Accumulation account

An account in a superannuation fund which operates on an accumulation basis where contributions earn investment returns (which can be positive or negative).

Accumulation benefit

An accumulation benefit in the Fund comprises the balance(s) in a member’s accumulation account(s). The value of an accumulation benefit is linked to investment earnings for the member’s chosen investment option(s) and the member bears the investment risk for this benefit.

'Actively at work'/'Active employment'

Refer to terms used in the insurance policies held by the Trustee that are relevant to eligibility for insurance cover. In summary, the terms refer to a member who is capable of performing all the duties of his/her job on a full-time basis and at work or on approved leave not related to sickness or injury. Refer to the insurance policies for a complete definition of the terms.

AIA/AIG

Refers to AIA Australia Limited (ABN 79 004 837 861 AFSL 230043) the Insurer for insured benefits offered to members (with the exception of Income Protection insurance offered to some members in the Stevedores division of the Fund). AIA Australia Limited was formerly known as the American Assurance Company (Australia) Limited and traded as AIG Life.

AIP

Refers to Australian Income Protection Pty Ltd (ABN 88 096 636 412 AFSL 289089) the administrator for income protection insurance offered in some membership categories of the Stevedores division of the Fund. The underwriter for this insurance is certain underwriters at Lloyd’s of London.

APRA

Means the Australian Prudential Regulation Authority.

ASIC

Means the Australian Securities and Investments Commission .

ATO

Means the Australian Taxation Office.

Australian Financial Services (AFS) Licence

Is a licence issued by the Australian Securities and Investments Commission to provide financial services. Maritime Financial Services Pty Limited, the administrator of the Fund, has been granted an AFS Licence (No 241735) to provide general financial product advice in relation to superannuation and the Fund.

Australian Prudential Regulation Authority (APRA)

Is the prudential regulator of the Australian financial services industry and overseas superannuation in Australia.

Australian Securities and Investments Commission (ASIC)

Is Australia’s corporate, markets and financial services regulator.

Australian Taxation Office (ATO)

Is the Australian Government’s principal revenue collection agency for income tax, GST and excise (but not customs duty). The ATO administers a variety of legislations including the superannuation guarantee, small superannuation accounts, ‘lost’ members, superannuation co-contribution and self-managed superannuation funds.

Benchmark Salary and Core Accumulation Accounts

Are accounts maintained for Contributory Accumulation members of the Seafarers division who were members of this category in the Seafarers Retirement Fund (SRF) on 30 June 1988.These members may be entitled to a Minimum Protected Benefit on retirement from the maritime industry and the balance in these accounts must be maintained to maintain eligibility for a Minimum Protected Benefit.

Benefit

Is the value of a member’s entitlement in a superannuation fund.

Binding death benefit nomination

Is a nomination made in writing by a member stating the recipient(s) to receive his/her death benefit in the event of his/her death. The Trustee must follow the binding nomination if it is valid at the time of the member’s death. A binding death benefit nomination that a Maritime Super member makes must comply with the requirements prescribed in the SIS legislation and will lapse three years after signing (or earlier on marriage, divorce or entering into or ending a de facto relationship). A binding death benefit nomination provides greater certainty than a non-binding death benefit nomination on who will receive a member’s benefits in the event of his/her death.

Child/Children

For superannuation purposes, a ‘child’ includes a child of a marital relationship or an opposite or same-sex de facto relationship, a step-child, an adopted child, a child of an opposite or same-sex de facto partner, an ex-nuptial child, an IVF child and a child born under a surrogacy arrangement (who is a child of either partner in a marital or de facto relationship because of a court order made under a state or territory law that gives effect to a surrogacy agreement).

Choice of fund

Employees who are eligible for ‘choice of fund’ can nominate the superannuation fund to which their employer must pay their SG employer contributions. You should note that not all employees are eligible for choice of fund. Generally employees eligible for choice of fund include those employed under a Federal Award or a former state award (known as a ‘notional agreement preserving state award’) or under another award or agreement that doesn’t deal with superannuation and those not employed under any state award or industrial agreement (including contractors paid principally for their labour).

