Glossary
Glossary
Active member
An Active member is a member who is:
- contributing from their after-tax or before-tax salary (salary sacrifice) and/or
- receiving Employer Contributions and/or
- on Leave Without Pay (LWOP) and has notified Super SA of this and/or
- employed on a Casual basis and has received Employer Contributions in the last 12 months
Account ID
The identification number of a specific superannuation product for a Triple S, Income Stream, FRP or Select account. The Account ID(s) sits under your overarching Client ID.
Accumulation fund/scheme
An example of an accumulation fund/scheme is Triple S, the current scheme open to SA public sector employees. This style of scheme operates in a similar way to a bank account. Each pay day your employer forwards all contributions, and Super SA banks them into your superannuation accounts.
Adjusted Taxable Income
Your Adjusted Taxable Income is made up of:
- your taxable income plus
- reportable fringe benefits plus
- surchargeable contributions plus
- part of any “golden handshake” you may receive when you leave employment
After-tax contributions
These are contributions made into your scheme from your net, or after-tax, salary.
Asset Mix
The combination of asset classes that make up each investment option. Eg
- Cash
- Fixed interest
- Inflation Linked Securities
- Diversified Strategies - Income
- Property
- Australian and International equities (shares)
- Diversified Strategies - Growth
Automatic Acceptance Limit (AAL)
For members with insurance through Triple S or Flexible Rollover Product commencing on or after 3 September 2018, the level of IP Insurance cover that is automatically provided without the provision of health/medical information will be based on a notional salary which is capped at the Automatic Acceptance Limit (AAL) of $122,000. This means that if their salary is over $122,000 per annum, their IP Insurance premiums and benefits will be based on a notional salary of $122,000 and not their actual salary.
Members who earn a salary above $122,000 per annum may apply to increase their level of cover above the AAL subject to underwriting (limitations may apply).
Australian and International Equities (shares)
These are investments in companies listed on the Australian or international stock exchanges. Dividends provide income although they can't be guaranteed. Share prices can fluctuate dramatically and can frequently be negative, which makes them high risk but there's potential for high capital growth over the long term.
Beneficiaries
Should you die, your entitlement will be paid to your surviving spouse. Should you not have a spouse, the entitlement will be paid to your estate.
For a person to be recognised as a spouse, they need to be either your legal spouse by marriage or declared a putative spouse under the Southern State Superannuation Act 2009 (Triple S, Select, Flexible Rollover Product, Income Stream) or the Superannuation Act 1988 (Pension Scheme and Lump Sum Scheme).
If you do not wish your superannuation benefit to be paid to your spouse when you die, you can choose to nominate a legal personal representative (estate). Your legal personal representative is the person appointed as the executor or administrator of your estate, following your death. By nominating your legal personal representative, your death benefit will be paid to your estate and distributed according to your Will and the Statutes.
Before-Tax Income
Before-tax income is your income before income tax is deducted by your employer, also called gross income, or pre-tax income.
Bonds
Bonds are securities that pay interest over a fixed period. The amount of interest (the coupon) is fixed for the life of the bond and is based on the amount lent to the bond issuer and the credit quality of the bond issuer. The principal amount of the loan is repaid at maturity.
Cash (asset allocation)
These are investments in assets that can be cashed in quickly. A stable investment suitable for investors with a low risk tolerance. It includes bank bills, overnight cash and short-term deposits.
Client ID
The identification number of your membership with Super SA. Your Client ID is needed to log into the member portal and covers all of your Triple S, Income Stream, Flexible Rollover Product and Select accounts at Super SA. You can find your Client ID on your annual statement.
Co-contribution Account
You Co-contribution Account comprises:
- amounts you have received from the Commonwealth Government as part of the co-contributions scheme
- investment earnings
Your Co-contribution Account is subject to fluctuations in investment markets and Commonwealth Government preservation requirements.
