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SmartSave: Specialising in Retirement Options for Non-residents

Are you looking for a new superannuation fund or a pension account? See what SmartSave has to offer.

Shirley Liu
Shirley Liu

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SmartSave

SmartSave offers superannuation and retirement solutions through a range of investment options. You can join this super fund as an individual or an employer-sponsored member. This super fund provides comprehensive insurance arrangements. In some cases members get automatic cover, without having to submit evidence of good health.

SmartSave gives you the option of accessing a financial adviser who can prepare a comprehensive financial plan based on your individual circumstances. The SmartSave MySuper is ideal for people who are looking for low-cost super funds without much fanfare.

The Trust Company (Superannuation) Limited (TTCSL) manages SmartSave Personal Choice & Smart Pensions. The Australian Prudential Regulation Authority (APRA) regulates TTCSL.

How you could boost your super with SmartSave

SmartSave specialises in providing superannuation and pension solutions, giving members the ability to choose from an array of investment options across major asset classes. These include multi-sector options that target risk and growth differently as well as single asset classes such as Australian and international shares, property, fixed interest and cash.

As a member of the super fund you can withdraw your retirement benefit as a lump sum or convert it into a regular income stream through a SmartSave pension. You retain access to money in your account at all times, in line with legislative requirements.

By investing in a Personal Choice & Smart Pension, you become a member of the SmartSave ‘Member’s Choice’ Superannuation Master Plan.

Little known facts about internet banking with SmartSave

SmartSave gives its members round-the-clock access to its online platform. You can login to this platform to view your account balance and transaction history, submit your social security number, change personal details and manage investment options. This online reporting platform lets you export data to Excel seamlessly.

What super funds are offered by SmartSave?

When you become a member of the SmartSave super fund you can choose from different investment options based on factors such as risk, time frame, diversification and investment goals. While you get to choose from some pre-mixed diversified alternatives, you can invest in single asset classes as well.

  • SmartSave Managed Stable. Consider going this way if you’re looking at security along with income for a medium to long term. This is possible due to exposure across different asset classes, with the potential to increase capital. The minimum suggested time period for this investment option is three years. The risk level is low to medium.
  • SmartSave Balanced. The balanced option invests your money across a range of growth and defensive assets classes such as property, Australian and international shares, fixed interest and cash. This investment alternative presents medium risk. It comes with a minimum suggested investment period of five years.
  • SmartSave Growth. If you’re looking at medium to high returns, this option can work well for you. It invests your money in multiple assets classes, with a significant percent going towards assets that deliver capital growth. This option comes with a minimum suggested investment period of seven years. The risk level is medium to high.
  • SmartSave High Growth. This premixed option is best suited for people who wish to invest in different assets classes, with a bias towards growth assets. This option comes with a high level of risk. Consider investing in it for no less than 10 years.
  • Single asset classes. If you wish to manage investing your super on your own you can choose from multiple asset classes depending on factors such as risk and desired timeframe. Your options in this segment include cash, diversified fixed interest, diversified property, Australian shares, global shares as well as resources.

What pension accounts are offered by SmartSave?

When you turn 65 years old or reach your preservation age you have the option of accessing your savings as a lump sum or you can transfer it to a pension account. This can give you a regular stream of income that benefits through tax concessions.

  • Basics. You have complete control over pension payments. You can choose between receiving pension payments monthly, quarterly, half-yearly or annually. You also get the option to receive the minimum prescribed limit or any other desired amount. When you open a SmartSave pension account you get free access to the SmartSave online account management system.
  • Insurance. SmartSave Personal Choice insurance lets you get comprehensive tax effective insurance cover for death only or death and total and permanent disablement and/or income protection. What helps is that you get these covers at group premium rates.
  • Investment options. When you open a pension account with SmartSave you have to choose an investment option based on your requirements. You get to choose from four professionally created mixed-portfolios with multiple asset classes, which include managed stable, balanced, growth and high growth. You can invest your money in single asset classes such as cash, fixed interests, property and shares as well.
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What you need to know about your super and SmartSave

To open a super fund account with SmartSave as an individual you have to complete the Personal Choice Application Form. To download this form, visit the SmartSave website. Once you complete it, simply mail it across. You can join this super fund at different stages in your life.

  • When you join the workforce
  • When you change jobs
  • When you start planning for retirement

Applying for a SmartSave super fund or pension account requires that you meet some basic eligibility criteria.

  • You are an Australian resident
  • You have a tax file number
  • To open a pension account, you are investing a minimum of $20,000

To complete the application successfully, you have to provide different kinds of information.

  1. Your name and contact details
  2. Your date of birth
  3. Details about your investment options
  4. Details of beneficiaries

Once your SmartSave account is open, you can login to the online platform and change your personal details, investment options and beneficiary details as per your convenience.

Since there are a number of other super providers with similar offerings, it’s in your best interest to compare a few before deciding.

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