FAQ's - Superannuation

Important information

If you have been affected by COVID-19 and are looking for more information and FAQs click here.

Super for you
  • Q. What are Virgin Money Super’s fund details?

    A. To complete your Choice Form and get your employer to make contributions to your Virgin Money Super account you would usually need to know the following information:

    • Our Fund name: Virgin Money Super
    • Our Australian Business Number (ABN): 19 905 422 981
    • Our Unique Superannuation Identifier (USI): 19905422981701
    • Your Virgin Money Super customer number
    • Our Fund address: Virgin Money Super, GPO Box 4650, Melbourne VIC 3001 
    • Our Fund Phone number: 1300 652 770
  • Q. When can I access my super?

    A. If you are experiencing hardship due to the recent events surrounding COVID-19 you may be eligible for an early release of your super. Click here to find out more.

    Generally, you’re able to access your superannuation benefit when you reach the appropriate preservation age, between 55 and 60 depending on when you were born and have retired.

    Date 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


    When you reach preservation age, you can access your super as long as you are permanently retired (or reached age 65). If you haven't permanently retired, you can still access part of your super via a transition to retirement pension. A 'transition to retirement' (TTR) pension (also known as an 'income stream') is a way of accessing your super while you are still working. You must have reached your preservation age (between 55 and 60) to start a TTR pension. If you are younger than 65, you then draw down a TTR pension income of between 4% and 10% of the pension account balance each financial year, to supplement your employment income. You cannot withdraw a lump sum.

    For more information on TTR, please visit the ATO website.

    In some instances, you may be able to access your super early under the following circumstances:

    • You become totally and permanently disabled 
    • You experience severe financial hardship and meet certain requirements 
    • You have compassionate grounds for needing the money, as approved by the Australian Prudential Regulation Authority 
    • If you are a temporary resident on a specified class of visa and you permanently depart Australia. This is currently referred to as Departing Australia Superannuation Payment (DASP). 
    • Under the First Home Super Saving Scheme

    If you have any questions please give our Customer Care team a call on  1300 652 770, 8am - 6pm (AEST), Monday - Friday.

  • Q. How do I access my super?

    A. To access your super, contact us on 1300 652 770 or download a payment instructions form. For more information read the Accessing your super fact sheet.

  • Q. What is “MySuper”?

    A. MySuper is part of the Federal Government’s package of reforms, called StrongerSuper. It aims at making it easier and more transparent for people to compare default super products. All super funds will need to offer a low cost product for customers who haven’t made a choice.

    A MySuper product must be authorised by APRA and include:

    • A single diversified investment option.
    • Same fees for all – fees must be the same for all customers and there must be no entry fees, adviser fees or commissions.
    • Automatic Insurance – to ensure all customers are protected, automatic Death and Total & Permanent Disablement Insurance will be added to every account which customers can tailor or opt-out completely.

    LifeStage Tracker® is Virgin Money Super's MySuper offering. 

  • Q. What is lost super?

    A. Your super fund will report you as a lost member if either:

    • They have not been able to contact you
    • They have not received any contributions or rollover amounts for you in the last five years
    • Your account was transferred from another fund as a lost member account and no new address has been found.

    The ATO maintains a register of reported lost members but the super fund still holds your monies. 

  • Q. Who can have unclaimed super?

    A. Super funds are required to report and pay unclaimed super money to us twice a year. The following are the unclaimed monies that we may hold on your behalf:

    • unclaimed super money for  
      • a member 65 years old or older
      • a non-member spouse 
      • a deceased member
    • unclaimed super money of former temporary residents
    • certain accounts belonging to lost members  
      • lost accounts with balances of less than $6,000 (small lost member accounts) 
      • lost accounts which have been inactive for a period of five years and have insufficient records to ever identify the owner of the account (insoluble lost member accounts)
    • accounts that are inactive low-balance accounts.
  • Q. How do I find my lost super?

    A. Login to your online account and head over to the ‘Find my Super’ section to start a search for any super monies of yours. It only takes a minute and you just need to have provided us your Tax File Number.

    Alternatively you can log into or create a myGov account to find any of your lost super.

    If you're wondering what makes super ‘lost’, it's if there's a super account in your name that hasn't had any deposits made in the last 12 months, or if your super fund gets a couple of return-to-sender notices after they've tried to reach you. 

    When this happens, the ATO is informed, and your 'lost' record is added to their register. You can rollover your lost super to your Virgin Money Super account by logging into your online account to request a rollover of your other super fund – no paperwork or hassle!

  • Q. What is an ‘inactive-low balance’ account in reference to Protecting Your Super (PYS)?

    A. From 1 July 2019, customers with inactive low-balance accounts will have their account transferred to the Australian Tax Office (ATO). Generally, a super account is defined as an inactive low-balance account when no amount has been received for 16 months or more, and has an account balance of less than $6,000.