Commonwealth Government preservation rules
The Commonwealth Government preservation rules are rules established by the Commonwealth Government which relate to the conditions under which you can claim your super entitlement. These rules apply to:
- funds rolled over into your Super SA scheme/product
- funds in your Co-contribution Account,
- all funds in Super SA Select and Flexible Rollover Product accounts.
Any part of your Rollover Account that was subject to preservation before it was transferred to your Super SA scheme/product will remain subject to Commonwealth Government preservation requirements.
Your preservation age depends on your date of birth:
|
Date of birth |
Benefit preserved until age |
|
Before 1 July 1960 |
55 |
|
1 July 1960 to 30 June 1961 |
56 |
|
1 July 1961 to 30 June 1962 |
57 |
|
1 July 1962 to 30 June 1963 |
58 |
|
1 July 1963 to 30 June 1964 |
59 |
|
After 30 June 1964 |
60 |
Preserved entitlements are preserved until you:
- have retired permanently from the workforce having reached Preservation Age
- leave an employment arrangement after age 60
- reach age 65
- become totally and permanently disabled
- die
See also Preserved entitlements and Triple S preservation rules.
Compassionate Grounds
A member may apply to the Super SA Board to have their super released on compassionate grounds to:
- pay for medical treatment or transport for the person or their dependant;
- make a payment on a loan to prevent foreclosure or forced sale of the person’s principal residence (release limited to 3 months’ repayments and 12 months interest in any 12 month period);
- modify the person’s principal residence or vehicle to accommodate special needs arising from severe disability of themselves or a dependant;
- pay for the person’s palliative care expenses, in the case of impending death;
- pay for expenses associated with their dependent’s palliative care (in the case of impending death), death, funeral or burial; or
- meet expenses in other cases where it is consistent with grounds 1 to 5 above.
It must be demonstrated that they do not have the financial capacity to meet an expense, listed above.
Complying super fund
A complying super fund qualifies for concessional tax rates.
The Pension Scheme, Lump Sum Scheme, Triple S, Select, Flexible Rollover Product and Income Stream are all complying super funds.
Concessional tax
This is a reduced rate of tax. Super is taxed at lower rates than many other forms of investment.
Concessional contribution cap
A concessional contribution cap is an annual limit legislated by the Federal Government to curb the amount of before-tax contributions that a member can make into their superannuation. The cap for the 2024-25 financial year is $30,000.
While the cap applies to taxed funds only, amounts contributed to an untaxed fund (such as Triple S, Pension Scheme, Lump Sum Scheme, Parliamentary Scheme or Judges' Scheme) count towards a member's annual concessional contribution cap if the member also makes contributions to their superannuation with a taxed scheme or fund.
Contribution Replacement Benefit (CRB)
Income Protection (IP) Insurance provides you with a fortnightly income of up to 75% of your notional salary plus a Contribution Replacement Benefit (CRB) while you are unable to work due to temporary incapacity through illness or injury. The CRB ensures you will continue to receive regular minimum contributions into your super while you're receiving IP benefits.
CRB is equal to 9.5% of your fortnightly IP benefit paid into your Triple S account. A CRB is only paid where the member's incapacity commenced on or after 3 September 2018.
Contribution splitting
Contribution splitting allows active Triple S members to split their employer and salary sacrifice contributions with their spouse within Triple S. It doesn’t provide the option to split to other super funds.
Defined Benefit scheme
Super SA administers two closed defined benefit schemes, the Pension Scheme and the Lump Sum Scheme. Members' entitlements under these schemes are defined or calculated on specific criteria.
Diversified strategies - growth (asset allocation)
These are investments in a diverse range of assets, for example, private companies and infrastructure. Returns tend to fluctuate and can be negative. These assets carry a high level of risk.
Diversified strategies - income (asset allocation)
These are investments in higher yielding fixed income securities, and include investments in the form of loans to companies and emerging markets. It also includes alternative investment strategies that are expected to benefit from the more volatile financial market environment (referred to as 'absolute return'). Returns tend to fluctuate and can be negative.
