General

Is Verve regulated?

Superannuation is a highly regulated industry and Verve Super is an APRA (Australian Prudential Regulation Authority) compliant fund. This means Verve meets all the regulations required of Australian super funds. We are also supported by some very experienced service providers, including those who have been in the industry for over 20 years.

How long does it take for my super to transfer from my old account to my Verve account?


Once you have requested to transfer your super to your Verve account, the process takes between 3-28 days. We’ll send you an email confirming when the transfer is complete. Please get in touch if you would like to confirm the status of your transfer.

Do men work at Verve?


Verve is led by a team of women. But of course, we don’t work in a bubble! We work in collaboration with people (men, women and non-binary folk) from a number of service providers and teams who support the day-to-day running of a superannuation fund. Our fund manager, for example, is one of Australia’s most progressive and inclusive teams in the industry, with a commitment to improving diversity in fund management as well as strict transparency around pay equality.

How does Verve support low balance members?

To support members with low super balances, Verve does not charge the fixed administration fees on balances less than $5,000. 

To support women to build wealth, Verve provides financial coaching to all members through the Verve Academy. With a commitment to agitate for change, the Verve community is working to facilitate broader change to make the retirement system fairer for all Australians, particularly those with lower balances.

Can Verve give me personal financial advice?

No, Verve is not authorised to provide personal financial advice. All information provided is general in nature and does not take into account your personal situation, objectives or needs. You should consider whether the information is appropriate for your needs, and where appropriate, seek advice from a professional adviser.

How do I change my address or personal details?

Your mobile number and residential address can be updated via the online member portal. 

Please contact us to update your email address.

If you need to amend or update your name or date of birth, you will need to provide us with the following documentation 

  • A completed Change of Details Form, signed with an original, ‘wet’ signature
  • A certified copy of ID
  • A certified copy of documentation showing the change in name, e.g. deed poll, official change in name certificate, marriage certificate, birth certificate, divorce certificate, etc.

Please refer to the Certified ID Fact Sheet for information about who is eligible to certify your ID and documents. This fact sheet also includes detailed instructions on how ID and documents should be certified. If you have any questions or need more information, please contact us.

How do I apply for Income Protection Insurance?


To apply for income protection insurance, please complete the Insurance Application Form and return it via email to hello@vervesuper.com.au or post to PO Box 909, Byron Bay, NSW, 2481.

How do I get an insurance quote?

If you would like a quote for insurance please email us at hello@vervesuper.com.au with the following information:

  • Cover type (Death only, Death and TPD or Income Protection)
  • Cover amount
  • Annual income
  • Occupation and typical daily duties (e.g. graphic designer – at a desk most days)
  • State of Residence
  • DOB
  • Sex*
  • Member number (if an existing member)

*Insurance providers require sex as a factor for determining insurance premiums. Please select male or female. We understand that gender and sex are not the same thing and neither are binary. However, some systems are yet to catch up. We have provided the insurance provider with this feedback and if you would like to add your voice, please let us know and we will pass it on.

How does super work for temporary residents of Australia?

If you have worked and earned super while visiting Australia as a temporary resident, and you have now permanently left the country, you may be eligible to claim the super benefit you have accumulated while working here, less any tax. The payment is called a Departing Australia Superannuation Payment (DASP). 

A DASP can be claimed if:

• You visit Australia on an eligible temporary resident visa; and

• Your visa ceases to be in effect (it has expired or been cancelled); and

• You have permanently left Australia.

If you are a temporary resident and you permanently leave Australia, you have six months to claim your super benefit. If you do not claim it within this time, it will be transferred to the Australian Taxation Office (ATO) as unclaimed money. If that happens, you will need to contact the ATO to claim it. For more information, visit the ATO website.

To apply for a DASP, please download the ATO’s Application for a Departing Australia Superannuation Payment form, complete it, and return it to us. Do not provide it to the ATO. 

IMPORTANT: If you are a former temporary resident whose superannuation benefit is transferred to the ATO as unclaimed money, you will not be notified of this or receive an exit statement after the transfer occurs. We rely on relief provided by the Australian Securities & Investments Commission (ASIC) Class Order [CO 09/437] which says, in effect, that superannuation trustees are not obliged to meet certain disclosure requirements in relation to non-residents that have ceased to hold an interest in the fund as a result of the payment of unclaimed superannuation to the Commissioner of Taxation. If you require any further information, contact us.

How are contributions taxed?

Contributions made by your employer (including salary sacrifice) are known as ‘concessional contributions’ and are typically taxed at 15% up to the contribution cap. The concessional contributions cap for the 2022-23 financial year is $27,500. Contributions above this cap may be taxed at a higher rate.

Non-concessional contributions are also known as “after-tax contributions” and include personal contributions, spouse contributions, and concessional contributions that have exceeded the concessional contributions cap. This money is not taxed on the way into your super account as you have already paid tax on it at your nominal rate. The non-concessional contribution cap for the 2022-23 financial year is $110,000.

