Firstly, you don't need to do anything if you wish to remain a member of the Dow Australia Superannuation Fund. Unless you choose another super fund, you will remain a member of the Fund.
The benefits of this Fund
Members of the Dow Australia Superannuation Fund are provided with many flexible features and benefits. Some of the key features you may want to keep in mind are:
* You can make your own voluntary contributions, from either your before or after-tax salary.
* You can choose from eight investment options for your super (or a combination of these options).
* Most Dow employees are provided with a basic level of insurance cover for death and TPD automatically (conditions apply) and the cost is paid by Dow.
* Employees under age 65 can apply for extra insurance cover (conditions apply).
* You have the option of continuing your insurance cover if you leave the Company (time limits and conditions apply) generally without the need to provide evidence of good health.
* You can roll over super from other funds into the Fund.
* You can change your investment choice each month.
* You can contribute on behalf of your spouse. Your spouse may also be able to apply for life insurance cover through the Fund.
* You have access to a Policy Committee who are all Dow employees. They liaise closely with the Trustee and represent your interests in the running of the Fund.
* The Trustee regularly monitors the performance of the Fund's investment managers.
* You have access to the Fund'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 Dow Australia Superannuation Fund. 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 Dow will make future employer contributions. You can change your choice once every 12 months.
Important Notes -
* If you choose another fund for Dow's Superannuation Guarantee (SG) contributions, the company will provide you with basic death and disablement cover at no cost to you (conditions apply). You will become an Insurance Only member of the Fund. Refer to the PDS for more information.
* If you are currently eligible for minimum death and disability benefits because of your membership in the Fund before 1990 (or 1992 if applicable) you will lose these minimum benefits if you choose another fund for Dow's Superannuation Guarantee (SG) contributions or you transfer your benefit out of the Fund, as communicated to you in October 2016.
To advise Dow of your chosen fund you need to complete the Choice of superannuation fund standard choice form:
You also need to supply the following:
* A letter from the Trustee of your chosen fund stating that it is a complying fund and for a self managed superannuation fund, a copy of documentation from the Tax Office confirming the fund is regulated,
* Written evidence from your chosen fund that they will accept contributions from the Company,
* Details about how the Company can make contributions to your chosen fund, and
* On the letterhead of your chosen fund - the name of your chosen fund, street and postal address, telephone and fax number, and ABN.
If you are choosing an SMSF (self managed super fund) you will need to provide additional supporting documents as detailed in the Superannuation standard choice form.