Benefit Claim Form Defined Benefit

Benefit Claim Form continued

Benefit Claim Form – Defined Benefit

NTG-F06-V28 Page 2 of 6

Benefit Claim Form – Defined Benefit (continued)

1. Who should use this form

You should complete this form if you commenced employment with the NT Public Sector (NTPS) prior to 9 August 1999 and you are a member of one of the following schemes:

·  NTGPASS (members also receive a NTSSS benefit); and/or

·  NTSSS (members of some other schemes, for example, CSS and NTPSBS, also receive a NTSSS benefit).

Note that your benefit application cannot be processed until you have ceased employment. Therefore, it is preferable that you do not submit this application form until then.

If you are opting out of NTGPASS or NTSSS, please use the form NTGPASS/NTSSS Opt Out.

2. Processing your benefit

Your benefit cannot be processed until we have received all the required documentation. This includes your identification documents as well as information provided by your payroll department.

NTGPASS is a split benefit scheme with an employer funded component (calculated according to a formula based on your three last contribution salaries, length of service and contribution rate) and an employee funded component (your accumulation account). When we process your NTGPASS benefit, your employer funded benefit will be calculated and combined with your accumulation account.

Up until the point your benefit is processed, the defined benefit is not affected by investment returns and is guaranteed by the Northern Territory Government. Refer to the fact sheet on How Investment Returns Affect Your Super Benefit.

Additional Unclaimed Benefits

If it is discovered that you have additional unclaimed benefits from other periods of employment, they will be processed in accordance with the payment instructions on this form.

3. When to claim your benefit

Processing your claim can take up to 30 days, and is dependent on the Northern Territory Superannuation Office receiving detailed information regarding your service history. Nevertheless you should not claim your benefit too far in advance, but select a date for claiming as close to your cessation date as possible.

This is to avoid the risk that your selected payment options or your preferred investment choices, have not changed in the meantime. As a guide, the Northern Territory Superannuation Office recommends that you lodge your benefit application no earlier than two weeks before your cessation date.

Note: Please be aware that until the processing of your claim is finalised, your existing accumulation account will remain invested in the investment option you have previously selected. If you have not previously selected any investment option, your account will remain invested in the default investment option. Due to movements in investment markets, any previous benefit estimates may vary from the actual amount you will receive.

Note: From 15 January 2016 members will no longer be able to retain their benefits in NTGPASS and must roll over their accounts to another superannuation fund.

4. Payment options

Option 1
Pay my benefit to me in cash
You can only claim your superannuation benefit in cash if you meet a condition of release (see note 5). Cash benefits are paid net of tax to a bank account in your name or joint names. Lower tax rates apply when taking a benefit in cash after preservation age.
Option 2
Roll over my benefit to an external superannuation fund (see note 6)
Option 3
Combine options 1 and 2.

5. Preservation of benefits

Preserved benefits include any superannuation contributions that you have made, or that have been made on your behalf, from 1July1999. Preserved benefits must remain in a superannuation fund until you meet one of the following conditions of release:

·  you have reached your preservation age (between 56 and 60, depending on your date of birth) and do not intend working more than 10 hours per week;

·  you are aged 60-64 at the time an arrangement under which you were gainfully employed has come to the end;

·  you have reached age 65;

·  you retire on the grounds of permanent invalidity;or

·  your death.

Date of birth / Preservation age /
before 1/7/1960 / 55 /
1/7/60 – 30/6/1961 / 56 /
1/7/61 – 30/6/1962 / 57 /
1/7/62 – 30/6/1963 / 58 /
1/7/63 – 30/6/1964 / 59 /
after 30/6/1964 / 60 /

If you commenced employment prior to 1July1999, you may have a non-preserved component included in your benefit. When you cease NTPS employment the non-preserved component becomes available to you. Different tax rates apply when cashing a benefit under your preservation age and under age 60 (see Table 1).

To find out the approximate amount of your nonpreserved benefit, please refer to your last member information statement or complete a benefit estimate request available from our website and return it to our office.

6. Rollovers

You can roll over all or part of your superannuation benefit to a complying superannuation fund.

7. Taxation on lump sums

NTGPASS benefits comprise a member accumulation benefit and an employer funded defined benefit. NTSSS benefits only have an employerfunded defined benefit.

The member accumulation benefit has both a taxfree component (member contributions) and a taxable component (taxed element) which includes investment earnings and salary sacrifice contributions.

The employer-financed benefit (less any pre-1983 service) is a taxable component (untaxed element). Regardless of your age, this component of your benefit will have 15% tax deducted on transfer to a pension or external superannuation fund.

Table 1: Taxation of Cash Benefits

Component / Tax Applicable1
Tax free component / Exempt
Taxable component
Taxed element
Under preservation age / 20%
Preservation age to 59 / 0% to low rate cap2
15% over low rate cap2
Age 60 or over / Tax free
Untaxed element
Under preservation age / 30% up to $1.445 million
Preservation age to 59 / 15% up to low rate cap2
30% over low rate cap2up to $1.445 million
Top marginal tax rate on excess
Age 60 or over / 15% up to $1.445 million
Top marginal tax rate on excess

1 Plus Medicare Levy (2%).

2 Low rate cap is a lifetime cap and for 2017-18 is $200 000.

8. Returned payments

In the event of your NTGPASS payment being returned to the Northern Territory Superannuation Office, the payment will be retained in the option/s your account balance was invested in prior to claiming your benefit. In the event of your NTSSS payment being returned to the Northern Territory Superannuation Office, your NTSSS account will be re-opened. Monies in the NTSSS are not invested.

If money is returned we will contact you to clarify further payment details.

