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Account balance investment choice
You can nominate the investment option/s into which your current account balance is invested, while opting to have different investment option/s for your future contribution investment option nomination.
An account-based pension is an income stream that you can purchase with your super savings. It is a flexible and tax-effective way to receive income.
A fund in which your superannuation savings accumulate depending on the:
- contributions that are made into your account
- investment returns that are applied to your account
- fees, taxes and insurance premiums (where applicable) that are deducted from your account.
Adjusted Taxable Income (ATI)
Your ATI includes:
- Taxable income
- Adjusted fringe benefits
- Target foreign income
- Total net investment loss
- Tax free pension or benefit (eg tax exempt Centrelink pension)
- Reportable super contributions.
Allocated pensions are no longer issued by super funds, and have been replaced by account-based pensions (such as VicSuper Commutable Pension) due to Simplified Super reforms.
If you had a VicSuper Allocated Pension before 1 July 2007, your account is still considered to be an allocated pension.
A series of regular payments generally used to provide an income stream in retirement. Annuities are usually purchased with a lump sum from a life insurance company.
See Australian Prudential Regulation Authority.
Approved occupation means lower premiums if you have a gross annual salary (ie before tax and excluding employer superannuation guarantee (SG) contributions) of $75,000 or more and work in one of the occupations listed in the approved occupation table in the relevant insurance handbook.
Your income from all sources (such as salary, wages, rent, dividends and capital gains).
The distribution of an investment across various asset classes.
A broadly defined category of financial assets. The main asset classes are:
- Real assets
- Fixed interest
- Each of the asset classes has a different risk and return profile.
See Adjusted Taxable Income.
See Australian Taxation Office.
Automatic acceptance period
For new VicSuper Futuresaver members starting work with a VicSuper Fund participating employer, the automatic acceptance period is the later of:
- six months from starting employment with a VicSuper Fund participating employer, and
- three months from the date VicSuper receives the first Superannuation Guarantee contribution from their employer.
For existing employees who elect to become a VicSuper Futuresaver member under 'choice of fund' legislation, the automatic acceptance period is three months from the date VicSuper receives the first Superannuation Guarantee contribution from their VicSuper participating employer.
Average weekly ordinary time earnings (AWOTE)
A measure of wage and salary levels in Australia as determined by the Australian Bureau of Statistics.
See Average weekly ordinary time earnings.
A 'business day' is all weekdays excluding the following Melbourne public holidays:
- New Year's Day
- Australia Day
- Good Friday
- Easter Monday
- ANZAC Day
- Labour Day
- Queen's Birthday
- Melbourne Cup Day
- Christmas Day
- Boxing Day
Binding death benefit nomination
A binding death benefit nomination enables you to decide who will receive your death benefit (provided they are a dependant or legal personal representative). The Trustee is obligated to pay your death benefit in accordance with a valid nomination to your nominated dependants and/or legal personal representative in the proportions you have determined.
Binding nominations are subject to specific legislative conditions and witnessing formalities, and will lapse if they are not updated every three years.
Download a binding death benefit nomination form:
> VicSuper Commutable and VicSuper Non-Commutable Pension
> VicSuper Term Allocated Pension
> VicSuper FutureSaver
Profit from the increase in the dollar value of an asset.
One of the four main asset classes. These are investments held in bank bills, negotiable certificates of deposit and term deposits (for periods of 12 months or less) with banks and other financial institutions. Interest earned provides returns which are generally reliable and consistent but may be lower than other asset classes.
A superannuation contribution made by the Government to the account of an eligible person. If eligible, for the 2013/14 financial year the Government will make a co-contribution of $0.50 for every $1 you make as a personal contribution to your super account. The maximum co-contribution is $500 pa and eligibility depends on factors such as total annual income (which must be less than $48,516) and the amount of personal contributions made. The full eligibility criteria is set out below.
Co-contribution eligibility criteria for 2013/14
To qualify for a co-contribution amount in relation to the 2013/14 financial year, you must meet the following criteria:
- make a personal contribution into super by 30 June 2014
- have a total income in 2013/14 of less than $48,516
- earn above 10% of your gross total income as an employee, from operating a business, or both
- lodge a 2013/14 tax return
- not be a temporary resident of Australia at any time during the year (an exception applies for New Zealand citizens), and
- be under age 71 at 30 June 2014.