Classification Base Wage (CBW)

This is an amount calculated as the greater of:

• 75% of Base Salary; and
• $950 per week (or $650 per week for GWE and permanent part-time employees)

CBW is relevant to current and some former members of the Permanent (Defined Benefit) category of the Stevedores division of the Fund.

Commute

Is where a member converts some or all of their income stream to a lump sum payment.

Complying superannuation fund

Is a superannuation fund that complies with the regulatory requirements of Australian law and receives concessional taxation treatment. Maritime Super is a complying superannuation fund.

Complying pension

Is the term used to refer to pensions which qualify for concessional treatment for social security and Veterans’ Affairs pension and allowance purposes. The assets used to purchase Maritime Super Term allocated pensions, lifetime pensions and certain fixed term pensions before 20 September 2004 are not counted towards the ‘assets test’ when determining eligibility for a Government pension. For those purchased between 20 September 2004 and 19 September 2007, 50% of the assets used to purchase these pensions are exempt from the assets tests when determining eligibility for a Government pension.

Concessional contributions

Refers to contributions subject to tax in a superannuation fund, generally at a concessional tax rate, and includes employer contributions (compulsory and voluntary), salary sacrifice contributions and after-tax member/personal contributions claimed as a tax deduction.

Concessional contributions cap

Is the maximum amount that can be contributed by or in respect of a member in concessional contributions over a specified time frame without incurring unfavourable tax treatment. Refer to the Contributions section of the Education centre of this website for more information.

Conditions of release

The grounds upon which a member may access preserved and restricted non-preserved superannuation benefits under the SIS legislation . Refer to the ‘Preservation and accessing your benefit’ section of the Education centre of this website for more information.

Contributions

Regular or one-off payments made to a superannuation fund (but does not include rollovers, transfers or directed termination payments).

Contributions rules

Refers to the eligibility rules for making contributions to a superannuation fund in respect of a member. Before contributions can be made to superannuation for a member, the member must:

• be under age 65; or
• if between 65 and 75, have worked at least 40 hours in a 30 day period during the financial year.

Contributions cannot be made in respect of members who are 75 years of age or more. The only exception is for contributions required to be made under a certified industrial award or agreement.

Contributory Employer

Refers to an employer who has applied and been accepted by the Trustee as a Contributory Employer in the Stevedores division of the Fund. Contributory Employers can sponsor members in the Accumulation Standard category of the Stevedores division of the Fund.

Cover limit(s)

Are the level(s) or limit(s) below which basic insurance cover is provided without underwriting. The cover limits are defined in the insurance policies held by the Trustee and are different for each category of membership. Furthermore, the cover limits for basic Salary Continuance cover (provided in some membership categories in the Seafarers and Maritime Super divisions) are different for each employer sponsor providing this insurance as a basic benefit for employee members.

The cover limits are referred to as Automatic Acceptance Limits (AALs) in the insurance policies.

Custodian

Is a financial institution, usually a bank or a trust company, that holds a fund's securities and cash in safekeeping.

DB Non-contributing member

Refers to a member of the Permanent (Defined Benefit) category of the Stevedores division of the Fund who has ceased to make normal contributions to the Fund. Such members are generally not entitled to a future service (i.e. insured) component in their Death and Total & Permanent Disablement (TPD) benefits. All members of the Permanent (Defined Benefit) category who are 70 years of age or more or not currently employed by a Full Participating Employer are DB Non-contributing members.

Death benefit

Refers to the benefit payable by a superannuation fund to the beneficiaries of a member following his/her death.

Death benefit nomination

Refers to the process where a member nominates who they wish to receive their superannuation benefits in the event of their death. Members can make either a binding or non-binding death benefit nomination under the rules of the Fund.

De facto spouse

Is a person of the opposite or same-sex who, although not legally married to his/her partner, lives with them on a genuine domestic basis as a couple, and includes a person of the opposite or same-sex with whom a person is in a relationship that is registered on a relationship register (which exist in Victoria, Tasmania and the ACT).

