FAQs

Getting started with Spirit Super

On 1 April 2021, MTAA Super and Tasplan merged to become Spirit Super, an industry super fund. As Spirit Super, our increased scale provides efficiencies that can be passed on through improvements to products and services, low fees and a focus on strong returns.

This sparked a lot of interest and questions about your new account.

So to help, we’ve created some FAQs.


 

 

Member FAQs

Helpful links:

Fund details

How do I access my account online?

To access and manage your account online, you need to register for Member Online using your Spirit Super member number.

Register for Member Online now.

You can also read our Member Online - quick reference guide.

Do I have a new member number?

If you're a former Tasplan Super member, your Spirit Super member number is the same as your Tasplan Super number. You can access Member Online using this number.

If you're a former MTAA Super member, you've been given a new member number. This number was provided in your welcome pack and can also be accessed through our Find my member number tool.

Where can I find my member number?

Your Spirit Super member number was sent to you in your welcome pack.

If you didn’t receive your pack or have lost or forgotten your number, you can request it online with our Find my member number tool. If your contact details are up to date with us and we can verify the information you provide, we’ll email you your new member number immediately.

Why didn’t I know about the merger between MTAA Super and Tasplan?

Throughout 2020 and in early 2021, we put out regular updates about the merger through our website, significant event notices, newsletters, annual reports, letters and Member Online.

These updates included information about the impact of the merger on your account, such as changes to fees, insurance, and investment options.

It's important to keep your contact details up to date so that we can contact you with any future information.

Where can I find unit prices?

We publish updated unit prices daily on our Investment options pages. To find the unit prices for your investment option/s, click on the option below.

Super

Pension

Transition Pension

Employer FAQs

Do I need to supply member numbers when I contribute to an employee’s super account?

No. All we need is the member’s name, date of birth and tax file number. However, some payroll systems require you to enter a member number. If this is the case with your system, we suggest you enter their employee ID number in its place.

For more details, see Making super contributions for your staff.

Statement FAQs

Your Member statement may look a little different this year so here’s what you need to look out for on your 2020-21 Member statement. Simply click on the link below for more information on that topic.

How to read your statement - super members

How to read your statement - pension members

Personal details

You can:

If you’re changing your name or correcting your date of birth, you’ll need to provide proof of your identity. Refer to the Guide to providing proof of ID fact sheet or call us for more information.

You don’t have to provide your TFN, but you may pay extra tax, miss out on government incentives and you can’t make personal contributions. Refer to our How super is taxed fact sheet for more information.

Your account summary

Your statement shows your opening balance at the beginning of the financial year, and your closing balance at the end of the financial year.

The difference in your account balance is due to:

Money that goes into your account:

  • contributions paid by you, your employer, your spouse or the Federal Government
  • transfers from other super funds
  • investment earnings.

Money that comes out of your account:

  • applicable taxes, fees and costs
  • insurance costs, if applicable
  • investment losses
  • withdrawals you make
  • transfers to other super funds.

On 1 April 2021, MTAA Super and Tasplan merged to become Spirit Super. Your Tasplan account was closed and a new Spirit Super account was opened for you. At the time, you were issued with a final statement which showed the details of your Tasplan account at the time it was transferred to Spirit Super. Because you were only a member of Spirit Super from 1 April, your Member statement only shows the details of your account from 1 April – 30 June 2021. If you need more information, call us on 1800 005 166.

If you were a super member and since April you decided to open a pension account with us using all your balance, your super account was converted into a pension account. This transferred your super account, and any insurance you had ceased.

Because of this, any insurance premiums for the financial year are reported in your pension statement. 

If you were an ex-MTAA Super member in this situation, the amount of any government contributions tax shown on your Member statement for the period up to 26 March 2021 may be reduced, or may be a positive amount, to reflect the benefit of a tax deduction for insurance costs. The benefit of the tax deduction for insurance costs is reflected in the total insurance fees on your Member statement.

Your benefits

The government restricts when you can access your super. Your super savings are ‘preserved’ until you’re allowed to access your super.

You can access your preserved super when you satisfy a condition of release. See When can I access my super? below for more information.

