HESTA Super Fund Questions & Answers (page 3 of 18)

Hi Emma

Thanks for your question. At present, HESTA do not offer transfers to UK pension funds due to legislative changes by Her Majesty’s Revenue and Customs United Kingdom.

This means that your benefits must remain within the Australian superannuation system until:

· the superannuation benefit is less than $200 and you have ceased employment with an employer; or
· you can establish a case of severe financial hardship or compassionate grounds as defined in superannuation law; or
· you are an eligible temporary resident permanently departing from Australia; or
· you die; or
· you are permanently incapacitated; or
· you are age 60 or over and have ceased an employment arrangement; or
· you genuinely retire from gainful employment (including self-employment) after reaching your preservation age (55-59) and you satisfy the Trustee that you intend to never again become gainfully employed; or
· you turn 65

If you would like to speak with someone regarding your super please call us on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi David

If you email us your full name, member number, date of birth, and best contact number, we can organise one of our HESTA team members to give you a call. Please email your details to [email protected].

Alternatively, you can also contact our customer service team directly on 1800 813 327 8am-8pm Monday to Friday and they will be happy to assist you with your query.

To protect your privacy we recommend you remove your question as your email address is currently on a public forum.

Kind regards

The Team at HESTA

Hi Chikanga

Thanks for your question. Both your income stream and accumulation accounts are invested and subject to the same downturns in the market.

This means that any losses that occur can affect all your accounts, however Super it is a long term investment, and even if your account suffers a loss in the short term over the course of your working life and now with Income stream products over the course of your retirement the downturns will likely be smoothed out. It is important to remember that all investment no matter how low the risks will have instability.

If you would like to speak with someone regarding your super please call us on 1800 813 327, 8am-8pm AEST, Monday-Friday.

Kind regards

The Team at HESTA

Hi Shem

Thanks for your question. Upon your passing, both your super balance and life insurance benefits are paid out. The trustee will distribute your remaining account balance and life insurance in the proportions and manner it determines, at the trustees' sole discretion.

The trustee will consider the person/people nominated by you; however there are no guarantees that those nominated will receive the death benefit.

To ensure your funds go to the right person, we recommend nominating a binding death beneficiary. Binding death benefit nominations provide greater certainty as to who receives your benefit when you die.

The nomination is a legally enforceable instruction that requires (or 'binds') the HESTA Trustee to pay to the person(s) nominated in a Binding Death Nomination. This nomination must be updated every three years.

To nominate a binding death beneficiary, please download and complete the following form:
https://www.hesta.com.au/content/dam/hesta/Documents/Binding-death-benefit-nomination.pdf

Please don't hesitate to give us a call at 1800 813 327, 8am-8pm (AEST), Monday-Friday and we will be happy to assist.

Kind regards

The Team at HESTA

Hi Trang

Thanks for your question. There are numerous ways you can contact our team and we will be happy to assist.

-Email [email protected]

-Call us overseas on +61 3 9200 4714

-Message us via our HESTA Facebook page: https://www.facebook.com/hesta.super

-Connect with us via Click to Chat through our website: https://www.hesta.com.au

Kind regards

The Team at HESTA

Hi Anne

Thanks for your question.

When a member passes away, the HESTA Trustee has a legal responsibility to make sure your super goes to your dependants (if you may have any) or your legal personal representative.

Your dependants include:
• your spouse
• your child
• a person who is wholly or partially financially dependent on you
• a person with whom you have an interdependency relationship.

Your legal personal representatives include:
• the executor of your will, or
• the administrator of your estate.

Further information about what happens to your super if you pass away can be found at the link below:

https://www.hesta.com.au/members/your-superannuation/accessing-your-super/binding-death-benefit-nominations.html

If you would like to speak with someone regarding your super please call us on 1800 813 327, 8am-8pm AET, Monday-Friday.

Kind regards

The Team at HESTA

Hi Irmgard

Thanks for your question.

You will automatically receive a PAYG summary if you have made a claim for early release of super, insurance, or if you are receiving payments from an income stream (transition to retirement) account and were under the age of 60 at the time of payment.

To find out if do require this, you can private message us via our HESTA Facebook page, chat to us on our website or call us on: 1800 813 327.

Kind regards

The Team at HESTA

Hi Greg

Thanks for your questions. In cases like the ones your mentioned, we will look to pay the death benefit to the estate.

When a member dies, the HESTA Trustee has a legal responsibility to make sure your super goes to your dependants or your legal personal representative.

Your dependants include:
• your spouse
• your child
• a person who is wholly or partially financially dependent on you
• a person with whom you have an interdependency relationship.

Your legal personal representatives include:
• the executor of your will, or
• the administrator of your estate.

