Water Corporation Superannuation Plan
|2013 Annual Report|
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Welcome to the Water Corporation Superannuation Plan (Plan)- the Fund of choice for the Water Corporation and its employees.
The Plan is a not for profit fund, with over $300 million in assets and serving over 3,500 members.
WCSP's MySuper Authorisation
The Water Corporation Super Plan is pleased to announce that the Plan was granted MySuper authorisation by the Commonwealth Government regulator - APRA at the end of December 2013. This is a significant milestone for the Plan, confirming it as a value for money and strong performing fund. It is also only one of three authorisations granted in Western Australia.
Thanks go to the many members that made the choice to stay with WCSP regardless of the outcome of the MySuper application. The overwhelming positive response was amazing.
WCSP will continue to be the default fund for Water Corporation. This allows members to continue to take advantage of a well-managed superannuation fund, offering personalised service, value for money and strong returns. There will be no changes for most member's accounts.
MySuper is part of the Stronger Super reforms made by the Commonwealth Government to establish low cost and simple superannuation products.
Main Features of the WCSP
- Exclusive 14.25% total contributions when members voluntarily contribute an extra 3%. Water Corporation will pay an additional 2% bonus amount on top of the 9.25% SGC to help you build your account for retirement (not applicable to employees on common law contracts and limited members).
- Low membership fees - $3.30 per week plus 0.1% off earnings per annum for the accumulation division and 0.2% per annum for the pension division.
- No entry, account keeping or adviser service fees.
- Financial planning services with no commissions to financial planners and discounted fees.
- Unique insurance offering with competitive group rates for death, total and permanent disablement and salary continuance benefits. Cover is available up to 65 years of age.
- Automatic insurance cover for members who leave Water Corporation and transfer their membership to the Retained membership category.
- Flexible investment options - four investment options, which can be switched on a monthly basis to suit your personal circumstances and objectives .
- On-line access to your personal details via secure website – anytime, anywhere.
- Continued membership available if you leave the Water Corporation and transfer to the Retained category – conditions apply.
- Facility to easily create a spouse Super account and to hold both TPD and Death insurance cover.
- Join as a Limited member and “top-up” you primary super with an additional account to achieve your retirement goal.
- Option to contribute to the Plan from an alternative employer if you are a retained or a spouse member (conditions apply).
- Competitive Income Stream options
- Account Based Pension for retirees
- Transition to Retirement Pension for current staff
- Member discounts on low cost banking products with ME Bank, including homes loans, credit facilities and bank accounts.
- Member discounts on medical health benefits with BUPA with some attractive offerings on an essential benefit for you and/or your family.
- Personalised member service located at John Tonkin Water Centre.
- Highly professional external support services for investment consulting, administration, auditing and accounting.