    However, some activities such as changing your investment options, making changes to your insurance cover, nominating or changing a binding beneficiary will prevent the account to be considered an inactive low-balance account. There is also an option for the member to elect to not have their account treated as an Inactive low balance account

    Where possible, the ATO will proactively consolidate any inactive low-balance account into an active super account in your name. Otherwise, the transferred funds will remain with the ATO until claimed by you. For further information, please visit the ATO.

  • Q. How to claim a Death benefit?

    A. Your super fund will pay a death benefit. This benefit includes the balance of your super account and any insurance benefits from paying an insurance premium to the fund. Death benefits are usually 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.

    Can I nominate a beneficiary? 

    Yes, Virgin Money Super gives you three options, but there are legal requirements you need to check.

    The options:

    • Binding nominations - you have the power to determine who should receive your death benefit. Download and complete the Binding Death Nomination Form. Please note you need to update your binding nomination every 3 years.
    • Non-binding nominations - the Trustee still has the discretion to pay your money to one or more of your dependants or your estate. You can make a preferred nomination from your online account from the ‘Beneficiaries’ section. A non-binding nomination form does not expire after 3 years.
    • No nomination - your benefit will be paid at the discretion of the Trustee to one or more of your dependants and/or legal personal representative.

    It's best to download the Beneficiary fact sheet if you're after the nuts and bolts on this. Regardless of which option you go with, the Trustee must ensure that your money is paid to your dependants or legal personal representative. 

  • Q. Who can help me manage my super?

    A. We offer Simple Super Advice from qualified financial advisers via our specialised Customer Care service at no additional cost to you. Our Customer Care team can help you make key decisions about your superannuation, including:

    • Rollovers and consolidation
    • Investment choice selections
    • Nominating an appropriate regular super contribution versus paying down debt
    • Co-contributions
    • Spouse contribution splitting
    • Selection of insured benefit levels
    • Salary sacrifice and additional voluntary contributions

    Our advisers will prepare you a written statement of advice and send it to you as part of our service. We can even help you put that advice into action on the spot.

    Are you an existing customer? Call us on 1300 652 770 for your free advice.

  • Q. How do I reset my PIN?

    A. To reset your PIN, click on “Reset your PIN” on the login page and follow the instructions, you will need to have:

    1. Your customer number
    2. The email address registered in our system
    3. Your date of birth

    If you don't have all of the above information you can reset your PIN by calling 1300 652 770.

  • Q. How can I see my transactions on my account?

    A. To view your transactions on your super account, simply login to your online account and select the ‘Account activity’ option on the menu. You can filter the transactions by activity type and download or print a list of your account activities. 

  • Q. Where can I download my statements?

    A To view and download your account statements, simply login to your online account, select a statement you wish to view or download under the  ‘Accounts Statements’ section on the dashboard and click on Download PDF.

  • Q. How can I find out where my money is invested?

    A. To find out where your money is being invested, login to your online account and select the ‘Investment’ option on the menu. You will find information about your investments including investment options, unit prices and number of units for each investment options.

  • Q. How do I change my investments?

    A. Choosing how your super is invested and an appropriate investment strategy for your needs may make a difference to your retirement. Login to your online account and select the ‘Investment’ option on the menu, then Press 'Edit' on the Investments page to update either your Current Investments or your Future Contributions.

    Under either of these options (in edit mode), you will be able to view the full investment menu. By clicking on the investment option name you will find out more about that option.  

    Update your current investments only

    You can change your current investment strategy for your current account balance. Your current strategy for your future contributions and transfers won’t change.

    You can apportion your current account balance into investment options by percentage.

    Update your future contributions only

    You can change your future contribution investment strategy. Your current account balance won’t change.

    Update both your current investments and your future contributions

    To change both your current account balance and your investment strategy for your future contributions and transfers you will need to complete two separate transactions.

    For any of the above, please call us on 1300 652 770 if you would like to speak to a qualified financial adviser.  

  • Q. Where can I find out more about my insurance?

    A. You can find out more about your current insurance cover when you login to your online account and select the insurance option on the menu.  If you have insurance cover, your total benefit, including the insured amount, will be shown on this page.

  • Q. What happens if I change employer?

    You can still stay with Virgin Money Super if you are starting a new job. All you need to do is provide our fund details below to your new employer. You can do this in two ways:

    1. Complete the form you get from your employer. This will be the ‘ATO standard choice’ form. Fill it out along with a letter of compliance; or
    2. Download and complete our Super Choice Form and give it to your employer. 

    Virgin Money Fund details:

    • Our Fund name: Virgin Money Super
    • Our Australian Business Number (ABN): 19 905 422 981
    • Our Unique Superannuation Identifier (USI): 19905422981701
    • Our Fund address: Virgin Money Super, GPO Box 4650, Melbourne VIC 3001
    • Our Fund Phone number: 1300 652 770
  • Q. What if I’m a casual worker?

