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Accumulation Plus

Accumulation Plus provides superannuation for permanent employees of the stevedoring (or related) industry who work for a Full Participating Employer. In this category, both the employer and member are required to make contributions and the employer funds the member's Basic Death and Total and Permanent Disablement (TPD) insurance cover.

Who can join?

To qualify for membership in the Accumulation Plus category of Maritime Super, you must be a permanent (full-time or part-time) employee of one of Maritime Super's Full Participating Employers and you:

• work in the stevedoring (or related) industry as a full-time occupation
• are a member of the Maritime Union of Australia
• are an employee of the Maritime Union of Australia, the Maritime, Mining & Power Credit Union, the Trustee or Maritime Financial Services Pty Limited, or
• are a current member of the Permanent (Defined Benefits) category of the Fund.

Benefits at a glance

• Access to superannuation and retirement products that can take you through your working life and into retirement
• All profits helping members
• No contribution, establishment or exit fees
• Access to investment options with sound long-term performance history
• Basic Death and Total and Permanent Disablement (TPD) insurance cover funded by your employer at no cost to you
• Other affordable insurance options
• Member services and an education program designed to help you make informed choices about your superannuation and retirement savings
• Affordable, quality advice from licensed financial planners
• Added benefits through associated providers such as home loans and other banking products

Learn more about Accumulation Plus in the Member Guide.

Accumulation Basic

Accumulation Basic provides superannuation for casual employees who work for a Full Participating Employer in the stevedoring (or related industry) and employees who work for a Participating Employer in the Stevedores division of the Fund. In this category, the employer is required to make contributions and employees have Basic Death insurance cover if funded by their Full Participating Employer or Participating Employer (who has chosen to fund insurance levy payments for their Accumulation Basic employees).

As a member of Maritime Super, you can keep your benefit with us for as long as you wish - this applies even if you take up employment outside the stevedoring (or related) industry.

Who can join?

You are generally eligible to join the Accumulation Basic category if you are:

• a casual employee that works in the stevedoring (or related) industry for a Full Participating Employer; or
• you are an employee of a Participating Employer in the Stevedores division of the Fund.

Under certain circumstances, members of the Accumulation Plus category may also be transferred to the Accumulation Basic category.

Benefits at a glance

• Access to superannuation and retirement products that can take you through your working life and into retirement
• All profits helping members
• No contribution, establishment or exit fees
• Access to investment options with sound long-term performance history
• Employer funded Basic Death insurance cover for employees of Full Participating Employers and some Participating Employers
• Other affordable insurance options
• Member services and an education program designed to help you make informed choices about your superannuation and retirement savings
• Affordable, quality advice from licensed financial planners
• Added benefits through associated providers such as home loans and other banking products

Learn more about Accumulation Basic in the Member Guide.

Accumulation Standard

Accumulation Standard:

• allows existing members of the Stevedores division to take Maritime Super with them when they leave the stevedoring (or related) industry
• gives family of current members of the Stevedores division access to Maritime Super
• enables ex-members of the Stevedores division (or SERF) to rejoin Maritime Super; and
• provides employees of Full Participating Employers or Participating Employers who don’t work in the stevedoring (or related) industry the opportunity to access the benefits of Maritime Super.

As a member of Maritime Super, you can keep your benefit with us throughout your working life and into retirement.

Who can join?

You are eligible to join the Accumulation Standard category if you are working and:

• you are a current Spouse Account or Retained Benefits member of the Stevedores division of the Fund, or
• you are a family member of a current member of the Stevedores division of the Fund, or
• you a former member of the stevedores division of the Fund (or a former member of the Stevedoring Employees Retirement Fund (SERF)), or
• you are an employee of a Full Participating Employer or Participating Employer who is not in the stevedoring (or related) industry, and
• your employer agrees to participate as a Contributory Employer and contribute to Maritime Super for you.

Benefits at a glance

• Access to superannuation and retirement products that can take you through your working life and into retirement
• All profits helping members
• No contribution, establishment or exit fees
• Access to investment options with sound long-term performance history
• Affordable insurance options, including Death and Income Protection insurance
• Member services and an education program designed to help you make informed choices about your superannuation and retirement savings
• Affordable, quality advice from licensed financial planners
• Added benefits through associated providers such as home loans and other banking products

Learn more about Accumulation Standard in the Member Guide.

Spouse Account

Spouse Accounts provide a member's spouse with access to Maritime Super, whether they are working or not. Members may also be entitled to receive a tax rebate when making contributions on behalf of their spouse. Additionally, spouses can make voluntary contributions.

