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Border Express Benefits Plan - Employee Information Summary


Your Plan Benefits

The Border Express Benefits Plan is more than a superannuation fund. The plan offers a wide range of investment options, low fees and a comprehensive insurance package. You can also make super contributions for your spouse. The plan also offers a personal savings and investment plan, financial advice and investment education.

Overview of Features and Benefits of the Border Express Benefits Plan

Spectrum Financial Services are the superannuation administrators for the group through their product Spectrum Master Fund. Navigate the information for the Border Express Benefits Plan by clicking on the links to the left or below.

    

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


More details and a member’s kit will be forwarded to your home address soon after joining Border Express as an employee.  To take full advantage of these benefits, it may be worthwhile to rollover existing super funds.

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.
     

Border Express Benefits Plan - How the plan is arrranged

This plan is not just superannuation but a package of benefits and optional investment and super accounts. The following picture shows the overall structure of the Border Express Benefits Plan.

Arrangement

     


Border Express Benefits Plan - How an accumulation-style super fund works

Contributions 		+
Rollovers 		+
Investment Earnings
 
- 
Fees & tax 		-
Insurance Premiums 		=
Balance
     

Border Express Benefits Plan - About the Investment Options

The Border Express Benefits Plan offers 40 different investment funds each designed for a specific purpose. There are three groups of funds in the plan.

  • Internally managed Spectrum funds - where they manage the underlying portfolio of investments.


  • Externally managed funds - using other fund managers selected through independent research.


  • Managed Blended funds - where Spectrum, along with independent researchers, blend Spectrum and external managers to diversify and manage. They use a 'manager of managers' approach and invest across all the investment sectors. This ensures that your "eggs are not all in one basket".

There are also further specialist funds available that invest in particular areas, such as, Global Small Companies or Listed Property.
You can select any combination of funds as long as you maintain a minimum balance per fund of $500.
To see a list of current funds on offer click the following link Spectrum Master Fund investment options.

What kind of investor am I?
Choosing the right investment option is a personal matter driven by your objectives, tolerance for volatility, time-frame for investment and other investments.

You have two main choices when it comes to selecting your investment options

1) Accept the default investment fund
If you are under 35 the default fund is the Spectrum Blended Series Priority Growth.  Between ages 35 and 50 the default fund is the Spectrum Blended Series Managed Growth Fund.  If you are over 50 the default fund is the Spectrum Blended Series Balanced Fund.
These funds employ several managers to spread your money across cash, fixed interest, property, Australian and Global shares. The Balanced fund has a lower exposure to shares and property. These funds are considered appropriate for most fund members.

2) Use your own judgement to determine your mix of funds
You can choose your own selection of investments to compliment other investment that you hold. You may have the experience or confidence to select your own investments but be aware that this could lead to a loss of capital. Even with research it is often difficult to select an appropriate investment.

Seek advice from your financial adviser or the use the plan's advisors, Wealthsure Financial Services. They can help you identify your investor risk profile, assess the options that are best for you and implement and review the chosen investments.

Advice from Wealthsure Financial Services is part of the service within the plan and is provided at no additional cost to you. They can be reached on 1300 668 600 or click on the following email link Service for Borders People.

If you complete the following Investment Pathfinder questionnaire and return it to Wealthsure Financial Services they will shortlist some suitable investment options for you. Mail this form to BEBP c/- PO Box 1091 LAVINGTON NSW 2641 or fax it to 1300 668 600.

More information is available from the current Spectrum Master Fund - Investment Options Brochure available in your Member Welcome kit or by calling Spectrum Helpline on 1800 333 500.


     

Border Express Benefits Plan - Insurances


Overview

When you join the plan, most employees automatically receive extensive insurance coverage. Through the Plan, members have access to group insurance rates, generally without having to provide medical evidence. Worldwide protection applies, 24 hours per day, seven days per week.

The employee insurance options in your Spectrum Master Fund include:

  • Death Only (also available to spouses)
  • Death and Total and Permanent Disability (TPD)
  • Group Salary Continuance (income insurance)
General details about the individual insurance offerings, including eligibility conditions and choice of cover, can be found under related material in the Spectrum Master Fund Superannuation Employee Guide for a comprehensive summary of the entire insurance cover options for employees. Your welcome kit or last member statement should show you the cover offered to you and it's monthly cost.

What insurance does the plan offer?

There are three categories in the Border Express Benefits Plan when it comes to insurances which apply when you first joined the fund as per the following table;

Category  Default Level of Cover
A (office staff, including clerical and retail employees)
- are offered Death & TPD insurance on a formula being 15% of Salary x Years to Age 65.
B (all drivers, yard & truss plant employees)
- Offered 3 units of Death and TPD cover at a fixed monthly cost.
- The insured amount falls as you approach retirement age.
C (management)
- are offered $450,000 of Death & TPD Cover.