Defined benefit

Refers to a superannuation benefit (or portion of a benefit) which is determined by reference to a formula and factors, which may take into account such things as the reason for leaving the Fund, the member’s age, salary and length of contributory service. The value of a defined benefit is not linked to investment earnings and a defined benefit member does bear any investment risk in relation to the defined benefit portion of his/her benefit.

Defined benefit fund

Is a fund that includes one or more defined benefit members. Maritime Super is a defined benefit fund, because certain members in the Permanent (Defined Benefit), Contributory Accumulation, ASP, SVITZER, Teekay and Trident categories have defined benefit interests.

Dependant

For superannuation purposes means a spouse (including an opposite or same-sex de facto partner), a child (including children over 18), a financial dependent and a person with whom a member shares an interdependency relationship. A person must generally be a dependant (or the legal personal representative) at the date of a member’s death to be a beneficiary of the member’s death benefit.

Directed termination payment (DTP)

Refers to an employer termination payment that is provided for in an existing employment contract or workplace agreement as at 9 May 2006 and is paid into a superannuation fund before 1 July 2012.

Doctor's certificate

Refers to a certificate or report prepared by a legally qualified medical practitioner registered in Australia (unless otherwise agreed by the Trustee).

Employer contribution(s)

Refers to a contribution made by an employer on behalf of an employee to a superannuation fund. Employer contributions include those made under SG legislation (known as SG contributions) and those required under an award or workplace agreement.

Employer-sponsor

Is an employer who contributes to a superannuation fund for the benefit of its employees.

Employer sub-funds

Refers to the categories within Maritime Super established for employee members of specific employer-sponsors and includes: Inco Part, ASP Part, SVITZER Accumulation Part, SVITZER Defined Benefit Part, Teekay Members category and the Trident Members category. Only the principal employer for these categories, and that company’s associates, may contribute in respect of members in these categories of membership.

Enterprise Bargaining Agreement (EBA)

Refers to a collective industrial agreement between either an employer and a trade union acting on behalf of employees or an employer and employees acting for themselves, for wage and working conditions. Once established, an EBA is legally binding on employers and employees.

Family

In relation to eligibility for Accumulation Standard membership, means a spouse (including an opposite or same-sex de facto partner), child, parent, brother, sister, grandparent, grandchild, father/mother-in-law, brother/ sister-in-law and son/daughter-in-law.

Family Law Act

Is the legislation which governs the division of assets on divorce or separation and includes provisions which allow a member and his/her non-member spouse to request information about a superannuation interest and split or flag a superannuation interest by court order or agreement.

Final Average Salary (FAS)

Refers to the averaging of a salary (usually over a three year period) used in benefit calculations for some defined benefit superannuation interests. Refer to the Member Guides for more information on the calculation of FAS.

Financial Services Guide (FSG)

A financial services guide is a document that a financial services licensee must give a customer before services are provided, which explains the services they offer, how they operate, get paid and deal with complaints and any interests, associations and/or relationships that could influence them. Maritime Financial Services Pty Limited (MFS) is a financial services licensee which has an FSG.

Financial Ombudsman Service (FOC)

Is an independent dispute resolution service for customers and member financial service providers. Membership of FOC is open to any financial service provider carrying on business in Australia. Maritime Financial Services Pty Limited is a member of FOC.

Full Participating Employer

Is an employer who has applied for, and been accepted, by the Trustee as a Full Participating Employer in the Stevedores division of the Fund.

Full Participating Employers Group

Is the group that makes decisions on behalf of Full Participating Employers in the Stevedores division of the Fund. Each Full Participating Employer is entitled to appoint one representative to attend and vote at meetings of the group.

Fund

Means the superannuation fund, Maritime Super (ABN 77 455 663 441, RSE Registration No. R1001747).