Further information about what happens to your super if you die can be found at the link below:

https://www.hesta.com.au/members/your-superannuation/accessing-your-super/binding-death-benefit-nominations.html

If you would like to speak with someone regarding your super please call us on 1800 813 327, 8am-8pm AET, Monday-Friday.

Kind regards

The Team at HESTA

Hi Jo

We're more than happy to speak to you about your insurance options. Please give us a call at 1800 813 327, 8am-8pm, Monday-Friday and we can further assist you.

Kind regards

The Team at HESTA

Hi Catherine

Thanks for reaching out. We will be happy to get a member of our team to give you a call. Can you please remove this post as to protect your privacy we don't recommend you put your personal detauls in a public forum. We will be in touch.

Kind regards

The Team at HESTA

Hi Mark

Thanks for your question. We introduced the Income Protection benefit as default cover for new members from 1 April 1996. Prior to that date new members received TPD cover as default cover.

Please give us a call on 1800 813 327, 8am-8pm, Monday-Friday and a member of our team will be more than happy answer any further questions you may have.

Kind regards

The Team at HESTA

Hi Cynthia,

Thank you for your question.

There are a few circumstances when a super fund can allow for the early release of a member’s balance below preservation age including Financial Hardship, Permanent Incapacity and Income Protection insurance.

We recommend you give our Customer Care team a call and they will be happy to assist you further with your query. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Warm Regards,

The HESTA Team

Hi Emma

Thanks for your questions and for your interest in HESTA.

Our team is more than happy to chat further about your super options. Please give us a call on 1800 813 327 8am-8pm AET Monday to Friday and we will be more than happy to help.

Kind regards

The Team at HESTA

Hi Molly

Thanks for your question.

You super will continue to be invested in your HESTA account until you meet a condition of release. You also have the option to transfer it to a New Zealand Kiwisaver account.

Conditions of release include the following:

· the superannuation benefit is less than $200 and you have ceased employment with an employer; or
· you can establish a case of severe financial hardship or compassionate grounds as defined in superannuation law; or
· you are an eligible temporary resident permanently departing from Australia; or
· you die; or
· you are permanently incapacitated; or
· you are age 60 or over and have ceased an employment arrangement; or
· you genuinely retire from gainful employment (including self-employment) after reaching your preservation age (55-59) and you satisfy the Trustee that you intend to never again become gainfully employed; or
· you turn 65

Please give us a call on 1800 813 327, 8am-8pm, Monday-Friday and we will be more than happy to assist.

Kind regards

The Team at HESTA

Hi Garry

All super funds are required by law to provide their members with default standard insurance cover when they join. We provide income protection and life insurance, without the need for medical tests. This means a broader range of people can obtain affordable insurance cover.

For many of our members, their single biggest asset is themselves, and their ability to earn an income. That’s why we aim to provide 24/7 cover so our members, and their loved ones, have peace of mind if the worst should happen.

We understand that everyone’s needs are different so we give members the option to opt out or change their insurance cover at any time. Our contact centre can cancel your insurance, or alternatively via online, email, form, or letter. In order to change your insurance cover this has to be done via online or hard copy only. If you would like to speak with someone regarding your insurance please call us on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi Antz

Thanks for your question. The good news is that you do not need to be a healthcare worker in order to join HESTA as we are open to any industry.

If you wish to join HESTA, you can do so either online or via an application form.

To join online, simply complete the online application form available here:

https://mol.hesta.com.au/mjol/join/HS

The following page also provides more information on joining HESTA.

https://www.hesta.com.au/members/your-superannuation/why-join-hesta.html

If you have any further questions please give us a call on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi Antz

You can find out more about Investments and Investment Performance here:

https://www.hesta.com.au/members/investments.html

We're always happy to chat about super, so please feel free to give us a call on 1800 813 327, 8am-8pm, Monday-Friday to answer any further questions you may have.

Kind regards

The Team at HESTA

Hi Polly

Thanks for your question. If you're a HESTA member, we have dedicated experts ready to help, so you can get the most out of your super. You can visit the following link below for more information.

https://www.hesta.com.au/content/hesta/members/advice/speak-to-an-adviser.html

Kind regards

The Team at HESTA

Hi Peter

Thanks for your question. To give you an indication of time frames, once we receive an application it can take 5-10 business days to process and pay the funds to you. We would be happy to speak to you further about this over the phone as time frames may vary depending on each individuals situation. If you would like to speak with someone regarding your super please call us on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi Lesley

Thank you for your question.

There are a few circumstances when a super fund can allow for the early release of a member’s balance below preservation age including Financial Hardship, Permanent Incapacity and Income Protection insurance.

We recommend you give our Customer Care team a call and they will be happy to assist you further with your query. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA