Frequently asked questions

Basic super info

What happens to my super when I change jobs?

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

By choosing to stay with Vision Super, you can avoid ending up with multiple funds, multiple sets of fees and excess paperwork.

Who can join?

We’re open to everyone and you’re welcome to start an account with us no matter who you work for.

Can I transfer insurance from another super fund?

Yes. If you have existing death, death and total and permanent disability (TPD), and/or Income protection (IP) cover through another superannuation fund, you can apply to transfer this cover to your Vision Personal account.

To transfer your cover, you need to meet certain conditions – for further information, please read the Vision Personal insurance guide.
Remember to check your current insurance arrangements including benefits and fees (different insurance arrangements have different terms and conditions, e.g., exclusions). If you are transferring your insurance cover from another super fund, make sure your application to transfer to Vision Super is accepted before you transfer your money from or cancel the insurance cover you have in the other fund.

Fees & charges

How does Vision Super approach fees?

Vision Super is an industry fund, run only to benefit our members. We aim to keep our fees as low as possible so there’s more in your pocket when you retire.

Are there any fees for advice?

By calling 1300 300 820, Vision Super members have access to free, one-off advice with one of our financial planners about their options and benefits. This includes insurance options, investment choices, Vision Super products, and other basic information.

We also offer in-depth personal advice by appointment, to discuss at length different topics super and non-super related depending upon your personal financial needs.

We are required by law to charge for this advice. Advice about superannuation and retirement products may be deducted directly from your Vision Super accumulation account. Set fees apply each time we provide you with advice about:

  • Personal advice relating to your super
  • Retirement strategies
  • Insurance
  • Estate planning
  • Reviews of our advice

Unlike financial advisers who work for banks or other retail organisations, your Vision Super financial planners don’t receive commissions or bonuses for financial advice and are only paid a salary.

That means we can guarantee their advice is always in your best interests, and you never need to worry whether they’re recommending a product because they want the commission or they’re trying to earn a bonus.

What are investment fees?

The Investment fee includes investment expenses relating to the investment management of Vision Super’s assets, such as base and performance related fees paid to investment managers and advisers, management fees charged in investment vehicles, explicit transaction costs incurred by investment managers, asset consulting fees, bank fees, custodian fees and internal Vision Super costs related to the management of the fund’s assets.

Investment fees are taken into account in the daily calculation of unit prices and are reflected in the returns allocated to your account through changes in the unit prices.

Investment fees may change from time to time because of changes in estimated costs and performance fees from year to year. The most updated information is available on our publications page, and you can read a more detailed overview in Fees and costs.

Do I get taxed when I make super payments?

Generally, any before-tax money that you pay into your superannuation fund (for example, your super guarantee payment, or salary sacrifice payments) is taxed at 15%.

The earnings that your fund makes are also taxed. However, when you retire and apply to draw an income from your super fund (an account based pension) this is tax-free if you are over 60 years. For more information, please refer to our additional guide on how super is taxed.

It’s important that you provide your tax file number to your super fund or you could be inadvertently paying too much tax.

What is the administration fee used for?

Vision Super members pay an administration fee to cover the administrative and operational costs of the Trustee. For more information, please read the additional guide for Fees and costs.

General questions

What does platinum rated mean?

Our platinum rating from SuperRatings mean we’re in the top 25% of super funds rated by SuperRatings for best value for money superannuation. We’ve been awarded the rating 11 years in a row.

What are ethical investment super funds?

Ethical investment (or responsible investment) in a super fund is when an investment is selected to complement views on moral, environmental or political matters. There are ethical super funds dedicated to these specific investment options and funds that offer normal and ethical investment options.

Growing your super

How long will it take for Vision to receive my contribution?

If you’re contributing by BPAY, it can take Vision Super up to two business days to receive your contribution, then up to three business days to process, although most are done the same day they are received. This will depend upon your financial institution’s processing times.

If you’re contributing by cheque, you will need to allow enough time for your chosen postage method to reach us. Once it has arrived, it can take up to five working days to process.