Division 293 taxation liability
This tax is imposed by the Commonwealth Government. If you have concessional super contributions to your super in a financial year and your income plus your concessional contributions exceed $250,000 you will be liable to pay Division 293 tax. Division 293 tax will also apply to the concessional contributions if your income excluding your concessional contributions is less than $250,000 but the concessional contributions pushes you over the $250,000 threshold. This tax was legislated in June 2013, backdated to July 2012.
Eligible child/student
In relation to a deceased member, an eligible child/student is:
1.(i) a child of the member or
(ii) a child in relation to whom the member had assumed parental responsibilities and who was cared for and maintained, wholly or in part, by the member up to the date of the member’s death
2.(i) under the age of 16 years or
(ii) between the ages of 16 and 25 years and in full-time attendance at an educational institution recognised by the Board for the purposes of this definition
Eligible service date
This is either the date you first commenced continuous service with the SA public sector or a “date joined employer”, transferred with a rollover from a previous employment. Your eligible service date is used to determine your taxation liability on your benefit entitlement.
Employer Account (Triple S)
Your Employer Account includes:
- Employer contributions
- Salary sacrifice contributions
- investment earnings
Less:
- administration fees
- insurance premiums
- switching fees
Your Employer Account is subject to fluctuations in the investment markets.
Employer contribution rate (Triple S and Super SA Select)
Your employer contribution rate is the amount your employer is contributing to your super. Your employer is obliged to contribute 11.5% of your superannuation salary. If you are no longer employed or are on leave without pay (LWOP) your employer will not be contributing.
Entitlements Superannuation Salary (ESS) (for Pension and Lump Sum Scheme members)
Your Entitlements Superannuation Salary (ESS) is your full-time equivalent annual salary at the time of application for entitlement. While you only pay contributions based on your substantive salary, if you have been in receipt of a higher duties allowance continuously for 12 months or more when you apply for your entitlement, your ESS will be based on the higher salary.
Please note that if you are on a fixed term appointment (including a Curriculum Guarantee position), you should refer to the Contracts or Acting Arrangements of 12+ months fact sheet for more information on your retirement entitlements.
Estate
In terms of application for payment in relation to a deceased member, when the member does not have a spouse and/or eligible children (where applicable) their super and insurance benefits (if any) are paid to their estate and distributed in accordance with their Will.
Extrapolate
Extrapolate means to estimate a future figure based on known data, assuming that the estimated figure follows logically from the known data.
This is relevant to Pension and Lump Sum Scheme members in calculating any future or insurance benefits.
Fees - Defined Fees
A fee is an activity fee if it relates to costs incurred by Super SA that are directly related to an activity of
Super SA:
(i) that is engaged in at the request, or with the consent, of a member, or
(ii) that relates to a member and is required by law;
and those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, an advice fee or an insurance fee.
An administration fee is a fee that relates to the administration or operation of the scheme/product and includes costs incurred by Super SA that relate to the administration or operation of the scheme/product; and are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.
A fee is an advice fee if it the fee relates directly to costs incurred by Super SA because of the provision of financial product advice to a member by Super SA or another person acting as an employee of, or under an arrangement with Super SA and those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an insurance fee.
A buy-sell spread is a fee to recover transaction costs incurred by Super SA, in relation to the sale and purchase of the scheme's/product's assets.
An exit fee is a fee to recover the costs of disposing of all or part of members' interests in the scheme/product.
The indirect cost ratio (ICR) for an investment option offered by the scheme/product is the ratio of
the total of the indirect costs for the option, to the total average net assets of the scheme/product attributed to the investment option.
A fee is an insurance fee if it relates directly to either or both of the following:
(i) insurance premiums paid by Super SA in relation to a member or members of the scheme/product;
(ii) costs incurred by Super SA in relation to the provision of insurance for a member or members of the scheme/product; and
the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit that is based on the performance of an investment rather than the realisation of a risk and the premiums and costs to which the fee relates are are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an advice fee.