Fund Benchmark Salary

Is the industry standard salary for seafarers as agreed between employers and the Maritime Union of Australia, and is the salary base used to calculate compulsory contributions and some benefits calculations for Contributory Accumulation members in the Seafarers division. For the Fund Benchmark Salary figure for this year click here.

Gainfully employed

Means employed or self employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.

Government

Refers to the Federal Government of Australia, unless otherwise stated.

Graded Annual Salary

In relation to Teekay Defined Benefit (Division A) members, means their graded rate of salary at the 1 July each year under the rules of the Fund. It does not include any extra payments for carrying out duties in a temporary capacity.

GWE

Means a Guaranteed Wage Earner. This classification is relevant to contributions and benefit calculations in the Permanent (Defined Benefit) category in the Stevedores division of the Fund.

IncomeProtect

Refers to the income protection insurance offered to members in some membership categories of the Stevedores division of the Fund. Income protection insurance offers a replacement for up to 85% of income, after the waiting period, for up to two (2) years if a member is unable to work due to sickness or injury. See the Member Guides and insurance policy for more information.

Income stream

Means a product which pays a series of regular payments (and includes a pension or annuity).

Industry fund

Refers to a superannuation fund established primarily to provide superannuation to people who work in a common industry or in a group of associated industries.

Insurance policy(ies)

Refers to the document(s) which contain the terms and conditions for insurance cover offered to Fund members.

Insurer(s)

Refers to the issuers of the policies of insurance held by the Trustee in respect of Fund memberships. The insurer is AIA Australia Limited (ABN 79 004 837 861 AFSL No. 230043), with the exception of income protection insurance provided in the Stevedores division of the Fund, which is underwritten by certain underwriters at Lloyd’s of London.

Interdependency relationship

Describes a close personal relationship between two people who live together, where one or both of them provide the other with financial support and domestic support and personal care (or are prevented from living together and providing mutual financial support, domestic support and personal care because one or both suffers from a physical, intellectual, psychiatric or other disability).

Investment choice

Refers to the opportunity to select between two or more investment options within a superannuation fund. Maritime Super offers members a choice of five (5) investment options for the investment of their accumulation benefit and/or contributions. Investment choice is not available in respect of the defined benefit portion of a benefit.

Investment earnings rate

Is the rate of investment returns (net of fees and taxes) for a specified period for a Member Investment Choice (MIC) option applied to accumulation balances in the Fund. This may be positive or negative.

Investment option(s)

Refers to the combination of assets classes and assets a member can choose from in a superannuation fund where investment choice is offered. Maritime Super offers members a choice of five (5) investment options for the investment of his/her accumulation benefit and/or contributions.

Legal personal representative

Means a person legally empowered to manage the financial affairs of another person who is unable to do so, and following death, means the Executor(trix) of a will or the Administrator(trix) of an estate (where there is no valid will).

Lost member

Means a member for whom we have received two pieces of returned mail and have been unable to contact after making reasonable efforts.

Lump sum

Refers to a single payment, rather than a series of regular payments.

Lump sum contributions

Refers to irregular voluntary contributions, usually made from after-tax earnings. Where we use this term we are not referring to contributions via payroll deduction.

Managed benefit(s)

Refers to a benefit which the Trustee determines should be subject to special conditions (including when and how it should be paid), usually because of the member’s/beneficiary’s age or incapacity.

Mandated employer contributions

Refers to those contributions required under the SG legislation or an industrial award or workplace agreement.

Maritime Super

Is the name of the superannuation fund which was established on 1 March 2009 as a result of the merger of two maritime industry super funds; the Stevedoring Employees Retirement Fund (SERF) and the Seafarers Retirement Fund (SRF). It is the largest industry fund in Australia for maritime workers and their families.

Maritime Financial Services Pty Limited (MFS)

Is a wholly owned subsidiary of Maritime Super Pty Limited (the Trustee) and provides administration, communication and accounting services to the Trustee in respect of the Fund. MFS is an AFS Licensee (No. 241735) and can provide general financial product advice in respect of superannuation and the Fund to members and employer sponsors.