    A. If you're doing casual work or taking on extra hours in your existing job, you may be able to boost your long-term savings by checking your eligibility for super contributions from your employer. 

    • If you're over 18, and earn more than $450 before tax in a calendar month, your employer is usually required to pay super guarantee contributions on your behalf.
    • If you're under the age of 18 and work in excess of 30 hours a week, you may also be entitled to super contributions from your employer.

    Even if you normally don't work more than 30 hours per week, extra shifts may entitle you to super payments. If you'd like to join Virgin Money Super start our online application.

    If you have been affected and are experiencing hardship due to the recent events surrounding COVID-19 you may be eligible for an early release of your super. Click here to find out more 

  • Q. What if I’m not working right now?

    A. If you've been retrenched or aren't working currently, you can still join Virgin Money Super and rollover to us. 

    If you are experiencing hardship due to the recent events surrounding COVID-19 you may be eligible for an early release of your super. Click here to find out more.

    If you do start working again, you just need to let your new employer know that you prefer your Super Contributions to be paid into your Virgin Money Super account. All you need to do is download and complete the Super Choice Form, give it to your new employer and they will begin paying your contributions to us.

    If you are a Virgin Money Super customer taking a break from the workforce, there are a couple of ways to keep your super growing. Even if you've stopped working, your super doesn't have to.

    Add to your partner's super

    Your partner may be able to split their pre-tax super contributions with you. Up to 85% of these contributions can be paid into your super account instead of theirs once a year. Conditions apply.

    Download the Contributions Splitting form to apply.

    Take a baby break

    If you're planning on taking parental leave, we offer primary carers a discount on asset based administration fees for up to 12 months. The baby break isn't means tested and you can apply once per child.

    Download the Baby Break form to get started. 

  • Q. I am self-employed, do I need to pay myself super?

    A. If you’re self-employed – that is, a sole trader or a partner in a partnership – you don’t have to make super contributions to a super fund for yourself but you might want to think about super as part of your financial plan. You may also be:

    • Able to claim some tax breaks if you do make super contributions.
    • Eligible for the low income super contribution
    • Eligible for the super co-contribution on contributions that you don’t claim a deduction for
    • Eligible for additional concessions for certain invalidity payments. 
  • Q. I am self-employed, how can I contribute to my super?

    A. There are two ways to contribute, depending on how you pay yourself. If you receive:

    1. A wage, set up a regular transfer into super from your before-tax income (as a guide, employers currently contribute 9.5% of an employee's 'ordinary time earnings' to super)
    2. Income from business revenue, you may find it easier to periodically transfer a lump sum to super when you have sufficient cash flow.

    You will need to give your fund your tax file number (TFN) so they can accept contributions.

  • Q. I am a contractor, does my client pay my super?

    A. The rules are tricky and our good friends at the Australian Tax Office (ATO) have all the answers to the technicalities.

    Generally, if you're hired under a contract wholly or principally for your labour and you're not free to engage other people to perform the work, you may be entitled to employer super contributions.

    You're never entitled to super from your clients when you run your business as a company, but you must pay super on behalf of your company's employees.

     For more tools and information, please visit the ATO website.

  • Q. How are contributions made to my super?

    A. Effective from 1 July 2014, employers are required by law to pay 9.5% of your earnings into a super fund if you're earning over $450 a month. Super must be paid at least quarterly by your employer.

    You can also make your own personal contributions. (Please see below question for more details).

    Your employer would usually need to know the following information: 

    • Our Fund name: Virgin Money Super
    • Our Australian Business Number (ABN): 19 905 422 981
    • Our Unique Superannuation Identifier (USI): 19905422981701 
    • Your Virgin Money Super customer number 
  • Q. How do I make personal contributions?

    A. You can make personal contributions at any time. They’re also called non-concessional contributions because they’re made from your salary after income tax has been deducted.

    To make a contribution via BPAY® you’ll need your Virgin Money Super BPAY® Customer Reference Number (CRN) and our BPAY® Biller Code. These details are available by logging into your online account in the ‘Personal details’ section or contacting our Customer Care team on 1300 652 770.

  • Q. What is salary sacrifice?

    A. Salary sacrifice is a contribution made to your super from your before-tax pay, by your employer. The contribution is deducted from your total salary before income tax has been calculated, and forwarded to your super account. A before-tax contribution is also called a ‘concessional’ contribution. There is a limit to the amount of concessional contributions you can make in a financial year.

    Find out more on concessional contributions.

    Any salary sacrifice amount over the concessional contributions cap will be taxed at your income tax marginal rate. There is also an Excess Concessional Contributions charge (ECC). For more information, head to the ATO website.

    Check out our salary sacrifice calculator.

