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You should refer to the Super Product Disclosure Statement on this Website for more detailed information about the Raiz Invest Super product.

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Super 101

What is Super?

Super or Superannuation, is a compulsory government scheme to help you save for retirement. Your employer makes contributions and you can also contribute. This money is then invested on your behalf by your Super fund

Super is designed to be a tax effective way for you to save for your retirement, with contributions and investment earnings in your Super fund taxed at a lower rate. You can access the money in your Super fund when you reach your preservation age in line with the Superannuation Industry (Supervision) Regulations 1994, which is usually the age at which you retire from working

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/getting-your-super
What is Super guarantee (SG)?

Your employer must contribute money to your Super fund on your behalf. This obligation is imposed on employers under the Super Guarantee (SG) laws. Compulsory employer contributions are often called SG contributions, where employers are to make Superannuation contributions for their employees on top of the employees’ wages and salaries. The current SG rate is 9.5% (note this rate is subject to change). The SG contributions count towards your concessional contributions cap.

How do I move my current Super?

You can request a rollover when you sign up through the App in just a couple of minutes. Raiz Invest Super will get in touch with your current fund(s) to transfer your Super across, which automatically closes your old Super account(s).

Rolling over your Super from another fund will result in you losing insurance or other benefits linked to your previous fund as your old account will be closed.

When signing up to Raiz Invest Super you will automatically be allocated insurance cover provided you are aged between 20 and 69 years of age. It is important to note that the cover we allocate is Limited Cover only. Limited Cover excludes cover for events which arise as a result of a Pre-existing Condition which arose prior to the effective date of the Limited Cover.

During sign-up (or at any time after sign-up), you have the option to opt out of the automatic insurance cover which Raiz Invest Super provides. Refer to the Insurance section below for additional details.

Can Raiz Invest Super help find my old Super accounts?

Raiz Invest Super can run a SuperMatch search with the Australian Tax Office via the App and find your old accounts as part of the Super application process. Your SuperMatch results will be provided to you and you can select which ones you want to transfer across. Consolidating your Super helps you keep track of your retirement savings and will help in avoiding multiple costs including fees and insurance. With Raiz, feel confident that your superannuation is always part of your life.

What is SuperMatch?

SuperMatch is a facility provided by the Australian Taxation Office to Super funds, for the sole purpose of assisting you to locate and consolidate Super accounts or unredeemed missing Super monies. Raiz Invest Super can run a SuperMatch search via the App with the ATO to find your old accounts as part of the Super application and rollover process.

Your SuperMatch results will be provided to you quickly on the Raiz Invest Super App, and you can select which Super accounts you want to transfer to Raiz Invest Super. Consolidating your Super helps you keep track of your retirement savings and may help in avoiding multiple sets of fees.

When can I access my Super?

Super is intended to fund your retirement, so you can generally only access it once you have retired from working and have met a condition of release. To satisfy a condition of release you will need to meet one of the following:

  • Reach preservation age and retire permanently from the work force
  • Leave your employer after turning 60
  • Be 65 or older

For further information on accessing your Super, please see the ATO

Preservation age is at least 56 years of age from 1 July 2015 and can be up to 60 years of age. Anyone born before 1 July 1960 has a preservation age of 55 years.

When applying for this, you will need to provide an ID with a signature from a JP or professional to certify the copy.

Can I access my Super early?

There is very limited circumstances when you can access your Super savings early. These circumstances are mainly related to specific medical conditions or severe financial hardship. In summary, you may be able to access your Super early due to:

  • Terminal medical condition
  • Permanent incapacity
  • Severe financial hardship
  • Compassionate grounds
  • An account balance of $200 or less, or
  • Permanent departure from Australia

For further information on accessing your Super, please see the ATO - Early Access

What is a Binding Beneficiary Nomination?

Who will inherit your Super and insurance benefits? It’s not easy to plan ahead in the event that the worst should happen. But, being prepared could make a difficult time a whole lot easier for the loved ones you leave behind.

A binding beneficiary nomination will ensure when you die, your Super will go to the person(s) you nominate.

