Frequently Asked Questions

We offer the flexibility, cover and support that people working in the resource sector need from their super. However, you can often benefit from these even if you don’t work in the mining and resource industry. For that reason, you can join our super fund regardless of your sector. Use the ‘Join Resource Super’ button at the top of this page to get started.

If you already have an account with Resource Super and you want your new employer to start paying the employer super contributions into this account, it’s super easy.

When your employer provides you with an  ATO Standard Choice Form, you can complete it by adding our fund details and your account details.

Continuing with Resource Super may also mean you don’t have to go through any underwriting to get insurance cover (which may be a requirement when joining a new super fund).

Click ‘Join Resource Super’ at the top of the page. We’ll ask you to complete a short application, which includes the details of your existing super fund(s).

Before you combine your super, you should find out about any entitlements or insurance cover that might stop when you close your other account/s.

You can apply for insurance when you join Resource Super. However, we also understand you may wish to keep your current insurance through another super fund when you switch.

If you stop making contributions to your super fund or reduce your balance to zero your insurance may stop. If you want to keep your current insurance when switching to us, you should contact your current super provider to make sure you comply with their minimum requirements for ongoing coverage.

Yes, you can still become a member through our General Division even if you’re self-employed. If you’re a sole trader or in a partnership, you don’t have to pay yourself super. However, you can still choose to make super contributions. If you’re incorporated as a business, you’ll have to make super contributions to yourself as an employee, just like any other employer.

Yes, you can have a SMSF through Resource Super Self-Managed and have more flexibility and investment choice.

If you’d like to find out more about having an SMSF through Resource Super, please contact us.

Changing jobs doesn’t mean you have to change your super fund, especially because there’s an easy way to take Resource Super with you – and having all your super in one place makes it easier to manage.

If you already have a Resource Super account and you want your new employer to start paying the employer super contributions into this account, it’s super easy.

All you have to do is complete the Choosing Resource Super Form and hand it over to your employer.

If your employer provides you with an ATO Standard Choice Form, you can complete it by using our fund details and your account details.

Continuing with Resource Super may also mean you don’t have to go through any underwriting to get insurance cover (which may be a requirement when joining a new super fund).

You can combine or rollover other super accounts to Resource Super by logging into your account and using the ‘Find and combine’ tool. You can also complete a Rollover Request form and lodge it with the super funds you want to transfer from. If you’d like to find out more, please contact us.

You can make payments directly to your super account using BPay – potentially of up to $120,000 a year. However, there may be tax implications for making contributions from your own money so you should speak with your accountant or tax advisor, or contact us to find out more.

If you want to make extra pre-tax contributions, you’ll need to speak with your employer and set up a salary sacrifice arrangement. Alternatively, you can use BPay to make contributions from your post-tax income and claim the additional tax back on your tax return.

An SMSF is a super fund with you as the trustee. That means you have broader investment options, including property (commercial and residential), collectables, direct shares and term deposits.

Resource Super can help you set up, maintain and make the most of an SMSF, giving you greater control over your super and your retirement.

No, you don’t necessarily need a financial advisor to manage your SMSF. However, if you choose to use Resource Super, you can also receive tailored financial advice that includes managing the day-to-day running of your SMSF.

You will need to have your accounts prepared and audited by an accountant at the end of each financial year. We include this as part of your SMSF fee.

If you have a self-managed super fund, you can still usually take out insurance through Resource Super. Simply contact us to find out more.

When you join Resource Super through your employer, at the commencement of employment, we automatically provide a level of cover when you reach 25 and your super account balance hits $6,000. You can obtain automatic insurance prior to this by opting-in. A Limited Cover period will apply where pre-existing conditions are not covered.

To opt in, download an opt in form  and send it to us when you’ve completed it.

Your premiums will be calculated based on factors such as your age, risk factors, the job you perform and the level of cover. However, you’ll often receive a cheaper rate through your super than if you took out a policy yourself.

Taking your insurance premiums out through your super contributions can be the most cost-effective way to protect yourself and your loved ones if something goes wrong.

That’s because we can buy insurance policies in bulk, meaning your insurance premiums through Resource Super are likely to be cheaper than if you took out your own policy.

On top of this, because your super contributions are likely to be taxed at 15% – a rate that could be well below your marginal tax rate – you should get an additional saving.

Finally, taking out insurance through super is usually the easiest way to get cover.

If you join Resource Super through your employer, you can even get a default level of cover without even having to undergo any medical or health checks. However, you should always check the Product Disclosure Statement to see whether anything is excluded from your coverage.

If your super is with GoalTracker^® a portion of your portfolio will be allocated to defensive assets, including cash. As you get closer to retirement, the percentage of your total super that’s invested this way will grow. You’ll also have exposure to real estate and other assets.

If you’re investing outside of GoalTracker^®, including through your SMSF, you’ll have the opportunity to invest in a range of assets, including cash, fixed income and property.

Making a death benefit claim involves a three-step process:

• Contact us. We’ll send you an Application for Death Benefit Form and other information about what you need to provide.
• Collate documents. We’ll still need information such as proof of your relationship with the deceased (e.g. a birth certificate or marriage certificate) as well as a copy of the Will, Grant of Probate/Letters of Administration (if applicable) and details of other potential dependants.
• Complete a statutory declaration. Someone you’ve known for a while will need to fill out a declaration to confirm your circumstances.

You can make a preferred nomination by logging into your account and following the instructions. However, if you want to make a binding nomination, you’ll need to download and complete a Binding Nomination form. Your signature must be witnessed by two people who aren’t beneficiaries of your super. Binding nominations remain valid for 3 years, after which they expire, and your nomination will need to be renewed or become a preferred nomination.