  • Q. What is the difference between salary sacrificing through my employer and making a personal contribution?

    A. Salary sacrifice is a contribution you make to your super from your before-tax pay by your employer, an after- tax personal contribution are made from your salary after your income tax has been deducted, from your bank account. Check out our salary sacrifice calculator to explore the benefits of salary sacrifice versus after-tax contributions to help you decide the best option for you.

  • Q. Is there a limit on how much I can contribute?

    A. Yes, there are annual caps applied to your super contributions.  

    CAPS ON CONCESSIONAL CONTRIBUTIONS

    Concessional contributions include employer and salary sacrifice contributions and some other contributions and allocations from reserves. You may contribute up to $25,000 for the 2019/2020 financial year.

    CAPS ON NON-CONCESSIONAL CONTRIBUTIONS

    The caps for the financial year 2019/2020 are:

    From 1 July 2018, if your superannuation balance is less than $500k, you will be able to make 'carry-forward' concessional super contributions. This means that you will be able to access your unused concessional contributions cap in future years.

    Find out more on the super contribution caps page.

  • Q. How can I make a spousal contribution?

    A. Spouse superannuation contributions can be made for spouses earning up to $40,000 per year. If your spouse has earnings below $37,000 you can claim the maximum tax offset of $540 when you contribute $3,000 to his/her super.

    For the purposes of superannuation, a 'spouse' means another person (of any sex) who: 

    • You’re in a relationship with that is registered under a prescribed state or territory law,
    • Although not legally married to you, lives with you on a genuine domestic basis in a relationship as a couple.

    To receive a spouse contribution into your Virgin Money Super account you’ll need to provide your spouse with your Virgin Money Super BPAY® Customer Reference Number (CRN) and our BPAY® Biller Code.

    *Note that your BPAY biller code for spousal contributions is different to your personal contributions biller code. These details are available when you login to your online account in the ‘Personal details’ section or by contacting our Customer Care team on 1300 652 770

  • Q. Why should I combine all my super funds?

    A. Chances are if you've had more than one job, you'll have more than one super account. With multiple accounts you may be paying multiple fees which eat away at your retirement savings over time. Having all your money in one account means it reduces your fees so it can work harder for you over the long term and is easier for you to keep track of with just one statement each year.

    Remember before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. If you're not sure, call them to clarify or speak to your financial adviser.  

  • Q. How do I combine all my super into my Virgin Money Super account?

    A. If you're already a Virgin Money Super customer, you'll just need to login to your online account and head to the ‘Find my Super’ section to search for your other super fund and have them consolidated into your Virgin Money Super account – no paperwork or hassle.

    If you’re not a customer yet, join online and once your account is open you can login to your online account and follow the above instructions.

    If you prefer, you can rollover your accounts over the phone by calling our Customer Care team on 1300 652 770.

    To ensure there aren't any delays in processing your rollover, it will make it easier if you have any old member numbers and fund names from your old super accounts ready. 

  • Q. How do I figure out what fees I pay?

    Your total fees are made up of a few different type of fees:

    • Administration fee
    • Investment fee
    • Indirect costs
    • There are also additional costs including your insurance premium, services fee that you might have to pay depending on what you do with your super account. For more information about fees, please read the Virgin Money Super Product Disclosure Statement, Product Guide and Insurance Guide.
  • Q. What is an administration fee?

    A. The administration fee covers the cost that the fund incurs to manage your account.  For Virgin Money Super this is made up of:

    • A fixed dollar based customer fee of $4.83 per month ($58.00 per annum)
    • A percentage based asset fee of 0.394% per annum

    Find out more about our fees.

  • Q. What are investment fees and indirect cost ratios?

    A. These fees depend on the investment option (or options) you’re invested in. They’re made up of an investment fee plus an indirect cost ratio (ICR).

    The fees are calculated as a percentage based fee that applies to each investment options, based on the value of your investments. They're not deducted directly from your account, but instead applied to the daily unit prices for each option.

    Find out more about our fees.

  • Q. What is the baby break fee benefit and how can I claim it?

    A. Virgin Money Super will discount the asset based administration fee from 0.394% to 0.044% for Virgin Money Super customers who are on maternity or paternity leave, for up to 12 months per child. No more than one application per child will be approved.

    To apply for your Baby Break benefit, fill in the baby break application form or call us on 1300 652 770.

    Terms and conditions apply. See full terms and conditions.

  • Q. When is my super taxed?

    A. The superannuation tax can be confusing but in short, your superannuation benefit can be taxed at three stages.

    • When making super contributions
    • When a super fund earns income
    • When your super is withdrawn (receiving super benefits)

    Tax on contributions

    Tax on your super benefits is generally taxed at your marginal tax rate, however this varies depending on several factors, including:

    • Your preservation age and the age you will be when you get the payment
    • Whether the money in your super account is taxable or tax-free
    • Whether you will get the payment as an income stream or lump sum
    • The type of income stream.