You can access unrestricted non-preserved benefits at any time. You may need to pay tax if you’re under 60. Refer to our How super is taxed fact sheet for more information. If you have a restricted non-preserved benefit, you may be able to access it before your preservation age under certain conditions, such as leaving your employer who contributed to Spirit Super on your behalf.

You can access your preserved super when:

  • you’ve reached your preservation age and have permanently retired from the workforce
  • you stop working for an employer (even if you’re still working for another employer) on or after turning 60
  • you turn age 65 (even if you’re still working)
  • you pass away (in which case your super goes to your beneficiaries).

Your preservation age depends on when you were born:

Date of birth Preservation age
 Before 1 July 1960  55
 1 July 1960 - 30 June 1961  56
  1 July 1961 - 30 June 1962  57
  1 July 1962 - 30 June 1963  58
  1 July 1963 - 30 June 1964  59
 After  30 June 1964  60

If you’ve reached your preservation age but haven’t permanently retired from the workforce, you may be able to access part of your super using a transition to retirement strategy. Find out more about our Transition Pension.

There are some circumstances when you can access some or all your super early. This includes if you:

  • experience severe financial hardship
  • meet certain compassionate grounds
  • have a terminal medical condition
  • suffer a permanent or temporary incapacity
  • have a super balance under $200 and have ceased employment with your employer or
  • are using the First home super saver scheme.

Read our Early access to your super fact sheet for more information and check with a licensed financial adviser before you withdraw any super.

Your insurance benefits

We automatically provide default death and total and permanent disablement (TPD) cover when you meet certain eligibility conditions, without the need to provide any health information. The amount of default cover you receive depends on your age and your employer.

If you decide you don’t want default cover, you can cancel or reduce your cover at any time:

For more information on insurance with us, including default cover eligibility, types of cover offered and the costs of cover, check out our Insurance guide or call us on 1800 005 166.

You may no longer hold cover if you’ve previously told us you’d like to cancel your cover. Your cover will also end on the earliest of:

Cover type Age cover ends
 Default death  70
 Default TPD 65 
 Default income protection  60
 Fixed death and/or TPD  70
 Fixed income protection 65 
  • the date you cease to be a member with us
  • for death and/or TPD cover, the date that a terminal illness or TPD benefit becomes payable to you under this policy1
  • the date you join the armed forces, excluding the Australian Armed Forces Reserve
  • the first day of the month that your Spirit Super account balance is insufficient to pay that month’s insurance cost deduction
  • the date your default monthly cover amount falls below $1,000 (default income protection cover)
  • the date your account is inactive for a continuous period of 16 months, and you haven’t elected to keep your cover.

1If death cover is greater than TPD cover and you’re paid a TPD benefit, the death cover will continue but will be reduced by the amount of the TPD benefit paid.

For more information about insurance with us, check out our Insurance guide or call us on 1800 005 166.

The amount of default death and TPD cover you hold depends on your age and your employer. This may change each year on your birthday.

Default cover amounts may also have changed when we became Spirit Super on 1 April 2021. Read the relevant Significant event notice for more information. 

If you don’t want your cover amount to change each year, you can apply to fix your current cover amount or apply for a set level of cover, subject to acceptance by our insurer. You can manage your cover in Member Online or contact us and we’ll be glad to help.

For more information about insurance cover with us, check out our Insurance guide or call us on 1800 005 166.

You can apply to update your occupation rating at any time. You can do this by:

Applications are subject to acceptance by our insurer. For more information about occupation ratings, check out our Insurance guide.

Your beneficiary details

Your Member statement shows information that was current at the time your Member statement was produced. If you’ve made or updated a beneficiary nomination since then, it won’t show on this statement. You can view your current nomination in Member Online.

There are two ways to nominate your beneficiaries:

  • binding
  • non-binding

The kind of nomination you make will depend on your circumstances. There may be tax and other issues to thinking about, so consider getting advice before you make a decision.

Find out more about Beneficiaries or see Who can help me get the most out of my super? below, call us on 1800 005 166 or email us at info@spiritsuper.com.au.

Your investments

Your investment is recorded as a number of units. Your account balance is determined as the number of units you hold in each investment option multiplied by the unit price of that option.

