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Master Trust |
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PublicationsFormsInvestmentsEducationResources
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FREQUENTLY ASKED QUESTIONS |
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FAQs for employers Why would an employer choose the
Aon Master Trust? How do I become a member of
the Aon Master Trust?
FAQs for employers Why would an employer choose the Aon Master Trust? When you join the Aon Master Trust you will benefit from our:
Why choose the Aon Master Trust for your employees? When your employees join the Aon Master Trust they are presented with:
* Financial planning services are not provided by Aon Superannuation Pty Limited. How do I join the Aon Master Trust as an employer? As an employer you can join in three easy steps:
Do I have to make any choices for my employees? As the employer you can select default investment and insurance options for your employees. Alternatively, you can use our default investment option (currently the Pre-mixed Balanced Index option) and we can establish the insurance cover at the employer level for you. Who do I have to make contributions for? To meet Superannuation Guarantee (SG) legislation requirements you must make contributions for:
You do not need to pay Superannuation Guarantee for:
Some Federal or State awards, industrial agreements or employee enterprise agreements may require employers to pay super for employees in other circumstances. If you are unsure of your obligations or requirements, contact your industrial adviser or contact the Aon Master Trust. How much do I have to contribute? There are no maximum or minimum contributions required by the Aon Master Trust. In general, the level of contributions that an employer must make to avoid the Superannuation Guarantee Charge for employees is 9%. How do I pay my contributions? You can make contribution payments by BPAY®, cheque or EFT. The Contributions summary and schedule , which you need to complete and send to us when you make a payment, includes payee details. Your Account Manager can give your information on your contribution payment options. ® Registered to BPAY Pty Ltd ABN 69 079 137 518 When do I have to pay contributions? Contributions deducted from an employee's pay must be paid to the nominated superannuation fund within 28 days of the end of the month in which they were deducted. This is a legal requirement and failure to do this may make you subject to a fine. Employers are required to make Superannuation Guarantee (SG) payments at least quarterly.
If SG contributions are not paid by the cut-off dates employers must lodge a superannuation guarantee statement and pay the superannuation guarantee charge. The charge cannot be claimed as a tax deduction by the employer. For more information about SG visit the Tax Office's website at www.ato.gov.au/super or call them on 13 10 20. Can my employees make salary sacrifice contributions? In the Aon Master Trust your employees can make a contribution from their pay before it is taxed. You can claim deductions on these contributions for employees aged under 75 (and 75 or over if contributions are required by an award).
FAQs for members How do I become a member of the Aon Master Trust? The Aon Master Trust comprises of Corporate Super, Personal Super, and a Pension for retirees. Corporate Super is for you if you are an employee of an employer who participates in the Aon Master Trust. Personal Super is for you if you are self-employed or just want to join as an individual. The Pension offers an income stream for retirees as well as those wishing to transition to retirement. How do I make voluntary contributions? You can make voluntary contributions from your after-tax salary (non-concessional contributions) or by salary sacrifice from your before-tax salary (concessional contributions). If you wish to make regular contributions from your pay, your employer may be able to set up a regular payroll deduction. The Aon Master Trust offers a number of convenient ways for you to make after-tax contributions to your account. These include BPAY®, EFT, cheque, and (if you are a Personal Super member) direct debit from a bank account. See the Contributions factsheet for more information. ® Registered to BPAY Pty Ltd ABN 69 079 137 518 How do I check on my contributions? You can check your contribution online through www.aonmastertrust.com.au or call us on 1300 880 588. We also send you an annual benefit statement confirming the contributions we have received on your behalf. What superannuation contribution does my employer have to pay? Employers are required to pay contributions into a complying super fund for most of their employees. The Superannuation Guarantee (Administration) Act sets out a minimum contribution level that employers have to pay. That level is 9% of your pay. Can I bring my other super into the Aon Master Trust? Yes. It makes sense to consolidate your super in one place. You could save on fees and you'll find it easier to keep track of your super. You'll have less super paperwork to deal with too. What choices do I have as a member of the Aon Master Trust? When you join the Aon Master Trust you are presented with a range of options designed to suit your individual needs, including:
Can I change my investment and insurance choices? Yes. You can change your choices by completing a change member details and options form and forwarding it to us. There is no charge for making a switch. You can also change your investment options online - you'll need to log in. The answer is different for everyone. Your super is part of your financial plan for the future. How much you need depends on your personal situation, how much income you want to have in retirement, and your other sources of income. You may want to talk to an independent financial planner about a financial plan to suit you. How do I change my personal details? You can change your address, contact details, beneficiaries and investment options online (you'll need to log in) or complete a Change member details and options form. If you want to change your insurance options, you'll need to complete a Change member details and options form. Am I required to provide ID for transactions in the Aon Master Trust? Yes, new rules that came in with the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 require that Aon Master Trust members provide a form of identification when they :
The preferred form of identification is a copy of a photo ID such as a driver's licence or passport details page. For more information on ID rules see the information below and our factsheet Identification (ID) rules and certification of documents on the website. How do I get a copy of my photo ID certified for super benefit payments/transfers or for pension income payments? A document may be certified by one of the qualified witnesses listed below. Certification must carry the statement, ‘This is a true copy of an original that I have sighted’ and must include the certifier’s name, address, occupation, phone number and signature and (if applicable) registration number. Qualified witnesses for document certification:
If I don't have a photo ID, what documents can I provide in lieu of these primary documents? You can provide certified copies of one document from list A together with one document from list B if you don't have a photo ID. List A:
List B:
When is my superannuation benefit payable? The Government introduced preservation legislation to help you finance your retirement. Your superannuation benefit is payable in cash or pension form once you have retired and reached your preservation age (between ages 55 and 60 depending on when you were born). Your super may be accessed earlier if you:
You may have an unrestricted non-preserved benefit if you had super before 1 July 1999. You can cash this out when you leave your employer. What happens with my super if I leave my employer? See the section Accessing your super benefits in your Product Disclosure Statement. Where can I go for financial advice? A financial adviser can help you with your super, tax, investment and insurance needs. If you don't have a financial adviser but would like to be put in touch with one, call us on 1300 880 588. Before withdrawing or rolling your super out of the Aon Master Trust, it's in your best interest to consider your options and the impact that leaving may have on your insurance cover and retirement savings.
Things to think about If you're leaving your employer, starting a new job, about to retire or looking at self-managed super, A great place for your super - wherever you go is recommended reading. It outlines how the Aon Master Trust can continue working hard for you and your super now and into retirement. You might also want to get some expert financial advice. If you don't have an adviser, we can put you in touch with one and there's no charge for your initial meeting. Call us on 1300 880 588 or email contactaon@pillar.com.au to get started. Please contact us for details on how to withdraw your super benefit or roll it over to another super fund.
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