    These factors determine whether you:

    • Pay tax on the withdrawal (for example, whether it is taxable income)
    • Get tax offsets that reduce the amount of tax that you pay.
  • Q. Why do I need to provide my Tax File Number (TFN)?

    A. You need to make sure your superannuation fund isn't in the dark about your Tax File Number. Otherwise you could end up paying three times more tax on your super than everyone else. Here's what the Australian Government says will happen if you don’t supply your TFN to your super fund: 

    • The money employers put into your super is taxed annually at 46.5% instead of 15%. That's a hefty amount of dollars you may not get to play with when you retire
    • Same goes if you're doing salary sacrifice contributions
    • You won't be able to make any after-tax super contributions
    • If you're eligible for the Australian Government co-contribution scheme, you might not get any of it
    • It could get a bit complicated if you're trying to track down lost super or roll over super from one fund to another
    • Your spouse won't be able to put money in your super (or vice versa)
    • You won't be able to take money out of your super account if your super fund doesn’t have your TFN

    So make sure your super fund has your Tax File Number. If you're already a Virgin Money Super customer and you'd like to provide your TFN please login to your online account or call our Customer Care team on 1300 652 770 and head to the ‘Personal details’ section.

    If you don't know your TFN, ask the Australian Taxation Office - call 13 28 61  

  • Q. Do I have to pay tax when I access my super?

    A. To work out how your super withdrawal will be taxed you need to know:

    • Your preservation age and the age you will be when you get the payment 
    • Whether you will get the payment as an income stream or lump sum.
    • The type of super income stream you receive
    • Whether the money in your super account is tax-free or taxable
    • Whether you are receiving a death benefit income stream 

    To find out how tax applies to your super benefit payment, call us on 1300 652 770 or visit the ATO website. 

  • Q. How many Velocity Frequent Flyer Points can I earn?

    A. Each calendar quarter, Virgin Money could reward you with 1 Velocity Point for every $5 you contribute and rollover to your super account, less any payments out of your account up to 250,000 Velocity Points in any financial year. You need to have provided your Velocity Frequent Flyer number to be eligible. Find out more about our Velocity Rewards.

    Note: Velocity Points are allocated to your account approximately three and a half months after the end of the quarter. 

  • Q. Is there a cap on the amount of Velocity Points I can earn?

    A. There are some Velocity Points Earn limits to be mindful of. You can earn a maximum of 250,000 Velocity Points per financial year of which you may earn:

    You will not earn any points for any contributions that exceed the relevant contribution limit.

  • Q. Where do I see my Velocity Points?

    You can see your Velocity Points from the home page of your Velocity online account in the latest activities table. Points earned from Virgin Money relating to your Virgin Money Super will appear as 'Virgin Money Super' Points on each Points Issue Date which fall on 15 July, 15 October, 15 January and 15 April or the next business day when these dates fall on a weekend or public holiday. 

    Find out more about our Velocity super rewards.

  • Q. When will I get my Velocity Points?

    A. If eligible, Points earned from Virgin Money on contributions made to your Virgin Money Super account will be transferred to your Velocity account approximately three and a half months after the end of each Points Earn Period. The Points Issue Dates fall on 15 July, 15 October, 15 January and 15 April or the next business day when these dates fall on a weekend or public holiday. 

    Find out more about our Velocity super rewards.

  • Q. How do I provide you with my Velocity number?

    A. Just login to your online account and head to the personal details section (the person icon at the top right-hand corner) to add your Velocity Frequent Flyer member number. 

  • Q. How long will the Virgin Money Velocity Points program run for?

    A. The program is tended to be an ongoing promotion, however Virgin Money reserves the right to amend or withdraw the offer at any time in accordance with Virgin Money's Super Engagement Program Terms and Conditions.

  • Q. I didn’t receive all or some of the Velocity Points, what do I do?

    A. There could be a few reasons why you didn’t receive your Velocity Points:

    • You did  not provide a valid Velocity Membership number before the end of the relevant Points period.
    • Your first and last name on your super account did not match the first and last name on your Velocity Membership account.
    • You did not meet all the eligibly criteria.

    If you are missing Velocity Points from your Super account, please contact our Customer Care Team on 1300 652 770

Investment
  • Q. How is performance calculated?

    A. The fund 
    We look at the sell price of each asset class (at the beginning and end of each quarter). The change in price is then shown as a percentage.

    Your individual super  
    Your individual performance may vary from the overall performance for two reasons: 

    • The unit price changes daily, and so investment performance depends on the day you've invested 
    • The impact of any additional contributions. 
  • Q. What’s investment risk?

    A. Some assets carry a higher form of investment risk than others. These are known as growth assets (e.g. shares and property). Those that are more stable are called defensive assets (e.g. cash and fixed interest). 

    If your super investment option carries a higher level of risk, it means you have the potential to see higher returns over the long term. In the short term, it's important to note that investment options with higher level of risk may experience negative returns - generally between one and five years.  Different types of risks applicable for super funds include: 

    • Investment risk - All investments have the potential for fluctuating returns. Generally the higher the risk, the higher the return; but also the higher the probability of a negative return. 
    • Market risk - This includes universal factors such as economic cycles, government policy, interest rates and inflation. Changes in these factors may result in dramatic increases or decreases in market valuations. 
    • Currency risk - The risk that movements in foreign currency will affect the domestic value of overseas investments. 
    • Legislative risk - Changes in legislation (such as super and taxation laws) may affect your investment. 
    • Fund risk - The risk around your fund terminating, a risk we plan to keep to a minimum. 
    • Liquidity risk - Liquidity risk is the extent to which investments can be converted into cash or other liquid securities without suffering a substantial reduction in value. This risk may arise in circumstances where in order to liquidate an asset quickly, it may be necessary to sell that asset at a substantial discount and so have a negative impact on the overall performance of the Fund. 

    For more information on risk and return, see our Product Disclosure Statement and Product Guide.

  • Q. What’s an asset class?

    A. There are five major asset classes with varying levels of risk and return. 

    • Cash - Deposits in a bank, short-term loan securities and other similar investments. Lowest risk with a corresponding expectation of low returns. 
    • Fixed interest - Usually a loan to a government or business where a fixed rate and loan length are agreed to in advance. Moderate risk investment. Less risky than property and shares over the short term, but also provides a lower level of return. 
    • Property - An investment in property or developments, either directly or through property trusts. Moderate to high risk investment, due to reliance on economic factors, location and quality. Has a corresponding level of moderate to high returns.
    • Australian shares - Investments in Australian companies, usually listed on the Australian Stock Exchange (ASX). The expected return is high over the long term, but the risk is greater. 
    • International shares - Investments in overseas companies. Similar to Australian shares. Generally the expected return is high over the long term, but the risk is greater. 
  • Q. What’s index tracking?

    A. Index tracking is an investment strategy. We use this strategy for all our customer investments. 

    The index bit  
    An index is a way of measuring the change in value of a market over time. Every asset class has its own index; for Australian shares it's the Australian All Ordinaries. You might notice on the evening news in the financial report, the person will usually say something like “The All Ordinaries initially fell by x% today before bouncing back to end the day higher”.

    The tracking bit 
    You follow in the tracks of the index. A bit like a wildlife enthusiast, you follow at a distance, patiently observing market behaviour. When tracking, you're trying to perform as the index does. An active manager will actively attempt to out-perform the index and may come up short if investments behave differently than expected.

    Putting the two together 
    You follow (track) an index. The index manager buys a sample of all the assets in the index. When the index goes up, your investment follows. And when it goes down, so does your investment. If you bought shares in all the companies in the Australian All Ordinaries, you'd be paying a lot of attention to those graphs on the news.

    Drawing a conclusion 
    Basically, index tracking is a long-term strategy designed to remove the risk of picking poor investments in the short-term. It's about not relying on the luck or skill of a fund manager, therefore reducing a level of risk. It also means if a particular investment goes through the roof, you may miss out.

  • Q. What's the investment mix for the Virgin Money Super LifeStage Tracker® product?

    A. LifeStage Tracker® automatically adjusts your investments as you age. The investments slowly shift from growth, or ‘higher-risk’ assets, to defensive or ‘lower-risk’ assets. When you’re younger, your Path starts with a higher allocation of growth assets (growth 90% and defensive 10%). As you get older, your Path will gradually be adjusted to reduce volatility in the years leading up to your retirement. This adjustment continues until you have an asset allocation of 50% growth and 50% defensive.

    Find out more about the Virgin Money Super LifeStage Tracker® Investment Option based on your age and when you’re ready to take more control, it’s easy to switch. 

  • Q. What are my investment mix options with Virgin Money Super?

    A. Virgin Money Super fund has options for people who want to get more involved with their superannuation investment, and an option that lets you leave it to us. You’ll be able to choose from the more conservative cash/fixed interest asset classes through to the potentially riskier and higherreturning Australian and international shares, as well as our LifeStage Tracker® option, which automatically adjust your asset mix as you get older. You also have the flexibility of applying a different investment mix to your existing super balance and your future contributions.

    You can click here to find out more about: Virgin Money Super Investment options.

    You can change your investment mix as often as you like or even switch to our Virgin Money Super LifeStage Tracker® product at any time. 

  • Q. What investment options can I switch between?

    A. All of them. To switch you can login to your online account and head to the ‘Investments’ section. 

  • Q. Is there a fee to switch investment?