An investment fee is a fee that relates to the investment of the assets of the scheme/product and includes fees in payment for the exercise of care and expertise in the investment of those assets
(including performance fees) and costs incurred by Super SA that:
(i) relate to the investment of assets of the entity; and
(ii) are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee,
an advice fee or an insurance fee.
A switching fee is a fee to recover the costs of switching all or part of a member's interest in the scheme/product from one class of beneficial interest in the scheme/product to another.
Financial hardship
A member may apply to the Super SA Board to have their super released early if the member is considered to be in 'severe financial hardship'. This means that:
the person (member) is in receipt of Commonwealth income support payments for the past 26 weeks and is unable to meet reasonable and immediate family living expenses (release limited to between $1,000 and $10,000 in any 12 month period) or
the person (member) has received 39 weeks of Commonwealth income support after reaching their Commonwealth preservation age and is not in gainful employment of a full-time or part-time basis.
Please contact Super SA to discuss your eligibility and obtain a copy of the application form.
Fixed Benefit Insurance Cover
Fixed Benefit Insurance provides you with a level of cover that can be maintained to age 70. Once you fix your level of cover using Fixed Benefit Insurance, your level of cover remains the same until you advise us that you want to change it or you reach age 70.
Each Fixed Benefit unit has a value of $10,000. The premium paid for Fixed Benefit Insurance will increase based on your age.
Fixed Insurance (Closed to new applications since November 2014)
Members are no longer able to apply for units of Fixed Insurance (Closed to new applications since November 2014). However, members who already had Fixed Insurance cover prior to 13 November 2014 retained their level of cover. Members with this type of cover can decrease their level of cover, but can only increase their cover by switching to Standard Insurance of Fixed Benefit Insurance Cover, and thereby closing their Fixed Insurance (Closed to new application since November 2014) cover.
Closed Fixed Insurance (Closed to new applications since November 2014) has different terms and conditions to Fixed Benefit Insurance Cover.
Fixed interest (asset allocation)
These investments are usually in the form of loans to governments or companies who pay a fixed rate of interest for the term of the loan. Returns tend to be better than cash over the long term, but lower than property and shares.
Returns can fluctuate and can be negative, as these investments are valued daily and can change depending on movements in interest rates and general market conditions. Bond prices typically move in the opposite direction to interest rates (ie. higher interest rates lead to lower bond prices and vice versa).
Gainful employment
A definition used for insurance purposes. Gainful employment means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment and also includes any employment that you may be retrained or rehabilitated to perform based on your education training or experience.
Inflation Linked Securities
These investments are similar to those described for the Fixed Interest asset class. However, they have the additional feature of being linked to a measure of the general level of prices in the economy, such as the Consumer Price Index (CPI). Returns can fluctuate and can be negative.
Investment Choice
Triple S, Lump Sum Scheme, Flexible Rollover Product and Income Stream investors have the choice of the following investment options:
- High Growth
- Socially Responsible
- Balanced
- Moderate
- Conservative
- Capital Defensive
- Cash
Super SA Select members have a choice of:
- Balanced
- Cash
As a member of Triple S, Lump Sum, Flexible Rollover Product, Income Stream and/or Select you can choose to switch your current balance and/or future contributions to another investment option, or across any number of the available options, providing the total is equal to 100%, at any time in line with the Investment Choice Switching Policy. Lump Sum members can only switch their Member Account balance. Their Employer Account cannot be switched.
Investment Choice 'Switching Policy'
The unit price to be applied to a switch represents the market value of an investment option calculated after the switch is received.
Triple S, Flexible Rollover Product and Super SA Select
Members and spouse members will be invested in the "Balanced" option if they do not make an investment choice.
A request to switch your current account balance received before 5pm on a business day will generally take effect on the third business day following the date of receipt. Super SA will notify members of any variation to this via the website. If you change your mind and wish to stop an investment switch going ahead, you will need to let us know in writing by 5pm on the day that your switch is lodged otherwise it will proceed.
