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Key information for NT Government employees

From February 10 2019, Statewide Super will be the default fund for new Northern Territory (NT) Government employees. In addition, Statewide Super will also manage the accumulation accounts for NTGPASS members from 8 May 2019.

Statewide Super has knowledgeable, local staff, based right here in the NT. The Statewide Super team offer face-to-face advice on all areas of superannuation, retirement preparation and other member services.

As a member you also have access to a wealth of online tools, digital advice and exclusive rewards. For more details on Statewide Super’s key features and benefits, or to join us, take some time to browse through the information below.

  • Statewide Super - A super choice for your financial future

    Super is a daunting subject - from selecting the right super fund or investment option, through to keeping track of retirement savings, making the right choices when it comes to superannuation can seem complex. So, here are a few reasons why Statewide Super is a great choice for you and your super.

    1. Our investment performance is among the best in the country

    One of the most important considerations when selecting a super fund is a track record of strong long-term investment performance.

    Statewide Super has outstanding investment performance, in fact, we are one of the best performing super funds in the country! Our default MySuper investment option returned 8.07% p.a. on average, over five years to 31 December 2018, ranking 2nd out of 46 super funds nationally, according to independent rating agency SuperRatings.* Then there’s our wide range of investment options, which you can tailor to suit your needs.

    2. We aim to make a difference – to our members and our community

    We all appreciate great service! Statewide Super is passionate about providing our members with competitive fees and quality, reliable, local service – whether it’s face-to-face or over the phone.

    Statewide Super has a strong focus on delivering relevant, informative and tailored messages to members at different stages of life. We do this through tailored workplace education sessions, access to financial advice over the phone or in person and access to educational articles, videos and calculators through our website.

    We’re also committed to giving back to the communities that support our members, as we know this active involvement benefits everyone. That’s why Statewide Super is proud to support elite and grassroots sporting and community clubs through our partnerships with AFLNT and NT Cricket.

    As a leading industry super fund, we take corporate and social responsibility seriously. It is our vision that all Australians have equal access to and engagement with superannuation and related financial services products. Our priority is to develop equality and close the gap between Indigenous and non-Indigenous Australians. That is why we have embarked on a Reconciliation Action Plan, to ensure all Australians have equal access to and engagement with superannuation.

    3. Looking after members is our number one priority

    We’re proud to offer a three-tiered service model that provides tailored, appropriate and cost- effective advice to all our members.

    General Advice (no additional cost)
    NT Government members can access factual information and general advice from our friendly team of Member Services Officers, over the phone or in person.

    Personal Advice (no additional cost)
    Our Associate Financial Planners are able to provide personalised advice about Statewide Super products over the phone or in person. Personal advice topics include: insurance cover adequacy, your investment option selection and how to maximise your contributions to superannuation.

    Comprehensive Financial Planning**
    For tailored guidance on how to manage your super, and even your non-super finances, it’s best to chat with one of our Financial Planners.

    An in-depth analysis of your finances and goals will help put you on the right path to a better financial future, by:

    • looking at where you are now
    • looking at where you want to be in the future
    • clarifying your needs and objectives
    • looking at how to get there, by identifying strategies and setting a plan to get you where you want to be.

    As a Statewide Super member, your initial no-obligation fact-finding appointment is provided at no additional cost. To speak with our Member Services team or to make an appointment with one of our Financial Planners, call us
    on 08 8941 0082 or book online.

    We also have a network of Statewide Super Accredited Financial Advisers^ located around the NT. Click here to locate a Statewide Super accredited financial adviser close to you.

    4. Our members receive serious value-additions

    Statewide Super has thought long and hard about how we can reward members for their loyalty, and how we can enrich their experience with the fund. Here are just a couple of ways that that we are making members’ super experience, truly super!

    • As a member you have access to the Statewide Super Member Rewards program saving you serious cash with hundreds of big name brands. From Coles, Woolworths and Bunnings to JB Hi-Fi, Target and Freedom – the rewards program includes all your favourite brands!
    • At Statewide Super, we take member education seriously and aim to empower members to make the best financial decisions. Check out our Tips on Money Management learning platform, our blog – Your Super Life, and our regular seminar program available to members and non-members at no additional cost.