All transactions into and out of the fund, including contributions, transfers, withdrawals, pension payments and fees, occur at the current unit price.

Unit prices are calculated by dividing the value of the assets in the option1 by the number of units issued. As the value of these assets and liabilities can go up or down, the unit prices for the different investment options can also go up or down.

A new unit price will be set, typically each business day2 for each investment option, reflecting the changing value of the underlying assets in the investment option/s and transactional and operational costs.

Our unit prices are regularly updated on our website.

1That’s after allowing for fees, costs (including fees paid to investment managers) and taxes.

2A business day is generally considered to be Monday through Friday and excludes weekends and national public holidays.

You can switch your investment options or ask that future transactions be invested into or withdrawn from a different investment option at any time:

If you have a Managed Pension, and you’d like to change your investment strategy, you’ll need to transfer all or part of your Managed Pension to a Control Pension. Call us on 1800 005 166 for more information.

What’s right for you might not be right for someone else. When choosing investment options, think about what’s important to you:

  • Do you want to increase your super balance?
  • How would you feel if you lost money? (This is your risk tolerance.)
  • How old are you now, and how long will you be investing your super?

Thinking about your situation, look at the objectives and strategies of each investment option (the expected risk and return varies for each option). Which option/s best matches where you’re at and what your goals are? It’s a big decision and one that isn’t always easy, so you might want to get some advice. For more information, see Who can help me get the most out of my super? below, call us on 1800 005 166 or email us at info@spiritsuper.com.au.

It’s important to note that the investment objectives aren’t forecasts or guarantees of future returns. Investment option returns aren’t guaranteed, and the value of investments might rise or fall. Past performance isn’t a guarantee of future performance.

The returns shown in Investment performance in your Member statement show the compound average returns for our investment options as at 30 June 2021.

Your investment earnings shown in your Account summary indicate the change in value of your account over the 2020-21 financial year.

The earnings on your account won’t match the one-year return of the investment option, even if you held the same investment option for the full financial year.

The amount of investment earnings applied to your account is determined by the option/s you’re invested in and factors such as when contributions were made, the length of time that money was invested in that particular investment option, government taxes, applicable fees and costs and if you left the fund. Past performance doesn’t guarantee that future performance will be the same or similar.

The returns shown on your Member statement are the compound average returns for each investment option as at 30 June 2021, whereas the returns shown our website are the rolling returns as at the end of the most recent month.

You can check returns for each investment option here. The performance figures shown on our website are net of investment returns, that is, after fees, costs and taxes have been paid.

Your transaction details

Government contributions tax applies to all super funds - it's not a fee charged by us. This tax is applied to all before-tax contributions including employer super guarantee contributions, salary sacrifice contributions and personal contributions for which you've claimed a tax deduction.

If you were an ex-MTAA Super member, the amount of any government contributions tax shown on your Member statement for the period up to 26 March 2021 may be reduced, or may be a positive amount, to reflect the benefit of a tax deduction for insurance costs.

For more information, read our How super is taxed fact sheet.

If you're eligible, the government co-contribution or low income super tax offset will be paid directly into your super account after you've lodged your tax return for the financial year you made the contribution in. The Australian Taxation Office makes most payments between November and January for contributions made in the previous financial year.

If you’re eligible for a payment, this statement will only show the payment received for the financial year before the most recent one. You can view up to date transactions in Member Online.

The ATO will issue recovery notices to super funds requesting an overpayment amount be returned, when a member is no longer entitled to receive the contribution payment. Recovery notices cover overpayments of government contributions including government co-contributions and low income super tax offset contributions.

Generally, the ATO will reassess a member’s entitlement to receive government contributions when either amendments are made to a member’s income tax return or when a super fund reports changes to the ATO.

For more information on ATO recovery payments and government contributions including the eligibility rules, visit ato.gov.au or call 13 10 20.

I’m an ex-MTAA Super member

For the period 1 July 2020 to 31 March 2021:

  • the administration fee for a MTAA Super accumulation account was $1.50 each week plus 0.15% of your account balance each year. The percentage fee was capped at $528 each year.
  • the administration fee for a MTAA Super pension account was $1.50 each week plus 0.10% of your account balance each year. The percentage fee was capped at $528 each year.

