smartTags = {"smartTag_126":"The superannuation fund to which an employer will direct an employee’s super contributions, if the employee has not elected an alternative fund.","smartTag_125":"A type of life insurance where a lump sum is paid in the event of death. Insurance premiums are charged for this cover and can be deducted from the balance of a superannuation account.","smartTag_124":"A superannuation payout after a member’s death. It may include proceeds of a death cover policy.","smartTag_123":"An entity which holds and manages assets on behalf of another (such as a superannuation trust). The custodian will settle all transactions, conduct tax reporting and audits and calculates unit prices on behalf of the fund. AGEST’s custodian is BNP Paribas.","smartTag_122":"A method used to help counter the effect of currency fluctuations on overseas investment returns.","smartTag_121":"The tax deducted from pre-tax or concessional contributions to super. The rate is 15%.","smartTag_120":"The transferring of the previous year’s concessional contributions (after 15% tax) to a member’s spouse’s super account. AGEST members can transfer out and accept splits from other super funds (if they allow it).","smartTag_129":"An investment asset that derives most of its profit from the income it generates, rather than capital growth. As a change in capital value is limited, values are less likely to go up or down, which makes defensive assets generally less risky. Defensive assets tend to generate lower rates of return over the long term, however are less likely to fluctuate in value. Examples include cash and fixed interest (bonds).","smartTag_128":"A super fund where the benefit paid to the member is calculated using a formula. The formula may be a function of average salary, years of service, age at retirement, amount of additional contributions and\/or market performance. This differs to an accumulation fund where the benefit is based on the accumulation of contributions plus earnings.","smartTag_127":"The investment choice in which a member’s super balance will be invested if the member does not choose otherwise. AGEST’s default investment option is the Balanced Option.","smartTag_3":"The amount in your account which must generally be kept in the superannuation system until you reach your preservation age (age 55 or later).","smartTag_2":"Assessable Income plus Reportable Fringe Benefits","smartTag_5":"The amount in your account which can be accessed at any time upon application.","smartTag_4":"The amount in your account which can be paid to you in cash when you leave your current employer (at any age).","smartTag_7":"The amount in your account that may be subject to Government benefits tax if you are under 60 years of age.  Benefits paid to you after you reach age 60 are generally tax free under current legislation","smartTag_6":"The amount in your account that will be paid to you tax free.","smartTag_113":"Debt issued as a security by governments and companies. Investors purchase bonds (lend to the issuer) in exchange for an agreed rate of interest over a specified period of time. The interest may be paid over regular intervals or capitalised and paid to the investor at the maturity of the investment along with the original capital (loan).","smartTag_112":"Instructions as to the distribution of a superannuation benefit on death that is binding on the trustee of the fund. The nomination is valid if the nominees are allowed under the Superannuation Industry Supervision (SIS) Act, is signed by the member and two witnesses over 18 and is not older than three years.","smartTag_115":"An investment choice where funds are invested in the money market; typically in short-term deposits offered by governments and financial institutions. Cash securities may be backed by mortgages or take the form of short term bonds issued by companies, which may offer higher returns, while taking some extra risk.  The AGEST cash option is limited to cash instruments issued by Australian Governments (Federal and State) and the “Big 4” Australian banks.","smartTag_114":"When an investment asset is sold for a higher price than it was purchased, the profit is considered income for tax purposes and taxed and the applicable rate (whether an individual, company or super fund). After an asset is held for more than 12 months, only 50% of the gain is assessed as income for individuals and only 66.67% of the gain is assessed as income for super funds.","smartTag_111":"The report sent twice-yearly to members detailing the status, balance, insurance and transaction record of their account. Details include contributions received as well as fees and taxes deducted.","smartTag_110":"A superannuation fund pay out, either on retirement, death or other condition of release. Includes the proceeds of any insurance payment such as death cover.","smartTag_117":"An event which triggers the ability to withdraw funds from superannuation, (or to make the funds “unrestricted non-preserved”). The primary condition of release is retirement, the definition of which varies depending on age.  Tax on the withdrawal of super may apply.","smartTag_116":"A condition under law which allows a member to apply to access their super early (i.e. before retirement) due to one of the listed specific circumstances. These include making a mortgage payment to prevent foreclosure on the family home or to pay outstanding medical expenses. The member must apply to APRA for access permission.","smartTag_119":"The annual limit to which an individual can make concessional contributions to super during a financial year. This applies to all contributions made across multiple funds, if applicable.","smartTag_118":"A contribution to super on which 15% contribution tax is deducted. This is lower than the average income tax rate of 30% and this is the concession. The contributor may be eligible to claim the contribution as a tax deduction (usually the employer).  