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Q&As
1. What are the key features of Woolworths Super?
2. What other benefits are there with Woolworths Super?
3. What documentation do i receive on joining Woolworths Super?
4. Are there any other documents?
5. What are my contributions to the Plan?
6. Can I make Voluntary Contributions?
7. How do I transfer my old super?
8. What fees am I charged as a member of Woolworths Super?
10. What investment options can I choose from?
11. How often can I switch my investments and what does it cost?
12. What happens if I do not make an investment choice?
13. What insurance benefits do I receive?
14. Can I arrange additional insurance?
15. How do I nominate a beneficiary?
16 How can I find out what my benefits are?
17. How can I get an up to date account balance?
18. What happens to my super benefits when I cease employment with Woolworths?
19. How can I update my contact details?
20. What is the plan name and number?
21. Where can I get additional information on my superannuation?
22. How does Woolworths Super operate?
23. Can my family join Woolworths Super?
24. Am I eligible for extra contributions from the Government?
25. Can I access my account details online?
26. When will I receive my statement?
1. What are the key features of Woolworths Super?
Woolworths Super provides flexibility for you to:
- Choose how your superannuation account and future contributions are invested if you are an accumulation member and if you are a defined benefit member (generally members who joined the plan before 01/04/1997) choose how your additional accumulation accounts are invested.
- Apply for additional insurance cover (medical evidence may be required)
- Access your account details online via
- Make additional contributions
- have members of your family join as a family member
- Access the special AMP Banking package, which is available only to Woolworths Super members.
- Membership of Woolworths Limited Group Salary Continuance. (This benefit is provided under a separate insurance policy owned by Woolworths Limited.)
2. What other benefits are there with Woolworths Super?
As a member of Woolworths Super you have access to AMP's exclusive education and lifestyle program called AMP@Work. The AMP@Work program offers you comprehensive and lifestyle education via seminars, workshops and educational materials. You are able to access full details via www.woolworthssuper.amp.com.au.
If available you can use WowNet for a quick link to the Woolworths Super website or access directly at www.woolworthssuper.amp.com.au.
You can access:
- an interactive learning centre called "Ways to wealth" where topics covered include Super made simple, Financial basics and Health & Lifestyle, just to name a few
- eSeminars that allow self-paced learning online
- access to a number of interactive calculators that can assist you across a wide range of situations, such as:
- "How long can I expect to live?" and
- "What investor style am I?"
Please note that seminars, tools and calculators offered may change from time to time.
AMP@Work also has details about the special AMP Banking package available to Woolworths Super members, including:
- discounted Home Loans, and
- special account and credit card offers
3. What documentation do i receive on joining Woolworths Super?
When you become a member you receive a Product Disclosure Statement (PDS). The Product Disclosure Statement for the Woolworth Group Superannuation Plan is made up of two parts a Member Guide and the Investment Choices Catalogue.
4. Are there any other documents?
Some members who had membership of related former plan arrangements also received a Plan Summary.
5. What are my contributions to the Plan?
This depends on your member category, company contributions to your super will be 10% for managers and 9% for staff.
If you are an accumulation member you are not required to make contributions to the Plan. Accumulation members who joined the Plan prior to 1 September 2008 were required to make compulsory member contributions of either 5% for managers or 2.5% for staff. From 1 September 2008 these contributions can be stopped or varied by completing a “Commence, Vary or Cease Contributions form”. You can obtain a copy of this form from www.woolworthssuper.amp.com.au payroll or via WOWnet.
Former fund members with guarantees (including defined benefit members) contribute at either 5% or 2.5%.
6. Can I make Voluntary Contributions?
You can make voluntary contributions to your plan and vary these at any time. To start making voluntary contributions or to make a change to your current voluntary contribution arrangements you will need to complete a “Commence, Vary or Cease Contributions form”. You can obtain a copy of this form from www.woolworthssuper.amp.com.au payroll or via WOWnet.
7. How do I transfer my old super?
You will need to complete the “Request for transfer of member superannuation benefits” form and return it to us – we’ll do the rest. To download the form, go to the www.woolworthssuper.amp.com.au and select “want more information”. The forms are located at the bottom of the page.You should always check whether any exit or transfer fees apply to the other fund and consider the effects of any loss of any insurance coverage you may have in the old fund as a result of the transfer, before deciding whether consolidating your superannuation is the best option for you.
