Mercy Super - Always for you
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Key Fund benefits:

  • A ‘fund for life’ philosophy with competitive benefits and options to help members protect and grow their wealth throughout their working lives and beyond.
  • On-site member service centre for personal engagement and assistance.
  • Flexible insurance cover options with competitive premiums and generous terms. The comprehensive standard cover package follows a needs-based design which includes Death, Total & Permanent Disablement (TPD) and Income Protection cover.
  • Suite of actively managed investment options utilising a multi-manager approach.
  • Solid, long-term investment performance.
  • Administration fee caps for higher Super and Income account balances.

Mercy Super at a glance

 

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Account options

  • Super account
  • Pre-Retirement Income (TTR Pension) account
  • Post-Retirement Income (Pension) account

No fees for transfers between Super and Income accounts

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Investment options

  • MySuper Balanced
  • Growth
  • Balanced
  • Conservative
  • Stable
  • Socially Responsible
  • Australian Shares
  • International Shares
  • Cash
  • Competitive long-term performance
  • Ability to invest in one or a combination of options
  • Separate strategies available for current balance and future contributions
  • No switching fees
  • No buy/sell margins
  • Online switching capability

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Beneficiary options

  • Binding (3-year expiry) and non-binding beneficiary options available to Super and Income account members
  • Reversionary beneficiary option available to Income account members

Non-binding beneficiaries can be updated online.

Refer to our Nominating your beneficiaries fact sheet for further details.

Our comprehensive standard cover package is provided to members when they first join. It includes Death and Disability insurance (if eligible), without the need to provide medical evidence and provides either salary-based or unit-based cover. Salary-based cover depends on whether salary details are provided to Mercy Super by a member’s employer (generally full-time and part-time employees of Mercy Super’s core participating employers).

Snapshot of the standard cover package:

Death cover* Disability cover
Income Protection cover Total & Permanent Disablement (TPD) cover
Provides a lump sum benefit to the member’s beneficiaries should they die before 65 Provides a monthly benefit for a period of time should the member be unable to work due to sickness or injury before 65 with a benefit period of up to 5 years and a waiting period of 60 days Provides a lump sum benefit to the member should they become permanently disabled before age 65, either due to injury or illness
Salary-based Up to 11 times salary** (depending on the member’s age) Made up of an income replacement benefit of 85% of salary for the first two years (50% for claim payments after two years), plus a super contribution of 10% of salary Up to 7 times salary*** plus $20,000 to $60,000 (depending on the member’s age)
Unit-based Set amount ranging from $31,000 to $475,000 (depending on the member’s age) Set amount (depending on your age) of up to $3,750 per month made up of an income replacement benefit of $3,355 for the first two years ($1,974 per month for claim payments after two years), plus a super contribution of $395 per month Set amount ranging from $20,000 to $300,000 (depending on the member’s age)

*Terminal Illness cover is also provided. If you have TPD cover, the Terminal Illness cover amount is equal to the lesser of the member’s Death and TPD cover amount. If you have Death only cover the Terminal Illness cover is equal to your Death cover.
**Members aged between 15 and 24 are provided with fixed Death cover of $50,000.
*** Members aged between 60 and 64 are provided with fixed TPD cover of $20,000.
Refer to the Insurance section on our website for more information on insurance cover through Mercy Super.

 

Frequently asked questions

Insurance

For detailed information on Mercy Super’s insurance options, read the Insurance in your super guide.

Members can apply to increase their Death or Death and TPD cover by adding fixed cover of any amount to their standard cover (subject to a total maximum amount of $3 million for TPD cover*). Fixed TPD cover reduces 10% each year after 60.

Members must maintain their full amount of standard Death and TPD cover to apply for additional cover and will be subject to assessment and approval by the Fund’s insurer.

*Maximum TPD cover applies to total market cover provided through policies with Mercy Super’s insurer and any other Australian life insurer.

Note: Members can only apply for additional TPD cover in conjunction with an equivalent level of additional Death cover.

Insurance premiums for Death and TPD cover are stepped based on the amount of cover and the member’s age.

