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Terms for Australian Superannuation.

Below is a list of Australian Superannution related terms and their meanings.

Death insurance (Death cover)

Insurance arrangement whereby the member's beneficiaries and/or dependants receive an insured amount in the event of the member's death. Australian Primary offers a choice as to the level of cover, expressed as the amount of cover per unit of insurance. Insurance premiums are deducted from contributions as they are received by Australian Primary. It is most important that you read the detail of your fund's insurance arrangements, and decide what options, if any, you wish to exercise.


The current policy defines Disability to mean "the member being unable by reason solely of illness or injury to attend to his or her occupation and provided the member is not otherwise gainfully employed or gainfully engaged in gainful business activity".

Inactive member

A fund member who is not currently receiving any contributions to his/her account.

Insurance premiums

The sum of money paid to purchase insurance against death and permanent disability. The premium is deducted from contributions as they are received by the Australian Primary and is detailed on Member Statements.

Investment Management Fee

The fees charged by an investment manager for their services. The fee is normally charged as a percentage of the funds invested, and may be performance-based. The fees are normally deducted from the fund's earnings before determination of the fund's earning rate. Because of our size and efficiency, Australian Primary is able to get comparatively low investment management fees.

Investment manager

An organisation appointed by a fund to manage the investment of part of the fund's assets. Australian Primary appoints a range of investment managers, who may have specialist expertise in particular areas of investment.

Lump sum

A benefit payable in a single cash payment rather than as pension or annuity.

Non-preserved benefit

The part of a member's benefit which is not subject to preservation.

Non-preserved benefit

The part of a member's benefit which is not subject to preservation.

Ordinary Time Earnings (OTE)

The earnings (before tax) on an employee's ordinary hours of work, generally excluding overtime, but including commission payments, shift loadings, casual loadings and some other payments. This is used as the basis for calculating employer contributions for Superannuation Guarantee.

Participating employer

A partcipating employer is an employer who has already registered with the Fund.


The ability to take your superannuation with you when you change your job. Australian Primary is particularly well placed in this regard, as members can often stay with us despite changing employers.

Preservation age

The age at which you can have access to your preserved benefits, provided you have permanently retired from the workforce. The preservation age gradually increases from 55 years depending on your date of birth as shown below:

Date of Birth | Preservation Age

Before 1/7/1960 55
1/7/1960-30/6/1961 56
1/7/1961-30/6/1962 57
1/7/1962-30/6/1963 58
1/7/1963-30/6/1964 59
After 30/6/1964 60

Preserved benefit

That part of a member's benefit which is subject to preservation.

Product Disclosure Statement (PDS)

Product Disclosure Statements for the four categories of Australian Primary Superannuation provide important information about the main features, costs, benefits and risks of investing your super. To view a PDS, go to the Forms & Publications page.

Superannuation Rollover

The transfer of a benefit or Eligible Termination Payment (ETP) into a superannuation fund, ADF or deferred annuity.

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