Concessional contributions include salary sacrifice and compulsory employer contributions (such as super guarantee and productivity contributions [to defined benefit schemes]).","smartTag_150":"The rate of tax an individual pays on their last dollar of income. Marginal tax rates increase in a step-wise fashion as income increases. The highest marginal tax rate is 45% plus Medicare Levy.","smartTag_151":"A 1.5% levy charged by the Australian Tax Office on most individuals (lower income earners are exempt) to help fund Australia’s public health system.","smartTag_144":"The fee paid to the investment managers who invest super on members’ behalf. This is paid by the members as a percentage of assets held in their account and is deducted from the investment return.","smartTag_143":"The menu of investment options a super fund offers its members.","smartTag_142":"A type of personal insurance which covers one’s ability to earn a salary through working. It is paid as a monthly benefit of up to 75% of salary for temporary disablement (illness or injury preventing a person working for up to two years).  The premiums for income protection cover can be deducted form the balance of a member’s super account.","smartTag_141":"A monthly insurance payment to replace lost salary during time of temporary disablement (illness or injury preventing a person working for up to two years).","smartTag_148":"A super benefit paid as a stand-alone payment, rather than as part of an income stream or pension.","smartTag_147":"Death, TPD or Income Protection cover which cover new events only (i.e. events relating to pre-existing conditions may not be covered). Limited cover usually converts to full cover after a specified period of time.","smartTag_146":"The person who is responsible for administering the affairs of a deceased person. Usually the executor of the deceased’s estate. A member’s legal; personal representative can be nominated as a binding death beneficiary.","smartTag_145":"Company or person employed by the super fund to manage investments, including asset research and selection.","smartTag_149":"The total of all fees and charges of a super fund expressed as a percentage of the balance of the account.","smartTag_140":"The method of investing in one financial product to help mitigate the risk of another.","smartTag_92":"A fund with the objective of achieving positive returns, independent of market conditions and outside of traditional benchmarks. Strategies may involve alternative investments, derivatives trading or borrowing to invest. While the fund may aim for positive returns in all markets, this not guaranteed.","smartTag_131":"The act of spreading investments in a portfolio across different assets and asset types. This can take place across asset types (such as shares, property or cash), within asset types (such as shares in healthcare, mining and banks) or across regions. Diversification reduces the total risk of a portfolio.","smartTag_130":"A person who relies on a member for financial or other support. This includes the member’s spouse and children, other persons financially dependent and persons with whom the member has an interdependency relationship.  Death benefits from superannuation will be paid to dependants of the deceased member. Unless the member has made a binding death benefit nomination, the super fund trustee will determine who the dependant(s) are when paying a death benefit from super.","smartTag_133":"A fund designed to accept rollovers from other super funds of  inactive accounts with low balances. Transferring to an ERF aims to protect low balances from being reduced by fees and charges.","smartTag_132":"A distribution of a company’s earnings to its shareholders.","smartTag_135":"A condition under law which allows a member to apply to access their super early (i.e. before retirement). The member must have been receiving a Commonwealth Income Support Payment for at least 26 weeks (39 weeks if over 55) and be unable to meet their living expenses. A member can apply to their fund for up to $10,000 at a time and only once per 12 month period.","smartTag_134":"Contributions to superannuation made by an employer for an employee, generally in lieu of salary. This includes super guarantee (compulsory) contributions and salary sacrifice.","smartTag_137":"A contribution paid under the government scheme whereby the Australian Tax Office matches the personal contribution a member makes to super, depending on income level. There is a maximum payment level available and a lower and upper income threshold used to determine the rate at which the ATO will match the member’s contribution.","smartTag_139":"An investment asset type where a large proportion of the profit is made from the change in value of the asset itself (in addition to income generated). Growth assets tend to outperform defensive assets over the long term, however as asset prices can go up and down, growth assets experience greater volatility. Examples include Shares and Property (listed and unlisted).","smartTag_138":"A way of arranging life insurance where the risk is measured across the group, or pool of individuals, rather than on a