You can also choose to invest your current account balance and/or future contributions and rollovers across any combination of the available investment options, providing the total is equal to 100%. A switch to your future contributions and rollovers will take effect from the time it is processed.
Unit prices are calculated and applied daily. Switches can be made through the Member Portal or in writing by completing the Investment Choice form.
Income Stream
If you don’t choose an investment option your funds will automatically be invested 60% in Moderate and 40% in Conservative options.
A request to switch your current account balance received before 5pm on a business day will generally take effect on the third business day following the date of receipt. The Super SA website will notify members of any variation to this via the website. If you change your mind and wish to stop an investment switch going ahead, you will need to let us know in writing by 5pm on the day that your switch is lodged otherwise it will proceed.
You can choose the priority of investment options from which you wish to draw down your future income payments.
You can also choose to invest your current account balance and/or future contributions and rollovers across any combination of the available investment options, providing the total is equal to 100%. A switch to your future contributions and rollovers will take effect from the time it is processed.
Unit prices are calculated and applied daily. Switches can be made through the Member Portal or in writing by completing the Investment Choice form.
Lump Sum Scheme
Members may elect to switch between investment options, however, the Member Account and Rollover Account (if any) must be invested in a single investment option.
Unit prices are calculated and applied twice weekly. For Lump Sum Scheme members, an Investment Choice request needs to be received by Super SA by 5pm on Friday or 5pm on Tuesday to be processed at the next determined unit price. The Super SA website will notify members of any variation to this via the website. Switches can be made in writing by completing the Investment Choice form.
Investment Earnings
Earnings on money invested in super that is reflected by the movement in the unit price of each investment option.
Investment time horizon
The minimum length of time needed to reach the earning potential of your investment.
Legal Personal Representative (LPR) (Estate)
Under legislation, your super benefit will be paid to your spouse if you die.
If you do not wish your superannuation benefit to be paid to your spouse when you die, you can choose to nominate a legal personal representative (estate). Your legal personal representative is the person appointed as the executor or administrator of your estate, following your death. By nominating your legal personal representative, your death benefit will be paid to your estate and distributed according to your Will and the Statutes.
Limitation of entitlement (Lump Sum and Pension)
If you cease employment due to temporary or permanent disability or die due to a pre-existing medical condition, the benefits you or your family receive may be limited.
You would have been advised in writing by the Board at the time you joined your Scheme of the nature of these limitations. Please contact Super SA for further clarification.
Low Income Superannuation Tax Offset (LISTO)
The Low Income Superannuation Tax Offset (LISTO) is a Federal Government tax offset that provides a super savings boost of up to $500 a year for members earning less than $37,000 a year.
This offset only applies to taxed schemes (Super SA Select).
Marginal tax rate
In Australia a progressive scale of tax is applied to personal income. The marginal tax rate describes the highest tax scale relevant to your income.
Maximum Salary Cap
There is a Maximum Salary Cap on the notional salary of $584,000. Members who are approved for cover above the AAL will be covered for any future salary increases up to the Maximum Salary Cap. Members cannot apply to increase their IP Insurance cover above the Maximum Salary Cap.
Member Account (Triple S)
Your Member Account includes regular and voluntary after-tax member contributions and investment earnings.
Your Member Account is subject to fluctuations in investment markets.
Member contribution rate
Your member contribution rate is the percentage of your superannuation salary that you have elected to contribute from your salary after tax into Triple S.
Member portal
The member portal of the Super SA website provides members of Triple S, Income Stream, Flexible Rollover Product and Select with access to all their super information, including personal details, annual statements, account balances and contribution history. Members are able to update their personal details, change their investment options and more in the member portal. Members need their Client ID to log in, found on their Annual Statement.
Non-active member
A Non-active member is a member who has ceased employment or who does not meet the requirements of being an Active member. Non-active members also include preserved members who are not active and have had no employer contributions for 12 months or more.
Non-active member (Pension Scheme)
You are a Non-active member if you have reduced your member contribution rate to 0%. When you're a Non-active member, your employer makes Superannuation Guarantee (SG) contributions into Triple S on your behalf.