Please send your completed form to:
Woolworths Group Superannuation Plan
Locked Bag 5043
Parramatta NSW 2124
8. What fees am I charged as a member of Woolworths Super?
Woolworths has negotiated competitive fees. These are detailed in the Fees and Other Costs section of the Member Guide (pages 15-21). As part of this fee structure there is a large plan discount that is paid directly to your accumulation accounts.
9. What fees am I charged when I leave Woolworths Group Superannuation Plan or transfer super monies in or out of the plan?
There are no exit charges when you leave the Woolworths Group Superannuation Plan.
There are no fees charged on contributions or roll overs.
10. What investment options can I choose from?
You are able to choose to invest in any combination of the fourteen (14) available investment options.
Details of the investment options are contained in the Investment Choice Catelogue along with details of the different investment option management fees with relevant information about investment risk and performance. You should read this information before making any decisions.
This catalogue was issued to you when you joined the plan, together with the Member Guide. It is available by calling the Super Help Line on 1300 361 267 or from www.woolworthssuper.amp.com.au.
11. How often can I switch my investments and what does it cost?
In Woolworths Super you can switch your investments as often as you wish free of charge.
12. What happens if I do not make an investment choice?
For those who do not want to select their own investment option, your account balance will remain in the default option, which is currently the Future Directions Balanced Option.
13. What insurance benefits do I receive?
As a member of Woolworths Super you will receive a minimum level of death benefit up to age 65. This is calculated as a multiple of your salary. For your individual death benefit please refer to MyPortfolio, your annual statement or call the Woolworths Super helpline on 1300 361 267.
For new members the minimum death benefit on joining Woolworths Super is 4 times salary.
14. Can I arrange additional insurance?
Yes. You have the option to apply to increase the level of insurance cover at any time in Woolworths Super. The choice is yours. The Member Guide/PDS contains more information about this as well as the necessary application forms. The Member Guide was issued to you upon joining Woolworths Super and copies are also available online. Please note, if you elect to increase your insurance cover within 120 days of joining the Plan you will not be required to provide health evidence before the increased insurance cover becomes applicable, provided your total insured amount does not exceed $1,500,000. If you elect to increase your insurance cover outside 120 days of joining the Plan, or your total insured amount would exceed $1,500,000 you will be required to provide health evidence before the increased insurance cover becomes applicable. The premiums for additional insurance are deducted from your Additional Voluntary Contribution sub-Account.
15. How do I nominate a beneficiary?
You may nomination, change or cancel a beneficiary at any time.
You can nominate your dependants and/or Legal Personal Representative to receive your benefit if you die.
You can make a binding or non-binding nomination of beneficiary. To be valid a binding nomination must satisfy a number of legal requirements and in the event of your death the Trustee will pay the benefit to the nominated beneficiaries. A non-binding nomination advises the Trustee of your preferred beneficiaries, but it is not binding on the Trustee. It assists the Trustee in determining who receives your death benefit. It is strongly recommended that you read the "Nominating your beneficiaries" section of your Member Guide before completing the "Death benefit nomination form" which is included in your Member Guide and available from www.woolworthssuper.amp.com.au .
16 How can I find out what my benefits are?
Once your account has been established in Woolworths Super, you are able to access your personal account details by calling the Woolworths Super helpline Monday to Friday between 8am and 7pm EST on 1300 361 267, or via the internet 24 hours a day, 7 days a week at www.woolworthssuper.amp.com.au . As part of Woolworths Super, you will receive a statement annually showing your account balance and your insurance cover and details of all transactions over the last plan year.
17. How can I get an up to date account balance?
You can view all your account details on-line using My Portfolio. Use your registration and access details to access the site. If you have any difficulty accessing the site, please contact AMP eServices on 1300 300 465. Alternatively, you can call the Woolworths Super Helpline on 1300 361 267.