Commutable pensions are designed for people who are at preservation age or older and have retired and want to leave their money in a complying super fund so that they can draw a regular income stream rather than withdraw their money as a lump sum.
The process of converting part or all of a pension (income stream) to a lump sum.
Complying super fund
A superannuation fund which qualifies for concessional tax rates under the Superannuation Industry (Supervision) Act 1993 (Cwlth).
The investment return is calculated on the principal plus the previous earnings.
Concessional contributions are deductible contributions. They include the mandatory superannuation guarantee (SG) contributions, salary sacrifice and self-employed contributions, plus any additional employer contributions (non-SG). Concessional contributions do not qualify for the Government co-contribution. Caps apply to the amount of concessional contributions you can make into super at the concessional tax rate of 15%. Contributions above this cap are taxed at your marginal tax rate less a tax offset equal to 15% of the excess plus an interest charge, and will count towards your non-concessional cap.
Consumer Price Index (CPI)
A measurement of the increase in the cost of living (inflation) over time.
Employer superannuation guarantee (SG) contributions
Additional employer contributions
Salary sacrifice contributions
SG contributions paid by your employer to the ATO (formerly SG vouchers)
Personal tax-deductible contributions
$25,000 pa or
$35,000 if you are age 60 and over
Contributions above this cap are taxed at your marginal tax rate less a tax offset equal to 15% of the excess plus an interest charge
Or, if you are under age 65,$450,000 over three years
Rollovers, Government co-contributions and Low income super contributions are not included in either cap
These annual caps are across all superannuation funds, and contributions must be received by the fund by 30 June to count towards the caps for the financial year.
A Commonwealth tax that is payable to the ATO at a rate of 15% on all contributions (excluding personal after-tax contributions and eligible spouse contributions) and untaxed rollovers.
Superannuation funds operated by companies specifically for their own employees.
See Consumer Price Index.
Day one TPD list of conditions
If you are diagnosed by a medical practitioner as suffering one of the conditions listed below, the insurer will waive the TPD waiting period when assessing a claim made under the 'unlikely to work' definition of TPD. This means you can apply to claim your benefit immediately. The conditions are:
- Alzheimer's disease and other dementias
- Lung disease
- Major head injury
- Motor neurone disease
- Multiple sclerosis
- Muscular dystrophy
- Parkinson's disease
- Permanent blindness
- Permanent deafness
- Permanent loss of speech
- Primary pulmonary hypertension
- Severe rheumatoid arthritis
Death benefit nominations
A tax-free component of an allocated pension or annuity.
Defined benefit fund
A superannuation fund which calculates retirement benefits (and possibly other benefits) using a formula based on:
- years of service with the employer (or years of membership of the fund), and
- average salary level over the last few years prior to retirement, and
- in some cases, your personal contribution rates.
A dependant of a deceased person, for the purposes of payment of a death benefit is defined as:
- a spouse of the deceased (this includes another person, whether of the same sex or a different sex, who although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple, or another person with whom the person is in a relationship that is registered under a law of a State or Territory)
- any child of any age of the deceased (this includes an adopted child, stepchild, an ex-nuptial child or a surrogate child recognised by the court, or a child of the person's spouse)
- any person who was wholly or partially financially dependent on the deceased at the time of death
- a person with whom the deceased had an interdependency relationship at the time of death.
A different definition applies in relation to the taxation of a death benefit.
Spreading investments across different asset types to reduce the total risk of a portfolio.
Payment of a portion of a company's earnings to its shareholders. The amount paid is proportional to the number of shares the shareholder owns.
Eligible spouse contribution
After-tax superannuation contributions made by one spouse on behalf of another.
One of the four main asset classes.
Equities are often called company shares or stocks. This asset class usually provides the highest average long-term returns but may also be subject to a higher risk of low or negative returns (high volatility) in the short to medium term. Equities are classified as growth assets because they primarily provide returns in the form of capital gain (or loss) as well as a dividend or income yield.