    A. No. we don’t charge switching fee.

Insurance
  • Q. What sort of insurance can I buy through super?

    A. Virgin Money Super offers Automatic Insurance, designed to provide cover for Death and Total & Permanent Disablement (TPD). 

    • Death cover: This provides a lump sum cash payment when you die or if you're diagnosed with a terminal illness.
    • Total & Permanent Disablement (TPD) cover: This provides a lump sum cash payment if you're 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).

    Provided you are an Australian Resident (or hold an Australian Visa entitling you to residency or employment) aged between 15 and 64, you are automatically eligible for cover under this insurance option and do not need to provide us with any information about your medical history or lifestyle. We will determine the level of insurance cover that will automatically apply to you based on your age. 

    We also offer tailored insurance across: 

    • Death cover (including terminal Illness)
    • Total and Permanent Disablement (TPD) cover
    • Income Protection (IP) cover

    Find out more about our Insurance Options here.

  • Q. Why do I have insurance and how do I opt out?

    A. MySuper members automatically receive a level of Death and Total & Permanent Disablement (TPD) insurance as part of the MySuper legislation. To opt out of insurance, login to your online account or call our Customer Care Team on 1300 652 770.  

  • Q. What if I need more insurance?

    A. No problem, Virgin Money Super offers a range of insurance options that you can tailor to suit your needs. Eligible Virgin Money Super members can apply for Tailored Insurance cover to top up their Life Insurance cover and/or add Income Protection (Total but Temporary Disablement), by completing the Tailored Insurance application form. You may also be required to provide additional health related details to our insurance provider OnePath.

  • Q. How do I find out what type of cover I have and how much I am covered for?

    A. To find out the type of cover and amount of cover you have, login to your online account and click on the insurance tab on the menu.

    Alternatively, to find out more about the type of insurance we offer through your Super call our Customer Care team on 1300 652 770.

  • Q. How do I lodge an insurance claim?

    A. If and when you need to make a claim, we’ll do our best to make sure the process is as easy as possible for you.

    There are 3 steps to the process for you (or your personal legal representative):

    1. Notify us of your intent to claim as soon as possible from the date of death or disability.
    2. Once we’ve received the notice of your potential claim, we’ll send you a claim form within 7 days. You need to complete the claim form and return it to us as soon as possible. 
    3. Complete the claim form and provide evidence, as required by the Insurer to support your claim. Depending on the type of claim and the amount you are claiming, you’ll also need to co-operate if the Insurer requests that you undertake any additional medical assessments or vocational assessments

    To notify us of your intent to claim, call the Customer Care Team on 1300 652 770.  

  • Q. What happens to my insurance if my account is inactive?

    A. On and after 1 July 2019, if a contribution has not been made to a super account for a continuous period of 16 months, and a person has not opted in to take out or maintain their insurance, the insurance benefits with the super fund will be ceased.

  • Q. What do I need to do to keep my insurance?

    A. To keep your insurance, you can either opt in for insurance or make a contribution. You don’t need to do both.

Employer
  • Q. What are Virgin Money Super’s fund details?

    A. To make employer contributions for a Virgin Money Super customer you would usually need to know the following information:

  • Q. What if I’m starting up a new company?

    A. If you have a registered company and employees, we can make setting up your company super smooth and trouble-free.

    If you think Virgin Money Super might be right for your company, there are a couple of things you can do.

  • Q. How do I contribute to my employees super?

    A. All employers need to be SuperStream compliant when making contributions, meaning that you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically.

    The benefit for employers is that you can make all your contributions in a single transaction, even if they're going to multiple super funds.

    Your options include:

    • Payroll system that meets the SuperStream standard;
    • Messaging portal;
    • Commercial clearing house;
    • The ATO's free Small Business Super Clearing House (If you have 19 or fewer employees, or a turnover of less than $10 million a year); 
    • your super fund's online system.

    If Virgin Money Super is your default fund we can provide you access to our SuperStream compliant Clearing House, QuickSuper. 

    For more information you can also check our SuperStream guides.

  • Q. How do I manage my super?

    A. As a default employer you can manage your Super account online 24/7, just head to ‘Login' on the top right and select ‘Employer'.

    If you didn't receive or can't find your login details, please contact our Customer Care team on 1300 855 040 (9am to 5pm AEST, weekdays apart from public holidays), they'll be able to sort you out or you can reset you password online.

  • Q. What is Stronger Super, MySuper and SuperStream?

    A. Stronger Super is the Federal Government's package of reforms designed to make super better, fairer and more efficient. Stronger Super changes started on 1 July 2013.

    Among those changes, since 1 January 2014, employers must pay contributions into a superannuation fund that has a MySuper authorised product which is a low cost product for customers who haven't made a super fund choice. Virgin Money Super Life Stage Tracker® is Virgin Money Super's MySuper offer.

