Frequently Asked Question's
A list of important questions and answers related to the merge.
What are the advantages for members?
- Improved member services
- Keep costs low over the long term
- Greater investment choice
- Better insurance arrangements,
- National coverage will improve access for members as well as the frequency and consistency of service i.e. education, access to Financial Planners
What are the advantages for employers?
- Improved benefits and employer online services
- National coverage will improve access for members as well as the frequency and consistency of services i.e. education seminars
Will the merged fund be an Industry Fund?
Yes.
Will fees rise / fall / stay the same?
We are both low-fee industry funds and will remain so after the merger. As a larger fund we will achieve a range of efficiencies that will ease the pressure of rising costs and aim to keep fees as low as possible.
It may be worthwhile to use the independent rating company, SuperRatings to compare our current fees to other funds.
Will I retain my member discounts?
Yes.
Will I still be able to have my current investment option?
Yes.
Do I have to do anything?
No. The Trustee will complete the work to be done over the coming year to make sure the transition to one fund goes smoothly. We are determined to bring together the strengths and services of both funds for the benefit of all members.
We will regularly keep members informed through newsletters, reports and a dedicated website. (www.merger.ncsf.csf.com.au)
Who will be managing the Fund and who is the Trustee Board of the Fund?
The Fund will be managed by a Board of Trustee Directors who has a legal duty to act in the best interests of the members.
The current 6 Directors of the N.C.S.F. Limited will be invited to join the new Trustee Board. Together with the 10 existing Directors of Catholic Super, there will be 16 Directors of the Trustee from 31st March 2010.
The new Board of 16 will then devise a fair system of member and employer representation that will be implemented over the following years. The eventual size of the merged fund’s Board will be 10.
Download a list of NCSF and Catholic Super Directors
Who will ‘own’ the merged fund?
The new fund will exist only for its members i.e. the NCSF and Catholic Super members and new joining members. As now, the fund will be not-for-profit and low-fee and will neither pay nor accept commissions. The fund will be conducted on the Church values, be open to all to join and will return surpluses to its members.
What is a Successor Fund Transfer (SFT)?
The SFT is the formal document giving effect to the merger. In this case, Catholic Super will accept all NCSF members and its Directors under its Deed of Trust. Super and pension accounts, investment managers and insurance cover that exist for NCSF members will be transferred to Catholic Super.
Staff, services and membership benefits of the two funds will be combined. No member’s benefits will be affected, fees will remain the same but services will be expanded without cost to either members or employers.
What will change for current Catholic Super members?
Nothing will change substantially for current members except they will notice an expansion of advice and educational services following the merger.
Those members in regional areas or who are remote from capital city services will have substantially greater access to information and advice through web-based applications.
What will change for current NCSF members?
No action is required by NCSF members at this time. As we move closer to the merger date more information about the new and improved insurance arrangements, new investment options and other benefits of the merger (such as access to professional low-cost and unbiased financial planning advice through CSF Financial Services) will be presented to you.