Maritime Super Pty Limited

Is the Trustee of Maritime Super.

Medicare levy

Is an income based tax or levy which applies to most Australian resident taxpayers and is used to fund the Medicare scheme. Medicare is the scheme that gives Australian residents access to health care.

Member

A person who has a superannuation benefit with Maritime Super.

Member investment choice

Has the same meaning as investment choice.

Minimum Protected Benefit

Refers to the guaranteed minimum benefit available to certain Contributory Accumulation members who were Contributory or Non-Contributory members of the Seafarers Retirement Fund (SRF) on 30 June 2008, when the defined benefit interests of these members were converted to accumulation style interests.

Non-binding death benefit nomination

Is a nomination made in writing by a member stating the recipient(s) he/she would like the Trustee to pay his/her death benefit in the event of his/her death. The Trustee will take a non-binding death benefit nomination into consideration when determining whom to pay a death benefit, but will consider the claims of all dependants, not only those nominated (unlike a binding death benefit nomination).

Non-commutable pension

Refers to an allocated or account based pension that cannot generally be converted back into a lump sum for payment and instead must be taken as a series of periodic pension payments. However, the unrestricted non-preserved component of the pension and, if a condition of release with a ‘nil’ cashing restriction has been satisfied, the total pension, may be commuted to a lump sum for payment. Maritime Super’s Working Income Support Pension is a non-commutable pension.

Non-concessional contributions

Refers to contributions generally not subject to tax in the Fund. Non-concessional contributions include after-tax member/personal contributions (not claimed as a tax deduction) and spouse contributions but do not include the Government co-contribution, benefits rolled over from another super fund or transferred from another membership category of the Fund.

Non-concessional contributions cap

Is the maximum amount that can be contributed by or in respect of a member in non-concessional contributions over a specified time frame without incurring unfavourable tax treatment. Concessional contributions which exceed the concessional contributions cap also count towards this cap.

Refer to the Contributions section of the Education centre of this website for more information

Non-member spouse

Is the term in Family law used to refer to the current or former spouse of a member of the Fund in a spitting or flagging court order or family law financial agreement.

Non-participating Employer

Refers to an employer who has registered with the Trustee to contribute to the Fund but does not participate in the Fund (i.e. has not agreed to be bound by the rules of the Fund). Subject to the contribution restrictions, these employers may contribute for employees who are existing members of the Fund (other than employees who are members of an Employer sub-fund or the Stevedores division of the Fund).

Non-public offer fund

Refers to a superannuation fund that is not open to the general public to join, where membership is limited to current and former employees of standard employer sponsors and their spouses and children. Maritime Super is not a public offer fund and therefore membership is only open to employee members of Full Participating , Participating and Contributory Employers and the spouse and children of existing members.

National taxed contributions

In relation to defined benefit members, is the notional amount determined by the Fund’s actuary required to fund the defined benefits provided. Notional taxed contributions are treated as a concessional contributions for the purposes of the concessional contributions cap . It also includes any contributions made by the member to the Fund under a salary sacrifice arrangement. Member Services can advise a member of the value their notional taxed contributions for a financial year.

Ordinary time earnings (OTE)

Is defined in SG legislation and generally means the amount earned for ordinary hours of work (other than certain lump sum payments made on termination of employment). OTE includes over-award payments, shift payments, shift loading, commissions, allowances (other than a reimbursement of expenses and paid leave), payments in lieu of notice on termination of employment and some overtime payments. You should contact the ATO if you would like to know whether a particular payment that you receive is included in OTE.

Part-time basis

Is a term used in superannuation law to determine whether contributions may be made to a superannuation fund for a member aged between 65 and 75 years. A member is considered to be gainfully employed on a part-time basis during a financial year if the person is gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year.

Participating Employer

Refers to an employer who has applied for, and been accepted by, the Trustee as a Participating Employer in the Stevedores Division or in the Seafarers and Maritime Super divisions of the Fund. A Participating Employer agrees to, and is bound by, the rules of the Fund.