9. Annuity bonus (NTGPASS members only)

If you are retiring and intend to use all or part of your NTGPASS benefit to purchase an approved annuity, you may be entitled to an annuity bonus.

The annuity bonus is paid as a superannuation lump sum and is taxable. Please refer to our website for the form Application to Claim the Annuity Bonus for more information.

10. Identification requirements

You must provide proof of identity if you are rolling all or part of your benefit to a self-managed superannuation fund (SMSF) or taking any part of your benefit as a lump sum payment. Proof of identity is not required for members who roll over their entire benefit to an external super fund that is not an SMSF. Instead, you will be required to provide your TFN which we will validate with the ATO. If you do not provide your TFN, or if it cannot be validated, you will be required to provide proof of identity.

You can provide original or certified copies of identity documents that verify your full name, date of birth and current residential address, for example, your driver’s licence. If you have changed your name, and your name is now different to the name we have recorded, you will need to provide a document that verifies your change of name.

For a list of acceptable identity documents, please refer to our fact sheet Proving Your Identity. If you provide certified copies of identity documents, you must also get the authorised certifier to complete the form Identity Certification and return it to our office with your application.

11. More information

We cannot provide personal financial advice. If you require assistance in selecting an investment option, you can seek the services of a qualified professional.

The MoneySmart website provides advice on how to choose a financial advisor.

We have a range of information and fact sheets available to our members. For more information you can contact our office or visit our website www.super.nt.gov.au.

12. Disclaimer

The information made available in this form is provided as a guide only and should not be relied upon for making financial commitments.

The Commissioner of Superannuation and the Northern Territory of Australia accept no responsibility for any losses arising from any use or reliance upon the information or conclusions reached using the information.

NTG-F06-V28 Page 2 of 6

Benefit Claim Form – Defined Benefit (continued)

This page was intentionally left blank.

NTG-F06-V28 Page 2 of 6

Benefit Claim Form – Defined Benefit (continued)

Benefit Claim Form – Defined Benefit

Personal details

Full Name / Name
Residential Address / Residential
Postal Address / Postal
Date of Birth / DOB / Email / Email
Phone (b/h) / Phone / Mobile / Mobile
Member No (AGS) / AGS / Tax File Number* / TFN
*Australian legislation authorises superannuation funds to collect your Tax File Number (TFN), which will only be used for lawful purposes. If you do not provide your TFN, your benefit will be taxed at the highest marginal tax rate.

Retirement Declaration

Please see note 5 about preservation requirements. Please indicate your situation by placing a tick in the applicable box below.
☐ / I am aged 56 to 59 and do not intend to work again for more than 10 hours per week.
☐ / I am aged 60 or more and an arrangement under which I was gainfully employed has come to an end.
☐ / I am aged 65 or more.

YOU CAN CHOOSE ONE OR A COMBINATION OF PAYMENT OPTIONS

☐ /

Payment Option 1

/ Pay my benefit to me in cash
Withdrawal amount to be paid net of tax (minimum $5000):
☐ $ Dollars OR ☐ my entire benefit OR ☐ my entire non-preserved component
Payment will only be made by EFT to an Australian bank account. Complete your banking details below.
Bank, Building Society or Credit Union / Bank details
Branch / Branch / Account Name / Name
BSB Number / BSB / Account Number / Number
You must satisfy a condition of release before you can cash any part of your preserved benefit (seenote5).
☐ /

Payment Option 2

/ Roll over my benefit to an external superannuation fund
Rollover amount (certified ID required if not rolling over entire benefit or if rolling over to an SMSF, seenote 10):
☐ $ Dollars OR ☐ my entire benefit (certified ID not required)
Superannuation Fund Name / Fund name
Postal Address of Fund / Fund address
Unique Superannuation Identifier (USI) / USI / Membership Number / Member number
Australian Business Number (ABN) / ABN / Phone Number of Fund / Phone

Privacy statement

The Northern Territory Superannuation Office is a division of the Department of Treasury and Finance, a NorthernTerritory Government Agency. The privacy and confidentiality of your personal information is important to the Northern Territory Superannuation Office. The information collected will only be used for the purpose for which it was supplied for administering your superannuation account and your information will not be disclosed to any third party unless required by law or authorised by you. To obtain further information about the NT Government privacy policy or the Information Act, please visit the NorthernTerritory Government website at www.nt.gov.au.

Member declaration

I understand:
·  that my employer-financed defined benefit will be calculated and paid in line with my instructions over leaf;
·  that at the time of payment my accumulation account will be revalued using the current weekly return for my investment option(s);
·  that the staff of the NT Superannuation Office can provide me with information regarding the operation of NTGPASS and NTSSS but cannot give me financial advice and that the information provided is a general guide only and does not constitute personal financial advice;
·  that my chosen payment option cannot be changed once this claim form has been processed;
·  that the personal details requested on this form will only be used to process my request and to administer my NTGPASS and/or NTSSS account;
·  in the event of my NTGPASS payment being returned to the NT Superannuation Office, the payment will be retained until further notice within my previously chosen NTGPASS investment choice option, or the default (Growth) option if no choice was made;
·  in the event of my NTSSS payment being returned to the NT Superannuation Office, the original NTSSS account will be re-opened and will be treated as an unclaimed employer-financed defined benefit. Monies in the NTSSS are not invested;
·  that until the processing of my claim is finalised, my NTGPASS benefit will remain invested in the investment option I have selected, or in the default investment option if I have not made a selection; and
·  that due to movements in the investment markets, any quote for the amount of my benefit and the actual amount I will receive may vary.
☐ / I have provided the original or attached a certified copy of my identity document(s)
(only required if you are taking your benefit in cash or rolling it over to an SMSF – see note 10.)
MEMBER SIGNATURE / DATE

NTG-F06-V28 Page 2 of 6