One of the four main asset classes. These are investments in debt securities issued by governments, semi-government agencies and corporations. Often called 'bonds', they are issued for a set amount (the principal or face value) over an agreed period at a set interest rate (the yield). Returns are made from regular coupon payments and the movement in capital value. Cash and fixed interest are considered defensive asset classes, as they are not subject to the level of volatility experienced by some other asset classes such as equities.
Benefits received by an employee from their employer in place of salary or wages (eg the use of a car for private purposes and low-interest home loans).
Future contribution investment option nomination
You can nominate the investment option/s into which your future contributions are invested, while opting to have your current balance remain in your existing investment option/s.
Deductions such as the account-keeping and administration fees, along with contributions tax and insurance premiums (if applicable) will also be withdrawn in accordance with the future contribution nomination, provided there is enough money in the option/s nominated to cover the deductions.
Gross annual salary
For your insurance cover, your gross annual salary is your salary before tax and excluding Superannuation Guarantee contributions but may include car allowances or other packaged items.
Gross investment returns
The gross investment return of each investment option is the investment income received by VicSuper for the option. The gross investment return is based on information provided by VicSuper's custodian, National Australia Bank.
Taking steps to protect against or reduce a risk; a form of insurance. For example, buying or selling one investment for the purpose of protecting another.
Changing an amount (such as a pension or salary) in line with the movement of an index.
An investment portfolio that aims to closely mirror the performance of a particular index.
Funds for employees working in specific industries. A not for profit fund.
The increase in the price of goods and services associated with the cost of living. Inflation is usually measured in terms of movements in the CPI.
Two people have an interdependency relationship if:
- they have a close personal relationship, and
- they live together, and
- one or each of them provides the other with financial support, and
- one or each of them provides the other with domestic support and personal care.
Two people (whether or not related by family) also have an interdependency relationship if they have a close personal relationship, but do not satisfy points 2, 3 and 4 listed above because either or both of them suffer from a physical, intellectual or pschiatric disability.
Investment return objective
The investment return objectives and expected long term investment returns are based on modelling by Frontier Advisors Pty Ltd ("Frontier") and are subject to review.
It is important to note that this information is predictive in character, may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved.
Frontier, the principal asset consultant, is licensed by ASIC (AFS Licence No. 241266). It advises VicSuper on the Fund's investment objectives, strategies and investment managers. It is a 100% Australian owned company that focuses on providing investment advice to institutional investors.
Every year VicSuper reviews investment objectives and strategy and requests Frontier to review the return, risk and correlations outlook for each major asset class.
Expected return assumptions are based on:
- the expected returns to nominal cash (the nominal risk free rate)
- additional returns for illiquidity premium; and
- additional returns for accepting equity (or other) risk.
Risk and correlation assumptions are based on historical data for each asset class, adjusted to reflect the asset consultant's views of the changing relationships between asset classes. Adjustments are made for the impact of tax (where applicable) on both the risk and return assumptions for each asset class.
The asset consultant uses a statistical model which combines the return, risk and correlation assumptions, together with the Fund's strategic asset allocation weights to determine expected total portfolio risk and return characteristics.
Frontier has consented to this information being included on this website.
The average number of years that a male or female person of a particular age is expected to live in the future. Females have longer life expectancies than males.
Low income superannuation contribution
Under the Government's low income superannuation contribution (LISC) scheme, if your adjusted taxable income (ATI) does not exceed $37,000, you will save on the 15% tax paid on concessional contributions made from 1 July 2012. If eligible, you will receive a deposit in your super account up to $500 from 2013/14. Other eligibility requirements:
- You are not the holder of a temporary resident visa (New Zealand citizens in Australia are generally eligible as they do not hold visas)
- 10% of more of your total gross income is derived from business or employment
- The LISC payable is $20 or more
If you do not lodge a tax return (eg if your income is under the tax free threshold), the Commissioner will determine your eligibility based on information available to the ATO.
These are equities (or shares) in a public company listed on stock exchanges in Australia and around the world in developed and emerging markets, which can be bought and sold by the public. Returns are made when the market price increases and dividends are paid. On the other hand, investment losses are made when the market price of these shares decreases.
You become a VicSuper Fund lost member if:
- two items of mail are returned to us as undelivered, or VicSuper was never provided with your address; and
- VicSuper has not received a contribution into your account in the last 12 months.
- no contributions have been received on your behalf for five years (EmployeeSaver members only); and
- we have not been contacted by you within the last five years.