While you're a Non-active member, you are not entitled to special benefits from the Pension Scheme if you suffer permanent disablement or die. You are only entitled to the amount you have accrued to date. Because your SG contributions are being made to Triple S, you are entitled to Standard Insurance cover under Triple S, which means that you will receive three units of Standard cover in the event that you are totally incapacitated for work, or die under age 60. To maintain your Total and Permanent Disablement or Death entitlements under the Pension Scheme you will need to maintain at least the minimum member contribution rate (3%).
Non-commutable Income Stream (NCIS)
A non-commutable Income Stream (NCIS) is one which cannot be taken as a lump sum payment while you are still working. You can only access your funds through regular pension payments. Generally, this type of account is not accessible as a lump sum until you reach retirement.
Notary Public
Notaries Public are specialists who are legally recognised to witness the signing of documents. Their services are different from Justices of the Peace in that their services are recognised and accepted by foreign courts and authorities. They can attest witness, or certify, a large range of documents, including:
- the preparation of Wills
- attestation of signatures
- administration of oaths
- Affidavits/statutory declarations
- authentication of true copies of documents
- Powers of Attorney
Notional Member Account (Lump Sum Scheme)
Your Notional Member Account is the amount you would have accrued had you contributed at the rate of 6% throughout your contributory membership.
Notional Salary
Notional salary is the salary used to calculate IP Insurance benefits for members with insurance in Triple S.
For full-time employees, this is the salary they were receiving immediately prior to being incapacitated.
For part-time and casual employees, the notional salary is the superannuation salary averaged over a period of up to three years, prior to incapacity.
Once you are receiving IP Insurance payments, your notional salary will increase every six months, in line with the Consumer Price Index (CPI) All Ordinaries Adelaide.
Your notional salary may be subject to the Automatic Acceptance Limit (AAL) and Maximum Salary Cap.
Partner
See Spouse.
PAYG Tax
Pay As You Go (PAYG) is the tax system currently in effect in Australia.
PAYG Payment Summary - superannuation income stream
A summary of earnings and taxes for each financial year. Each year, Super SA sends a PAYG payment summary - superannuation income stream to Income Stream members under age 60 and superannuants so they can accurately complete their tax return.
Please note: The name will be changing to Income Summary for the 2020-21 financial year.
Personal Superannuation Contribution Deductions
A Personal Superannuation Contribution Deduction (PSCD) is a tax deduction that can be claimed in a member's personal tax return for any after-tax contribution they have made to their taxed superannuation scheme. Some conditions and restrictions apply.
Preserved entitlements
This is the part of your super entitlement which cannot be cashed until you meet the preservation rules for the Super SA scheme/product and/or Commonwealth Government preservation rules.
See also Commonwealth preservation rules and Triple S preservation rules.
Projection Calculator
The Projection Calculator can be used to estimate your final entitlement when you retire. The Projection Calculator can be found here.
Product Disclosure Statement (PDS)
A Product Disclosure Statement (PDS) provides information about each scheme, including fund features and services, fees and costs, death and disability benefits and insurance premiums, investment option objectives, risks and likely returns.
Proof of Identity
Proof of identity confirms that you have correctly identified yourself on documentation submitted to Super SA. It helps protect you from identity theft.
Property (asset allocation)
These are investments in Australian unlisted property trusts and property securities listed on the Australian Stock Exchange. It includes retail, office and industrial property. There's potential for these property assets to provide moderate to higher returns over the long term, however the value of the assets can fluctuate dramatically and there can be negative returns.
Public Sector Employee Superannuation Scheme (PSESS)
Some members of the Lump Sum Scheme may also have a Public Sector Employee Superannuation Scheme (PSESS) entitlement, which forms part of their Employer Component.
The PSESS scheme was introduced by the then State Government on 1 January 1988 in lieu of a pay increase for SA public sector employees. It represented a payment equal to 3% of your salary, which was paid into your PSESS Account. PSESS closed on 30 June 1992.
