NCSF Update

Merger with Catholic Super

We are pleased to advise you that the merger of the funds has been confirmed and a Successor Fund Transfer Deed was entered into on the 23 December 2009. The Trustees of the funds agreed that the members of the National Catholic Superannuation Fund would be transferred into Catholic Super which has agreed to be the successor fund. The transfer of the NCSF members to Catholic Super will take effect from 1 April 2010.

Who is Catholic Super?

Catholic Super has been providing superannuation benefits to employees of the Catholic Church community organisations since 1971 and currently has members’ assets totalling in excess of $2.85 billion. Catholic Super operates under the same Church values as NCSF and the Trustees of NCSF will continue as directors of the merged fund – Catholic Super. Effective from 1 April 2010 Catholic Super will be administered by Catholic Church Insurances and therefore you will enjoy the same caring and personal administration services currently provided to you.

With the continuation of Catholic Church Insurances’ administration, your superannuation and pension membership number, employer number (if applicable), contact details and online services password remain unchanged and all the information now available online will continue except it will also have extra features.

The Trustee undertook a comprehensive due diligence exercise to ensure the NCSF members would retain equivalent rights of benefits in Catholic Super and we can confirm that equivalent rights are retained.

With Catholic Super, you will have greater choice of investment options, offering you the opportunity to keep a similar investment choice or look at investing in new options.

Also with Catholic Super your insurance cover (if applicable) whether it is death, income protection and/or total and permanent disability, has additional and improved features, greater selection of cover, and more flexibility at equivalent premiums.

Administration fees will not change, at $1.50 per week.

What do you need to do?

Effective from 1 April 2010 Catholic Super will now become your superannuation fund. Their services and benefits are similar to the NCSF and in some cases improved. Therefore you can feel assured that this transfer of superannuation and pension funds will be seamless and ultimately beneficial to our members in the longer term.

You are not required to take any action as your membership will be automatically transferred to Catholic Super administered by your current fund administrator – Catholic Church Insurances Limited.

You may decide to change your investment option or insurance cover, and that’s easy by considering the information provided to you and then completing the necessary forms or you may contact Member Services on 1300 655 002 for assistance. Please note that any change to your investment options or insurance will only become effective on 1 April 2010.

Your current insurance cover with NCSF (if any) will be transferred to the Catholic Super’s insurance cover under equivalent arrangements.

Once the transfer is complete you will receive a member statement from NCSF which will outline your account balance as at the 31 March 2010. Also Catholic Super will write to you and welcome you to the fund and provide you with a summary of your new insurance and investment options.