The benefits of this Plan
Members of the Plan are provided with many flexible features and benefits. Some of the key features you may want to keep in mind are:
* You can receive a lifetime pension on retirement.
* You can make your own voluntary contributions, from either your before or after-tax salary.
* You can choose from four investment options for your super.
* Most employees are provided with a basic level of insurance cover for death and TPD automatically (conditions apply) and the cost is paid by LDS.
* You can roll over super from other funds into the Plan.
* You can change your investment choice each month for your voluntary savings accounts and rollover accounts.
* You have access to a Policy Committee who represent your interests in the running of the Plan.
* The Trustee regularly monitors the performance of the Plan's investment managers.
* You have access to the Plan's website to see how your super is performing and make or change some of your super choices.
Tips for comparing funds
You can choose to have your super contributions made to another eligible super fund. Start by comparing the features and benefits offered by other super funds with those you receive from the Deseret Benefit Plan for Australia. For example:
* Check the administration and other fees charged by each fund.
* Check if the funds offer investment choice. If so, review the investment options, recent investment earnings (after tax, fees and charges have been deducted), long-term performance and fee levels.
* Understand how any insurance works, including the type and level of cover and how much it costs, as well as any conditions or restrictions that may apply and whether you need to provide health evidence.
* Consider seeking advice about your choice from a licensed financial adviser.
Choosing a new fund
You can choose the complying superannuation fund or retirement savings account to which LDS will make future employer contributions. You can change your choice once every 12 months.
If you choose another fund:
* You will no longer have a defined benefit and you will only receive Superannuation Guarantee contributions from your employer.
* You will have to arrange and pay for your own insurance cover for death and disablement (which is currently covered by the Plan).
* You will no longer have access to the different pension options available to Deseret Plan members on retirement
* You will lose the option to receive your benefits as a lifetime pension from the Plan.