You can nominate a dependant (spouse, children, or other people financially dependent on you) or your legal personal representative (eg. the executor of your estate).

You can do this by completing a Nomination of Beneficiary Form

Can Raiz Invest Super help me access the First Home Super Saver Scheme?

The First Home Super Saver Scheme won’t be available until after 1 July 2018. Raiz Invest Super will look to offer it to our members once the ATO has confirmed their processes, at which time we will be in a position to communicate further information about how members qualify and what they need to do.

For more information visit the ATO

Opening a Super account

What do I need to get started?

To open a Raiz Invest Super Account you must have a Raiz Investment Account.

After you’ve installed the free Raiz app, all you’ll need to start investing is:

  • Your online banking login information (which generates the round ups)
  • Your bank account and BSB number (where your money is pulled from)
Get the App
What’s involved in the sign-up process?

We’ve kept the signup process as painless as possible. Simply provide your email address, choose a secure password, link a funding account, and answer a few questions about yourself.

Once that’s done we will verify your account as soon as we can.

What is account verification?

The Anti-Money Laundering Act (AML/CTF Act 2006) obliges institutions such as Raiz to collect and verify certain ‘information about a customers’ identity. This is standard for any financial institution. We ask for some basic information (legal first and last name, home address, etc.). We will verify your account as quickly as we can once we have this information, however if there is any inaccuracy in the info provided, your funds will not be invested until your identity is verified.

You can be sure that Raiz will take care of any information you provide and that our procedures will be in keeping with Privacy Act 1998.

What happens if I delete the Raiz App from my device, or get a new phone?

Raiz operates in the cloud and your account and investments are safe, even if you delete the app or get a new phone/device. Automatic round-ups, recurring deposits and the investment of your Raiz and/or Raiz Invest Super funds will still be managed.

What is a Product Disclosure Statement (PDS)?

After opening your Raiz Invest Super account, you will be sent a PDS via email for your review and understanding. This PDS is also available on our website. A PDS is the document that contains information about the Raiz Invest Super financial product including any significant benefits and significant risks, the cost of the Raiz Invest Super financial product and the fees and charges that Raiz Invest Super may receive. You should read the PDS carefully before deciding to open an Raiz Invest Super Account.

My Super investment portfolio

How do I choose an Investment portfolio?

Raiz Invest Super runs the same portfolios as your Raiz Investment Account, offering you the choice of 6 portfolios, running from conservative (least risky) and aggressive (most risky) + Emerald – please refer to the PDS for more information or our FAQs on portfolios

NOTE: Your Raiz Invest Super account can have a different portfolio than your Raiz Investment account.

What is my investment portfolio? What do I own?

Your investment portfolio is comprised of seven ETFs (excluding the Emerald portfolio which contains four). ETFs trade like stocks and represent broad holdings of stocks, bonds or cash. For more information on ETFs please read this article here.

What is an Exchanged Traded Fund (ETF)?

An Exchange Traded Fund or ETF is an investment fund that's traded on stock exchanges, much like a single stock. An ETF holds assets such as stocks, commodities, or bonds. Find out more about ETFs in this helpful article here

Can I change my portfolio?

Yes, if you change your mind at any point, you always have the option to change your portfolio to one of the alternatives with no fees being charged for switching. We want you to feel comfortable with the risk level of whatever portfolio you choose.

Can I choose to invest in individual stocks, bonds or other securities through Raiz Invest Super, or opt out of some of Raiz Invest Super investments?

As your investment portfolio is comprised of a range of ETFs, you won't have the ability to invest in other stocks, bonds, or other securities or currency. This also means you won't have the ability to opt out of any of the ETFs in Raiz Invest Super portfolios, nor of the stocks or bonds of which the ETFs are comprised.

Is there risk involved in my investment?

Yes, all investments have a relationship with risk and the securities you own are subject to market fluctuations. The Raiz philosophy is to invest regularly, no matter the market conditions. We believe this is one of the keys to having a healthier balance over the long term and managing uncertainty associated with the markets. Therefore we advocate long-term investment goals. For more information about our investment methodology and risks associated with each investment please refer to the relevant sections of the PDS you were sent via email or on our website.