Members can choose a 30-day, 60-day (default) or 90-day waiting period and a benefit period of 2 years, 5 years (default) or to 65. Underwriting may be required if members move to a longer benefit period or shorter waiting period.

Yes. Income Protection cover will also continue if the member is assessed as being permanently disabled (in addition to any lump sum TPD cover).

Some additional benefits payable in certain circumstances, including:

  • rehabilitation expenses, and
  • making modifications to the member’s workplace to facilitate their return to work.

A lump sum bereavement benefit equal to 3 months of the member’s insured monthly benefit is also payable upon their death, in addition to any lump sum death cover they may have.

Yes. Cover is maintained as long as the member has sufficient funds in their account to cover premiums.

Death cover will continue so long as an account remains active and premiums are paid. However, the amount of cover will be reduced by the amount of the TPD benefit paid.

Investments

For detailed information on Mercy Super’s investment options, read the Your investment options guide.

Members who don’t make an investment choice will be invested in the MySuper Balanced option. This option is invested in 70% growth assets and 30% defensive assets (approx.).

Investment strategy Growth assets
(approx. %)
Defensive assets
(approx. %)
Indirect cost ratio
(% p.a.)
Pre-mixed
MySuper Balanced (Super accounts only) 70 30 0.906
Growth (Super and Income accounts) 82.5 17.5 1.000
Balanced (Income accounts only) 66.5 33.5 0.938
Conservative (Super and Income accounts) 48 52 0.793
Stable (Super and Income accounts) 23 77 0.487
Socially responsible (Super accounts) 73 27 1.331
Asset classes
Australian Shares (Super accounts only) 100 0.719
International Shares (Super accounts only) 100 0.921
Cash (Super and Income accounts) 100 0.172

How are investment decisions made?

The Board’s investment committee utilises the deep research capabilities and skills of our investment consultant, Frontier Advisors Pty Ltd (ABN 21 074 287 406), who provide independent advice to institutional investors with more than $235 billion in assets. This research and advice capability is a key ingredient in Mercy Super’s established framework for monitoring and making decisions in relation to the investment of the Fund’s assets.

Investment performance for the Fund’s investment options are published monthly on our website. Find out how our investments are performing.

Mercy Super’s investment performance details are also provided to SuperRatings Pty Ltd (ABN 95 100 192 283).

Fees and costs

  • Super accounts – The administration fee is $1.10 per week +0.3% p.a. of the account balance. The 0.3% fee is capped at $600 per year (refer to the Super account guide).
  • Pension (Income) accounts – The administration fee is 0.3% p.a. of the account balance capped at $1,000 per year (refer to the Income account guide).

No commissions of any kind are charged or received by Mercy Super (refer to our Product Disclosure Statement).

Insurance premiums and administration fees are charged monthly.

No. There are no buy/sell margins or fees for switching investment options.

Pension / Income accounts

For detailed information on Mercy Super’s pension account options, read the Income account guide.

Yes. Mercy Super offers Pre-Retirement Income (TTR) and a Post-Retirement Income accounts.

The minimum balance to commence a pension is $50,000.

Members can choose to receive their income payments fortnightly, monthly, quarterly, half-yearly or yearly.

General information

Members can access their account details at any time via our secure online site, including:

  • Account balance.
  • Insurance cover details.
  • Nominated beneficiaries.
  • Investment options.
  • Contributions and Payments history.

Members can perform the following transactions through our secure online site:

  • Update personal details.
  • Add/change non-binding beneficiary nominations.
  • Investment switches.
  • Request rollovers of accounts with other super funds
  • Update Income account payment details and request drawdowns.

Yes. Contributions can be made via SuperStream compliant methods, including an online clearing house service which Mercy Super can make available to employers.

Members have the option of a non-binding beneficiary nomination or a binding nomination with a 3-year expiry period.

Partial rollovers are limited to one in every 12 month period. Partial rollovers are also subject to the minimum account balance being maintained.

Minimum Super account balance required is $8,000. However, care needs to be taken to ensure the account balance is sufficient to cover future insurance premium deductions to avoid the unintentional cancellation of insurance cover.

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