Once you are considered lost:
- we report you to the ATO as a lost member
- we no longer send you mail
- your money remains with VicSuper until you contact VicSuper or when VicSuper is required to pay the benefit to the ATO as unclaimed monies.
A superannuation benefit that is taken as a single payment rather than as a pension or annuity.
Maximum benefit limit
The maximum amount of death and TPD insurance benefits you can apply for are as follows:
- Death: unlimited*
- TPD: up to $5 million* (however, under the 'unlikely to work' definition of TPD the maximum benefit is $3.09 million).
* For unit-based cover, the maximum number of units allowed is 30. If cover in excess of 30 units is required then it must be taken as fixed cover.
For income protection cover, the maximum benefit is $30,000 per month (60 units).
Marginal tax rates (MTR)
Also referred to as tax brackets. Tax rates increase on a graduated scale. Income is taxed at the rate applicable to each band.
Non-binding death benefit nomination
In the event of death, a non-binding death benefit nomination will be used as a guide by VicSuper (when it exercises its absolute discretion under the Trust Deed) to allocate the balance of an account between the member's dependants and/or their estate.
Note: If you were a member of VicSuper Beneficiary Account at 30 June 2002, your death benefit is payable to your legal personal representative (estate) unless:
- you irrevocably elect for it to be paid at VicSuper's discretion to your dependants and/or your legal personal representative, or
- you make a binding death benefit nomination.
Download make a non-binding death benefit nomination form:
> VicSuper Commutable and Non-Commutable Pension
> VicSuper Term Allocated Pension
> VicSuper FutureSaver
A non-commutable pension has similar features and benefits as a commutable pension, except a non-commutable pension can be commenced with preserved and restricted non-preserved super benefits (as well as unrestricted non-preserved super benefits) and access to your super savings is restricted. You must also choose an annual income payment amount between minimum and maximum limits as set by Federal legislation.
You do not have to retire from the workforce to start a non-commutable pension.
Non-concessional contributions are contributions that are not taxed on entry to a superannuation fund and also include the contribution excess of your concessional contribution limit. They include personal contributionsÂ after tax and eligible spouse contributions. Caps apply to the amount of non-concessional contributions you can make into super which are not taxed. Amounts in excess of the caps are taxed at the highest marginal tax rate plus Medicare levy.
Own occupation for income protection
An own occupation premium is also available where your ongoing entitlement to a benefit will be determined by your capacity to undertake your own occupation.
Own occupation for TPD
If you meet the approved occupation criteria you are entitled to apply for insurance under an 'approved own occupation' definition. This means you will be assessed, in the event of total and permanent disability (TPD), in terms of your being unlikely ever again, to work in your own occupation. This cover is provided with a higher premium.
An employer who has an agreement with VicSuper to make their compulsory superannuation guarantee (SG) contributions on behalf of their staff to VicSuper.
Pay As You Go (PAYG) tax
Amount of tax withheld from gross payments (eg lump sums and pensions). These amounts are then remitted to the ATO.
See Pay As You Go tax.
Pension payments for VicSuper Pensions can be made annually, half-yearly, quarterly, monthly or twice monthly. You can choose to receive pension payments on either the 15th day and/or the last business day of each month. Minimum pension payments are described below.
Drawdown relief for pensions
The minimum annual payment limits for pensions and annuities (including VicSuper Pensions) were reduced by 25% for 2012/13. This continues drawdown relief that has been provided since 2008/09. The table below shows the minimum payment limits as follows:
These are after-tax superannuation contributions you can choose to make and are counted towards your non-concessional contributions cap. Personal contributions can be made through your employer or direct to your super fund.
You may also be able to make personal deductible contributions that you can claim a tax deduction for. These are counted towards the concessional contribution cap.
The age at which you can generally access your superannuation, provided you have permanently retired from the workforce. Your preservation age depends on your date of birth.
Before 1 July 1960
1 July 1960 to 30 June 1961
1 July 1961 to 30 June 1962
1 July 1962 to 30 June 1963
1 July 1963 to 30 June 1964
After 1 July 1964
Benefits that must remain in a super fund until a condition of release has been met.