    *According to SuperRatings Fund Crediting Rate Survey – 31 December 2018. To learn more visit www.superratings.com.au/products/fcrs. Returns are net of investment fees, the asset-based administration fee and tax on investment income. Ratings are only one factor to be taken into account when deciding whether to invest in a financial product.
    Investment returns can go up and down and are not guaranteed. All investments have risk, and past performance is not a reliable indicator of future performance. For more information on risks associated with investing, consider the “Risks of Super” and “How we invest your money” booklets available at statewide.com.au or by calling 1300 65 18 65.
    ** Statewide Super holds an Australian Financial Services Licence (AFSL) that allows it to provide general and personal financial advice. Statewide Super Financial Planners are employees and Authorised Representatives of Statewide Super, who is responsible for any advice given to you by them. Statewide Super also has an accredited network of financial advisers (“Accredited Financial Advisers”) based locally and regionally. Advice provided to you by these Accredited Financial Advisers will be provided under the AFSL held by a third party. That third party is responsible for the financial advice given to you by an Accredited Financial Adviser. For further information and a copy of the applicable Statewide Super Financial Services Guide (FSG), visit www.statewide.com.au or call 1300 65 18 65. A copy of the relevant FSG for an Accredited Financial Adviser can be obtained by contacting the Accredited Financial Adviser directly.
    ^ The service provided by Accredited Planners (and their associated fees) are at the discretion of each Financial Planning practice and must be negotiated independently of Statewide Super.

  • Important information for NT default employees

    Statewide Super is the default fund for new NT Government employees from 10 February 2019.

    If you joined the NT Government after 10 February 2019, and have not instructed your employer to pay your SG contribution to another fund, your contributions will automatically be paid to Statewide Super. If you were an employee of the NT Government prior to 10 February and would like to have your super contributions paid to Statewide Super, request an ATO Choice form from your employer or download the Selecting Statewide Super form and forward the form to your employer.

    Statewide Super provides NT Government members with:

    • a history of consistently strong investment performance*;
    • the choice of 10 investment options from conservative to high growth;
    • flexible low-cost insurance (Death, Total and Permanent Disability (TPD) and Income Protection (IP));
    • online tools, calculators, resources and member seminars, at no additional cost;
    • access to transition-to-retirement and account-based pension products; in-house financial planners and accredited financial advisers.


    What about my existing account balance and insurance cover?
    Once you have received your Statewide Super welcome letter, you may wish to consider transferring the account balance from your existing fund to Statewide Super. Please be aware that your existing fund may charge an exit fee to transfer your account balance.

    You may also (subject to eligibility) have the option to transfer any existing Death Only, Death and TPD or IP insurance that you have with other funds or retail insurance providers to your Statewide Super account.

    Before transferring your account balance or insurance cover, you may wish to speak to a Statewide Super Financial Adviser. They can help you to understand any impact that your insurance transfer may have on your benefits.

    Insurance Benefits
    If you are a permanent employee of the NT Government, join Statewide Super on or after 10 February 2019, do not already hold Statewide Super insurance and are under 60 years old, you are an NTG Member and you may already be entitled to insurance cover under the Northern Territory Government Death and Invalidity Scheme (NTGDIS). Due to this entitlement, it is important for you to know that you will not be provided with any automatic insurance cover by Statewide Super whilst you continue to be a NTG Member.

    We recommend that you obtain independent advice as to whether the level of insurance cover you have through the NTGDIS is sufficient for you and/or your family’s needs.

    If you then wish to arrange an additional level of Death, Total & Permanent Disablement (TPD) and/or Income Protection (IP) insurance to protect you and/or your family, you can opt-in to receive this cover through Statewide Super.

    You are eligible to opt-in for this cover so long as you:

    • have not been (and are not eligible to be) paid a total and permanent disability benefit or terminal illness lump sum benefit from any source; 
    • are aged between 15 and 59;
    • do not already have insurance with Statewide Super; and
    • have not previously been provided with default cover.

    To opt-in download the NTG Insurance Opt-in form. Please return the completed form to Statewide Super GPO Box 1749, Adelaide SA 5001 or email info@statewide.com.au.

    Importantly, you can opt-in without any additional underwriting if you have been employed by the NT Government for less than 120 days (starting from your commencement date). If you wish to opt-in after the 120 day period, your application will need to be fully underwritten.