What is automatic rebalancing?

Automatic rebalancing is Raiz Invest Supers method of maintaining your specific portfolio allocation. Market fluctuations may cause some of the securities in your portfolio to appreciate or depreciate in value. When this occurs, we use automatic rebalancing to bring your portfolio back to its specified allocation. This ensures that the securities in your investment account are proportioned correctly.

How does Raiz Invest Super rebalance my portfolio?

Raiz Invest Super automatically rebalances your portfolio as you invest. Every time you deposit or withdraw funds, we adjust the proportions of ETFs purchased to move your account towards its target portfolio allocation.

We also periodically review, typically on a quarterly basis, and rebalance your portfolio whenever the percentage holding of one or more ETFs fluctuates 5% above or below its target allocation. We sell overrepresented ETFs and use the proceeds to buy underrepresented ETFs to bring your portfolio towards its target allocation.

Rebalancing also occurs whenever you request to change your portfolio. We adjust the allocation of each fund to match the new risk profile. We sell overrepresented ETFs and use the proceeds to buy underrepresented ETFs to bring your portfolio in line with its new target allocation. This rebalancing occurs within a few business days of a portfolio change request.

Will I earn dividends and distributions from my portfolio?

Yes, you will! Your dividends and distributions will be automatically reinvested in your portfolio, you can view your dividends and distribution history through the platform.

How often do I earn dividends and distributions?

The group of ETFs that make up your portfolio pay dividends and distributions on varying schedules – for more detailed information on the ETFs and their dividend schedules please refer to our PDS where you can find the ETF provider's website links or check out our article on dividends here

Transferring my Super

What happens to my Super when I change jobs?

In most cases, changing jobs doesn’t mean you have to change your Super fund. To take Raiz Invest Super with you when you change jobs, simply complete the Choice of fund form and hand it or email it to your new employer.

By choosing to stay with Raiz Invest Super, you can avoid ending up with multiple funds, multiple sets of fees and excess paperwork. We’ve already filled in your details, so choosing Raiz Invest Super is Super easy and accessible to view at anytime through our app.

How do I transfer or rollover my Super into one account?

You can request a rollover through the App in just a couple of minutes. Raiz Invest Super will get in touch with your other fund(s) to transfer your Super across, which automatically closes your old account (remember if you do this any insurance cover you have in your old account will cease and you should consider the implications of this). Raiz Invest Super can run a SuperMatch search via the App with the ATO to find your old accounts as part of the Super application and rollover process.

Your SuperMatch results will be provided to you and you can select which ones you want to transfer across. Consolidating your Super helps you keep track of your retirement savings and may help in avoiding multiple sets of fees.

How do I partially rollover my Super?

You can request a partial a rollover by completing a Rollover Form. Raiz Invest Super will get in touch with the fund you nominated to transfer your requested Super balance across. A partial rollover will generally mean that any insurance cover you hold in your old account will not cease due to closure of that account, but you should confirm with your old fund that this is the case before taking action.

What happens to my Super and annual statements if I am a temporary resident and leave Australia?

Raiz Invest Super is required to pay the Super of former temporary residents to the ATO if it has been more than 6 months since they departed Australia and their visa has expired or been cancelled. This payment is called a Departing Australia Super Payment (DASP) and you can claim your DASP by visiting the ATO website and making a DASP application online.

The Trustee relies on relief from ASIC to the effect that it is not obliged to notify or give an exit statement to a non-resident in the above circumstances. Non-residents can apply to the Commissioner of Taxation to claim the unclaimed Super under Part 3A of the Super (Unclaimed Money and Lost Members) Act 1999. Visit ATO for more information. When applying for this, you will need to provide an ID with a signature from a JP or professional to certify the copy.

Does Raiz Invest Super accept transfers from UK retirement funds?

Due to a change in legislation in the UK, Australian Super funds generally no longer accept transfers from UK pension schemes. Australian super funds were deregistered in 2015, meaning Raiz Invest Super is not a Qualifying Recognised Overseas Pension Scheme. The main barrier is the need for Australian Superannuation Funds to guarantee that the monies cannot be accessed before the age of 55 which they cannot satisfy given Australian laws on early release/withdrawal from Super (Death, TPD, Hardship).

