- What is the Insurer’s Claims philosophy
Your plan’s insurance is provided through group insurance Policies issued by the insurer to the trustee. The insurer is AIA Australia Limited ABN 79 004 837 861 AFSL 230043. Learn more
- What is a beneficiary?
It’s important we know where you’d like your super to end up in the event of your death.
Your death benefit can only be paid to:
- Your dependants (spouse including a de facto spouse, children, anyone else who is financially dependent on you, or anyone with whom you have an interdependent relationship) or
- Your estate.
To find out more about nominating beneficiaries, read our Beneficiaries fact sheet.
- What does it mean if my account is “inactive”?
You’re deemed ‘inactive’ when your account has received no contributions or rollovers in the last 16 months. This can affect you in a few different ways.
1) Inactive low-balance accounts under $6,000, with no insurance.
From 1 July 2019, customers with inactive low-balance accounts will have their funds automatically transferred to the Australian Tax Office (ATO). This process will occur every 6 months. The ATO will then try to merge any inactive amount of super into your active super account (if you have one, and if the total of the combined balance is greater than $6,000). If the ATO can’t combine your balance automatically, it will remain with the ATO until you claim it.
Your account will become active again if you;
- give a written notice to the ATO or Kogan Super that you are not inactive;
- make a contribution or consolidate other super into your account;
- make a change to your investment options;
- make changes to your insurance cover; or
- make or amend a binding death benefit nomination.
For super accounts with a balance below $6,000, there will be a cap of 3% on administration and investment fees, to maximise your savings in retirement.
2) Inactive accounts with insurance.
From 1 July 2019, insurance cover in your super account will be switched off if you haven’t made any contributions to the account for 16 months, or elected to keep your insurance. You’ll no longer be charged premiums if your insurance cover is switched off.. These changes are aimed to make sure customers aren’t paying unnecessary premiums for cover they may not want.
- How can I make sure my super is paid into my Kogan Super account?
To choose Kogan Super as your super fund after you’ve joined, complete the Choice of Super Form and provide it to your employer.
Simply log into your online account and click on the ‘Documents’ section.
- When can I open a super account?
Your employer is required to contribute to your super if you are earning $450 or more (before tax) per month.
If you’re under 18 years old and working less than 30 hours a week, your employer is not required to make super contributions.
You’re eligible for super if you work casually, part-time or full-time, and even if you are a temporary resident. You may also be eligible if you are a contractor who is paid primarily for labour, even if you have an Australian Business Number (ABN).
- What is a Death Benefit? Who is it paid to?
A Death Benefit is your super payout made to your beneficiaries in the event of your death, as long as you were an existing customer.
It’s important we know who (beneficiaries) you would prefer to receive your Death Benefit while you’re a customer. This benefit includes the balance of your super account and any insurance benefits from paying an insurance premium to the fund.
Death Benefits are normally paid to either:
- Your dependants – spouse (including a de facto spouse, children, anyone else who is financially dependent on you, or anyone with whom you have an interdependent relationship;) or
- Your estate.
- What happens if I’m leaving Australia?
If you’ve come to Australia after 1 July 2002 on an eligible temporary resident’s visa or if you’re a non-resident leaving Australia permanently, you may be eligible for the Departing Australia Super Payment (DASP).
After leaving Australia, you can claim your super at any time from us or by contacting the ATO.
The main things you need to know are:
- To claim you must be either a non-resident or on a eligible temporary resident’s visa.
- You can’t make a claim if you’re an Australian citizen, permanent resident or from New Zealand.
- When can I access my super?
As super is meant for retirement, there are age limits on when you can access super. This based on your preservation age, which depends on your year of birth. See the table below.
Year of birth Preservation age Before 1 July 1960 55 1 July 1960 to 30 June 1961 56 1 July 1961 to 30 June 1962 57 1 July 1962 to 30 June 1963 58 1 July 1963 to 30 June 1964 59 After 1 July 1964 60
Apart from retirement, you can access your retirement savings if:
Apart from retirement, you can access your super if you:
- leave gainful employment after age 60
- become totally and permanently disabled
- are terminally ill
- experience severe financial hardship and meet certain requirements
- have compassionate grounds for needing the money, as approved by the ATO
- are a temporary resident on a specified class of visa and you permanently depart Australia.
- What’s lost super? How do I find it?
Super is ‘lost’ when your fund can no longer contact you, and your super is placed in the ATO’s “Lost Member’s Register”.
This can happen when:
- Your account has been inactive for the last 12 months (inactive means no contributions have been made)
- Your fund doesn’t have your email address or the mail they sent you has been returned at least twice.
To find lost super, you can:
- Log into your online account and click on the Find Your Super Now section. It only takes a minute and you just need to have provided us with your Tax File Number.
- Set up a myGov Account, and link your account to the ATO. If you find any lost super, you can consolidate these accounts into Kogan Super.
You can also search for your other super accounts and consolidate them with us.
- Why should I provide my Tax File Number (TFN)?
If you don’t supply your TFN to your super fund:
- You’ll pay significantly more tax on your super. Employer contributions are taxed at 47% instead of 15% per year, which will reduce your super savings
- You cannot make salary sacrifice (before-tax) or after-tax contributions
- It’s more difficult to track down lost super or rollover super from one fund to another
- You won’t receive government co-contributions
- You won’t be able to make contribution to your spouse’s super (or vice versa)
- You won’t be able to take money out of your super account.
- What sort of insurance is available?
With Kogan Super, you’ll be automatically covered for death and total and permanent disablement (TPD) if you:
- are 25 years and over
- have a super account balance of $6,000 or more; and
- are an Australian Resident*
Death (including terminal illness) cover provides a one-time payment when you die or if you’re diagnosed with a terminal illness. You will receive cover if you meet the above requirements (see bullet points) and aged under 69 years.
TPD cover provides a one-time payment if you become permanently unable to work due to illness or injury. You can only take up TPD with death cover (i.e. not on a standalone basis). You will receive cover if you meet the above requirements (see bullet points) and aged under 64 years.
You can also apply for Income Protection (IP) cover. IP cover provides a monthly benefit payment (up to a maximum of 2 years) if you’re unable to work because of illness or injury.
You can easily view insurance cover by logging into your online account.
*You must be legally permitted to reside and work for reward in Australia.