Why would a member be transferred to the Aon
A member may be transferred to the Aon ERF by
their super fund because their fund lost contact with them, they
were considered an ‘inactive’ member or they had a small
account balance. In some cases a member may have failed to nominate
an alternative super fund within a time-frame given by the trustee.
When are members transferred from the Aon Master
Trust to the Aon ERF?
When a member account balance in smartMonday DIRECT falls under $2,000 and after contacting the member, there is no reasonable expectation
that it will increase in value, the trustee may choose to transfer
that member to the Aon ERF.
When a member has terminated employment with
their current employer in smartMonday PRIME and
their account balance is under $5,000 and the member does not make
an election to transfer to another fund within the time frame given
by the trustee, the trustee may choose to transfer the member to
the Aon ERF.
The trustee may also transfer a member to the
Aon ERF under ‘lost member’ provisions.
Who is a lost member?
If a member cannot be contacted, the trustee has
had mail returned twice from the member’s last known address, the
member hasn’t notified the trustee of their current address,
or the member has terminated current employment and not notified
the trustee the member may be considered a ‘lost member’
by the trustee of their fund.
If the member has been inactive for five years
or more; that is, not received any contributions, rollovers or transfers
to their account and hasn’t indicated that they wish to continue
to be a member of their current fund, they may be considered a ‘lost
member’ and transferred to an eligible rollover fund.
Government regulations require that super funds
report lost members to the Australian Tax Office (ATO).
Can a member make contributions to the Aon ERF?
No, as an eligible rollover fund, the Aon ERF cannot accept member or spouse contributions. The Fund can accept transfers/rollovers from trustees of other complying super funds and the ATO.
What are the benefits of the Aon ERF?
- No entry fees - no fees are deducted on entry to the fund or on transfers or rollovers from other trustees or government bodies.
- A defensive investment strategy which aims to achieve returns at least a 0.25% pa (after fees and taxes) above inflation over rolling three year periods.
- Consolidation of member benefits - the fund accepts small account balances and rollovers/transfers from other trustees, the ATO Superannuation Holding Account (SHA) and Superannuation Guarantee (SG) vouchers.
- We can help you locate lost super.
Is there insurance cover in the Aon ERF?
No. Typically, eligible rollover funds do not offer insurance cover or the range of investment options that other public offer super funds may provide as they cater for super benefits that cannot be accepted by other funds.
What information do we need to identify a member
when they call us?
To ensure the privacy of Aon ERF members and to match the member with the correct membership record, we may need to ask members to provide a range of information when calling us, such as, past addresses, employer details, previous super fund details, a form of personal identification.
If someone has their super with the Aon ERF,
what are their options?
Members can make the following choices, based
on their age and account balance.
- Roll their money into smartMonday DIRECT which has a minimum balance requirement of $5,000 if insurance is provided ($2,000 if no insurance is provided). Refer the smartMonday DIRECT PDS for details.
- Roll out their money to another fund.
- Withdraw their money if they have reached their preservation
age or satisfy other release criteria. See below for more information.
When can a member withdraw their money in
the Aon ERF?
Most money in the super system is ‘preserved
super’. Generally, preserved super can only be accessed if
- reach age 65
- reach age 60 and leave their employer
- reach their preservation age (see table below) and retire permanently
from the workforce
- obtain release on severe financial hardship or compassionate
- are temporary residents leaving Australia permanently for overseas
- become totally incapacitated or die.
In addition to preserved super, there are two
other categories: ‘unrestricted non-preserved’ super
which can be accessed at any time, and ‘restricted non-preserved’
super which in some cases can be accessed when members cease current
employment. If any super falls into these two categories, it will
be shown on the annual benefit statement and members can contact
us regarding access.
| If you were born
|Before 1 July 1960
|1/7/60 - 30/6/61
|1/7/61 - 30/6/62
|1/7/62 - 30/6/63
|1/7/63 - 30/6/64
|After 30 June 1964
If a member meets a condition of release how
can they access their benefits?
A member would have to complete and return a Superannuation
benefit transfer or payment request form along with a certified
copy of a photo ID. To safeguard members’ interests and to
prevent fraud, benefit payments will not be processed without meeting
certified ID requirements.
Where a photo ID is not held, members may provide
alternative ID documents that are listed on the last page of the
transfer or payment request form, duly certified. We may need
to seek additional documentation from members, if there is any discrepancy
in the personal information provided to us.
Does the Aon ERF offer online access to member
No, the Aon ERF does not offer online access to
member accounts. Members can call,
e-mail or write
to us for information on their benefits in the Aon ERF.
What are the fees charged to members?
For details of fees charged by the fund, see
Page 4 of the current Aon
ERF Product Disclosure Statement and the table of standard fee definitions.