per-person basis. This helps to reduce the cost of cover. Group life cover may be offered by an employer for its employees or a super fund for its members.","smartTag_99":"The distribution of asset types within an investment portfolio.","smartTag_98":"Anything of value in which one can invest. Shares, cash, bonds, property and commodities are common examples of investment assets.","smartTag_97":"A charge to members to cover the cost of running the fund. This is charged on a monthly basis and deducted from the balance of AGEST members’ accounts.","smartTag_96":"Largely the same as an account-based pension, but commenced prior to 1 July 2007 before “Better Super” rules took effect.","smartTag_95":"Where an investment manager uses their skills in selecting investments such as shares with objective of outperforming the relevant index. Assets are traded (bought and sold) with the aim of achieving a higher investment performance than (passively) replicating an index.","smartTag_94":"A superannuation scheme where the retirement benefit results from the accumulation of contributions plus earnings over time.","smartTag_93":"A retirement income stream funded with superannuation savings, where the balance of the account is invested according to the member’s instructions. Withdrawals are taken on a regular basis from the both capital and earnings of the account until the funds are depleted or the member dies. A minimum annual withdrawal requirement applies and this increases with age.","smartTag_173":"The amount in your account that will be paid to you tax free.","smartTag_172":"The amount in your account that may be subject to Government benefits tax if you are under 60 years of age. Benefits paid to you after you reach age 60 are generally tax free under current legislation","smartTag_171":"The legislation that governs the operation of all Australian complying superannuation funds.","smartTag_170":"The penalty amount charged by the Australian Tax Office if Super Guarantee payments are not made for an employee by the quarterly due date.  ","smartTag_169":"The amount that most employers are required to contribute to superannuation on behalf of their employees. It is calculated a percent of the employees Ordinary Time Earnings and is currently 9%. SG does not have to be paid for employees over 70; or under 18 and working less than 30 hours a week; or if the employee earns less than $450 a month.","smartTag_167":"The form that an employee completes in order to nominate the super fund they wish their employer to direct their compulsory super contributions. Most employers must provide the form to new employees. If the employee does not make a choice, the employer can direct the contributions to the employer’s default super fund.","smartTag_168":"The body established by the Federal Government to deal with certain complaints regarding the decisions made by super fund trustees. A complaint must have been addressed via the super fund’s internal dispute resolution process before the matter can be referred to the SCT.","smartTag_165":"An arrangement an employee can make with their employer to direct gross salary to super as a contribution rather than receiving the salary as a net payment. The member pays the contribution tax rate of 15% on this salary, rather than their marginal rate of tax.  Salary sacrifice contributions are “concessional” and form part of the concessional contribution cap.","smartTag_166":"A non-concessional contribution one can make to their spouse’s super account. If the receiving spouse is a low income earner, the contributing spouse may be able to claim a tax offset of up to 18% of contributions up to $3000.","smartTag_163":"The amount in your account which can be paid to you in cash when you leave your current employer (at any age).","smartTag_164":"The act of transferring superannuation from one super fund provider to another.","smartTag_160":"The age at which a person can access there superannuation benefit as a lump sum or account-based pension, provided that they have also met a retirement condition of release. For people born prior to 1 July 1960, the preservation age is 55, and this gradually increases for those born after this date and is 60 for anyone born after 30 June 1964","smartTag_162":"The amount in your account which must generally be kept in the superannuation system until you reach your preservation age (age 55 or later).","smartTag_161":"The information booklet that outlines all of the relevant details of the fund.","smartTag_156":"The definition of salary on which compulsory (super guarantee 9%) employer contributions are calculated. It is based on the employee’s ordinary hours of work and generally excludes overtime.","smartTag_157":"An investment style which aims to replicate the return of the market. The investment choice may reflect a general index (such as the S&P ASX 200) or be sector or asset specific. Passive investment managers generally believe there is no value to be gained from active management (such as stock picking) and generally cost less due to lower transaction activity.","smartTag_158":"A non-concessional contribution a member makes to their own super account.","smartTag_159":"The fee charged to provide insurance cover. Premiums for Death, TPD and Income Protection Cover arranged via AGEST are deducted from Members’ super accounts.","smartTag_152":"The regulation under which super fund members with a balance of less than $1000 can not be charged an administration fee if the earnings for the year do not cover this cost. The difference is refunded