Super SA Superannuation
Types of Super SA accounts
Super SA offers two main accumulation super products at the time of writing.
Triple S
Triple S is the default super option for all South Australian Government employees and has been since 1995. If you become a South Australian Government employee, you become a Triple S member automatically, the provider says.
Triple S is an exempt public sector super scheme (EPSSS) and an untaxed fund, meaning tax is not deducted when contributions are made and is instead applied when funds are withdrawn. Super SA says this may be beneficial for members who get the benefit of compounding investment returns on a higher account balance throughout their membership.
Some of the features of the Triple S product include:
- no annual concessional contribution caps (lifetime contributions cap still applies)
- a range of investment options based on a variety of investment objectives and the ability to have existing savings and future contributions invested using different options
- as a tax-deferred fund, no tax is paid up-front on contributions
- access to income protection and combined death and total and permanent disablement (TPD) insurance with premiums deducted from the member’s super balance.
Read the Triple S Product Disclosure Statement (PDS) for further information on how the product works, how your money is invested, what fees apply and what inclusions, exclusions and limits apply to any insurance you may have through Super SA.
Super SA Select
Super Select SA is an accumulation scheme that has been open to public sector employees in South Australia since 2013. Super SA members can choose to switch to Super SA Select after initially being defaulted into the Triple S scheme, but once they have switched they cannot revert to having contributions directed to their Triple S account.
Unlike the Triple S product, Super Select SA it is a taxed fund which Super SA says is more closely aligned with the Commonwealth Government’s tax, super and preservation rules.
Some of the features of the Super SA Select product include:
- the ability to access the Low Income Superannuation Tax Offset (LISTO) and the First Home Super Saver (FHSS) Scheme
- two investment options: balanced and cash
- insurance options retained via the member’s Triple S account
Read the Super SA Select Product Disclosure Statement (PDS) for further information on how the product works, how your money is invested, what fees apply and what inclusions, exclusions and limits apply to any insurance you may have through Super SA.
In addition to its main accumulation account options outlined above, Super SA offers a number of products designed for members entering the pension phase of super.
Eligibility to join Super SA
To be eligible to join Super SA, you must be a South Australian government employee.
How to join Super SA
As at December 2021, membership of Super SA is mandatory for South Australian government employees and an account is automatically opened for them when they start their employment.
However, under changes legislated by the South Australian parliament, most of the fund’s existing members, as well as all new public South Australian government employees, will have the ability to choose a different fund in the future. This change will come into effect as soon as the “administrative and system changes to bring fund selection into effect for members” are completed. Super SA will begin this process in the first half of 2022, according to the South Australian Government.
Members may also be able to set up a Super SA super account for their spouse. Otherwise, the fund is not open to members who are not employed by the South Australian Government.
Super SA FAQs
Super SA is part of the South Australian Government. The Board of Super SA is responsible to the Treasurer of the state on most matters.
Members of Super SA’s Triple S scheme can choose to have their super savings invested in one or more of seven pre-mixed investment options. These options vary in terms of the asset class mix, the level of risk, the investment time horizon and the investing objective, Super SA says. These options are: Balanced, High Growth, Socially Responsible, Moderate, Conservative, Capital Defensive and Cash.
Members of Super SA Select have only two of these options to choose from: Balanced and Cash.
Super SA says members may be able to invest their current account balance and future contributions in different investment options.
Before making any important decisions about how your super is invested, consider getting advice from a qualified financial advisor.
Super SA offers a Socially Responsible investment option via its Triple S scheme. It says this option invests members’ money based on environmental, social and governance (ESG) factors and ethical principles “with a focus on renewable energy and social infrastructure”. This option also places restrictions on investments in what Super SA describes as “areas of high negative social impact”.
Super SA charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of the fees on its Triple S and Super SA Select products include:
- administration fee of $1.35 per week ($70.20 per year) plus 0.05% p.a. of your account balance, capped at $325 annually
- investment fee of 0.76% (for Triple S members) or 0.84% (for Super SA Select members) of the account balance per year, which is deducted from the scheme’s investment returns before earnings are allocated to members’ accounts
- transaction costs of 0.06% p.a. (deducted from the scheme’s investment returns before earnings are allocated to members’ accounts)
- investment switch fee, which is $0 for the first switch each financial year and $20 for each subsequent switch.
Yes, Super SA says you can consolidate your super accounts by linking your myGov account with the ATO’s super consolidation tool or through Super SA by filling in its ‘Consolidate your Super form’. If you have multiple funds, you will need to fill in a form for each one, it says.
Before you consolidate your super, it’s important to check with your current super fund(s) for information regarding any related costs you may incur and any insurance cover you may lose if you switch super funds. Also consider whether consolidating your super is a suitable decision for your life stage and retirement goals.
Keep in mind any part of your rollover subject to preservation before it was transferred to Triple S will remain subject to the Commonwealth Government’s preservation requirements
To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:
- Are your personal details up-to-date?
- Are your nominated beneficiaries up-to-date?
- Is your Tax File Number (TFN) correctly recorded?
- Are the super contributions from your employer and/or your voluntary contributions correct?
- Are your investment asset class choices appropriate for your life stage?
- Is your insurance still adequate for your needs?
- Have you decided whether to consolidate your super, after checking whether there is insurance or any other benefits attached to the account you may lose and if you’re comfortable to do so?
Super SA is the superannuation fund provider for all South Australian public sector employees and was established more than 118 years ago. It had around $35.3 billion in assets under management as at 30 June 2021.