Does Raiz Invest Super accept transfers from New Zealand retirement funds?

Raiz Invest Super does not accept transfers from New Zealand retirement funds, primarily because New Zealand has different preservation rules.

How long will my rollover take?

Rollovers can take up to 28 days to process. We will contact you during that time if any further information or action is required from you.

In the meantime, your Raiz Invest Super account will continue to work, and you are able to make personal contributions via BPay and/or notify your employer if you would like Raiz Invest Super to receive your employer contributions.

Once we receive your first contribution, you will receive a welcome email confirming the initial amount received and details of your insurance if you have opted into receiving default cover.

Employment arrangements and your Super

As a casual employee, do I get Super?

If you’re earning more than $450 (before tax) from a single employer in a calendar month, then your employer is required to make Super contributions for you. If you are under 18, you are also required to be working 30 hours or more per week.

If you don’t qualify for Super right now, keep in mind that your hours may change (for example, over busy holiday periods), meaning you may qualify for Raiz Invest Super.

The Australian Securities and Investment (ASIC) MoneySmart website has a calculator that can help all employees figure out how much Super they should be receiving.

How do I get my employer to make contributions to Raiz Invest Super?

After joining Raiz Invest Super, we’ll send you an email which you can forward to your employer. It will have all the details to help them make payments to your account.

How can I help my Super balance grow if I’m not receiving employer contributions?

If you’re earning less than $51,813 per year, you may be eligible for the government co-contribution, which is where the government matches your personal contribution(s) to Super up to a maximum of $500.

If you’re earning less than $37,000 per year and have given Raiz Invest Super your tax file number, you could also be eligible for the Low-Income Super Tax Offset (LISTO). This is where the government offsets you the amount of tax paid on employer Super contributions (also capped at a maximum of $500).

If you're self-employed you could also consider making personal contributions in a way that suits you or discuss splitting contributions with your family.

I’ve changed jobs. What happens to my Raiz Invest Super account?

If you’ve changed jobs, your employer will need to know whether you already have a Super account you’d like your Super paid into. It’s easy to tell your new employer you’d like to stay with Raiz Invest Super. Simply hand them a completed Choice of fund form with your Raiz Invest Super details.

By choosing to stay with Raiz Invest Super, you can continue to enjoy the benefits of your membership and have your Super managed all in one place, accessible to view easily on the app, helping you feel confident that Super is always growing in the background of life. You also won’t have to worry about fees from multiple Super funds eating away at your balance.

What is Low Income Superannuation Tax Offset (LISTO)?

The Low Income Superannuation Tax Offset (LISTO) is the new name for the Low Income Superannuation Contribution (LISC).

The federal government calls this refund of super tax, the Low Income Superannuation Tax Offset (LISTO), and the Coalition government extended the former Low Income Super Contribution (LISC) beyond its legislated expiry date of June 2017. The only change was that it was renamed as the Low Income Superannuation Tax Offset (LISTO).

Making contributions

How can I increase my Super?

There are a number of ways to boost your Super balance, and the sooner you start the better. Types of contributions you could consider include:

  • Super guarantee, employer contributions
  • Salary sacrifice contributions
  • Personal contributions
  • Self-employed contributions
  • Spouse contributions
  • Government co-contributions: If you are a low or middle-income earner you may also be eligible for government assistance in the form of the Super co-contribution or the low-income Super contribution. Find out more at ATO
How will the date my contribution is received affect how I manage my Super?

Contributions will count towards your contribution caps for the financial year in which they were received by Raiz Invest Super. If you plan to claim a tax deduction, you’ll only be able to claim for the financial year in which your contribution was received.

In order for your contribution to be received within the relevant financial year, Raiz Invest Super must have received your contribution payment with all the information we need in order to process it on or before the cut-off date of 30 June. Contributions received after this date will be recorded as part of a new financial year.

What information does Raiz Invest Super need to process my contribution?