to the member’s account to protect the balance from being reduced.","smartTag_153":"A percentage-based fee charged on all member accounts to fund Member Benefit Protection. The fee is usually in the range of 0.01-0.05%.","smartTag_154":"Also known as a “personal” or “after-tax” contribution. A contribution to super made from after-tax income, and on which no tax-deduction can be claimed. No contribution tax is deducted.","smartTag_155":"The annual limit to which an individual can make non-concessional contributions to super during a financial year. This applies to all contributions made across multiple funds, if applicable.","smartTag_187":"With this style of insurance cover, you nominate a fixed amount of cover and the premium will generally increase each year on your birthday to support your nominated level of cover.","smartTag_188":"A category of investment security that pays the investor an agreed (fixed) level of interest over a fixed period of time. Examples include government and corporate bonds and debentures.","smartTag_185":"The time that a member must be unable to work due to illness or injury before an Income Protection Benefit will be paid. The cost of income protection cover increases as waiting periods decrease. In AGEST the choice of waiting period is 30, 60 and 90 days.","smartTag_186":"With this style of insurance cover, your premium generally does not alter from year to year, but your cover reduces each year on your birthday.","smartTag_109":"The recipient of a superannuation benefit. Usually used in relation to death benefits.","smartTag_180":"The legal document that details the rules which govern the operation of a superannuation fund. The AGEST trust deed is available to members on the AGEST website.","smartTag_105":"A measure of wages growth in Australia and used for indexation of certain thresholds such as annual contribution caps and the co-contribution thresholds.","smartTag_182":"A method used to represent the value of a super fund as a unitised amount. The dollar value of a member’s super account can be calculated by multiplying the number of units held by the unit price. The value of a unit can go up and down in a reflection of market movements, depending on the investment choice. AGEST units are valued (and change) on a daily basis and are used to process transactions such as contributions, fee deductions and investment switches.","smartTag_106":"An investment option available offering a diversified mix of asset types. Typically a balanced fund will have 60-75% growth assets and 25-40% defensive assets.","smartTag_181":"The persons or company that has the legal responsibility for operating a trust (including super funds) in accordance with the Trust Deed and all applicable laws and regulations. Trustees have the duty to act in the best interest of members. The trustee of AGEST is AGEST Super Pty Ltd.","smartTag_107":"A measurement of change applied to (among other things) investment returns. One basis point is equivalent to one hundredth of a percent (0.01%)","smartTag_184":"The degree to which the value of an investment may fluctuate (up and down). Can be used as a measure of risk.","smartTag_183":"The amount in your account which can be accessed at any time upon application.","smartTag_108":"Represents the return of a comparable or index portfolio against which super fund returns are measured and compared.  ","smartTag_101":"An investment specialist employed by a super fund to assist in devising and implementing their investment strategies. Asset consultants undertake much of the research work into selecting fund managers. AGEST employs Frontier Asset Consulting for this function.","smartTag_102":"The federal government body responsible for the regulation and monitoring of superannuation funds and to ensure they operate within specific guidelines.","smartTag_103":"The federal government body responsible for administering and enforcing the Corporations Act and other consumer protection laws.","smartTag_104":"An agreement ratified by a State or Commonwealth Government outlining employment conditions such as rates of pay. An award my also stipulate the default superannuation fund.","smartTag_100":"A category of asset types. Examples include shares, bonds or property. Many different types of these assets may be grouped into each asset class.","smartTag_174":"An adjustment made to monies to be received at a future date, which accounts for inflation. It reflects that the cost of goods increases over time and that the ‘buying power’ of a dollar decreases.","smartTag_175":"The lump sum amount paid to a member in the event of total and permanent disablement (TPD), under TPD cover.","smartTag_176":"Insurance that covers the ability of an individual to earn an income by working. Premiums are charged for the cover and can AGSET members can arrange for cover through their super and have the premiums deducted form the balance of their account. Please refer to the AGEST product disclosure statement for the definition of Total and Permanent Disablement","smartTag_177":"Assessable Income plus Reportable Fringe Benefits","smartTag_178":"The transition from full-time work to part-time in the lead up to full retirement.","smartTag_179":"An Account-based Pension that a person can establish if they are over preservation age and are still working (has not met a condition of release). The member can receive payments from their pension to a maximum of 10% of the balance each year and can not withdraw lump sums.  Also known as a Non-Commutable Account-Based Pension or NCAP)"};