As a member of Maritime Super, you can keep your benefit with us throughout your working life and into retirement.

Who can join?

To become a Spouse Account member, you must be married or in a de facto (including same sex) relationship with:

• an existing member of the Stevedores division of Maritime Super; or
• a Maritime Super Allocated Pension or Working Income Support Pension member who is a former member of the Stevedores division or SERF.

Your spouse or de facto partner must also not be, or have not been, a Spouse Account member, or a Retained Benefits member (whose benefit arose out of a Family Law payment split) of the Stevedores division of the Fund or SERF.

Please note, if you divorce or your de facto relationship breaks down, you can remain a member but you cannot introduce a new spouse or de facto partner to Maritime Super.

Benefits at a glance

• Save for retirement within the tax-effective super environment as a Spouse Account member of the Fund, even if you are not working
• Access to retirement products
• All profits helping members
• No contribution, establishment or exit fees
• Access to investment options with sound long-term performance history
• Partners can contribute to a Spouse Account on behalf of their spouse by regular payment, by lump sum contributions or by nominating to split contributions
• Partners may be eligible for a tax–offset on contributions paid to low income earning or non-working spouses
• Affordable Death insurance cover
• Member services and an education program designed to help you make informed choices about your superannuation and retirement savings
• Affordable, quality advice from licensed financial planners
• Added benefits through associated providers such as home loans and other banking products

Learn more about Spouse Accounts in the Member Guide.

Retained Benefits

The Retained Benefits category allows members to keep investing their superannuation savings with Maritime Super after leaving the stevedoring (or related) industry. This category does not require any form of regular contribution yet contributions or withdrawals can be made at any time (provided you meet the legislative requirements for contributing to and/or withdrawing super money). However, this category of the fund does not accept contributions made by an employer.

As a member of Maritime Super, you can keep your benefit with us throughout your working life and into retirement.

Who can join?

Generally, you can only become a member of the Retained Benefits category by transferring from another employer-sponsored category of the Fund (usually Accumulation Plus, Basic, Standard or the Permanent (Defined Benefit) category) after you have left the stevedoring (or related) industry.

Current Maritime Super pensioners who are former members of the Stevedores division of the Fund (or SERF) are also eligible to apply for Retained Benefits membership in certain circumstances.

You may also become a Retained Benefits member if you are the spouse or de facto partner of a current member of the Stevedores division and received a benefit under a payment split under the Family Law Act.

Benefits at a glance

• Access to superannuation and retirement products that can take you through your working life and into retirement
• All profits helping members
• No contribution, establishment or exit fees
• Access to investment options with sound long-term performance history
• Affordable Death insurance cover
• Member services and an education program designed to help you make informed choices about your superannuation and retirement savings
• Affordable, quality advice from licensed financial planners
• Added benefits through associated providers such as home loans and other banking products

Learn more about Retained Benefits in the Member Guide.

Closed Products

The Stevedores division also includes the Permanent (Defined Benefits) category and three pension products, which are not open to new members. If you are the holder of one of these pension products, you should contact Member Services for more information on the benefits, including the terms and conditions of your pension.

Permanent (Defined Benefit)

The Permanent (Defined Benefit) category is closed to new members. Existing members can remain in the category until they permanently retire from the stevedoring (and related) industries or can choose to transfer to the Accumulation Plus category at any time. They can do this by completing the Request to transfer from Defined Benefit to Accumulation Plus form at the back of the Accumulation Plus Supplementary Product Disclosure Statement (SPDS) for Permanent (Defined Benefit) members of the Stevedores division. This SPDS accompanies the Accumulation Plus Member Guide and is available by calling Member Services on 1800 757 607.

Additional benefits of Permanent (Defined Benefit) membership at a glance

• Members who work for a Full Participating Employer and make compulsory member contributions to Maritime Super have employer contributions made on their behalf to fund benefits, including a future service component in Death and Total and Permanent Disablement (TPD) benefits. Members who do not contribute are DB Non-contributing members and do not receive benefit accruals nor a future service component in Death or TPD benefits.
• Additional (voluntary) employer, members and spouse contributions can be made on a regular or ad-hoc basis by DB Contributing members (subject to the superannuation contribution restrictions). These benefits accumulates with interest (which can be positive or negative) and are payable in addition to the defined benefits.
• Members have the option to take out additional Death insurance cover (subject to eligibility conditions), which is portable across other categories in the Stevedores division; and
• Income protection insurance is available to members, subject to eligibility conditions, the terms of the policy and exclusions

To learn more about the permanent (Defined Benefit) category, call Member Services on 1800 757 607.