Raiz Invest Super won’t need any additional information from you:

  • If you’re making personal contributions through an arrangement with your employer.
  • If you’re making personal contributions via BPAY
  • We don't accept personal contributions via cheque
  • If you’re making a personal contribution and are aged 65 or older
  • If you’re over age 65 and are no longer receiving employer contributions, Raiz Invest Super will need to confirm you are eligible to make additional personal contributions before your payment can be processed.
How long will it take for my contribution to appear on my Raiz Invest Super account?

If you meet the requirements for contributing and have provided Raiz Invest Super with all the information needed to process your payment, your contribution payment will generally appear in your account within three business days of receipt.

Once your contribution has been processed, you will be able to see the details in your account’s transaction history via the App. The details of your contributions will also be outlined in your Raiz Invest Super statement, provided every financial year. Your statement will be emailed to you each year and will also be made available in the statements section of the app.

Are there any contribution limits?

Contribution limits or ‘caps’ are set by the Government and differ depending on whether you are making non-concessional (before-tax) or concessional (after-tax) contributions. If you do make contributions that exceed your caps you may have to pay additional tax, and excess concessional contributions may also be counted towards your non-concessional cap.

When making contributions before the end of the financial year (June 30), any contributions you would like to make must be cleared before June 30. This means that you should make the contributions at least a week before June 30 so that your contributions will be cleared and counted as the financial year before June 30.

Your ability to make certain types of contributions may be affected by your total Super balance (i.e the total amount you have in Super and at 30 June of the previous financial year).

What are spouse contributions?

Spouse contributions involve putting Super into your spouse’s account to help them build their retirement savings. Spouse contributions can help boost the Super of a partner with a low account balance and help grow your retirement savings as a couple.

A spouse is recognised under Super law as being a person of the same or opposite sex who you are in a registered relationship with (under state or territory law), or who lives with you on a genuine domestic basis in a relationship as a couple.

If you wish to make a spouse contribution, simply make a contribution to your spouse’s Raiz Invest Super account by using their BPay details and be sure notify Raiz via email support@raizinvest.com.au or contact Raiz Invest Super 1800 455 666 once you have made the payment, so we can check it has been received.

What are concessional contributions?

For most, concessional contributions are the most tax effective method of building your superannuation. From 1 July 2017 the concessional contributions cap is now $25,000 for all age groups. Concessional contributions include:

  • Your employer’s super contribution (the compulsory 9.5%);
  • Any amount your employer contributes for you via salary sacrifice; and
  • Any personal superannuation contribution that you are eligible for and do claim as a personal income tax deduction
What are Non-concessional contributions (NCC)?

Non-concessional is a special term associated with after-tax super contributions (that is, any contributions you make from your take home pay). After-tax contributions are super contributions for which an individual or employer hasn’t claimed a tax deduction.

How do I make Tax-deductible super contributions?

Since 1 July 2017, all eligible Australians under the age of 75 can claim tax deductions for personal super contributions, subject to the annual concessional contributions cap. Such a measure can assist Australians who may be partly self-employed and partly employed, or individuals who work for employers who don’t accommodate salary sacrificing.

Generally speaking, you can make two types of super contributions: non-concessional (after-tax) contributions and concessional (before-tax) contributions.

Concessional contributions include Superannuation Guarantee contributions (made by an employer), salary sacrifice contributions, and tax-deductible super contributions (that is, where an individual claims a deduction for making the super contribution).

To make a tax-deductible contribution to your Raiz Invest Super account, you will need transfer funds into your account via BPay and email support@raizinvest.com.au notifying us of the contribution amount along with a signed copy of the ATOs Notice of intent to claim or vary a deduction for personal super contributions Form

Insurance

What type of insurance is available through Raiz Invest Super?

Raiz Invest Super automatically offers members Limited Default Death, Terminal Illness, and Total & Permanent Disability cover as part of the application process provided you are aged between 20 and 69 years of age. The level of cover you receive will change over time as you age, this is known as life stage cover.

Members can opt out of this cover once their Super account has been established. See our insurance guide for all the details

Are medical checks required to receive the Raiz Invest Super default cover?

No, they are not. Limited Default Cover is provided automatically with no medical checks or questions. An exclusion applies for any claim directly or indirectly related to a pre-existing medical condition. See our insurance guide for all the details

Who is eligible to receive the Raiz Invest Super default cover?

