Firstly, you don't need to do anything if you wish to remain a member of the Oracle Superannuation Plan. Unless you choose another super fund, you will remain a member of the Plan.
The benefits of this Plan
Members of the Oracle Superannuation Plan are provided with many flexible features and benefits. Some of the key features you may want to keep in mind are:
* There is no entry fee to join.
* You do not pay any ongoing administration fees while you are an employee of Oracle.
* You can make your own voluntary contributions, from either your before or after-tax salary.
* You can choose from five investment options for your super.
* 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 Plan.
* Most Oracle employees are provided with a standard level of insurance cover for death and TPD automatically (conditions apply) and the cost is paid by Oracle.
* Permanent employees working at least 15 hours per week can apply for extra insurance cover while an employee member of the Plan.
* You have the option of continuing your life 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 Plan.
* You have access to a Policy Committee. They liaise closely with the Trustee and 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 Oracle Superannuation Plan. For example:
* Check the administration and other fees charged by each fund (Oracle does not pay for administration and insurance costs in any other 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 Oracle will make future employer contributions. You can change your choice once every 12 months.
Important Note -
If you choose another fund for Oracle's Superannuation Guarantee (SG) contributions, you will no longer be eligible for the insurance cover provided through the Oracle Superannuation Plan. If you choose to join the Oracle Superannuation Plan at a later date, you will need to provide health evidence that is acceptable to the insurer before you will receive any standard insurance cover.
To advise Oracle 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.