PDS

Is a Product Disclosure Statement (also known as a Member Guide).

Pension

Is a series of regular payments provided by a superannuation fund. Pensions include account-based pensions such as allocated pensions (e.g. Maritime Super’s Allocated Pension), market linked pensions (e.g. Maritime Super’s Term Allocated Pension) and transition to retirement pensions (e.g. Maritime Super’s Working Income Support Pension) and non-account based pensions such as lifetime and fixed-term pensions.

Permanent retirement

In superannuation law, means cessation of gainful employment and an intention never again to be gainfully employed for ten (10) or more hours a week.

Preservation

Refers to the Federal Government’s requirement that preserved and restricted non-preserved superannuation benefits remain in the superannuation system, generally until permanent retirement from the workforce on or after reaching preservation age.

Preservation age

Is the minimum age set by the Government at which a member can access preserved benefits on permanent retirement from the workforce.

For Persons born:	Your Preservation age is:
On or before 30/06/1960	55 years
1/7/1960 - 30/06/1961	56 years
1/7/1961 - 30/6/1962	57 years
1/7/1962 - 30/6/1963	58 years
1/7/1963 - 30/6/1964	59 years
1/7/1964 and after	60 years

Preserved benefit

Refers to that part of a superannuation benefit that must be kept in the superannuation system, generally until permanent retirement from the workforce on or after reaching preservation age. Members of the Contributory Accumulation and Accumulation categories in the Seafarers division of the Fund must also permanently retire the maritime industry to access benefits (unless they are terminally ill, suffering financial hardship or are accessing benefits on compassionate grounds).

Public offer fund

Is a superannuation fund that is not a non-public offer fund (i.e. has one or more non standard employer sponsored or non-eligible members). These funds are typically open to members of the general public to join and include commercially promoted personal superannuation funds and master trusts and some industry funds.

Registrable Superannuation Entity (RSE) licence

Refers to the licence that must be held by the trustee of an Australian Prudential Regulation Authority(APRA) regulated superannuation fund. The Trustee of Maritime Super has been granted an RSE licence and must meet a number of ongoing requirements to maintain this licence.

Registrable Superannuation Entity (RSE) registration

Refers to the registration process and number granted to a superannuation fund regulated by the Australian Prudential Regulation Authority (APRA). Maritime Super is RSE registered with APRA.

Release authority

Refers to an assessment issued by the ATO that specifies contributions for a financial year that exceed the contributions cap(s) and are subject to additional tax, coupled with an authority from the ATO to release benefits from superannuation to pay the assessment.

Restricted non-preserved benefit

Refers to the portion of a benefit that can be accessed under superannuation law when a member ceases working for an employer who has contributed to that benefit on his/her behalf (excluding restricted non-preserved benefits relating to another current employer of the member). Members of the Contributory Accumulation and Accumulation categories of the Seafarers division of the Fund must also permanently leave the maritime industry to access this benefit (unless they are terminally ill, suffering financial hardship, are accessing benefits on compassionate grounds or are accessing unrestricted non-preserved benefits rolled in from another super fund). This portion of a benefit can also be accessed in the same circumstances that a preserved benefit can be accessed.

Reportable employer superannuation contributions

Refers to salary sacrifice contributions and other employer contributions which a member can influence (either the amount of the contribution or whether it is made before or after-tax). These contributions are counted as ‘income’ when determining eligibility for the Government co-contribution, spouse contribution tax offset and deductible personal (after-tax) contributions.

Reversionary beneficiary

Refers to a beneficiary nominated to automatically continue to receive a pension on the death of a member. A pension can only revert to a beneficiary who is a dependant of the member. Allocated Pensioners and Working Income Support Pensioners in Maritime Super (other than those who started their pension in SERF) are able to add, change or revoke the nomination of a reversionary beneficiary after a pension has commenced to be paid.

Rollover

Refers to the transfer of benefits within the superannuation system, for example, from one superannuation fund to another superannuation fund.

RSE

Means Registrable Superannuation Entity.