These are equities that are not listed on stock exchanges in Australia and around the world. Returns are made when a company lists on a stock exchange or sold to another company or through the distribution of dividends.
Property trusts are collective investment vehicles (unit trusts) that own portfolios of real estate. Investors in unit trusts are called 'unitholders'. Income from the investments of the trust (in the form of rental income) is mostly distributed to the unitholders. These are called distributions. Returns on listed property trust investments are determined by changes in the market price of units, and distributions received.
Public offer fund
These funds offer superannuation to individuals or employers on a not-for-profit or commercial basis.
Public sector fund
These funds are only available to government employees.
In financial terms, a quarter is generally defined as a period of three months beginning on:
- 1 January
- 1 April
- 1 July, or
- 1 October
One of the four main asset classes. These are investments in property, infrastructure, agriculture and timber. In line with industry, VicSuper has defined the 'real assets' asset class as exhibiting the attributes of both growth and defensive assets, and it is therefore classified as 50% growth and 50% defensive. Defensive assets are typically lower risk and generally produce lower returns over the long term (eg bonds or cash).
Reportable superannuation contributions
Reportable superannuation contributions include personal contributions for which a tax deduction is claimed (ie personal deductible contributions including self-employed contributions) and reportable employer superannuation contributions (RESC).
Reportable employer superannuation contributions (RESC)
In most cases this is just your voluntary salary sacrifice contributions, however, it may also include amounts in excess of the Superannuation Guarantee (SG) contributions made by your employer. RESC are one component of reportable superannuation contributions.
Regulated superannuation fund
A regulated superannuation fund is one which:
- is a superannuation, pension, provident or benefit fund for which there are no foreseeable plans to close the fund
- has a corporate trustee or pays retirement benefits as pensions
- the trustee elects to comply with the Superannuation Industry (Supervision) Act 1993 (Cwlth).
Reportable fringe benefits
If an employee receives certain fringe benefits to a total taxable value of more than $1000 in a Fringe Benefits Tax year (1 April to 31 March), their employer must record the grossed-up taxable value of those benefits on the employee's PAYG Payment Summary. These are known as reportable fringe benefits.
Restricted non-preserved benefits
Benefits which are not preserved but cannot be cashed until a condition of release has been met, such as termination of employment.
Retirement Savings Account (RSA)
A superannuation product provided by banks, building societies, credit unions, life insurance companies or prescribed financial institutions.
Refers to how much you earn on your investment.
Applicable to VicSuper Pension members only. A reversionary beneficiary will automatically receive a member's pension after they die. Once selected, the reversionary beneficiary cannot be changed except in limited circumstances (such as the death of the reversionary beneficiary or divorce). A reversionary beneficiary can be the spouse, de facto partner, child (under age 18), a person financially dependent on a member or a person with whom the member had an interdependency relationship at the time of death.
Please note, a reversionary beneficiary cannot be a child over age 18 unless financially dependant and then, once the child turns 25, any reversionary pension must be commuted (cashed) as a tax-free lump sum. If the child is permanently disabled, there is no requirement to commute the reversionary pension.
VicSuper Commutable Pension and VicSuper Non-Commutable Pension
In the event of the member's death, the reversionary beneficiary can choose to receive the pension as income payments or convert the balance to a lump sum.
VicSuper Term Allocated Pension (including VicSuper Transition to Retirement Term Allocated Pension)
In the event of the member's death, the pension must continue to be paid to the reversionary beneficiary for the remaining term of the pension. The pension generally cannot be converted to a lump sum.
Refers to the variability or fluctuation (basically the short-term rise and fall) of returns.
The process of transferring your superannuation from:
- one superannuation fund to another, or
- one superannuation account to another (eg from VicSuper Beneficiary Account to VicSuper Allocated Pension).
See Retirement Savings Account.
Salary sacrifice contribution
Contributions made from your salary before you pay income tax. Salary sacrifice contributions are paid by the employer and can include regular salary, bonuses and allowances. Please note, salary sacrifice contributions are taxed at 15% and count towards the concessional contributions cap.
Note: An agreement must be in place between the employer and the employee before the employee becomes entitled to the amount to be sacrificed.
A person who receives less than 10% of their assessable income from an employer.
Government income support payments administered by Centrelink. Both assets and income are means tested to determine eligibility.
