Border Express Benefits Plan - Frequently Asked Questions

Q. Will I have a choice over where my super is contributed?
A. Yes, provided it is an appropriate fund. The form to select a fund is found under Forms.

Q. Can I keep my existing superannuation accounts?
A. Yes.  Other accounts with industry schemes and private superannuation arrangements can remain. Contributions from Border Express will be made to Spectrum though unless you specifically choose for your contributions to be paid to an alternative. As annual fees apply to most funds, you are probably wise to have a single fund. Spectrum will arrange a free transfer to the new Spectrum account for you at your request.  Also, the fees in the Spectrum plan will reduce if more members transfer their superannuation balances.

Q. How do I rollover my existing super funds?
A. Contact Spectrum Master Fund on 1800 333 500 and a form will be forwarded for you to complete.  Spectrum then initiates a transfer procedure on your behalf at not cost to you.

Q. What about existing life insurance arrangements in other super plans?
A. In most cases, the new plan offers significantly higher cover than most industry funds (such as TIS) and other public offer funds. The new cover is offered up to the automatic acceptance limits despite any existing medical conditions you may have. Life insurance within superannuation is more tax effective than insurance arrangements outside of super. You may consider cancelling or reducing other life insurance arrangements if the cover offered in the new plan meets your needs. To assess your needs you have access to individual financial advice from Wealthsure Financial Services via the Financial Planning Helpline on 1300 668 600.

Q. Can I reduce or increase my Life and Total and Permanent Disability (TPD) insurance if I wish?
A. Yes, you can reduce or remove insurance cover altogether. You can increase your cover subject to acceptable medical evidence. To vary your insurance in the Benefits Plan, contact the Financial Planning HelpLine on 1300 668 600 or Spectrum Master Fund service centre on 1800 333 500.

Q. How does the income protection and extended sick leave interact with workers compensation payments?
A. (i) Workers Compensation only covers you for an injury/illness that is related to your work.  The extended cover provided by the company and the plan covers you for all situations.  You can therefore be comfortable that you and your family are comprehensively protected from you being unable to work due to illness, injury or death.

(ii) Where the injury/illness is work related, any difference between your workers compensation payment and 75% of your average earnings will be covered.

For further information on the Border Express sick leave and other entitlements policy, refer to the Human Resource Department.  For details on Spectrum's terms and conditions on Group Salary Continuance, refer to your Spectrum Master Fund employee guide and welcome kit.

Q. Who pays for the insurance cover?
A. All insurance costs are recovered monthly from your super account. IT IS VERY IMPORTANT THAT YOU REVIEW YOUR INSURANCE COSTS AS THEY REDUCE THE AMOUNT SAVED TOWARDS RETIREMENT. In some cases you may want to make some additional contributions to the super plan to offset the costs of the insurances. There is a form in your Spectrum Employee Guide to arrange additional contributions.

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