Purchased leave
Purchased leave is an initiative designed to enable employees to exchange an agreed reduction in salary for extra periods of leave each year. For the purposes of assessing super, an employee who purchases leave will be considered as a part-time employee for the duration of the agreement. To find out how this will affect your super see the Purchased Leave fact sheet for your Scheme.
Putative Spouse
See Spouse
Restricted non-preserved amounts
Restricted non-preserved amounts are benefits that employees can be paid on their termination of employment. They can also be paid at the time that preserved benefits can be paid. The amount of your preserved and non-preserved benefits should be detailed on your fund’s Annual Statement.
If you require more information about preservation details please contact Super SA.
Return Profile
Expected returns on a particular investment option.
Risk Profile
Expected risk on a particular investment option.
Rollover Account
Your super with other funds can be transferred to your Super SA scheme or product. This is called “rolling over” your funds. Funds rolled in cannot be rolled out while still employed in the SA public sector. If you have not rolled over funds from another account you will not have a Rollover Account.
Salary Adjustment Factor
If you are an SA Ambulance Contributory Member and you work in elective or emergency services, your Salary Adjustment Factor is 110% or 130% respectively, of your Salary.
If either of the above do not apply to you, your Salary Adjustment Factor is 100%. If you are working part-time your Salary Adjustment Factor is multiplied by the percentage of full-time hours worked.
Salary sacrifice
Personal before-tax salary contributions made from your salary before income tax is deducted. These amounts are classified by the Australian Taxation Office as employer payments and therefore reduce your annual salary for taxation purposes. Salary sacrifice contributions are credited to your Employer Account in Triple S or Select.
An annual before-tax contribution cap applies to taxed funds and contributions made into an untaxed fund may impact you if you have superannuation with a taxed fund.
Severe financial hardship
A member may apply to the Super SA Board to have their super released early if a member is considered to be in ‘severe financial hardship’. This means that:
- the person is in receipt of Commonwealth income support payments for the past 26 weeks and is unable to meet reasonable and immediate family living expenses (release limited to between $1,000 and $10,000 in any 12 month period),
- or the person has received 39 weeks of Commonwealth income support after reaching their Commonwealth Preservation Age and is not in gainful employment on a full time or part time basis.
Spouse Account
Active Triple S members are able to create a Triple S account for their spouse/ putative spouse. Once established, a Spouse Account will accept contribution splits, personal after-tax member contributions, eligible spouse contributions, Commonwealth government co-contributions or rollovers from complying super funds. Employer contributions cannot be made into a Spouse Account.
Spouse
Your spouse is the person to whom you are legally married.For Triple S, Lump Sum and Pension schemes, a person is the putative spouse of a member if the person and the member are cohabiting as defacto spouses and:
- have been so cohabiting continuously for the preceding three years, or for a total of not less than three out of the four preceding years, or
- a child of whom both persons are the parents has been born.
A person is also recognised as a putative spouse of the member if in a Registered Relationship with the member (within the meaning of the Relationships Register Act 2016).
Standard Contribution Rate (Pension & Lump Sum Schemes)
The Standard Contribution Rate in the Pension Scheme is between 5% and 7% of your Superannuation Salary. In order to receive the maximum Employer-financed benefit from your super, your Member Contributions over your total membership must average your Standard Contribution Rate or higher. In the Lump Sum Scheme the Standard Contribution Rate is generally 6%.
Standard Insurance cover
Three units of Standard cover is provided to eligible Triple S members when they join the Fund. Members may also apply for additional units of Standard cover or switch to Fixed Benefit Insurance cover. Standard cover provides cover for death and total and permanent disablement up to age 70.
Super ID number
Your identification number, for members of the Pension Scheme and Lump Sum Scheme. You should quote this number when you contact Super SA. You need your Super ID to gain access to the secure login of this website. You can find your Super ID on your annual statement.