Administration fees were deducted monthly from your account or proportionally on joining or withdrawing from MTAA Super. It covers the day-to-day management of your account and the operation of the fund, and includes items such as compliance costs and licence fees.

I’m an ex-Tasplan Super member

Your annual statement shows your fees for the period 1 April 2021 to 30 June 2021. Your fees for the period 1 July 2020 to 31 March 2021 were shown in your final statement from Tasplan at 31 March 2021.

For all members for the period 1 April 2021 to 30 June 2021:

  • the administration fee for a Spirit Super accumulation account was $67.60 plus 0.15% of your account balance each year. The percentage fee was capped at $450 each year.
  • the administration fee for a Spirit Super pension account was $67.60 plus 0.10% of your account balance each year. The percentage fee was capped at $450 each year.

For more information about our current fees and costs, see Super fees and costs if you hold a Spirit Super accumulation account or Pension fees and costs if you have a Spirit Super pension account, or call us on 1800 005 166.

Insurance costs deducted from your account are made up of insurance premiums less a tax deduction of up to 15% we’re able to claim. We pass the benefit of this tax deduction back to members by way of reduced insurance premiums.

If you were an ex-MTAA Super member any tax deductions for insurance fees for both death and TPD, and income protection for the period 1 July 2020 to 26 March 2021 are included in the government contribution tax amount shown on your Member statement and in your transaction listing in Member Online.

From 27 March 2021, net insurance costs are deducted from your account each month. 

Your gross insurance costs are included in the Fees deducted directly from your account summary on your Member statement

Your net insurance costs are made up as follows:

  • Insurance fees death and total and permanent disablement (gross cost)
  • Insurance fees income protection (gross cost)
  • Less: tax deduction for insurance fees (death and total and permanent disablement)
  • Less: tax deduction for insurance fees (income protection)

A summary of your insurance fees and costs are included in the Tax benefits – insurance costs section of the Total fees you paid table.

Your Member statement is as at 30 June 2021. If you’ve joined your employer since then, these contributions won’t show on this statement. You can view your current transactions in Member Online.

If your employer contributions aren’t showing on your account in Member Online, you should check with your employer which super fund your super contribution entitlements are being paid to.

If you have any questions regarding your workplace Enterprise Agreement and your rights under choice of fund, speak with your employer.

When you opened your Control or Managed Pension with us, we assessed you as eligible for a once-off retirement bonus payment. The bonus was calculated as a percentage of the amount you used to start your pension. The retirement bonus rate for the 2020-21 financial year was 0.30%.

Find out more about the Retirement bonus.

From 1 July 2019, there’s a cap limit on the amount of fees that super funds can charge on accounts with a balance less than $6,000 at 30 June each year.

The Protecting Your Super fee cap limit applies across the following transactions:

  • administration fees.
  • investment fees that apply to your account.
  • indirect cost ratio.

These fees are charged to your account throughout the year. On 30 June each year (or at the time you should exit the fund throughout the year), we calculate the rebate amount which you’re eligible to receive. This rebate amount shows on your account as a PYS fee rebate.

The Protecting Your Super fee rebate doesn’t apply to any insurance fees that apply to your account (including the insurance administration fee) or activity-based fees such as financial advice fees.

For more information about our fees and costs, see Super fees and costs if you hold a Spirit Super accumulation account or Pension fees and costs if you have a Spirit Super pension account, or call us on 1800 005 166.

Total fees you paid

These are the gross amounts that have been deducted directly from your account and are reflected as transactions. This figure doesn’t include any rebates, if applicable. These costs are shown on your Member statement and in your transaction listing in Member Online.

Examples of direct fees and costs include:

  • administration fees that cover the day-to-day management of member accounts and the operation of the fund
  • advice fees as detailed in a Statement of advice issued to a member by a financial adviser for the provision of personal advice
  • insurance fees that cover your cost of insurance. This amount depends on the type of cover you hold, your occupation rating and your age. While net insurance fees are deducted from your account, we're required to disclose the gross costs under Total fees you paid.

