FAQ's
Choice of Fund
Do my employees have to be given a choice?
Yes. Either by industrial agreement or they can choose the superannuation to which you will make future superannuation guarantee contributions. This election can be made once in any 12 month period or more if you agree.
Do my employees have to choose?
If an employee does not make a choice your employer contributions could be paid into the fund that your have chosen, known as a ‘Default Fund’. The TIS Fund has the ideal structure to be nominated as your Default Fund.
Why choose the Transport Industry Super Fund?
Low costs – our administration fees are very low. As your account balance increases our fees remain the same. This allows you to maximise the return on your investment.
Protection – each member up to age 60 is protected for a lump sum death benefit. Members working more than 15 hours per week are also protected for total and permanent disability at reasonable costs for the duration of your employment. Additional Family Protection cover can be purchased to increase the benefits paid.
Portability – the TIS Fund is the industry fund for the superannuation industry. When you work for a number of different employers during your working life, you can leave your superannuation with the TIS Fund and each new employer can contribute to it on your behalf while you are employed. It saves you keeping track of multiple super funds and consolidation maximises your investment.
Security – with the TIS Fund, your benefits are invested with recognised fund managers in high quality, diversified assets including property and shares in Australia and overseas. This ensures our returns are consistent over the long-term.
Advice and information – dial freecall 1800 777 060 for free advice and information on your individual circumstances.
How is choice exercised?
The employee should complete the Australian Taxation Office (ATO) ‘Choice of Superannuation fund Standard choice form – information for employees’ which is available from the TIS Fund.
T.I.S. Family Protection package.
What is T.I.S. Family Protection package?
The T.I.S. Family Protection package provides a lump sum benefit to the beneficiaries of a member in the event of their untimely death or to themselves if they are covered for Total and Permanent Disability (TPD) and are unable to perform their own or similar occupation in the future.
Why is the Family Protection package needed?
The T.I.S. Family Protection package is designed to protect the income of a member and their family assets in the event of the untimely death of a member. It could be utilised to pay out mortgages, provide an investment bank to produce income for the family and/or many other uses depending upon the individual member’s circumstance.
What will the package cover me for?
The T.I.S. Family Protection package is available in units of $50,000 and is available for Death cover only for long-haul transport drivers. For all other members of the Fund, Death only and Death and TPD cover is also available.
How do I know how much protection cover I should have?
There are a number of ways this could be determined depending upon the situation of the individual member. A simple calculation worksheet included, will help individual members to assess the level of cover they need to protect their family.
How much does it cost?
The investment needed to protect your family and asset will depend upon your age, occupation, gender, type, and level of cover needed.
A table illustrating the premiums for two units at $50,000 cover for various categories is available in this package.
The advantage of our plan is that payments will be automatically deducted from your superannuation account on a monthly basis.
Can I cancel the policy?
Yes. Each member can cancel the deduction authority whenever they desire as at the end of any month. Cancellation of deduction will automatically cancel the protection.
Do I need to have a medical examination?
You will need to complete a short questionnaire about your health, which will be assessed by the underwriter. Your policy may be assessed to exclude pre existing illnesses or the cover varied.
Can my employer contribute?
The T.I.S. Family Protection package is payable to the beneficiaries of the member. Your employer or yourself can contribute to the Fund to preserve your level of retirement benefits. The employer contribution can be paid as salary sacrifice, contact T.I.S. Fund for more information.
Can my wife join?
Your wife and family can join the T.I.S. Family Protection plan if they are qualified to join The T.I.S. Fund as we deduct the payment for the cover from The T.I.S. Fund account of ea
