retirement income stream where the member chooses the level of income received (within Government limits).
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A superannuation account which is dependent on investment performance. The account increases with employer or personal contributions, investment earnings and any money rolled in (transferred) from other superannuation arrangements. The account balance decreases if any withdrawals are made from the account, when fees and tax (including any applicable surcharge) are applied and if investment returns are negative.
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A professional person who applies mathematical, statistical and financial analysis to a wide range of business problems. In superannuation, actuaries are involved in assessing the financial position of funds, providing financial projections and offering general advice to the Trustee.
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Total income including: the gross salary you receive from your employment (for all jobs), any pre-tax contributions made to your super, any Reportable Fringe Benefit (RFB) included on your PAYG payment summary and anything the ATO deems to be regarded as taxable income – such as interest on investments, etc. Please note: Adjusted taxable income is not limited to your salary.
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An administration fee is charged to your superannuation account to cover the costs of maintaining your account. This fee does not include investment management costs. Telstra Super does not charge any exit, entry or transfer fees.
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Your age next birthday, as determined at 1 July each year.
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The index of Australia’s top 500 companies on the Australian stock exchange.
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Relating to the past year and deducted at the end of that year.
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APRA is the regulatory body that looks after the superannuation industry.
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The Government body responsible for consumer protection and market integrity matters.
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A gross income amount. This amount is included as income on your tax return.
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A resource held to produce a future economic benefit. Telstra Super's investment options offer a range of assets - such as shares, property, cash and fixed interest securities.
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A test by Centrelink on the assets of an individual or a couple. If assets are over a certain level, you may not be eligible for the age pension.
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To be 'at work' means the Insured Person is actively performing all the primary duties of his or her regular occupation and is not in receipt of and/or entitled to claim income support benefits from any source including workers' compensation benefits , statutory transport accident benefits and disability income benefits. An Insured Person who does not meet these requirements is correspondingly described as not At Work.
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An agreement between an individual and their employer about the terms and conditions of employment.
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If a member joins Telstra Super within 30 days of first becoming eligible to be a member, in most instances they will receive Automatic cover and will be subject to the insurance policy's 'At work' requirement.
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These are the wage and salary levels of employees in Australia - as measured by the Australian Bureau of Statistics (ABS). They are published monthly. The Government uses movements in AWOTE to determine how to remove the impact of inflation from various superannuation calculations.
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A market measurement used as a yardstick to assess the risk and performance of a portfolio. For example, the All Ordinaries Accumulation index is a commonly used benchmark for Australian shares.
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The recipient of your benefit should you die. You can only nominate your dependants or legal personal representatives as your beneficiary.
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The amount you're entitled to be paid by Telstra Super when you cease employment - when you retire, resign or are retrenched, become totally and permanently disabled. Also the amount that's paid to your dependants or your personal legal representative(s) if you die.
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