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Benefits

Receiving superannuation payments

Superannuation is generally 'preserved' in your fund until you retire from the workforce at the preservation age (currently 55). However, there are many ways in which benefits may be paid to you, depending on your circumstances at the time.

Partial payments or transfers

You may apply to receive, net of any taxes payable, a partial payment from the Fund of any unrestricted non-preserved benefit.

However:

The minimum amount of withdrawal must be $1,000 and you must leave at least $2,000 in the Fund if not withdrawing the full amount.
If your unrestricted non-preserved benefit is less than $1,000, you must withdraw the full amount.

The same rules apply to partial transfers to other superannuation funds.

On retirement

Your superannuation payment on retirement will consist of:

all amounts credited to your superannuation plan in your name, plus
net investment earnings, less
any charges and tax.

You can leave this invested in your superannuation account beyond retirement, drawing as much or as little as you require to meet your income needs.

On death

Your superannuation entitlement on death will consist of your retirement benefit as above plus any insured amount, if applicable.

On permanent incapacity

If you are permanently incapacitated, your entitlement will consist of your retirement benefit as above.

On specified grounds

APRA may allow preserved superannuation benefits to be released before a person reaches preservation age (currently 55) on certain 'specified grounds'. The specified grounds include very specific medical expenses and certain financial situations - for example, where the release of funds may prevent the foreclosure of a mortgage.

The specified grounds are described in more detail on the APRA website: www.apra.gov.au. For further infromation please contact your financial adviser.

Severe financial hardship

A Trustee may allow the release of a lump sum payment from your superannuation benefits on the grounds of severe financial hardship.

You will generally need to:

have been receiving Commonwealth income support for a specified period,

and

be able to satisfy the Trustee that you are unable to meet reasonable and immediate family living expenses.

For more information, refer to the APRA website: www.apra.gov.au or contact your financial adviser.

Lost members

If the Trustee loses contact with you, your benefits will remain invested in the Fund and subject to normal investment earnings until they are claimed.

If the benefits remain unclaimed for a significant period, the Trustee may roll the benefits over into an eligible rollover fund (ERF). The current ERF selected by the Trustee for this purpose is:

National Preservation Trust
NPT Administration
PO Box 6003
WOLLONGONG NSW 2500
Phone - Free call: 1800 331 210

If you have a benefit payable after age 65 and the Trustee has lost contact with you (see above criteria), the Trustee may pay your benefit to the Deputy Registrar of Unclaimed Moneys. If this has happened, you should contact:

The Deputy Registrar of Unclaimed Moneys
C/- State Trustees Limited
168 Exhibition Street
MELBOURNE VIC 3000

or alternatively phone (03) 9667 6444 for information about how to obtain your benefit.

Moneys transferred to the Deputy Registrar will not earn interest and there will be no insurance cover.

The above information does not replace the full description or terms and conditions of the product. You are advised to read the Product Disclosure Statement ('PDS') in relation to this product carefully before deciding if this product is appropriate to your needs. Application can only be made by completing an application form contained in a current PDS. Trustee of the Super Directions Fund: N.M. Superannuation Pty Ltd ABN 31 008 428 322 AFS License No. 234654 RSE Licence No. R1056433.

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