Operational Risk Financial Requirement
Under the new Stronger Super requirements, all RSE licensees (such as Media Super’s Trustee) are required to determine an amount of financial resources that are necessary to address the operational risks of the licensee’s business. This is known as the Operational Risk Financial Requirement (ORFR). The ORFR as at 30 June 2014 was $9.93 million and was in line with the Trustee’s policy, which is also monitored and reviewed by the Trustee regularly.
Advisers and service providers
Administrator: Mercer Outsourcing (Australia) Pty Ltd
External Auditor: Deloitte Touche Tohmatsu
Internal Auditor: Ernst & Young Transaction Advisory Services
Bankers: Westpac Banking Corporation, Members Equity Bank Pty Ltd
Custodian: BNP Paribas Securities Services, Bond Street Custodians Limited
Communications: Publicity Works Pty Ltd
Insurers: Hannover Life Re. of Australasia Ltd
Lawyers: Minter Ellison Lawyers, Mills Oakley Lawyers
Investment Advisers: Frontier Advisors Pty Ltd
Financial Planning Services: Industry Fund Services Ltd
The Fund does not maintain reserves for the purpose of smoothing investment returns. However, because of timing differences with regard to the payment of taxation and expenses, unallocated amounts will, from time to time, accrue in the Fund.
The Trustee monitors these accruals to ensure that any unallocated amounts are used to pay liabilities, fund the ORFR or are returned to members, as appropriate.
Professional indemnity insurance
Media Super Limited, as the holder of an Australian financial services licence, has taken out professional indemnity (PI) insurance in accordance with the requirements of the Corporations Act 2001.
The PI insurance will cover claims in relation to the conduct of Media Super Limited and its employees or any representatives who work, or who have worked, for the company, where the Fund is found to have a liability for loss or damage suffered by a person to whom it provides a financial service.
Media Super is a complying superannuation fund for taxation purposes. All necessary returns and certificates have been lodged with the Australian Prudential Regulation Authority (APRA). Once the audit of Media Super’s Financial Statements is complete, returns for the year to 30 June 2014 will also be lodged with APRA.
If you are dissatisfied with any aspect of the Fund, please write to us at:
GPO Box 4303
Melbourne VIC 3001
We are committed to handling any complaints fairly and promptly. If you are not satisfied with the outcome of the internal complaints resolution process or your complaint is not resolved within 90 days, you can contact the Superannuation Complaints Tribunal (SCT).
1300 884 114
Superannuation Complaints Tribunal
Locked Bag 3060
Melbourne VIC 3001
The superannuation surcharge was abolished from 1 July 2005. However, the surcharge may still be payable for periods prior to that date. If the ATO assesses that you are liable to pay a superannuation surcharge it will advise Media Super, and payment will be deducted from your account.
Media Super relies on relief provided by the Australian Securities and Investment Commission and will not provide departed former temporary residents whose benefits are paid to the ATO with notices or exit statements at the time or after any benefits are paid to the ATO pursuant to the Superannuation (Unclaimed Money and Lost Members) Act 1999. Please refer to Additional Information About Your Super Guide, part of the Media Super Member Guide Product Disclosure Statement for further information.
Eligible Rollover Fund (ERF)
Media Super’s Eligible Rollover Fund (ERF) is AUSfund. Media Super does not currently transfer superannuation benefits to the ERF.