Medical and Associated Professions (MAP) Super Fund review

The Medical & Associated Professions (MAP) Superannuation Fund is part of the IOOF Group. The IOOF Group began operations in 1846, and is now amongst Australia’s largest financial services companies.

It provides Australians with an array of products and services that include investment management, platform management and administration, financial advice and trustee services. It is listed on the Australian Securities Exchange in the ASX top 100 and controls over $154 billion in client money.

The MAP Superannuation Fund is a master trust that is suitable for a diverse group of individuals and employers.

A closer look at MAP

The MAP super fund gives you the ability to tailor your account in accordance to your specific requirements. As an individual you can setup a personal account where you can receive contributions from multiple employer sources such as super guarantee, employee and spouse salary sacrifice contributions.

MAP ensures that it meets all compliance and statutory reporting requirements, so you get comprehensive record keeping of all your contributions as well as investments. While MAP issues statements every 12 months, you can request for them more frequently.

MAP also offers a flexible pension solution to meet individual needs. This comes with an array of investment options along with tax benefits.

What’s internet banking like for MAPs Superannuation Fund?

As a member of the MAP super fund you can access your account details at any time using the MAP online platform. The online system lets you view your account balance, review payment details and choose between different investment options.

What super funds are offered by MAPs Superannuation Fund?

When you open a MAP Superannuation Fund account you get to choose from multiple investments choices.

• Ready-made portfolios. You can choose from various ready-made portfolios constructed by IOOF. Its MultiMix funds give you a simple yet cost-effective way to diversify your investments, reduce risk and provide smoother returns. A number of specialist investment managers work in tandem to achieve a desired risk and return profile for every ready-made portfolio. Examples of MAP’s ready-made portfolios include IOOF MultiMix Australian Shares Trust, IOOF MultiMix International Shares Trust, IOOF MultiMix Diversified Fixed Interest Trust, IOOF MultiMix Balanced Growth Trust and IOOF MultiMix Growth Trust.
• Externally managed funds. You, along with your financial adviser, have the option of tailoring your portfolio by investing in one or more externally managed funds from MAP’s extensive list of options. You get access to Australian share funds, international share funds, diversified funds, property funds, fixed interest funds, income funds as well as cash and secure funds. This access to diverse funds lets you invest your super as per your needs. Examples of externally managed funds available to you include ones offered by Aberdeen, AMP Capital, BlackRock, BT Wholesale, Fidelity, Legg Mason, Macquarie, Sandhurst, UBS, Vanguard and Zurich Investments.
• Listed investments. If you wish, you can invest your super directly in shares listed on the Australian Securities Exchange. While you can choose any company listed on the S&P/ASX300, you get other selected investment options well.
• Term deposits. If you are looking for certainty that cash investments bring, you can consider investing your money in a range of term deposits offered by CommInvest, Adelaide Bank and National Australia Bank.

What pension accounts are offered by MAPs Superannuation Fund?

MAP offers a flexible pension solution through the Allocated Pension account.

• Basics. The Allocated Pension account gives you access to tax-effective income where you get to choose from different levels of pension payments. You can open this account either with non-preserved superannuation funds or using employment terminations payments (ETPs). You continue receiving pension payments until the account balance reaches to a nought or until you die. You can nominate a beneficiary who stands to receive the money in the event of your death.
• How to invest. You can start by transferring funds from your MAP superannuation account or you can rollover benefits from a different superannuation provider. The minimum you need to invest is $30,000.
• Payment schedule. You can choose to receive pension payments on a monthly, quarterly, half-yearly or annual basis. You can make a lump sum withdrawal from your MAP Allocated Pension in the form of a commutation. If you do, a minimum withdrawal limit of $3,000 applies. If you make more than one lump sum withdrawal per financial year, a fee applies.
• Tax on pension payments. Pension payments, over the deductible amount, qualify as personal income and are assessable for taxation purposes. Tax deducts from every pension payment on a PAYG withholding basis. Medicare Levy and Medicare Levy Surcharge may also apply. You may qualify for a 15% tax offset on the total amount of your annual pension payments.

What you need to know about applying

You can join the Medical & Associated Professions Superannuation Fund as an individual or an employer sponsored member. You can find a member application on the MAP website, which you can complete and send via mail. You can join this super fund at different stages of your life, which include:

• Entering the workforce
• Switching jobs
• Planning for retirement

You have to meet contribution eligibility requirements.

• You are less than 65 years old; or
• You will only make mandated contributions (SG or award) to this account; or
• You are over 65 and less than 75 years old and have worked at least 40 hours over 30 consecutive days during the ongoing financial year

While you can select your investment options at the time of applying, you can do so later as well, using MAP’s online platform. If you wish to combine an existing super fund with the new one, you can find the relevant form online.

You get a range of investment options with the MAP Superannuation Fund. However, since other superannuation providers also offer similar alternatives, compare a few before you apply.