Member Information Booklet - REI Super

estrictions on cash payments
Generally, you can only receive your benefits in cash when you
satisfy one or more of the following ‘conditions of release’:
> You retire after reaching your superannuation ‘preservation age’;
date of birth Preservation Age
Born before 1/7/1960 55
Born from 1/7/1960 to 30/6/1961 56
Born from 1/7/1961 to 30/6/1962 57
Born from 1/7/1962 to 30/6/1963 58
Born from 1/7/1963 to 30/6/1964 59
Born after 1/7/1964 60
> You cease employment on or after age 60;
> You reach age 65;
> You die;
> You suffer permanent incapacity (as defined in
superannuation law);
> You suffer severe financial hardship (you will need to satisfy
the Trustee in relation to a number of criteria set down by
superannuation law before any part of your preserved benefit
can be released);
> The Chief Executive Medicare [as defined under the Human
Services (Medicare) Act 1973 approves the release of some or
all of your benefits on compassionate grounds;
> You are a temporary resident (apart from NZ citizens) on a
particular type of visa departing Australia permanently.
You may be able to cash out some of your superannuation
earlier. For example, you can be paid your benefit in cash if you
leave employment and the total preserved amount is less than
$200. Similarly, your benefit statement may show an ‘unrestricted
non-preserved’ component, which may be taken in cash at any
time, or a ‘restricted non-preserved’ component, which may be
taken in cash when you change jobs.
page 7
Choice of fund
Under the Choice of Fund legislation, some employees can
choose to direct their employer to pay their superannuation
guarantee contributions to any complying superannuation fund.
Your employer will advise whether you are able to make this
choice.
REI Super is the default fund under the Modern Real Estate
Award 2010 and the Clerks Private Sector Award 2010. This
means that if you do not nominate a fund and your employer
does not have an alternative in place as set out in an enterprise
agreement, your employer and employee super contributions
will be paid to your account in REI Super.
When you withdraw or transfer your money from REI Super, other
than in circumstances where you are in receipt of a pension
from the Fund, you will receive a lump sum benefit. This benefit
will be reduced by a benefit payment fee (currently $90) for each
withdrawal that you make, and any applicable tax. See ‘How
super is taxed’ on page 23 for details.
Should you die while you are a member of REI Super, the Trustee
has absolute discretion in determining to whom your benefit will
be paid. You can assist the Trustee by nominating a beneficiary
or beneficiaries to REI Super (see ‘Payment of a death benefit’ in
‘Insurance in super’ on page 30) and by keeping your Will up
to date.
If you keep your Will up to date, this can substantially assist the
Trustee in exercising its discretion as to who receives your benefit
as allowed by law and under the Trust Deed.