    It is also important that you are aware that you will automatically receive default Death, TPD and IP insurance cover (Automatic Cover) (to the extent that you have not already “opted-in”) when you:

    • turn 60 years of age; or 
    • leave your employment with the NT Government and we receive an employer contribution from your new employer; and you
    • have not been (and are not eligible to be) paid a total and permanent disability benefit or terminal illness lump sum benefit from any source; 
    • do not already have insurance with Statewide Super; and
    • have not previously been provided with default cover.

    If you are a casual employee of the NT Government, you will automatically receive Death, TPD and IP insurance cover.

    For more information about our insurance offerings, please read our Insurance in your super booklet available.

    *Eight out of ten super investment options delivered top quartile returns over the 5 years to 31 December 2018 according to SuperRatings Fund Crediting Rate Survey – 31 December 2018. To learn more visit www.superratings.com.au/products/fcrs. Returns are net of investment fees, the asset-based administration fee and tax on investment income. Ratings are only one factor to be taken into account when deciding whether to invest in a financial product.
    Investment returns can go up and down and are not guaranteed. All investments have risk, and past performance is not a reliable indicator of future performance. For more information on risks associated with investing, consider the “Risks of Super” and “How we invest your money” booklets available at statewide.com.au or by calling 1300 65 18 65

  • Important information for NTGPASS members

    In December 2018, the Superannuation Trustee Board, the trustee of the NTGPASS fund, selected Statewide Super to receive the transfer of NTGPASS accumulation accounts on 8 May 2019.

    The Northern Territory Government and Public Authorities’ Superannuation Scheme (NTGPASS) is a hybrid defined benefit scheme that closed to new members in August 1999. NTGPASS members have an accumulation account (a superannuation savings account) that contains their fortnightly contributions and investment earnings. They also have an entitlement to receive a defined benefit that is paid as a lump sum by the NT Government when they leave the scheme.

    Importantly, there will be no change to the defined benefits component of your NTGPASS membership, and it will continue to be paid by the NT Government whenever you cease membership of the scheme.

    All NTGPASS accumulation accounts were moved to Statewide Super on 8 May 2019 via a Successor Fund Transfer (SFT).

    What is a Successor Fund Transfer?
    A SFT is a compulsory transfer of member benefits from one superannuation fund to another superannuation fund. In this case, all NTGPASS members’ accumulation accounts have been transferred to Statewide Super, on 8 May 2019. Statewide Super is now responsible for managing and investing NTGPASS member contribution accounts.

    Statewide Super
    Statewide Super was selected from a pool of high calibre superannuation funds following a competitive tender process. Key to Statewide Super’s selection was its history of providing consistently strong investment returns* and additional services to members, including access to personalised advice at no additional cost.

    Statewide Super has knowledgeable, local staff, based in the Territory. The Statewide Super team offer advice, both face-to-face and over the phone, on all areas of superannuation, retirement preparation and other member services.

    Statewide Super provides NTG members with:

    • a history of consistently strong investment performance*;
    • the choice of 10 investment options from conservative to high growth;
    • flexible low-cost insurance (Death, Total and Permanent Disability and Income Protection);
    • online tools, calculators, resources and member seminars, at no additional cost;
    • access to transition-to-retirement and account-based pension products;
    • in-house financial planners and Accredited Financial Advisers#.

    In selecting Statewide, the Superannuation Trustee Board was mindful of the impact that consistent high returns can have on members’ retirement outcomes. The below table compares the returns of the NTGPASS and the Statewide Super default investment options over the last five financial years.*

    Returns
    Fund 2013-14 2014-15 2015-16 2016-17 2017-18
    NTGPASS Growth 14.04% 10.79% 1.66% 10.63% 8.16%
    Statewide Super MySuper 14.95% 11.48% 5.08% 11.10% 11.34%

    In addition to providing higher returns than NTGPASS, Statewide Super’s investment returns over the last five years were the highest of all the funds which submitted proposals.^

    Investment Transfer

    Your accumulation balance held with the NTGPASS was calculated as at 7 May 2019. This amount became the opening value of your accumulation account with Statewide Super. 

    If your account balance was invested in Aggressive, Cautious, Conservative or Managed Cash with NTGPASS, we required your written confirmation to invest your transferred balance and future contributions into the comparable Statewide Super option(s). If you were invested in Assertive or Growth or failed to return you investment confirmation form then you will be invested in Statewide Super's MySuper option. 