These insurances can be cancelled, reduced or increased (subject to medical evidence).  Category C is open to non-management admin employees who wish this level of cover, however it must be selected prior to commencing employment or medical evidence will be required.  Selecting Category C will increase the insurance cost substantially which is why it is not the default selection for all admin employees.

By default, employees working less than 15 hrs per week are only given Death Cover but not TPD or Income Insurance (GSC).

By Default, all employees working more than 15 hrs per week are also offered Group Salary Continuance which replaces up to 75% of your income following a waiting period (90 days) for up to 2 years. Additionally, an amount of 9% of salary will continue to be paid to fund your superannuation contributions.

Your member statements and welcome kits shows details of the cover offered and the costs to account.

Information on Insurances

The financial planning team at Wealthsure Financial Services can advise as to how much insurance you should have in your plan given your personal situation. They can be contacted on 1300 668 600.

If you wish to adjust your insurances or want more information on the insurances in your account you should contact Spectrum Master Fund on 1800 333 500. If you have a log-in go to the Spectrum Master Fund website and enter your log-in details. If you haven't arranged login-access call Spectrum Master Fund on 1800 333 500.
     

Border Express Benefits Plan - Fees and Charges


One of the key benefits of the Border Express Benefits Plan is the low cost fee structure. It is not uncommon that super plans charge up to 5% on all monies received. These fees have been waived in this plan.

These are the fees:-
Entry Fees : On contributions and rollovers - Nil

Exit Fees : Nil if continuing in a personal account or $60 partial withdrawals and $75 for account closing

Member Fee : $4.50 per month

Account Management Fee : Is a percentage figure applied across the total balance of all accounts associated with the Border Express Benefits Plan.  As the total balance grows the fees reduce.  The current estimated management fee is 0.64% pa.  This can fall to as low as 0.6%.

In combination, the above fees are not expected to be greater than 1% of your account balance but this depends on your account balance.

Investments Options : Each of the 40 investment options available in the plan has their own management costs known as the Management Expense Ratio or MER. These costs are calculated and deducted before the investment returns are calculated. This means you will not see these fees. The fees range from 0.3% to 1.3% with an estimated average fee of 0.7%.

The common investment options for the plan have the following estimated MER's:-

United Capital Balanced (curent default option) - 0.67% plus a possible 0.20% Performance fee
United Capital Growth Fund - 0.75% plus a possible 0.26% Performance fee
United Capital High Growth Fund - 1.05% plus a possible 0.41% Performance fee

Investment Switching Fees : Nil fees are levied by Spectrum for switching investment options up to 2 in a year. Thereafter $30 per investment option switch.
You should be aware that selling one investment in favour of another will trigger a buy-sell spread. This is a small percentage of the amount that you switch and is designed to recover the transaction costs of the fund manager. If they didn't levy the buy-sell spread the remaining investors would have to pick up the costs of you leaving the option. Buy-sell spreads range from 0% to 1% depending on the investment option.

What you get for your account management fees?

The fees enable the plan administrator to:-
  • Prepare all the accounts and statements for your plan.
  • Calculate and remit all taxes relating to your superannuation account.
  • Arrange free rollovers of your other superannuation accounts.
  • Ring the Spectrum Master Fund helpline which gives you phone access to information on your super.
  • Give you on-line access to your account information via their website.
  • Send you half-yearly statements on your super and investment accounts.
  • Educate and inform you about money management issues.
Fees also cover the costs of the financial advisers to the plan and they can:-
  • Advise you on your investment options within the plan.
  • Assess your retirement funding needs and arrange additional contributions.
  • Help you with non-superannuation investments and savings plans.
  • Assess your insurance needs and modify the insurance cover.
  • Set up accounts for your spouse or family under the same discounted terms.

Member Account Information

More information on your account is available directly from the Spectrum Master Fund website. If you have a log-in, go to this link and enter your log-in details. If you haven't arranged login-access call Spectrum Master Fund on 1800 333 500
     

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.

Member Account Information

More information on your account is available directly from the Spectrum Master Fund website. If you have a log-in, go to this link and enter your log-in details. If you haven't arranged login-access call Spectrum Master Fund on 1800 333 500


     

Border Express Benefits Plan - Forms and Brochures

Forms to makes changes to your account in the Border Express Benefits Plan.  These are the most commmonly used forms.  If what you need is not available here then contact Spectrum Master Fund on 1800 333 500.  Having trouble with the forms?  Do you have Adobe Acrobat installed?  If not, click here to get it.

