Border Express Benefits Plan - The Benefits in Summary

The main benefits of the plan include;

-    No entry fees - Fees on contributions and rollovers from existing plans are nil. Other plans charge up to 5% of contributions,

-    Low on-going fees - On-going management fees will be less than 1% for the average member account balance,

-    Guaranteed and Extensive Insurance offer - Generous life insurance and total and permanent disability insurance is offered to permanent staff without the need for medical evidence (to a predetermined level based on age and occupation).  By default the base cover is automatically taken under the plan for all staff.  Additional cover is available subject to a medical review.  Cover can also be reduced at any time,

-    Extended sick leave - After 30 days off work and all leave entitlements being exhausted, Border Express will pay you 75% of your average earnings for up to 60 additional days, i.e. up to the 90 day period from when the illness commenced. To qualify for this benefit you must have your super being paid to Border Express’ default fund, be covered by the Income Protection insurance and, if the claim is within the first 12 months of your employment, the illness must not be elective and must not be a condition existing prior to commencing employment. Border Express also reserves the right to speak with your doctor and have a second opinion by a Border Express appointed doctor.

-    Income protection insurance - After the 90 day period the new plan provides income insurance of 75% of your pre-tax income for up to 2 years.  For example, a 36 year old driver earning $800 gross per week would receive a $600 per week benefit.  The cost of this cover would be $249 per annum. The cost will vary depending upon age and level of income.  As with the life cover, the income protection cover is automatically applied to all staff working 15hrs per week or more.

-    Automatic insurance acceptance - irrespective of your health status the default insurances are available. To qualify for the default insurance benefits you will need to be at work on your official commencement date. If absent for any other reason, medical underwriting will be required (there are some age restrictions on insurance benefits),

-    Wide range of investment choices - Spectrum offers 40 investment options from 10 different fund managers so your investments can be tailored to suit you.  In addition, you can avoid having all your eggs in one basket,

-    Better fund reporting - You will have access to your account details and can amend your investments and other details via the internet. In addition, half yearly member statements are provided,

-    Financial Education - An on-going financial education program is offered on-site to help you make better choices about money and superannuation,

-    Transparent fees – The fees charged are a flat monthly fee, a variable fee based on account balance and insurance premiums.  They are clearly shown on your member statement.

-    Qualified financial advice – Financial Advisers are available to help you along with reviews of your investment options, insurance arrangements and a retirement funding assessment. Advisers are available to staff through on-site visits or can assist you by calling 1300 668 600 (local call cost).

-    Spouse benefits - You have the option to open a super account for your spouse. This account has the same low fees as your super account. Life insurance is also available in a spouse account.

-    Benefits continue after termination and retirement - When you leave Border Express the discounted fees and some insurance benefits still apply. 

More Information and Help

Spectrum offers a fund member support number to answer questions or to modify your account on 1800 333 500.

For Financial Planning and help with selecting your options in the Border Express Benefits Plan call the Financial Planning Helpline on 1300 668 600 in business hours. This number is provided for the cost of a local call including from mobile phones.