Annual report to members 2009 - QSuper - Queensland Government

More important informationSalary sacrificeThe Commonwealth Government hasexpanded the definition of income sothat from 1 July 2009, salary sacrificecontributions will now be includedwhen calculating your income for superco‐contribution purposes.Preservation cashing conditionsPreservation cashing conditions pertainingto the Defined Benefit and Accumulationaccounts provide for the release ofbenefits upon persons becoming totallyand permanently disabled (TPD). Onceassessed as TPD, persons must first ceaseemployment prior to claiming a benefit.Consistent with amendments toCommonwealth superannuation legislation,QSuper now provides for persons to accesstheir accrued superannuation benefitswhere they have been certified as sufferingfrom a terminal medical condition. Wherea member meets this condition of release,benefits which have accrued up to thattime and any benefits which accrue duringthe certification period (twelve months)may be accessed (conditions apply).Income protectionIn some circumstances, members maybecome entitled to an income protectionbenefit if they are temporarily disabled andhave been on sick leave without salary fora continuous period of 14 calendar days.QSuper’s rules now provide that membersmust exhaust all paid sick leave prior tobecoming entitled to an income protectionbenefit.Contributions for membersaged over 65Members aged between 65 and 75 arerequired to meet a minimum work test inorder to make contributions. QSuper returnscontributions, within 30 days of receipt, inrespect of members who do not meet thework test, consistent with Commonwealthsuperannuation legislation.14 | QSuper Annual report to membersMember identificationrequirementsThe Anti-Money Laundering andCounter‐Terrorism Financing Act 2006(the AML/CTF Act) was introduced bythe Commonwealth Government in 2006to combat money laundering and thefinancing of terrorism.The AML/CTF Act requires superannuationfunds to comply with certain obligationswhen providing services. This includes‘know your customer’ obligations, whichverify the identification of a member orthe agent of a member.QSuper has changed all forms affectedby the AML/CTF Act to help membersmeet the new identification requirements.Members can download the latest formsfrom the QSuper website.In addition, QSuper is continuing toimplement due diligence and monitoring,in line with the AML/CTF Act, to ensurethat our members and their fundsare protected.Family law and same-sexlegislation changesThe Commonwealth Government passedlegislation in late 2008 to eliminatediscrimination against same-sex couplesand children of same-sex relationships.The Commonwealth Government hasamended legislation to allow:• the splitting of a superannuationinterest between de facto couples(including same-sex couples) as part ofa family law property settlement;• same-sex couples to make spousecontributions (and claim a taxdeduction if within prescribed limits);• the same-sex partner of a deceasedperson to receive a superannuationdeath benefit; removing the needto demonstrate an interdependentrelationship or financial dependence onthe deceased;• superannuation contributions splittingbetween same-sex couples; and• the children of each partner in ade facto relationship (includingsame-sex) to receive a death benefit,removing the need to demonstrate aninterdependent relationship.The QSuper Deed has been amended toallow for contribution splitting betweensame-sex couples. Changes to the QSuperDeed providing for the extension ofchildren’s pensions to include the childof each partner in a de facto relationship(including same-sex relationships) will takeeffect in the 2009/2010 financial year.SurchargeThe superannuation surcharge wasabolished from 1 July 2005. Any existingsurcharge liabilities remain payable tothe ATO and will generally be deducedfrom your entitlements when you claim abenefit from QSuper or if you roll over toanother complying superannuation fund.To find out if you have a surcharge liabilityrecorded for your account, please see yourbenefit statement.Enquiries and complaintsQSuper has procedures in place to ensureany enquiries or complaints are dealtwith fairly and promptly. The Fund has90 days to deal with complaints. You candownload QSuper’s Enquiry and complaintsprocedure fact sheet from the QSuperwebsite, or call us and we’ll send you one.If you have a complaint about QSuper,write to the Enquiries and ComplaintsOfficer, QSuper, GPO Box 200, BrisbaneQld 4001, and mark your letter ‘Notice ofenquiry or complaint’.If you are not satisfied with the outcome ofyour complaint, you can take the matter tothe Superannuation Complaints Tribunal(SCT), an independent body set up by theCommonwealth Government to assistmembers only after they have made useof their superannuation fund’s internalcomplaints procedure.If you want to find out whether the SCTis able to deal with your complaint, youshould contact them on 1300 780 808, orvisit their website at www.sct.gov.au.