Super SA - Triple S Scheme
- Last updated on 29 May 2020
QSuper Lifetime
Pay no transaction or switching fees and enjoy a range of different investment options
$70
$515
Originally established in 1927 as The South Australian Superannuation Fund, Super SA is now the largest super scheme in South Australia responsible for managing the super and retirement savings of current and former SA public sector employees. The Triple S scheme is classified as an untaxed fund catering to actively working members. Super SA Triple S offers a range of 8 investment options to choose from, providing members with access to 6 Diversified options, a Cash option and a Socially Responsible option for the ethical investor. The Balanced option outperformed the SuperRatings Index over each time period assessed to 30 June 2019; however, care should be taken when comparing performance figures as all returns displayed are untaxed. Fees are competitive and lower than the industry average across all account balances assessed, with the asset-based administration fee capped at $325 pa. Members are charged a fee for the second and subsequent switches.Eligible members are automatically provided with standard Death and Total & Permanent Disablement (TPD) cover and Income Protection (IP) cover upon joining the fund. Income Protection is available up to a maximum of 75% of notional salary plus a Contribution Replacement Benefit, with a 2-year benefit payment period following a 30 or 90 day waiting period. Voluntary Death Only insurance is only available to Triple S Spouse members. Members have access to comprehensive financial planning services provided through Industry Fund Services on a fee-for-service basis. The fund's website includes a Knowledge Centre where members can access fact sheets, calculators, vodcasts and news updates. The online Member Portal allows members to update their details and switch investment options.
Admin fee $70 | Health insurance |
Administration fee (%) 0.05% | Binding nominations |
Indirect cost ratio (%) 0.84% | Anti-detriment payments |
Exit fee $0 | Switching fee $20 |
Financial planning service | Employer size discount |
Credit cards | Home loans |
Insurance life event increases | Non-lapsing binding nominations |
Investment fee | Long term income protection |
Account size discount |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return | Admin fee | Company | Calc fees on 50k | Features | SuperRatings awards | Go to site | |
|---|---|---|---|---|---|---|---|---|
4.53% | $70 | Promoted Super SA - Triple S Scheme | $515 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
3.75% | $70 | Promoted Super SA - Select | $525 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details | ||
3.71% | $70 | Promoted Super SA - Flexible Rollover Product | $550 | Advisory services Death insurance Income protection Online access Term deposits Variety of options | | More details |
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FAQs
You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:
| 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 |
A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.
There are also seven special circumstances under which you can claim your superannuation:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.
You or your partner could be forced to surrender part of your superannuation if you divorce, just like with other assets.
You can file a claim for division of property – including superannuation – as soon as you divorce. However, the claim has to be filed within one year of the divorce.
Your superannuation could be affected even if you’re in a de facto relationship – that is, living together as a couple without being officially married.
In that case, the claim has to be filed within two years of the date of separation.
Either way, the first thing to consider is whether you’re a member of a standard, APRA-regulated superannuation fund or if you’re a member of a self-managed superannuation fund (SMSF), because different rules apply.
Standard superannuation funds
If your relationship breaks down, your superannuation savings might be divided by court order or by agreement.
The rules of the superannuation fund will dictate whether this transfer happens immediately, or in the future when the person who has to make the transfer is allowed to access the rest of their superannuation (i.e. at or near retirement).
Click here for more information.
SMSFs
If your relationship breaks down, you must continue to observe the trust deed of your SMSF.
So if you and your partner are both members of the same SMSF, neither party is allowed to use the fund to inflict ‘punishment’ – such as by excluding the other party from the decision-making process or refusing their request to roll their money into another superannuation fund.
This no-punishment rule applies even if the two parties are involved in legal proceedings.
Click here for more information.
Financial consequences
Superannuation funds often charge a fee for splitting accounts after a relationship breakdown.
Splitting superannuation can also impact the size of your total super balance and how your super is taxed.
Click here for more information.
For employees, there are two types of reportable superannuation contributions:
- Reportable employer super contributions your employer makes for you
- Personal deductible contributions you make for yourself
The value of your assets affects whether you can qualify for the age pension – and, if so, how much.
The following assets are exempt from the assets test:
- your principal home and up to two hectares of used land on the same title
- all Australian superannuation investments from which a pension is not being paid – this exemption is valid until you reach age pension age
- any property or money left to you in an estate, which you can’t get for up to 12 months
- a cemetery plot and a prepaid funeral, or up to two funeral bonds, that cost no more than the allowable limit
- aids for people with disability
- money from the National Disability Insurance Scheme for people with disability
- principal home sale proceeds you’ll use to buy another home within 12 months
- accommodation bonds paid on entry to residential aged care
- any interest not created by you or your partner
- a Special Disability Trust if it meets certain requirements
- your principal home, if you vacate it for up to 12 months
- granny flat rights where you pay more than the extra allowable amount
For full pensions, reductions apply when your assessable assets exceed these thresholds:
|
Category |
Home owners |
Non-home owners |
|
Singles |
$253,750 |
$456,750 |
|
Couples living together |
$380,500 |
$583,500 |
|
Couples living apart due to ill health |
$380,500 |
$583,500 |
|
Couples with only one partner eligible |
$380,500 |
$583,500 |
For part pensions, reductions apply when your assessable assets exceed these thresholds:
|
Category |
Home owners |
Non-home owners |
|
Singles |
$550,000 |
$753,000 |
|
Couples living together |
$827,000 |
$1,030,000 |
|
Couples living apart due to ill health |
$973,000 |
$1,176,000 |
|
Couples with only one partner eligible |
$827,000 |
$1,030,000 |
For transitional rate pensions, reductions apply when your assessable assets exceed these thresholds:
|
Category |
Home owners |
Non-home owners |
|
Singles |
$503,250 |
$706,250 |
|
Couples living together |
$783,000 |
$986,000 |
|
Couples living apart due to ill health |
$879,500 |
$1,082,500 |
|
Couples with only one partner eligible |
$783,000 |
$986,000 |
Superannuation is paid by employers to employees, at least once every three months. The ‘superannuation guarantee’ is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary. The guarantee is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
Superannuation is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.
You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
A superannuation fund is an institution that is legally allowed to hold and invest your superannuation. There are more than 200 different superannuation funds in Australia. They come in five different types:
- Retail funds
- Industry funds
- Public sector funds
- Corporate funds
- Self-managed super funds
Retail funds are usually run by banks or investment companies.
Industry funds were originally designed for workers from a particular industry, but are now open to anyone.
Public sector funds were originally designed for people working for federal or state government departments. Most are still reserved for government employees.
Corporate funds are arranged by employers for their employees.
Self-managed super funds are private superannuation funds that allow people to directly invest their money.
Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:
- Lump sum
- Account-based pension
- Part lump sum and part account-based pension
However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
The preservation age has six different categories:
| 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 |
There are also seven special circumstances under which you can claim your superannuation:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.
Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.
Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.