Rules of the Fund

Refers to the trust deed of the Fund, which is a legal and binding document that sets out the rules governing the Fund, and the insurance policies held by the Trustee for the provision of insured member benefits.

Salary Continuance insurance

Refers to a type of insurance offered to members of the Seafarers and Maritime Super divisions of the Fund. Salary Continuance insurance funds any Total and Temporary Disablement (TTD) benefit available in these divisions and provides a replacement for up to 75% of income, after the waiting period, for up to two (2) years if a member is unable to work due to sickness or injury. See the Member Guides and insurance policy for more information.

Salary sacrifice contributions

Refers to contributions made from 'before-tax' earnings, i.e. before income tax has been deducted.

Salary or wages

For contribution purposes in the Accumulation Plus and Accumulation Basic categories of Stevedores division of the Fund, means 'salary or wages' as defined by the ATO in Superannuation Guarantee Ruling (SGR) 1994/05 plus contributions made to Maritime Super under a salary sacrifice arrangement.

More generally the term is used in SG legislation to refer to the salary base used to determine the amount of the SG charge if an employer does not contribute to a superannuation fund in accordance with SG legislation. In this context the term is interpreted by the ATO in accordance with Superannuation Guarantee Ruling (SGR) 2009/02.

Savings Clause

Is the term used to refer to the minimum contributions that must be made by a Full Participating Employer whose employee member has elected and been transferred from the Permanent (Defined Benefit) category to the Accumulation Plus category of the Stevedores division of the Fund. The savings clause only applies whilst a member remains in the employ of the Full Participating Employer who last sponsored the member before his/her membership was transferred from the Permanent (Defined Benefit) category to the Accumulation Plus category of membership.

Seafarers Retirement Fund (SRF)

Refers to the industry fund for seafarers which merged with the Stevedoring Employees Retirement Fund (SERF) on 1 March 2009 to form Maritime Super.

Stevedoring Employees Retirement Fund (SERF)

Refers to the industry fund for stevedores which became Maritime Super on merging with the Seafarers Retirement Fund on 1 March 2009.

SG

Means Superannuation Guarantee.

SIS legislation

Refers to the Superannuation Industry (Supervision) Act 1993 and Superannuation Industry (Supervision) Regulations 1994.

Spouse

For most superannuation, family law and taxation purposes, this term means a spouse by marriage and an opposite or same-sex de facto partner (and include partner in a couple who have registered their relationship on a relationship register (which exist in Victoria, Tasmania and the ACT)).

Spouse contributions

Are contributions a person makes on behalf of a spouse (including an opposite or same-sex de facto partner) to the superannuation account of the spouse. A tax offset may be available where the spouse who receives the contribution is not working nor has a low income.

SRF

Refers to the Seafarers Retirement Fund.

Standard employer sponsor

Refers to an employer sponsor of a superannuation fund who contributes to the fund pursuant to an agreement with the trustee of the fund. Full Participating , Participating and Contributory Employers in Maritime Super are standard employer sponsors of the Fund and have agreed to contribute to the Fund in accordance with the rules in the Trust Deed.

Superannuation Complaints Tribunal (SCT)

Is an independent body set up by the Federal Government to assist members and beneficiaries to resolve certain types of complaints. A member or beneficiary must first attempt to resolve a complaint through a fund’s internal complaints resolution procedure before referring the matter to the SCT. The SCT may be contacted on 1300 780 808.

Superannuation guarantee (SG)

Refers to the minimum amount of superannuation that an employer must provide for each employee as required by the Government’s SG legislation.

Superannuation Industry (Supervision) Act and Regulations (SIS)

Refers to the Government’s legislation that sets the prudential standards for, and governs the operation of, superannuation funds in Australia.

Taxable component

Refers to that part of a benefit payment taken as a lump sum or as a pension that is assessable income and may be subject to tax. For members aged 60 or more there is no tax payable on the taxable component.

The taxable component comprises the benefit remaining after deducting the tax-free component.