For more information, see Super fees and costs if you hold a Spirit Super accumulation account or Pension fees and costs if you have a Spirit Super pension account, or call us on 1800 005 166.

These are approximate amounts that have been deducted from your investment. It covers amounts that have reduced the return on your investment but aren’t charged as a fee. Examples of expenses contained in this ratio include:

  • the fees charged by investment managers
  • transaction costs incurred by the investment managers
  • costs imposed by government regulation.

These fees are deducted from the investment returns before they're credited to your account.

For more information, see Super fees and costs if you hold a Spirit Super accumulation account or Pension fees and costs if you have a Spirit Super pension account, or call us on 1800 005 166.

Other fees relating to your investment that may impact your investment returns including investment fees and performance fees.

Investment fees recover the indirect investment costs associated with our investments and the management of our assets, and varies depending on the investment option and the nature of the underlying investments. These fees are deducted from investment returns before they’re credited to your account.

Performance fees may be applied by the trustee where an investment manager exceeds an agreed investment return target rate. Benchmark target rates are set according to each asset class and the investment manager. The performance fee that’s applied is calculated on the estimated expected outperformance of each fund manager against the investment return target rate. Provision for a performance fee is deducted from the investment fee of the relative investment option. The fee is passed on to members by way of an adjustment to the unit price for the particular investment option.

For more information, see Super fees and costs if you hold a Spirit Super accumulation account or Pension fees and costs if you have a Spirit Super pension account, or call us on 1800 005 166.

Other important questions

To register for Member Online we need either your current email address or mobile number. If we don’t have these details or they’ve changed, call us on 1800 005 166 to update your details.

If we have your current email address or mobile number, you can register by:

  1. clicking here
  2. entering your member number, last name and date of birth and ticking the I’m not a robot box, then clicking the Register button.

We'll send you a code to register for Member Online in an SMS if you've provided a mobile number, otherwise we'll send you an email.

If you’ve had more than one job, you probably have more than one super account. By combining your other super accounts into your Spirit Super account, you’ll pay only one set of fees, and it will be easier to keep track of your super savings.

You can combine your super:

We can help you get your super sorted, simply call us on 1800 005 166 or email us at info@spiritsuper.com.au.

Some things to think about before you combine your other super into Spirit Super:

  • differences in fees and investment returns – this can affect your super balance at retirement.
  • check any insurance you may have with your other funds. This insurance will be cancelled if you combine your super and close your old account. If you’re not sure about your insurance cover with other super funds, get in touch with them before you make a decision. You may be eligible to transfer your cover, so contact us for more information.
  • if you want to claim a tax deduction or split contributions, you won’t be able to do this on the contributions you’ve transferred.
  • it’s important that your contributions are going to the correct fund, so let your employer know that you’re changing super funds before you combine your super.

You can search for any lost super you may have at my.gov.au. If you haven’t already set up a myGov account, you’ll need to do this first. Contact the ATO on 13 28 65 or visit ato.gov.au.

You’ll need to have an email address recorded on your account. If we don’t have your email or your email address has changed, call us on 1800 005 166 to update your details.

Where we can, we’ll provide your documents, including statements and notices of changes to your account, electronically. We’ll email or SMS you when information is ready to view in Member Online.

You can change your communication preferences at any time in Member Online or call us on 1800 005 166.

We can. We can provide you with general and intra-fund advice on your Spirit Super account at no extra cost. If you need comprehensive advice, you can meet with a Spirit Super financial planner. Our planners have set fees for comprehensive advice. Spirit Super advisers and financial planners are representatives of Quadrant First Pty Ltd (ABN 78 102 167 877, AFSL 284443) (Spirit Super Advice) which is wholly owned by Motor Trades Association of Australia Superannuation Fund Pty. Limited, (ABN 14 008 650 628, AFSL 238718), the trustee of Spirit Super (ABN 74 559 365 913).

A copy of the Financial services guide for Spirit Super Advice is available at spiritsuper.com.au/financial-services-guide.

If you have any questions, call us on 1800 005 166 or email us at info@spiritsuper.com.au.

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