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AMIST: Serving the meat industry for more than 25 Years

With their competitive fees and strong returns, AMIST Super can help brighten your retirement.

Shirley Liu
Shirley Liu

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AMIST

You can become a member of AMIST either through their employee sponsored division or on your own through the personal division.

They have been offering retirement planning solutions to the meat industry for over 25 years, specialising in competitively priced products that provide long term returns.

This is an industry based super fund which gives its profits back to their members, potentially saving you money in the long term with lowered fees on certain services. Expert advice is also available at no cost if you need additional help from a qualified financial planner.

What awards and honours has AMIST earned?

  • SuperRatings recognised AMIST with its Gold Award for the AMIST Pension in 2016.
  • Separately, the SuperRatings Gold Award was also earned for the AMIST Super in 2016.
  • AIST also honoured AMIST in 2013 and 2014 for special achievements with their Super.

A closer look at AMIST

There is an investment opportunity to meet every need with AMIST. Special accounts are offered for an employer based super, high interest earning personal super, and pension accounts to help see you through your retirement years. Along with your super comes automatic insurance life and disablement covers with no medical exam, and income protection at a set rate. All of these insures can be increased if needed, or even cancelled if you don’t want the cover. Although past performance is never a guarantee, AMIST does have a history of beating its projected targets for growth of its funds.

What’s internet banking like for AMIST?

Members and employers are able to check on the status of their investments through a personal online platform provided by AMIST. This allows you to keep track of your deposits and the growth of your investments.

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What super funds are offered by AMIST?

AMIST has both an employer sponsored and personal division for their super, making this an easily accessible superannuation investment solution for everyone. In order to become a member of the employer division, a participating employer must nominate you for membership and then make the Superannuation Guarantee contributions to the account on your behalf. If you are self-employed or work for a company that is not an AMIST member, you can sign up for the personal division and still receive the same benefits. There are six investment options to choose from; secure, capital stable, balanced, growth, high growth, and MySuper, each with their own level of risk and potential for return. You are permitted to structure your portfolio with a combination of the available options in order to diversify your investments and level of risk.

If you do not choose an investment option, AMIST will automatically divert your funds to their MySuper. This superannuation offers a mix of growth and defensive assets that provide a balance of risk and return that include certain percentages in; Australian shares, international shares, direct property, alternative investments, fixed interest products and cash. Investment fees will not be deducted from your account, but rather from the fund, but you will be charged a weekly administration fee.

What pension accounts are offered by AMIST?

Pension

The AMIST pension is available for individuals between the ages of 55 and 70 who have retired from the Australian workforce. This is an account based pension where you invest a lump sum and then draw from it periodically while it grows in wealth through investment products. Your investment options are similar to what is provided by the superannuation account, including a secure option, capital stable, balanced option, growth option and high growth.

Pension payments can be made to you fortnightly, monthly, bi-annually or once a year, depending on your circumstance. Plus you are given the opportunity to elect draw down pension from an individual investment option. There is no charge for your regular pension payments, but you will have to pay $50 for any lump sum withdrawals made plus a regular weekly administration fee of $1.70.

Transition to retirement

A transition to retirement is also available and designed for those who have reached 55 years of age but are still employed. This allows you to continue working while receiving a portion of your superannuation as a part of your income. There are certain tax benefits to this approach that make it a good option for individuals who fit into this category.

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How do you apply for AMIST super funds?

If you are interested in the employer based superannuation investment services from AMIST, your employer will need to nominate you for participation. Individuals who wish to apply for membership will find all of the necessary applications on the AMIST website, including additional forms if you would like to increase your insurance covers. Temporary residents of Australia are also welcome to apply, and AMIST can even help you to claim your money when you leave as a Departing Australia Superannuation Payment.

Documentation

Once you have determined which application is relevant to your situation you can download and print it to be filled in. You should be prepared to provide your personal details as well as your tax file number (TFN). Although your TFN is not mandatory on the form, AMIST can use it not only to ensure that you are being taxed correctly, but to verify that you do not have any other lost superannuation funds being held in a separate account. You should also be ready to list the contact details of all those you wish to add as a beneficiary to your superannuation funds.

Once you have completed the form it should be sent to AMIST through the Australian post so that they can verify the details and get you started on investing your superannuation funds. Before committing yourself to this super, you should take the time to compare its benefits and features to others. You are given a period of 14 days after the account has been activated to change your mind without being charged exorbitant fees for withdrawing the money.

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