Default cover generally takes effect on the date we receive your first contribution or rollover In Raiz Invest Super. In order to be eligible to receive the Raiz Invest Super default cover, you must satisfy the conditions below:

  • Become an active member of Raiz Invest Super
  • Be an Australian resident or non-Australian resident residing in Australia who holds a Visa
  • Be aged between 20 and 69
  • Not be entitled to claim, nor In the process of claiming a TPD or terminal illness benefit with another insurer or fund
  • Have never been paid a terminal Illness or a TPD benefit with another insurer or fund
Can I change my level of insurance cover?

No. The Raiz Invest Super default insurance cover is provided on a default basis and is not able to be changed. You are not able to increase or reduce the level of cover within the fund outside of the standard life stage scale.

Is the level of default cover provided enough?

Raiz Invest Super provides a basic level of Death, Terminal Illness, and TPD cover only. The cover provided through Raiz Invest Super is a life stage scale, meaning the level of cover provided will change as you age. The default level of cover is not based on your unique current and future financial obligations, so please consider carefully If this is enough cover for you.

How are my premiums paid?

We deduct your premiums from your Raiz Invest Super account at the beginning of each month, in advance.

Will my premiums change?

Your premiums will generally increase each year in line with your age and your level of Limited Default cover. If the insurer varies its standard premium rates for any reason, we’ll notify you in advance.

How do I make a claim?

To apply for a claim, you must satisfy the respective definition of Death, Terminal Illness or Total & Permanent Disability and be insured with us at the time of event leading to the claim. See our insurance guide for all the details. (embed link)

In order to submit a claim, please contact Raiz Invest Super 1800 455 666 to obtain a claim Form

What is a pre-existing medical exclusion?

As you are not required to undertake any medicals or answer any health questions when you join Raiz Invest Super, you will not be covered for any pre-existing medical conditions. In general terms this means a benefit or claim will not be paid where the insured event is a direct or indirect result of a medical condition that was evident prior to the commencement of your cover.

What is TPD Insurance?

TPD insurance, also known as total and permanent disability cover, is a type of living insurance that provides you with a financial assistance in the event that you have been permanently disabled and unable to work in a normal capacity ever again. A TPD policy:

  • Covers serious illness and injury that affect your ability to return to work in full capacity.
  • Provides a lump sum benefit payment if you are permanently disabled and unable to work again.
What is Terminal Illness Insurance?

Terminal Insurance pays the life insurance out early if the policyholder is expected to die within 12 months.

Super Fees

What are the Raiz Invest Super Fees?

For more information, please read Fees and other costs

Tax in Super

How is Super taxed?

Tax rules can be complex, and they change frequently – however, understanding how tax and Super work can help you make the most of any tax advantages available to you, as well as ensure you don’t make any costly mistakes.

The information provided below is a summary only and subject to change. Generally, there are three points at which your Super could be taxed:

  • When it goes into your Raiz Invest Super account (contributions)
  • When the Fund earns income (investment earnings), and
  • When your Super is withdrawn (Super benefits).
Tax on contributions
  • All employer contributions, as well as any personal contributions for which a tax deduction is claimed, are usually subject to a 15% contributions tax.
  • Personal contributions and spouse contributions are not usually taxed, as these contributions are made after you have already paid income tax.
  • For further information, visit the Australian Tax Office website
Do I need to provide my tax file number (TFN)?

Providing your TFN can be the key to paying less tax. Moreover, under the Government’s SuperStream changes, Super funds must return employer contributions if no TFN is provided within 30 days of the contribution being received.

You can provide Raiz Invest Super with your TFN as part of the Application process – it is also required to locate and consolidate any existing Super accounts

Do I have to pay tax when I withdraw my Super?

Tax may be applied to the withdrawal of your benefit in cash, depending on your age, the amount and composition of your benefit (in particular whether it contains a taxable component), the type of benefit, and what you do with it. If you are 60 or over, lump sum or pension withdrawals from taxed Super funds are tax-free.

Other Helpful Superannuation external links