Main Section Members
Membership in this section allows members to experience a range of features including:
- All the profits are given back to members.
- MIESF fees and costs are very competitive as shown on page 6 of the Product Disclosure Statement – 30 September 2023.
- MIESF offers two investment options, the MIESF MySuper option and High Growth option. If you don’t make an investment choice, your account balance will be invested in MIESF MySuper.
- MIESF currently holds reserves as described on page 16 of the 2023 Annual Report.
- The facility to transfer your benefit to the MIESF Pension section.
- You don’t have to leave MIESF when you leave your employer.
- Eligible members under age 55 have $200,000 of death and Terminal Illness insurance cover.
- Eligible members aged 55 to 64 inclusive have $100,000 of Death and Terminal Illness insurance cover.
- Eligible members aged 65 to 69 inclusive have $35,000 of Death insurance cover.
- Eligible members aged 65 to 68 inclusive have $35,000 of Terminal Illness insurance cover.
- Eligible members under age 30 have $150,000 of TPD insurance cover. The level of cover reduces from age 30 to age 64 and is $0 from age 65.
- Deductions are made from each eligible member’s account to cover the cost of insurance.
- The various cover restrictions are explained on pages 3, 4, 5 and 6 of the Insurance Booklet dated 30 September 2023.
- Fund help line service where you get to speak to a person who actually knows your super – no waiting in queues or on hold.
- contributions from your employer including SG amounts paid into the Fund from the Australian Taxation Office or the SHA Special Account;
- personal contributions on a pre-tax basis (also known as salary sacrifice);
- voluntary member contributions you make to the Fund from your after-tax salary (you may also be entitled to claim a tax deduction on these contributions);
- Government’s co-contributions;
- Government’s Low Income Superannuation Tax Offsets;
- rollins from other funds; and
- spouse contributions.
Further information on making contributions can be found on pages 4, 5 and 6 of the Additional Member Information Booklet.
When benefits can be paid
If you leave employment, you will be entitled to a lump sum benefit, made up of your total Account Balance. Generally, your benefit must be preserved. This means that under Government rules you will not be able to take your benefits in cash until you satisfy a release condition. Alternatively, you may wish to transfer your benefits to another fund of your choice.
Further information on your benefit when you leave your employer can be found on pages 4 and 5 of the Additional Member Information Booklet.
Changing Employers doesn’t mean you have to leave MIESF
Instead of taking your money out of MIESF when you change employers you can remain in the Main section of the Fund and your new employer can usually make contributions to MIESF.
Temporary residents permanently leaving Australia
Temporary residents leaving Australia permanently may be able to access their super (subject to certain conditions) and payment of applicable tax rates (which are different). For further information about how and when temporary residents can access their super, contact the Fund, or for more information, visit the ATO website at https://www.ato.gov.au/super/.
Under Division 3 of Part 3A of the Superannuation (Unclaimed Money and Lost Members) Act 1999, the Fund may also be required to pay a former temporary resident’s benefit to the ATO if more than 6 months has passed since the person left Australia. We do not provide an exit statement in these circumstances (relying on relief issued by the Australian Securities and Investments Commission). Former temporary residents can contact us or the ATO directly to find out how to claim their benefit from the ATO. Former temporary residents and any other former member whose account balance has been transferred to the ATO have a right to claim their super from the ATO under the Government’s unclaimed money legislation.
Insured Death, Terminal Illness and TPD Benefits
The Fund provides insurance benefits which are designed to give financial assistance to you or your dependents in the event of your death, terminal illness or total and permanent disablement.
Eligible members are automatically provided with standard amounts of insurance cover subject to the terms and conditions of the insurance policy and are covered 24 hours a day 7 days a week.
However, your automatic insurance cover may be impacted if you don’t act. The Government changed the law on 1 April 2020 so that superannuation funds usually cannot provide automatic insurance benefits to members with less than $6,000 in their account and new members under age 25, regardless of account balance, unless they opt in to receive insurance cover or an exception applies. The Fund elected to apply a dangerous occupation exception from the main requirements in the law. This allows the Fund to provide automatic insurance cover to new members who are considered by us to be in a dangerous occupation even if they are under age 25 or have less than $6,000 in their account, provided other eligibility and commencement of cover conditions under the insurance policy are met.
Further information on your insurance benefits can be found in the Insurance Booklet.
Early release conditions
You may be able to access your preserved benefit under severe financial hardship if you meet certain Government imposed criteria or on compassionate grounds.
Contact the Fund Office for further information.
Pension Section Members
Looking for a regular income on retirement?
MIESF’s Pension section is open to members who have:
- retired permanently from the workforce and are over their preservation age (55 to 60 depending on your date of birth); or
- left the meat industry after age 60 even though you continue working in another industry; or
- reached age 65; or
- become totally and permanently disabled.
You can also receive a transition to retirement pension if you have reached your preservation age.
Further information on these pensions can be found in the Pension section PDS.
Spouse Section Members
Main section members have the ability to contribute to the Fund on behalf of their spouse, so everyone can enjoy the great services and benefits of MIESF.
Further information on spouse membership can be found on page 4 of the Product Disclosure Statement.