Summary of Available Forms


Forms

When to use the form:
Used for individual member superannuation contributions, notifies Spectrum Super of the type of contribution to ensure correct allocation. When to use the form:
This Standard Choice form is pre-completed for an employer of Spectrum Super. When to use the form:
This form is an application for contribution splitting provided by the ATO. When to use the form:
You may use this form if you intend to claim a tax deduction for super contributions or to vary a previous notice of intent. When to use the form:
This form may be used to provide your tax file number to your superannuation fund. When to use the form:
For a member to nominate beneficiaries in the event of their death. When to use the form:
A Certificate to confirm that Spectrum Super is a regulated superannuation fund When to use the form:
Allows contributions to be electronically credited to a member's superannuation account from a nominated bank account. When to use the form:
Allows the member to decline insurance under an Employer Plan. When to use the form:
This form is required to be completed by members of the Employer or Personal Divisions where insurance applications are not accepted under an Automatic Acceptance Limit agreement and require underwriting. Should you require questionnaires as a result of any questions answered in your Personal Statement, these may be found under Insurance Options in the main menu. When to use the form:
Allows you to instruct Spectrum Super where to pay part of your superannuation benefit to. When to use the form:
Available for members who wish to alter their basic fund details such as address, change of name, etc. When to use the form:
Application form enabling the spouse of an existing Spectrum Super member to join Spectrum Super. When to use the form:
Used when a member wishes to switch their investments. When to use the form:
To be completed if you wish to have the entire balance of other superannuation funds transferred into Spectrum Super. When to use the form:
Allows you to instruct Spectrum Super where to pay part of your superannuation benefit to.

Brochures

When to use the brochure:
If you are aged between 55 and 64, you are no longer required to retire permanently before being able to access your super. Once you have then reached your preservation age you are able to access your super by purchasing a transition to retirement pension. Download the brochure to read more. When to use the brochure:
If you have had several jobs in the past, you may have accumulated super with a number of different super providers. Consolidating these accounts gives you more control over your paperwork and your investment strategy, and may also mean that you won't lose track of your super. Download the brochure to read more. When to use the brochure:
You might assume that your Will controls how all of your assets will be distributed when you die, but this may not be the case with your super fund account. Specific rules control how super fund trustees are allowed to distribute super benefits and how those benefits will be taxed. Download the brochure to read more. When to use the brochure:
Employee division - Information guide and application forms. When to use the brochure:
Provides you with essential information on the financial services being provided to you by SMF Funds Management Ltd. When to use the brochure:
Information and tips on how to keep control over your super when leaving your employer. When to use the brochure:
PDS, general information, investment options and 2007 Annual Report

Member Account Information


More information on your account is available directly from the Spectrum Master Fund website. If you have a log-in, go to this link and enter your log-in details. If you haven't arranged login-access yet then call Spectrum Master Fund on 1800 333 500.

Download your Spectrum Master Fund forms here. Should you need any assistance, please call Customer Care on 1800 333 500. Please forward all completed forms to:

Spectrum Super Operation Centre
GPO Box 529
Hobart Tas 7001
     

Border Express Benefits Plan - Advice and Information

The financial advisors to the plan are there to help you get the best from the Border Express Benefits Plan. Superannuation, investment and insurances are complex issues and it is important to have financial advisers who know the Benefit arrangements and can assist you to identify your needs.

Who are the Financial Advisers?


All advice is provided through Wealthsure Financial Services, an Australian financial services licensee (238030), of whom you would mainly deal with Paul Tynan, CFP, of Opal Financial Advice.
Financial Services Guide

What support do they offer?


Your fund adviser will attend most work sites at least twice each year to help you understand and manage your account. Notice is provided around 2 weeks before a "Site Visit". Of course you can always call the service number - 1300 668 600 - for immediate help in business hours.

They can help you with information in relation to;

  • investment options in the plan,
  • insurances and your needs,
  • retirement funding and planning,
  • moving money in and out of the fund,
  • nominating the beneficiaries of your super account,
  • savings plans,
  • super contributions, and
  • tax savings through salary sacrifice.
These services are covered under the plan at no additional cost to you.

More comprehensive financial planning services can also be provided on a fee-for-service basis.

Accessing the Services


The plan advisers can be reached on 1300 668 600 or click on the following email link Service for Borders People.  Mail address: PO Box 1091, LAVINGTON NSW 2641.  You will be advised of sites visits from time to time where you can meet face to face with one of the advisers.

Member Account Information


More information on your account is available directly from the Spectrum Master Fund website. If you have a log-in, go to this link and enter your log-in details. If you haven't arranged login-access yet then call Spectrum Master Fund on 1800 333 500.

 
© 2012 Border Express Pty Ltd