We can also process contributions by EFT, however, this may take up to three business days.

What is salary sacrifice?

In very basic terms, ‘salary sacrificing’, or ‘salary packaging’ means using some of your before-tax salary to pay for something. In superannuation terms, it is usually an arrangement between you and your employer to contribute some of your before-tax salary into your superannuation account.

In the 2018/2019 financial year, the maximum that can be contributed as before-tax payments is $25,000 but this includes your employer SG payments of 9.5%.

What are super co-contributions?

Here’s how it works. If your total income is $37,697 or less in the 2018/19 financial year, you will receive a tax-free contribution from the Government when you make a non-concessional (after-tax) contribution to your super account. This is, of course, provided you satisfy work, income and age tests – but more about those later.

Please note that the income threshold test for the co-contribution is your total income, which calculated as follows:

Total income (assessable income + reportable fringe benefits + reportable employer super contributions – allowable business deductions).

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.

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/or pension accounts at 30 June of the previous financial year).

For more information on your contribution limits and what they might mean for you, visit the Government contribution limits page.

Insurance

Is insurance included with Vision Personal?

Once you’ve joined Vision Personal, you can apply for different types of insurance at competitive rates (provided you’re eligible).

You can choose from several types of cover:

  • IP cover
  • Death (including terminal illness) and TPD
  • Death only (including terminal illness)

For further information about insurance, see Vision Personal Insurance guide here.

What is Best Doctors?

Best Doctors can help you if you are dealing with an illness, or a chronic or serious condition.

Through your insurance, you and your family get access to Best Doctors which connects you with a network of 50,000 leading medical specialists from around the world. It offers a second opinion when you need it most, to make sure you received the right diagnosis and are on the best treatment plan. You can use Best Doctors at anytime, anywhere, as often as you need for no extra cost, and it’s completely confidential.

Your account

How do I nominate beneficiaries?

Using Vision Online is the quickest way to nominate your preferred beneficiaries. Nominating your beneficiaries assists us to understand how you would like any death benefit entitlement distributed to your dependants if you die. A preferred beneficiary nomination indicates your preference, but is not binding on the Trustee – they can still decide to distribute your death benefit differently.

If you prefer to make a Binding nomination or change a non-binding nomination by completing and sending us the Beneficiary nomination form.

For more detail about beneficiaries and how to nominate them, read our beneficiaries fact sheet.

When can I see my balance?

You can check your balance 24/7 via Vision Online, our secure member secure site, or via the Vision Super app for mobile devices. You can also contact our Member Services on 1300 300 820 or by emailing us on memberservices@visionsuper.com.au

How do I update my details?

It depends how your details have been changed. The most common request is changing a surname due to marriage, which you can do with a certified copy of your marriage certificate, and a Vision Super “Change of Personal Details form” found here: view form

If you have changed your name another way, we recommend you contact us first on 1300 300 820 so we can outline what documents we need to change your details without issue.

If you want to change your address, you can do this by logging onto the secure member portal online, or calling our Member Services team on 1300 300 820.

When can you access your super?

Accessing your super is limited to people above a certain age, which is known as the preservation age and preservation rules. The preservation age is a restriction preventing people from accessing their superannuation until their retirement unless they meet a condition of release.

The preservation age varies depending on when you were born:

Date of birth Preservation age

  • Before 1 July 1960 55
  • 1 July 1960 – 30 June 1961 56
  • 1 July 1961 – 30 June 1962 57
  • 1 July 1962 – 30 June 1963 58
  • 1 July 1963 – 30 June 1964 59
  • From 1 July 1964 60

You do not immediately have access to your super once you reach the preservation age; you to need to have retired as well. Once you reach age 65 however, you can access your superannuation even if you haven’t retired.

For more information, visit the Australian Tax Office website www.ato.gov.au.

SuperRatings does not issue, sell, guarantee or underwrite this product. Go to superratings.com.au for details of its ratings criteria