FAQs

Find an answer to your question quickly and easily by searching our database of frequently asked questions.

Account and updates

  • How do I find how much super I have with TelstraSuper?

    Checking your super balance is easy. You can find out how much super you have in two ways:

    1. Online via SuperOnline
      Access your current balance any hour of the day. Simply log in to SuperOnline and choose 'Balance'.
    2. Call us on 1300 033 166
      Our Member Services Consultants can provide you with your current balance between 8.30am and 5.30pm, Monday to Friday (Melbourne time).

    Of course, your quarterly Super Statement also provides a record of your benefit. You can choose to receive your statements online.

    You can also access historical Super Statements via SuperOnline or by calling 1300 033 166

  • Can I change my investment option?

    Yes, you can change your investment option as often, or as little, as you like.

    buy/sell spread will apply when switching your investment options. 

    The easiest way to change your investment options is by:

    • logging in to SuperOnline
    • choosing “Investment choices”
    • clicking “Update investment choice”.

    You can choose from a broad range of options to ensure that your super savings are invested in the option that best suits you.

    TelstraSuper offers five diversified options, which means your money is invested across several asset classes including shares, cash, property and fixed interest.

    We also offer five single asset class options to provide you with investment choice in all major asset classes.

    Additionally, our Direct Access investment option offers you the ability to invest your super directly in companies listed in the ASX300, a range of selected Exchange-Traded Funds (ETFs) and term deposits. To be eligible for Direct Access, you require a $50,000 minimum balance in your account. For details of other eligibility criteria, see the Direct Access PDS.

    Members who don't make an investment choice will automatically be invested TelstraSuper MySuper, which consists of three investment stages based on age.  Member elected switches in and out of TelstraSuper My Super also incur the usual buy/sell spread.

    For more information on the investment options available to you, visit the investment options pages or download our Investment Guide

  • Is there a charge for changing my investment option?

    There is no switching fee for changing your investment option/s.

    However, when you switch investment options, a buy/sell spread will apply. A buy/sell spread is a cost to recover the transaction costs related to the sale and purchase of assets.

    The buy cost or sell cost ranges from 0.00% to 0.30%, depending on the investment option. The cost of the buy/sell spread is deducted in the calculation of unit prices at the time of the switch.

    Buy-sell spreads don't apply to the Direct Access investment option. However, other fees such as activity fees may apply, which reflect transaction costs, brokerage or other services associated with investing via the Direct Access investment option. Please refer to the Direct Access PDS for more information regarding fees

    Buy-sell spreads don't apply to the automatic, age-based investment switches within TelstraSuper's MySuper arrangement.

    The easiest way to switch your investment is by:

    • logging in to SuperOnline
    • choosing “Investment choices”
    • clicking “Update investment choice”.

  • How do I update my beneficiaries

    In a super account there are three types of beneficiaries you can nominate – a binding or a non-binding beneficiary, or a reversionary beneficiary.  There are two ways you can update your beneficiaries:

    1. Download a Nomination of Beneficiaries form to make a binding or non-binding nomination, complete the form and return it to TelstraSuper by post or fax.
    2. Log in to your SuperOnline account to update or change your non-binding beneficiaries online.
    3. A reversionary beneficiary nomination can only be made at the commencement of a TelstraSuper RetireAccess account via the TelstraSuper RetireAccess Application form. Once a TelstraSuper RetireAccess account with a reversionary beneficiary has commenced, you can only change or remove your reversionary beneficiary nomination by closing that account and commencing a new account with a new beneficiary nomination.

    Am I eligible to set up a TelstraSuper RetireAccess income stream?

    You can use your super to open a TelstraSuper RetireAccess income stream provided you have at least $10,000 in your account and you meet one of the following criteria:

    • you have reached preservation age (the age the Government allows you to access your super)

    Or

    • you have applied and been approved to receive a Total & Permanent Disablement benefit.

    You can open a RetireAccess income stream even if you’re still working and have met your preservation age through a transition to retirement strategy.

    Find out more about a TelstraSuper RetireAccess income stream.

Contributions

  • Can I roll over other super money into my TelstraSuper account?

    Yes you can. By putting your super into one account you will pay just one set of administration fees, competitive investment fees and reduce the headache of having your super in different accounts. Plus - we won't charge you any fees for transferring your money into TelstraSuper. Save yourself the hassle - consolidate your super today.
    If you are a Defined Benefit member, any super you transfer from another fund will be rolled into your Voluntary Accumulation Account (VAA). If you do not already have a VAA one will be set up for you.