    Insurance Benefits

    As a NTGPASS member, you are entitled to a Death and Invalidity benefit which ceases at age 60. For more information on this benefit from NTGPASS, please contact the Northern Territory Superannuation Office or go to the website at www.super.nt.gov.au.
    Due to this entitlement, you were not provided with any automatic insurance cover on transferring to Statewide Super.
    We recommend that you obtain independent advice as to whether the level of Death and Invalidity cover you may have available to you through NTGPASS is sufficient for you and/or your family’s needs or if you require additional insurance with Statewide Super.

    Automatic Insurance Cover

    It is important for you to be aware that you may automatically receive default Death, Total & Permanent Disablement (TPD) and/or Income Protection (IP) cover from Statewide Super, (Automatic Cover), when:

    • you turn 60 years of age; or
    • you leave your employment with the NTG and we receive an employer contribution from your new employer; or
    • you remain employed with NTG and we receive an employer contribution from another non NTG employer, and
    • you have not previously been provided with default cover through Statewide Super; and
    • you have not been (and are not eligible to be) paid a total and permanent disability benefit or terminal illness lump sum benefit from any source.

    If you are provided with Automatic Cover, you can cancel this at any time by completing a ‘Reduce or cancel insurance’ form or via your secure Statewide Super Online portal.
    If you were already aged 60 or over on 8 May 2019, you have not received automatic cover but you are able to apply for cover and undergo the underwriting process by the insurer if you require any level of insurance cover.

    Need more cover?
    If you are not entitled to Automatic Cover, you can still apply for insurance cover through Statewide Super. Your application will require you to undergo an underwriting process, which means that our insurer will ask you for detailed information about your personal circumstances before assessing your application. Our insurer will then determine the level and cost of cover available to you.
    If you wish to apply for Death, Total & Permanent Disablement (TPD) and/or Income Protection (IP) insurance to protect you and/or your family, you can apply by logging into your secure Statewide Super Online account via our website and going to the Insurance tab.

    For more information about our insurance offerings, please read our ‘Insurance in your super’ booklet.

    *Eight out of ten super investment options delivered top quartile returns over the 5 years to 30 April 2019. According to SuperRatings Fund Crediting Rate Survey – 30 April 2019. To learn more visit www.superratings.com.au/research. Returns are net of investment fees, the asset-based administration fee and tax on investment income. Ratings are only one factor to be taken into account when deciding whether to invest in a financial product.
    Investment returns can go up and down and are not guaranteed. All investments have risk, and past performance is not a reliable indicator of future performance. For more information on risks associated with investing, consider the “Risks of Super” and “How we invest your money” booklets available at statewide.com.au or by calling 1300 65 18 65.

    #Statewide Super holds an Australian Financial Services Licence (AFSL) that allows it to provide general and personal financial advice. Statewide Super Financial Planners are employees and Authorised Representatives of Statewide Super, who is responsible for any advice given to you by them. Statewide Super also has an accredited network of financial advisers (“Accredited Financial Advisers”) based locally and regionally. Advice provided to you by these Accredited Financial Advisers will be provided under the AFSL held by a third party. That third party is responsible for the financial advice given to you by an Accredited Financial Adviser. For further information and a copy of the applicable Statewide Super Financial Services Guide (FSG), visit www.statewide.com.au or call 1300 65 18 65. A copy of the relevant FSG for an Accredited Financial Adviser can be obtained by contacting the Accredited Financial Adviser directly.

    ^According to the Northern Territory Government, Department of Treasury and Finance. To learn more visit treasury.nt.gov.au/dtf/superannuation/ntgpass-reform. Investment returns can go up and down and are not guaranteed. All investments have risk, and past performance is not a reliable indicator of future performance. For more information on risks associated with investing, consider the “Risks of Super” and “How we invest your money” booklets available at statewide.com.au or by calling 1300 65 18 65.

 

Ready to join?

If you haven’t already, simply complete the Selecting Statewide Super form and forward it to your employer. Once we receive your first contribution we will create your Statewide Super account and send your welcome letter. One of our friendly team will also call you to welcome you to our fund. They’ll introduce you to your account, discuss your investment options, insurance cover and much more. They can even help you search for your lost super and consolidate your accounts over the phone

Want to know more?

Simply call us on 08 7915 4800 to speak with our friendly staff.