18. What happens to my super benefits when I cease employment with Woolworths?
From 15 November 2008, your account will be automatically transferred into the retained category of the Woolworths Super plan - at no cost to you, if we have your address details and your account balance is over $1,000. You are able to transfer your super out of this arrangement at any time at no charge. In most cases, this will allow you to retain the same investment options. You may also wish to continue your insurance arrangements through the Woolworths Super Insurer (AIG). On ceasing employment you will receive information regarding the Insurance Continuation Option. To continue cover you will need to establish a personal policy with the Insurer and you need to apply within 60 days of AMP being advised of your ceasing employment.
If your account balance is less than $1,000 or we do not have your address details your account will automatically be transferred to the Flexible Lifetime - Super where you will have investment choice and no insurance cover.
You will be sent details of your new account and the options available after the final contribution from your Woolworths employer has been applied to your account and your benefit determined.
Prior to 15 November 2008, If we have your address details and your account balance is over $1,500, your account will be automatically transferred into the retained section of the Woolworths Super plan - at no cost to you. You are able to transfer your super out of this arrangement at any time at no charge. In most cases, this will allow you to retain the same investment options. You may also wish to continue your insurance arrangements through the Woolworths Super Insurer (AIG). On ceasing employment you will receive information regarding the Insurance Continuation Option. To continue cover you will need to establish a personal policy with the Insurer and you need to apply within 60 days of AMP being advised of your ceasing employment.
If your account balance is less than $1,500 or we do not have your address details your account will automatically be transferred to the AMP Retirement Savings Account (RSA).
19. How can I update my contact details?
You can change your contact details on-line using My Portfolio, including contact numbers, addresses and email addresses. You can also view all your account details on-line using My Portfolio. Use your registration and access details (supplied to you by letter shortly after you join the Plan) to access the site. Alternatively, you can call the Woolworths Super Helpline on 1300 361 267.
20. What is the plan name and number?
Woolworths Group Superannuation Plan number 9056815.
21. Where can I get additional information on my superannuation?
If you need extra information about any aspect of your superannuation, please contact the Woolworths Super Helpline by phone on 1300 361 267, by fax on (02) 9768 3111 or by email at woolworths@amp.com.au.
22. How does Woolworths Super operate?
Full details of how Woolworths Super operates is contained in the Product Disclosure Statement (PDS) which was issued to you when you joined Woolworths Super. The PDS has full details of your insurance benefit, premiums, investment options, how to claim a benefit, fees and charges together with other important information about Woolworths Super and its operations. A copy of the PDS can also be obtained from the website www.woolworthssuper.amp.com.au.
23. Can my family join Woolworths Super?
Yes, and they’ll get many of the great benefits you do. This includes competitive fees, a range of investment options with free switching between them, and the AMP@Work member information and education program.
24. Am I eligible for extra contributions from the Government?
If you earn up to $60,342 per annum and make personal after-tax contributions to your super plan, you maybe entitled to receive 'co contributions' from the government to help boost your super.
The government will contribute $1.50 for each $1 you contribute up to an annual maximum of $1,500. The maximum co contribution you can receive depends on how much you earn (assessable income plus reportable fringe benefits) as follows:
$30,342 or less: $1,500
$60,342 or more: Nil
$30,342 to $60,342: $1,500 less 5 cents for each additional dollar of earnings above $28,000.
The income amounts above are for the 2008/2009 year and are currently indexed each year.
For example if you earned $50,000 (assessable income plus reportable fringe benefits) the Government will pay to your super account a maximum of $517.10. If you contribute to your Plan $344.74 from your post tax income you would receive the $517.10 maximum. That is 150% profit before any investment return is added to the account!
25. Can I access my account details online?
You can view all your account details on-line using My Portfolio including past contributions, any amounts you have transferred in, your insurance cover and changes to investment options.
26. When will I receive my statement?
You will receive a statement annually. Members of the Woolworths Group Superannuation Plan receive a member statement as at 31 August each year. This is usually mailed to you in November/December.
What you need to know:
The information in the document is of a general nature only and may contain advice that is not based on your personal objectives, financial situation or needs. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs before acting on the advice..
Any advice given is provided by AMP Superannuation Limited ABN 31 008 414 104, AFSL No. 233060 the issuer of SignatureSuper. We are part of the AMP group of companies. AMP companies receive fees and charges in relation to SignatureSuper as set out in the product disclosure statement. AMP employees and directors receive salaries, bonuses and other benefits from the AMP group.