What is a superannuation benefit?
Your superannuation benefit is based on the dollar amount of super that you have in the fund (after accounting for tax and expenses) and in the event of your death or total and permanent disablement, this is the dollar amount of the benefit (including any insurance component) that will be paid to you or your beneficiaries. A benefit payment can generally only be made when the member has left the fund and will comprise contributions and rollovers, PLUS net earnings applied, less tax, fees and insurance premiums.
What is a contribution?
Contributions can be regular or one-off payments to the fund, which are deposited into your account. They include employer contributions (money that your employer contributes to the fund for you), personal contributions that you may choose to make and the government co-contribution and rollovers (money that you may transfer from another superannuation fund to HOSTPLUS Executive).
Can I make spouse contributions?
As a HOSTPLUS Executive member, it’s easy to make and receive spouse contributions. What’s more, if your spouse is a low-income earner or doesn’t work, you could enjoy a tax rebate of up to $540 a year. Find out more about spouse contributions.
Do I have to cash my superannuation benefits?
No. You can keep benefits in the fund until your death at which point benefits will be paid to your dependants or legal representative.
What if I want to transfer some of my super from my HOSTPLUS Executive account to another fund?
Yes, you’re free to transfer part of the balance from your HOSTPLUS Executive account to another complying superannuation fund if:
the amount you transfer will not reduce your account balance to less than $5,000, and you have not made a request to transfer in the last 12 months.
Transferring your benefit may have an impact on your insurance cover, as continuation is subject to maintaining sufficient funds to meet insurance premiums. If cover lapses, you’ll need to re-apply for insurance cover.
What’s an eligible rollover fund?
If your account balance is less than $400 (subject to change) and we have not received contributions for you for more than18 months, we may transfer your account balance to our eligible rollover fund (ERF).
Our nominated ERF is Australia’s Unclaimed Super Fund (AUSfund). AUSfund protects all accounts from erosion due to the administration levy, so that the levy cannot exceed the net earnings applied to each account.
AUSfund does not offer insured benefits in the event of death or disability.
AUSfund conducts cross-fund matching initiatives, where it uses your information to search for an active account in your name or another superannuation fund.
If AUSfund finds an active super account in your name, it will transfer your AUSfund benefits to the other fund. AUSfund also attempts to locate missing contributions paid to the ATO on your behalf or super benefits that may have been transferred to another ERF due to inactivity.
What happens to unclaimed money?
HOSTPLUS Executive wants to keep in touch with you and makes every effort to do so. However, if you reach qualifying age for the age pension and are eligible to claim your super, but we cannot find you, then your investment becomes unclaimed money and must be paid to the Australian Tax Office (ATO). Unclaimed money is paid to the ATO every six months.
How can I find super I’ve lost or forgotten about?
You can check with the ATO to see if you are registered as a lost member. Just call 13 10 20 or use SuperSeeker to search for lost super.
Can HOSTPLUS Executive help locate my money?
As a service to our members, we conduct database searches in conjunction with AUSfund to locate account balances that may have been transferred to AUSfund due to inactivity.
We also regularly conduct searches for lost super for our members, where we may send personal information such as your full name, date of birth, address, and tax file number (if held) to the ATO.
Who administers HOSTPLUS Executive?
We use a specialist administration company, Superpartners Pty Ltd, to manage day-to-day operations.