Depending on the circumstances, the death benefits claim process can be complex and require the trustee to make enquiries into your personal situation at the time of death before deciding who the benefit should be paid to.

Once the trustee of the super fund has collected relevant information, it will make a decision about paying the benefit. The trustee will usually contact those involved to let them know the decision on the distribution of the death benefit.

A valid binding nomination must be followed by the trustee.

If there is no valid binding nomination, the trustee will generally give interested parties 28 days to object to the decision. If there is no objection, they’ll make the payment as soon as possible afterwards.

If there is an objection, the trustee will consider the objection and either affirm the original decision or make a different decision. If someone still isn’t happy with the decision, they can bring a complaint to the Australian Financial Complaints Authority.

In the event of your death, the Trustee will determine who should receive your death benefit (unless you have a valid binding death benefit nomination).

Superannuation law says the trustee must pay a death benefit to a ‘dependant’, ‘dependants’ or your legal personal representative (i.e. your estate). The payment can be split between dependants/your legal personal representative. It is only if neither dependant nor a legal personal representative exist can a payment be made to someone else.

You may nominate who your death benefit will be paid to by making a binding nomination (which, if valid at the time of death, must be followed) or preferred nomination (which will be used as a guide to your intentions).

To begin the claims process, contact us via info@resourcesuper.com.au or use the contact form, and we’ll send you the forms you need.

To make a claim, you’ll generally need to provide the following documents:

• Privacy consent form. This allows us to pass on sensitive information to the insurer. It also lets us contact your employer to discuss your work history and capacity for work.
• Member’s claim statement. This provides details of your claim.  
• Two medical reports. These should detail your condition.

We may also request a form be completed by your last employer. You’ll also need to provide identification documents. These must be certified and can include a copy of your birth certificate, driver license or passport.

How long you need to wait depends on whether or not you have an insured component.

• If you have no insured component, there is no waiting period. Once you’ve provided medical evidence and you meet our criteria, your super funds will be released.
• If you have an insured component, there is usually a waiting period of three or six months, which begins on the last day you worked. This can be waived in some circumstances, such as if you have a terminal illness.

If you’re still in a waiting period, we suggest you contact us anyway so that we can help you understand the application process.

Each claim is different, but you should expect the assessment process to take several months. If you have a terminal illness, we’ll expedite your claim.

The insurer may also need you to undergo further tests, including from medical specialists, which they’ll pay for.

To begin a claim, contact us and we’ll send you the forms you need to complete. These include:

• Privacy consent form. This allows us to pass on sensitive information to the insurer. It also lets us contact your employer to discuss your work history and capacity for work.
• Members’ claim statement. This provides details of your claim.
• Disability medical report. You’ll need to get your doctor to complete this form and return it to us.

We may also request a form be completed by your employer. You’ll also need to provide identification documents. These must be certified and can include a copy of you driver license or passport.

You may be eligible to receive Income Protection automatically, so long as you’re a permanent employee (i.e. not a casual worker) and meet our minimum requirements, which includes being 25 years of age, with an account balance of at least $6,000. If eligible , you can opt-in for cover prior to this age and account balance requirement. You can log into your account to find out whether or not you’re covered by Income Protection Insurance.

If you’d like to find out more about your insurance, or change your level of Income Protection Insurance cover, please contact us.

Your income protection benefit will have a waiting period (90 days, 60 days or 30 days) from the date of your illness of injury before you can make an income protection claim. Make sure to check your employer fact sheet or speak with your company human resources team to confirm the waiting period.

However, if you intend to bring a claim, you should contact us before the end of your waiting period to receive the forms you’ll need.

The assessment process usually takes a few months, although each claim is different. We, or your insurer, will contact you regularly to let you know how your claim is progressing.

The insurer may also need you to undergo further tests, including from medical specialists, which they’ll pay for.

If the insurer approves your claim, they’ll pay you directly. Any approval will usually only be for a set period and the insurer will pay you monthly in arrears.

If you return to work during your approved period, your payments will usually stop. However, if you return on reduced hours, you may receive a partial benefit.

If you’re still not fit for work at the end of your approved period, the insurer will ask you to submit a Continuing Claim Form and treating doctor’s report.

Different financial advisors charge different amounts, so how much it costs depends on what services you receive.

Generally, however, you’re likely to be charged in a combination of fixed and percentage based fees. Fixed fees usually apply to services such as preparing a statement of advice (SOA) and providing ongoing advice. Percentage fees usually apply to managing your investments, and are likely to be based on how those investments perform.

A financial advisor, who advises on your super, helps you achieve your financial and retirement goals by making better investment decisions. This includes providing advice about your super.

They can advise you on how to structure your portfolio, what assets to invest in, and when to change your investment mix. They can also advise you on super contributions, including what type of contributions to make and when to make them and when to invest inside and outside of super.

Only a licensed financial adviser is allowed to advise you on your superannuation. The Resource Super team of advisers can assist with your financial journey.

Simply get in touch with us at info@resourcesuper.com.au or by using the contact form and we’ll walk you through how to make us your company’s default super provider.

Resource Super can help you build super and employee benefit plans that attract, motivate and retain employees. This can reduce turnover and training costs, and make your work environment more positive and productive.

By switching to us, you’ll also save time and costs associated with maintaining your super and help improve communication across your workforce.

Employees have the right to have their super paid into any complying super fund. That means they don’t have to switch super providers even if you do.

The resource sector operates a little differently from many other industries, with employment practices such as fly-in/fly-out, labour-hire and contracting more prevalent. It often carries a level of risk that’s different from many other sectors, too.

That’s why we offer insurance cover, advice solutions and other support that takes into account the type of work your employees do. We will also travel onsite to remote locations to offer financial literacy and super workshops and offer your employees access to the award-winning GoalTracker^® program to help manage their super.