FREQUENTLY ASKED QUESTIONS
What is a successor fund transfer?
A successor fund transfer involves the transfer of members from one superannuation fund to another. This is done only when both fund Trustees believe the transfer is in members’ best interests.
I am happy with Perpetual MySuper, why do I have to transfer to CareSuper MySuper?
The Trustees of both Perpetual and CareSuper have agreed the transfer is in members’ best interests and will deliver more value to you. Member consent is not required in a successor fund transfer. If you have any concerns about the transfer, contact Perpetual on 1800 003 001.
At CareSuper we’re looking forward to looking after you and your super. If you'd like to know more about CareSuper membership, contact us on 1300 360 149. We're here to help.
How will CareSuper benefit me?
You’ll become a member of the largest industry fund for professionals; run solely to benefit members, no one else. See how we compare and the extra Member benefits available to you.
Is there a cost to transfer my account to CareSuper?
No. There is no cost to transfer your Perpetual MySuper account to CareSuper.
Do I need to do anything regarding the transfer?
No action is required from you for the transfer to take place. However, you've been provided with a useful checklist of things to consider before and after the transfer to CareSuper.
Refer to the Perpetual SEN sent to you in September for full details of the transfer and the handy checklist.
What happens when my account transfers to CareSuper?
Your account balance will transfer from Perpetual MySuper to CareSuper and you will become a CareSuper member.
Once your Perpetual MySuper account is closed you will receive an exit statement with your final Perpetual MySuper account details.
When your CareSuper account is set up you will receive a Welcome Pack from CareSuper. This includes:
- Your new membership details
- How to log in to your online account
- How your funds are invested
- Your insurance cover (if applicable)
- A Binding beneficiary nomination form
What happens if I’m making voluntary contributions to my super?
You will be provided with new contribution details to make additional before or after-tax contributions to your CareSuper account. The current Perpetual details will no longer work and will not be accepted. This does not affect any current employer contributions which should be automatically redirected to your CareSuper account.
What will happen to my online access?
You will have access to your Perpetual MySuper online account until further notice.
In your welcome pack, we’ll let you know how to access the CareSuper MemberOnline portal. You will need an email address to register for MemberOnline.
Will the fees and costs on my account change?
Yes. Refer to the Perpetual SEN sent to you in September for details of the changes to fees and costs.
Find out more about what it costs to be a CareSuper member.
What are the differences in investment options?
Refer to the Perpetual SEN sent to you in September for the difference between Perpetual and CareSuper’s investment options.
Our investment options have consistently produced strong investment returns*. See how our MySuper Balanced investment option performs.
We offer 13 different investment options, including the Balanced (MySuper) option, letting you mix and match your investments to suit your goals.
Will my insurance change when my account transfers?
Existing insurance cover with Perpetual
If you have insurance through your Perpetual MySuper account, it will stop once your account is closed. When your account is transferred to CareSuper effective 30 October 2020 you will be under a new policy. If your balance is under $6,000, or you are under 25 years of age at the time of transfer, you will need to elect to keep your cover by completing and returning an Elect to have insurance cover form by 30 November 2020. Otherwise you won't have cover with CareSuper.
Refer to the Perpetual SEN sent to you in September for the changes to your insurance cover.
No existing insurance cover with Perpetual
If you do not have existing insurance cover in Perpetual MySuper, you may be eligible for automatic insurance cover. Refer to your relevant CareSuper PDS and Insurance Guide for more information about insurance. If you are under 25 or have a balance below $6,000 when you transfer, we can't provide you with insurance, unless you elect to receive it. This is due to the Federal Government's Putting Members' Interests First (PMIF) legislation that aims to ensure members only hold cover they need or want. To elect to receive standard insurance cover with CareSuper complete and return the Elect to have insurance cover form by 30 November 2020. Cover will be added to your account, backdated to 30 October 2020, and insurance fees will be calculated from that date. Otherwise, cover will commence if you make an election in the future, or when you meet the eligibility criteria and receive your first employer contribution.
Why do I need to elect to keep my insurance?
From 1 April 2020, we can only provide standard cover to eligible members if they’re age 25 or older, or have had at least $6,000 in their super account, unless they make an election to receive cover earlier. This is due to the Federal Government's Putting Members’ Interests First (PMIF) legislation that aims to ensure super members only hold cover they need or want.
How do I elect to keep my insurance?
Complete and return the Elect to have insurance cover form by 30 November 2020. Your cover will be backdated to 30 October 2020, subject to eligibility, and insurance fees will be calculated from this date.
I've already elected to keep my cover with Perpetual - doesn't that carry across?
No. By law, CareSuper cannot accept an election made with Perpetual. You must complete the CareSuper Elect to have insurance cover form.
What if I do not elect to keep my cover?
If you do not let us know you want insurance cover by 30 November 2020, cover will not be added to your CareSuper account if your balance is less than $6,000 or you’re under age 25. Standard cover with us will commence if you meet the eligibility criteria and when you receive your first on-time employer contribution.
Why is my CareSuper balance in the MyGov portal showing as ’not reported’?
CareSuper will be reporting member balances to the Australian Tax Office (ATO) on 9 November 2020 after the Perpetual MySuper Successor Fund Transfer is completed. Please check your MyGov account after 16 November 2020 to see your balance with CareSuper.
I applied for early release of super under COVID-19 after 23 October 2020. When will I receive my payment?
From 23 October 2020 to 16 November 2020 there will be a Limited Services Period where we’re unable to process applications for early release of super under COVID-19 (and other transactions – see the FAQ below for details).
Any requests for early release of super made to Perpetual after 23 October 2020, or to CareSuper from 30 October 2020 will be prioritised for payment as soon as possible. We expect to have all payments made by Friday 13 November 2020.
I applied for early release of super under COVID-19 through Perpetual. Can I make another application to CareSuper?
No. You can only make one application for early withdrawal of your super during the 2020/21 financial year. For more information about early release of super check out our FAQs or visit the ATO website.
What account transactions are limited from 23 October 2020 to 16 November 2020?
From 23 October 2020 to 16 November 2020 there will be a Limited Services Period where we will be unable to process contributions, withdrawals, investment switches and applications for early release of super under COVID-19; or make amendments to your account information. Please ensure any requests are received by Perpetual before 3pm on Friday 23 October 2020 to be actioned before the transfer.
We will process any outstanding requests following the transfer from 16 November and clear any backlog as soon as possible with the aim of completing this by Friday 20 November.
I'm a Perpetual employer. Who can I speak to at CareSuper about my employer obligations?