  • How do I make contributions to my super?

    There are a few easy ways to contribute to your super account. The type of contribution you should make depends on your circumstances.  If you earn below a certain salary post-tax contributions could be more suitable and you may be eligible for a government co-contribution.  Whereas if you earn above a certain salary, pre-tax contributions may provide tax savings. 

    • Pre-tax contributions: if you’re working, speak to your payroll area to set up ongoing contributions into your TelstraSuper account. You just need to let them know how much you want to contribute each pay period. 
    • Post-tax contributions: make contributions by BPAY or cheque. You can set up ongoing contributions with your BPay. 

    To find out more about the different types of contributions you can make, visit the contributions page of our website. To see what kind of contribution may suit you best try our pre vs post tax calculator.    

  • Is there a limit on the amount that can be contributed?

    Yes, there are limits on the amount of pre-tax and post-tax contributions you can make to your account.

    Limit for pre-tax contributions for the 2017/2018 financial year is:

    • $25,000 per year

    Find out more about pre-tax contribution limits, and what’s included in the cap and how your contribution is taxed.

    The post-tax contributions cap for the current financial year is $100,000 pa per person.

    • If you are aged under 65 years, you are able to bring forward two years of post-tax contributions and make a lump sum contribution of $300,000 in one financial year. So if you make a $300,000 contribution during the 2017/2018 financial year, you will not be allowed to make any further post-tax contributions until the 2020/2021 financial year.
    • If you are aged 63 or 64 you are able to bring forward two years of contributions without meeting the work test in the subsequent two years.
    • If you are aged 65 to 74 you can make contributions up to the annual cap of $100,000 if you meet the work test (work 40 hours within a 30 day period each income year), but you are not able to bring forward contributions.

    Find out more about post-tax contribution limits, and what’s included in the cap and how your contribution is taxed.

  • What is the best way to contribute to my super: pre-tax or post-tax?

    The best approach depends on your personal and financial situation.

    Pre-tax contributions, also known as concessional contributions can have significant tax savings. Benefiting from making pre-tax contributions will depend on factors such as your marginal tax rate.

    Post–tax contributions, also known as non-concessional contributions, are any contribution made after your salary is taxed. There are advantages to making post-tax contributions, such as the government co-contribution scheme and spouse tax offset. The benefits you receive from these depend on you and your spouse's income earnings.

Insurance

  • What insurance cover do I have?

    The insurance cover you have depends on the plan you’re in.  The insurance cover that is available in some of the plans is Death, Total & Permanent Disablement and Income Protection. 

    It’s important to review your insurance from time to time – especially when you have any changes in your life (such as getting married, taking on a mortgage, having children or separating from your spouse).  You can find out how much insurance cover you may need by using our calculator

    You can review how much cover you have by logging into your SuperOnline account or giving us a call on 1300 033 166

    You can also find out more about insurance in the insurance section of our site or download the relevant Insurance Guide or Product Disclosure Statement for further details.

  • Can I get income protection cover?

    Your eligibility for income protection depends on which plan you’re in.  Generally if you’re in Corporate Plus (you work for Telstra or a Telstra related employer) you’ll have income protection.  You also may have income protection if you’re in Personal Plus (for members who used to work at a Telstra employer but don’t anymore or family members of Telstra employees) and some defined benefit members.

    You can find out if you have income protection cover by logging into your SuperOnline account or giving us a call on 1300 033 166

    You can find out more about insurance, including eligibility in the insurance section of our site or download the relevant Insurance Guide or Product Disclosure Statement for further details.

TelstraSuper information

  • Will it cost anything to join TelstraSuper?

    As a not for profit fund we don’t change entry, exit, contribution fees or commissions.  If you are coming from another fund, you may have a withdrawal fee in that fund, so you might want to refer to your current fund's product disclosure statement for details. 

  • What fees does TelstraSuper charge

    The fees and costs you pay depends on the membership category you're in.  As a not for profit fund we work hard to keep our fees competitive when compared to other super funds. There are no hidden fees. 

    • Find out more about possible fees and costs that you may be charged.

Towards retirement

  • How much super is enough?

