English, please! Making sense of all the "Super Speak"
- Aardvark
- Almost always the first word. It's a weird little animal, not a dog.
- Accumulated Benefits
- Your Super (see Super below).
- The Administrator
- Financial Synergy Administration. The company that looks after all the administrative tasks related to the Fund.
- APRA
- The Australian Prudential Regulation Authority. The regulator of the superannuation industry (as well as the banking and insurance industries).
- ASIC
- The Australian Securities & Investments Commission. The regulator of Australian Financial Services Licensees, companies and managed investment schemes.
- ATO
- The Australian Taxation Office AKA The Taxman.
- Business Day
- Means a day other than a national public holiday or weekend.
- Chat
- What we like doing best, on the phone and online, of course.
- Contributions
- The money - deposited into the fund by you or on your behalf.
- Employment Termination Payment (ETP)
- A payment made to an employee when they leave their current employment, which may be rolled over into a complying super fund in certain circumstances.
- Fund
- max Super (who else?).
- High Fees
- Sorry, don't know what this means...? Check with other Super Funds.
- The Insurer
- AIA Australia. The company who provide insurance to max Super members.
- Investment Manager
- Barclays Global Investors. The ones who invest the money. You remember - these are the guys with trillions of $ under management.
- Investment Option
- The options available to you as a member. You can go with the default Living Large Fund, select one of our 5 pre-mixed blends, or choose your own adventure with any mix of asset sector options & pre-mixed options.
- Member
- You (if you decide to join). Come on, give it a go.
- Money
- Moolah, dosh, scratch, bread, dough, coin...
- PDS
- Product Disclosure Statement. You can download by clicking here.
- Premium
- What you pay to be covered by insurance.
- Promoter
- Max Super Pty Ltd (ABN: 57 115 735 683), the entity responsible for marketing and promoting the fund.
- Preservation Rules
- Rules prescribed under Superannuation Law that restricts people accessing their Super until certain events occur.
- Rollover
- The process of transferring super from one fund to another (one of max's best tricks).
- Sneaky Fees
- Something max doesn't have... but many other funds do. These include Exit Fees, Entry Fees, Contribution Fees, Switching Fees... none of which you'll find at max.
- Super
- Where we refer to "your Super" or "your max Super", we are referring to the money in the fund which belongs to you. In other words, your contributions plus your earnings on investments less the fees, costs and insurance premiums you pay. This is what other super funds usually call "accumulated benefits" just to confuse things...
- Superannuation Law
- The legislation that applies to superannuation funds, including the Superannuation Industry (Supervision) Act 1993 and Superannuation Industry (Supervision) Regulations 1994 and the Corporations Act 2001, and all of the rulings, determinations and directions given in relation to superannuation by the authorities that supervise superannuation. The relevant authorities include APRA, ASIC and the ATO.
- Trust Deed
- The document that sets out the rules for how the fund is operated.
- The Trustee
- Equity Trustees Limited ABN 46 004 031 298. These are the guys responsible for operating the Fund properly and honestly. The buck stops here.