    Another important change is SuperStream which aims at improving the efficiency of Australia's superannuation system, and requires employers to send contributions electronically in a standard format with linked data and payments.  If Virgin Money Super is your default fund we can provide you with details about how to comply with SuperStream using our preferred Clearing House. 

  • Q. What if I’m already using a SuperStream compliant solution?

    A. Great! There isn’t much for you to do. However, if you wish to add a new fund you may find this information handy:

    • Our Fund name: Virgin Money Super
    • Our Australian Business Number (ABN): 19 905 422 981
    • Our Unique Superannuation Identifier (USI): 19905422981701
  • Q. What is QuickSuper?

    A. QuickSuper is Virgin Money Super’s preferred clearing house solution. It will allow employers who have selected Virgin Money Super as their default fund to process all their employer contributions and keep their employee list and contact details up to date.

  • Q. How do I access Virgin Money QuickSuper?

    A. To login, just head to the drop down in the top right corner and select 'Employer' under Superannuation. If you don’t have an account yet with Virgin Money Super, you'll need to apply here first.

  • Q. Who can benefit from the Small Business Superannuation Clearing House facility?

    A. The Small Business Superannuation Clearing House is a free, optional service for employers with 19 or fewer employees, as well as businesses with an annual aggregated turnover of less than $10 million. 

    The clearing house is designed to reduce complications and compliance costs for small businesses. 

  • Q. How long do I need to wait until my Virgin Money Super QuickSuper account is set up?

    A. Your account will be all set-up within 1-3 business days after you’ve submitted your completed QuickSuper online application.

  • Q. Can I use QuickSuper for all employees, including those who are not customers of Virgin Money?

    A. Yes, if Virgin Money Super is your business default super fund you’ll be able to set up your Virgin Money Super QuickSuper account and process your employer contributions on behalf of all your employees from there.

  • Q. What’s the difference between a Single and Multiple Employer Facility?

    A. When you set up your company within QuickSuper you can either configure it as a single employer facility or a multiple employer facility. 

    • A single employer facility means you will only make contributions on behalf of one business.
    • A multiple employer facility means you will make superannuation contributions on behalf of multiple businesses (each with their own ABN) within QuickSuper.
  • Q. How do I specify that Virgin Money Super is my default fund in QuickSuper?

    A. Defining your default super fund will make it easier to register employees in QuickSuper as well as determining the types of SuperStream messages issued.

    If you set up QuickSuper as a single employer facility, you'll need to head to the 'Administration' section in the left hand menu and select the 'Fund Relationships' option and follow the steps.

    If you set up QuickSuper as a multiple employer facility, you'll need to assign a fund relationship to each employer. QuickSuper will ask you to establish fund relationships at the time of creating the employer and you can review these from the 'View Employers' section in each employer’s detailed view.

    For more information please read section 3.6 of the ‘QuickSuper User Guide’ available from the ‘Downloads’ section in the left hand main menu once you've logged into QuickSuper. 

  • Q. How do I add a new employee in QuickSuper?

    A. This will depend on the contribution entry method you select.

    • If you choose the 'create online contributions' method, you must first register employees in QuickSuper before you can utilise the 'create online contributions' method. The employees registered in QuickSuper will generate the contribution grid for contribution data entry. You can either register employees individually from the ‘View Employees’ section or use the ‘Upload Employees’ function to register multiple employees at once by uploading your employee list.  
    • If you chose the ‘upload contribution file’ method, employees’ information will be automatically generated and updated when you submit a contribution file. 

    For more information please read section 9 of the 'QuickSuper User Guide’.

  • Q. How can I terminate an employee who has left the company?

    A. Just head to the 'View Employees' section and select the relevant employee and click on the 'View details' button. You can then click on the 'End Employment' button to specify their end of employment date and reason.

  • Q. What if the size of my work force changes?

    A. It's important to keep us up to speed with employees starting and leaving, you can do this via your Virgin Money Super QuickSuper account if we’re your default super fund.

  • Q. Which contribution entry method is best for me?

     

    Online Contributions Contribution Files
    You have a small number of employees (e.g. < 20) or have few changes between contribution periods OR;  You have a large number of employees (e.g. 20+) or have a large number of changes between contribution periods OR;
    You would like to use QuickSuper as the central repository for superannuation related information, such as your employee’s fund and fund customer ID OR; You use your payroll system to manage all superannuation related information and have no need to re-register details in QuickSuper OR;
    You want to do everything within QuickSuper, without needing to integrate with your payroll system. You are able to extract a file from your payroll system that contains all required details for the contribution file format OR;
      You have no need or do not want contribution amounts to be modified within QuickSuper.

     

    For more information please read the ‘Entering contributions’ guide available from the ‘Downloads’ section in the left hand main menu once you've logged into QuickSuper.