TWUSUPER: Super Fund Solutions for the Transport and Logistics Industry

TWUSUPER

What you need to know about TWUSUPER super fund and pension accounts.

TWUSUPER is an industry super fund for workers of the Australian transport and logistics industries.

TWUSUPER has different divisions for employees of different industries and working status. For example, joining through your employer gives you a default level of insurance, while joining as a self employed worker does not automatically qualify you for cover.

The different features of the TWUSUPER super fund and how they apply to workers in different industries are discussed in the following article. You can also read about TWUSUPER’s TransPension products and how a retirement income stream can help you maintain a comfortable lifestyle once you’ve stopped work.

Let’s take a closer look at TWUSUPER

TWUSUPER provide a personal and employer division of their super fund. The way you join TWUSUPER determines your fund eligibility.

For example, TWUSUPER offer an industry super plan if your employer is going to make super guarantee contributions to TWUSUPER, whereas if you’re self employed, you can either join the TWUSUPER (Industry) Personal Plan if you have been previously employed by a participating employer or the TransPersonal (Personal) Personal Plan if you’re self employed and you’re new to TWUSUPER.

Facts about TWUSUPER internet banking

Register your TWUSUPER account for online access and manage your investments, update your details, view transactions and more using MemberAccess, an online account management portal available through the TWUSUPER website.

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What super funds are offered by TWUSUPER?

  • TWUSUPER Super Fund

TWUSUPER’s super fund has 4 divisions. You’re placed in a division of the fund based on how you join TWUSUPER. If your employer is a participating TWUSUPER employer, you will be placed in the TWUSUPER (Industry) or TWUSUPER (Corporate) divisions depending on your employer’s business structure. If you’re self employed or unemployed, you’re eligible to join TWUSUPER’s TransPersonal division.

  • Investment options. TWUSUPER (Industry) and TransSuper (Corporate) fund members are automatically enrolled in TWUSUPER’s MySuper default investment option upon application. Investment options can be switched as often as once a week free of charge. TWUSUPER offer a  defensive portfolio (Cash Plus), a balanced portfolio (MySuper) and a growth portfolio (Equity Plus).
  • Insurance. TWUSUPER Industry and Corporate division members get basic Death and Total & Permanent Disablement Insurance upon application. TransPersonal fund members do not automatically receive cover but are eligible to apply for cover upon application to the fund.
  • Contributions. As well as employer super guarantee contributions, you can make salary sacrifice contributions, government co-contributions and rollover contributions from other funds.
  • Fees. Administration fees, insurance premiums and investment fees can apply and are charged on a weekly or yearly basis. Investment fees can vary depending on your choice of investment option. Read the product disclosure statement for a full list of fees and charges.
  • Online access. Login to TWUSUPER’s MemberAccess online portal to manage your investment options and insurance cover from the comfort of your home.

What pension accounts are offered by TWUSUPER?

TWUSUPER offer two types of TransPension pension products. TransPension can provide your with an account based income stream for when you’re retired or you can apply for an account based pension for when you’re still working but preparing for retirement. You can open a pension account by depositing a non-preserved lump sum payment once you reach your preservation age.

  • Investment options. Choose how you invest your savings. TWUSUPER offer Equity Plus (Growth), Balanced and Cash Plus (Defensive) investment options. Make an investment selection when you open a pension account, you can change your investment select for free once a week as many times you like.
  • Minimum investment. You can open a TransPension account with as little as $10,000 or more.
  • Pension length. Your TransPension account will stay open as long as it has a balance. You can make further lump sum contributions from your super fund to keep a balance and your pension account open.
  • Payment frequency.  The government outlines the regulations for minimum payments; transition to retirement pensions can not pay more than 10% of your super balance in a financial year. You can choose how often you get paid: fortnightly, monthly, quarterly, half-yearly and annually.
  • Online access. Manage your pension account online when you login to TWUSUPER MemberAccess. Change your investment options, personal details and more 24/7 from any internet connected device.
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Master the TWU application process

You can complete an online application for this fund if you:

  • Are employed and your employer is going to pay super guarantee contributions on your behalf to TWUSUPER
  • You’re self employed and you want to pay your own super.

Anyone who is eligible to choose their own super fund can apply to join TWUSUPER.

Am I eligible for a TWUSUPER pension?

The following eligibility requirements apply if you’d like to open a TransPension pension account.

  1. You have reached your preservation age, you’re under 65 and you’re still working (transition to retirement account). Once you reach the age of 65, the transition to retirement pension is converted to an account based pension.
  2. You can open a TransPension retirement income stream if you’ve reached your preservation age and you work less than 10 hours a week, or you’ve turned 60 and you’ve stopped work or you’re over 65 or you’ve suffered a permanent disability.

Download, complete and send in an application booklet to start your application to join TWUSUPER. If you have any questions about this super fund or pension account, get in touch with us using the form right below. We can help with your comparison of superannuation products, but we can’t give you personal or financial advice.

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