Tax dependant

Refers to a spouse (including an opposite or same-sex de facto partner), former spouse (including an opposite or same-sex former de facto partner), a child under age 18, a financial dependent and a person with whom an interdependency relationship is shared. A person must generally be a tax dependant at the date of a member’s death to receive a death benefit tax-free.

Tax-free component

Refers to that part of a benefit payment taken as a lump sum or pension that is exempt income and not subject to tax. The tax-free component of a lump sum benefit consists of:

• amounts crystallised at 30 June 2007 (i.e. pre-July 83 component, CGT exempt component, post-June 94 invalidity component, concessional component and undeducted contributions at 30 June 2007)
• after –tax member/personal contributions (not advised as being claimed as tax deduction), spouse contributions and co-contributions made on or after 1 July 2007, and
• the tax-free amount of any rollover into the Fund on or after 1 July 2007.

The tax-free component of a pension is generally calculated as the proportion the tax-free component of the purchase price represented of the total purchase price; except for certain pensions purchased before 1 July 2007. Member Services can provide more information on the calculation of the tax-free component of a pre 1 July 2007 pension.

TFN

Means Tax File Number.

Total and Permanent Disablement (TPD)

Refers to a type of benefit payable under the rules of the Fund. In order to qualify for a TPD benefit, a member must satisfy the requirements of the definition of that term in the rules of the Fund, which generally include the terms of any insurance policy which provide for the insured component of any such benefit. See the Member Guides for a definition of this term in each category of membership.

Total and Temporary Disablement (TTD)

Refers to a type of benefit payable under the rules of the Fund. In order to qualify for a TTD benefit, a member must satisfy the definition of that term in the rules of the Fund and the terms and conditions of the insurance policy which provides these benefits. See the Member Guides for a definition of this term in each category of membership. In the Stevedores division, this benefit is referred to as an Income Protection benefit.

Trust deed

Refers to the legal and binding document that sets out the rules governing the Fund.

Trustee

Is a separate company called Maritime Super Pty Limited (ABN 43 058 013 773, RSE Licence No. L0000932) which has overall responsibility for the management and operation of the Fund.

UBSA Bank Bill Index

Refers to the recognised Australian bank bill index constructed by the UBS Investment Bank.

Unclaimed monies

Is defined in superannuation law and refers to:

• the superannuation benefit of a member aged 65 years or more whom we have been unable to contact for five or more years, after making reasonable efforts, and for whom we have not received a contribution or rollover (or accrued a benefit) in the last two years
• the superannuation benefit of a temporary resident who has left Australia and whose temporary visa expired or was cancelled at least six months earlier (excluding an Australian or New Zealand citizen, a current holder (or valid applicant for) a permanent visa, a current holder of a temporary visa or the former holder of a retirement visa); and
• certain death benefits we are unable to pay.

Any benefits we classify as unclaimed monies we are required to pay to the ATO (phone 13 10 20 for more information).

Underwriting

Refers to the process used by the Insurer to assess the risk associated with providing insurance. You may need to answer questions about your health, lifestyle and medical and genetic history. You may also be required to undertake medical examinations. Insurance cover which is subject to underwriting may be declined or subject to additional conditions or exclusions, as determined by the Insurer.

Unrestricted non-preserved benefit

Refers to that part of a benefit that can be accessed at any time under superannuation law. However, members of the Contributory Accumulation and Accumulation categories of the Seafarers division must permanently retire from the maritime industry to access this benefit (except if they are terminally ill, suffering financial hardship, accessing benefits on compassionate grounds or accessing only a unrestricted non-preserved benefit rolled in from another super fund).

Waiting period

Refers to the period of disability/ absence from work which must be satisfied before an income protection or salary continuance benefit becomes payable under the terms of the insurance policies held by the Trustee. See the Member Guides and insurance policies for more information on the length of this period for each category of membership.

Years/ Period of Membership

Refers to the period of membership used in benefit calculations for some defined benefit style interests. Refer to the Member Guides for more information on the calculation of membership periods.