Super Rebate (Income Stream)
The superannuation tax offset (also known as a super rebate) is available to investors between their preservation age and age 60 and is 15% of the taxable income stream payment (ie total income stream payment less the tax free amount).
Superannuation Guarantee (SG) (Triple S and Super SA Select)
The Superannuation Guarantee (SG) is the minimum level of super entitlement that must be provided to you by your employer and is currently set at 11.5% of your gross superannuation salary and is set to rise to 12% over the next few years.
Superannuant
A member of the Pension Scheme who is currently receiving a fortnightly pension.
Superannuation lump sum payment
A lump sum payment from a super fund which has components that may be subject to different tax treatment.
Superannuation salary (Triple S)
Your superannuation salary is determined in accordance with the Southern State Superannuation Act 2009 and the relevant enterprise agreement or award under which you are employed. It comprises:
- what you are paid for the hours you are normally required to work
- allowances (including leave loading) received which do not represent a payment for an expense you incurred
Contact your pay office to find out what allowances are included or excluded as part of your superannuation salary.
Surcharge liability
This was the tax imposed by the Commonwealth Government on your surchargeable contributions once your income reached certain levels. The surcharge was reduced to zero on 1 July 2005. Any surcharge liability accrued prior to 1 July 2005 will still be payable.
Taxed fund/scheme
A taxed fund or scheme has tax deducted throughout membership. Super SA Select, SA Ambulance Service Superannuation Scheme, Super SA’s Flexible Rollover Product and Income Stream are taxed funds.
Tax file number (TFN)
Your tax file number (TFN) is the identification number allocated to you by the Australian Taxation Office. To ensure your entitlement is taxed at concessional rates, you must provide your tax file number (TFN) to Super SA. If you do not, you may pay tax at a higher rate.
Total and permanent disablement
To qualify for a total and permanent disablement benefit you must satisfy the Super SA Board that on the day your employment terminated you were:
- suffering from ill health (whether physical or mental) that made it unlikely that you would at any future time engage in gainful employment for which you were reasonably qualified by education, training or experience or for which you could be expected to become reasonably qualified
- following appropriate training or rehabilitation, and you were receiving treatment from a medical practitioner in respect of the ill health and you were following the advice of the practitioner.
- Other conditions apply.
Triple S preservation rules
An entitlement preserved in your Member and Employer Account cannot be paid in cash until you meet one of the following conditions:
- you reach the age of 55 (subject to applicable tax rates)
- you become totally and permanently disabled
- you entered Australia on a temporary resident visa which has expired or been cancelled and you have permanently left Australia
- you die
See also Commonwealth Government preservation rules and preserved entitlements.
Unit
There are two types of unit:
- For Triple S members, a unit is a measure of insurance cover. The more units of insurance you have the more cover you have
- For all fund members, super contributions are used to purchase investment units, which represent a share of the underlying investments
Unrestricted non-preserved amounts
Unrestricted non-preserved amounts are super monies that can be taken at any time because they meet all criteria for release. The Triple S, Lump Sum, Select and Pension Scheme rules only allow you to withdraw unrestricted non-preserved amounts when you leave employment with the SA public sector.
Untaxed fund/scheme
These schemes have tax deducted when super is claimed. The Triple S, Lump Sum and Pension schemes are untaxed funds. An untaxed fund is sometimes referred to as a "tax deferred fund".
USI (Unique Superannuation Identifier)
When you roll in funds using a paper-based form it’s important that the right USI or Unique Superannuation Identifier is associated with the roll in to streamline the process.
This is easy if you’re using the Super SA Easy Roll In Form because all you need to do is work out which Super SA scheme/product you’re in and tick the right box in Section 3, and the USI is already listed.
If your other fund is doing the roll in for you, you need to ensure that they are using the right USI number. The USIs for Super SA products are listed below:
- Triple S Scheme: 40651037780001
- Super SA Select: 98513958004001
- Flexible Rollover Product: 11635839852001
- Lump Sum Scheme: 27987187927002
- Pension Scheme: 27987187927001
- Select: 98513958004001