    This is one of the most common questions we get asked.  The answer’s a personal thing. What’s enough for one person will differ for another.

    To achieve the retirement lifestyle you want, it's best to plan early. However, everyone is different, so it’s important to consider things like:

    • the age you want to retire
    • the lifestyle you want to enjoy
    • the income you want 
    • other financial assets you have.

    The Association of Superannuation Funds of Australia (ASFA) gives a guide for how much a person needs for a ‘modest’ or ‘comfortable’ lifestyle in retirement.  A comfortable retirement means you can have an annual holiday in Australia, eat out, buy good clothes and own a reasonable car.  If this sounds like what you’ll want when you finish work, then it’s a good starting point for what you’ll need saved in your super.  If you think you’ll want to do more (such as travel overseas every year) you’ll need to save more.

    ASFA says to fund a comfortable retirement as a couple you’ll need $640,000 saved in your super. For a single person you’ll need $545,000.  TelstraSuper Financial Planning has estimated a guide for how much you may need, depending on when you want to retire and your annual income needs. 

    Once you’ve got an idea of how much income you may need, you can then look at the different options available to help you get there. These include considering:

    • your super and the retirement income options available to you,
    • any other personal investments you might have, plus
    • your eligibility for the Age Pension and other government benefits.

    Have you tried our retirement income projector? It’s an industry-leading retirement income calculator, which allows you to estimate your projected super balance and whether you are likely to have an adequate retirement income.

    Launch retirement income projector

  • What is my preservation age?

    Preservation age is the age the Government allows you to access your super.  Your preservation age depends on your date of birth.  

     Date of birth Preservation age
    Before 1 July 1960 55
    1 July 1960 - 30 June 1961  56
     1 July 1961 – 20 June 1962  57
     1 July 1962 – 30 June 1963  58
     1 July 1963 – 30 June 1964  59
     After 30 June 1964 60 

    If you have reached preservation age and are considering withdrawing your money you should carefully consider the consequences, particularly given that super is tax-free on withdrawals from age 60 (provided your super is from a taxed source). You can open a retirement income stream – RetireAccess which will provide you with regular payments – much like the salary you earned while working.  This allows you to enjoy your retirement rather than worrying about managing your investments. 

    TelstraSuper Financial Planning can advise you how best to maximise your super in line with your personal circumstances and obligations.

    To make an appointment, call TelstraSuper Financial Planning on 1300 033 166 or request an appointment online.

  • When and how can I access my super?

    Super is designed to support you in retirement so generally your super must stay in the system until you’re retired. 

    You’re defined as "retired" if you’ve reached:

    • preservation age (the age the Government allows you to access your super) and are retired permanently from work; or
    • the age of 60 and have stopped working; or
    • the age of 65 (whether you're still working or not).

    When you retire you can take your super as a retirement income stream or a lump sum.  Although you’ll have access to your money, there may be tax implications if you remove it from the super system.

     You should carefully consider the consequences of withdrawing your money, particularly given that super is tax-free on withdrawals from age 60 (provided your super is from a taxed source). You can open a retirement income stream – RetireAccess which will provide you with regular payments – much like the salary you earned while working.  This allows you to enjoy your retirement rather than worrying about managing your investments. 

    TelstraSuper Financial Planning can advise you how best to maximise your super in line with your personal circumstances and obligations.

    To make an appointment, call TelstraSuper Financial Planning on 1300 033 166 or request an appointment online.

  • What does Transition to Retirement mean?

    Transition to Retirement is a strategy that allows people to access an income stream once they reach preservation age (this is the age that the Government allows you to access your super – it’s based on your date of birth) and are still working.

    The Transition to Retirement legislation was introduced to help people ease into retirement; by cutting back on working hours and supplementing any reduced income through their super. It also allows people who are approaching retirement but still working to salary sacrifice into super while at the same time receiving tax-effective income payments from a retirement income stream.

    Through this strategy you can maintain your income, reduce your overall tax bill and increase your super.

    To be eligible you must:

    • have reached preservation age but be under 65
    • be currently employed
    • roll over some or all your funds to a retirement income stream such as TelstraSuper RetireAccess.

    Visit to Transition to Retirement for further information.

    TelstraSuper Financial Planning can help you develop a strategy that suits your lifestyle. To make an appointment, call TelstraSuper Financial Planning on 1300 033 166 or request an appointment online.