Important Facts about SMART Super

SMART have credited an average of 9.80% interest per annum (after tax and charges) to your account in the Balanced Investment Option over the last five years, to 30 June 2007.

SMART is the superannuation fund for the Sugar Industry.

SMART charges one flat-rate account keeping fee, regardless of your balance. This is $1.50 per week for all Active and Inactive Members.

SMART can arrange for your previously earned super balances to be rolled into SMART and you are free to transfer your super savings to another fund if you leave.

SMART operates in accordance with the government's member protection legislation. That is, the administration fee charged on account balances less than $1,000 will be no more than the earnings credited.

SMART does not have any cheque or Direct Debit dishonour fee.

SMART provides a choice of 5 different investment options, allowing you to save for retirement in the way that suits you best.

 SMART accepts Salary Sacrifice Contributions.  This is an arrangement between you and your employer where part of your before tax wage is paid directly by your employer into SMART. Your before tax wage is reduced by the amount you “Salary Sacrifice” to SMART.  For example; Tom earns $30,000 per year and decides to salary sacrifice $2,500.  The $2,500 is deducted from the $30,000 and his before tax wage is reduced to $27,500.  The tax payable on $27,500 is $4,952.50 leaving Tom with $22,547.50. 

Salary Sacrifice contributions are treated as employer contributions and are taxed at 15% (provided they are less than the Concessional Contribution Cap, implemented by the government from 1 July 2007). You cannot Salary Sacrifice to the extent that your salary falls below your award rate. For further information, please refer to the SMART Product Disclosure Statement or contact one of our SMART Customer Service Officers on 1800 802 800.

SMART allows you to boost your super savings by making tax-effective voluntary contributions. There is no fee for this. However from 1 July 2007, if you exceed the government implemented Non-concessional Contribution Cap, you may have to pay a higher rate of tax. For further information regarding this, please refer to the SMART Product Disclosure Statement or contact one of our SMART Customer Service Officers on 1800 802 800.

SMART offers spouse contributions.

SMART holds on site mill meetings on a yearly basis.  SMART members have access to financial planners, through Charter Financial planning. 

SMART has over $90 Million in assets.

SMART has a MEMBER ON LINE facility, so you can check your membership details on line.

SMART sends annual and mid-year statements which include annual reports, newsletters and other important information.

SMART's Insurance Arrangements

Unlimited Death Cover

Maximum TPD cover $2.5 million

Costs $1.50 per unit per week for Death and TPD Cover

If you are a seasonal worker and you have insurance cover, your insurance will automatically continue for a period of 52 weeks from the time you leave your employer as long as your account balance stays above $1000 to cover the cost of insurance premiums. The cost of this extended cover is $1.50 per unit per week. Premiums will continue to be deducted from your account until the earlier of; you request in writing to opt out of insurance cover; your account balance falls below $1000; 12 months following the last employer contribution if you become unemployed; or you reach age 65. As a once only option, if you are under 65 years of age and you leave SMART other than as a result of disablement, you may apply to the insurer within 60 days of the date you leave employment for a personal life insurance policy.