Spouse (for eligible spouse contribution purposes)
A spouse is defined as a person who is:
- your legal spouse from whom you have not permanently separated, or
- a de facto partner living with you on a bona fide domestic basis as your husband or wife (including a same sex partner).
Contributions can be made to superannuation on behalf of a spouse. A tax offset is available for contributions made for a spouse with assessable income and reportable fringe benefits of less than $13,800 pa.
The offset is calculated as 18% of contributions up to $3,000 (maximum offset 18% x $3,000 = $540) for a spouse earning less than $10,800 pa. The $3,000 contribution limit reduces by one dollar for each dollar of income above $10,800, until the offset phases out at $13,800 pa.
Standard Risk Measure
The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period. The Standard Risk Measure is not a complete assessment of all forms of investment risk, for instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return.
VicSuper assesses the Standard Risk Measure for each of its investment options based on the option's strategic asset allocation. Members should still ensure they are comfortable with the risks and potential losses associated with their chosen investment option/s.
Superannuation guarantee (SG) contributions
Compulsory contributions your employer is required to make on your behalf (under Commonwealth legislation) for each month in which you are paid $450 or more. Your employer is not obliged to pay SG on any amount you earn above $48,040 in each quarter for the 2013/14 financial year. The current SG rate is 9.25% of an employee's salary (before tax) and your employer is required to pay SG contributions at least quarterly based on the following dates:
1 July - 30 September
1 October - 31 December
1 January - 31 March
1 April - 30 June
If the cut-off date for payment falls on a weekend or public holiday, the ATO grants a concession to the make the payment by the next business day.
Broadly, sustainability is about meeting the needs of the present without compromising the ability of future generations to meet their needs. It involves integrating social, environment and economic considerations into the decision-making process to achieve quality of life for both current and future generations worldwide.
Your super consists of two components:
Tax on investment returns
The tax rate on the investment return varies between investment options (up to a maximum of 15%) and is calculated based on the tax attributes of the investment return (eg franking credits). Where applicable, it is factored into the calculation of unit prices and the maturity value of term deposits. The net investment return figures shown on benefit statements represent the investment earnings net of tax.
There is no tax on investment returns for VicSuper Pensions.
Term allocated pension
A term allocated pension (TAP) is a regular income stream you receive from your super savings over a fixed term (in years). Lump sum withdrawals are generally not permitted, however, a term allocated pension receives favourable Centrelink treatment. TAPs are no longer issued from 20 September 2007.
Total and permanent disability (TPD)
TPD (total and permanent disability) cover provides you with a lump-sum benefit where you are unable to work for health reasons and medical evidence indicates it is unlikely that you'll ever work again; you suffer a specific loss or are unable to perform certain activities of daily living.
Transition to retirement term allocated pension
A transition to retirement term allocated pension has similar features and benefits as a term allocated pension (such as Centrelink benefits), however, a transition to retirement term allocated pension can be commenced with preserved and restricted non-preserved super benefits (as well as unrestricted non-preserved super benefits). You also don't have to retire from the workforce to start a transition to retirement term allocated pension. Transition to retirement term allocated pensions are no longer issued from 20 September 2007.
You are generally unable to make lump sum withdrawals from a transition to retirement term allocated pension.
The legal document that governs the rights and entitlements of members of a superannuation fund.
An individual or company appointed under the terms of a trust deed to hold assets for the beneficiaries of the trust. The trustee of a superannuation fund holds the assets of the fund on behalf of the members and beneficiaries.
Money in a member's superannuation account is defined as unclaimed when:
- the member reaches age 65 and
- the fund has not received a contribution or rollover from the member for at least two years, and
- it has been five years since the super fund last had contact with the member and the provider has been unable to contact the member after making reasonable efforts.
It also includes accounts for former temporary residents, accounts for unidentifiable members and accounts under $2,000 that relate to lost members. Unclaimed monies are transferred to the ATO.
Unit trusts are trust funds that own company shares. Units trusts may be listed on stock exchanges or they may be unlisted. Unit trusts operate under a trust deed and the investment strategy is developed and managed by a fund manager.
Unrestricted non-preserved benefits
Benefits for which a condition of release has already been met. These may be accessed at any time, subject to the superannuation fund's rules.