If you make a personal contribution, you may choose to claim the contribution as ‘concessional’ for tax purposes. Please download and complete the ATO’s  Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions form and return the completed form to us via email to hello@vervesuper.com.au. You’ll need to do this at least once per financial year for all the contributions during that financial year. This form must be returned to Verve Super in either the financial year in which the non-concessional contributions were received into your Verve Super account, or the following financial year, and prior to the date you lodge your tax return for the financial year in which the contributions you wish to claim were received into your Verve Super account. Please refer to the declarations on the Notice of Intent to Claim form and ensure you leave plenty of time for us to process the form before lodging your tax return. Claiming a tax deduction for your contribution makes this contribution ineligible to be counted towards the Government Co-contribution. 

Join

How do I get my employer to pay to Verve Super?

When you join Verve we’ll send you an email that you can forward to your employer. It will have all the details your employer needs to pay your super into your Verve Super account.

If you’re already a member of Verve and you have recently changed jobs, simply download this prefilled standard choice form and Verve’s General Compliance Certificate. Give these forms to your new employer and direct them to Employer Information if they require further information.

Can I transfer my Kiwi Saver to Verve Super?


Yes. Verve Super takes part in the Trans-Tasman Portability Scheme. Check out the detailed information in the Additional Information Booklet or get in touch with us at hello@vervesuper.com.au to find out how.

Can I join if I’m not a woman?


Absolutely! We welcome people of all genders to join Verve. If you support Verve’s mission to build the financial power of women everywhere – we want you in the Verve community.

Insurance

How do I apply for Income Protection Insurance?


To apply for income protection insurance, please complete the Insurance Application Form and return it via email to hello@vervesuper.com.au or post to PO Box 909, Byron Bay, NSW, 2481.

How do I get an insurance quote?

If you would like a quote for insurance please email us at hello@vervesuper.com.au with the following information:

  • Cover type (Death only, Death and TPD or Income Protection)
  • Cover amount
  • Annual income
  • Occupation and typical daily duties (e.g. graphic designer – at a desk most days)
  • State of Residence
  • DOB
  • Sex*
  • Member number (if an existing member)

*Insurance providers require sex as a factor for determining insurance premiums. Please select male or female. We understand that gender and sex are not the same thing and neither are binary. However, some systems are yet to catch up. We have provided the insurance provider with this feedback and if you would like to add your voice, please let us know and we will pass it on.

Do you offer insurance?

As a Verve member you can apply for Death Only, Death and Total & Permanent Disability (TPD), and/or Income Protection insurance cover with AIA, subject to eligibility.

You can apply for insurance at any time through Verve, but in the first sixty days after becoming a member, you may be eligible for automatic Death Only or Death & Total & Permanent Disability (TPD) insurance cover. This insurance cover is a set amount of cover which you can apply for by answering a few quick questions via your online account. You can still apply for individualised cover, if your 60 days has lapsed. If you would like to change the level of cover or apply for Income Protection cover, please complete an Insurance Application form.

For more information on insurance visit Insurance & Superannuation, or view Verve’s Insurance Guide. Consider seeking professional advice to ensure that you are making an informed choice based on your own financial objectives, situation and needs.

Contributions

How can my partner contribute to my super? Or how can I contribute to my partner’s super?

There are several benefits for sharing your super with your partner. And there are two ways that spouses can contribute to each other’s superannuation:

1. Contribution splitting is where your spouse applies to their super fund with a request to transfer across a certain amount of their super into your superannuation account to boost your balance. The process for this includes your spouse contacting their super fund to request a transfer form. Some funds use the ATO Spousal Contribution Splitting Form.

If you’d like to split super from your Verve Super account into your partner’s super account, you’ll need to complete the Contribution Splitting Form and return the completed form to us via email to hello@vervesuper.com.au

If you want to apply to split personal contributions that you intend to claim a tax deduction for, please download and complete the ATO’s Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions form and return the completed form to us via email to hello@vervesuper.com.au. You’ll need to do this before you lodge the Contributions Splitting Form. Please refer to the ATO checklist, which details the process and how you go about claiming a tax deduction if you intend to do so.

2. Spousal contribution is when your spouse makes a payment directly to your Verve Super account  — such as a bank transfer. You and your spouse will need to complete the Spouse Contribution Form and return the completed form to us via email to hello@vervesuper.com.au.

This article has more information: Super isn’t fair for stay at home parents. Here is how to even it up. If you have further questions, the ATO’s website has explanations on spouse contributions and superannuation splitting.

How are contributions taxed?

Contributions made by your employer (including salary sacrifice) are known as ‘concessional contributions’ and are typically taxed at 15% up to the contribution cap. The concessional contributions cap for the 2022-23 financial year is $27,500. Contributions above this cap may be taxed at a higher rate.

Non-concessional contributions are also known as “after-tax contributions” and include personal contributions, spouse contributions, and concessional contributions that have exceeded the concessional contributions cap. This money is not taxed on the way into your super account as you have already paid tax on it at your nominal rate. The non-concessional contribution cap for the 2022-23 financial year is $110,000.

If you make a personal contribution, you may choose to claim the contribution as ‘concessional’ for tax purposes. Please download and complete the ATO’s  Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions form and return the completed form to us via email to hello@vervesuper.com.au. You’ll need to do this at least once per financial year for all the contributions during that financial year. This form must be returned to Verve Super in either the financial year in which the non-concessional contributions were received into your Verve Super account, or the following financial year, and prior to the date you lodge your tax return for the financial year in which the contributions you wish to claim were received into your Verve Super account. Please refer to the declarations on the Notice of Intent to Claim form and ensure you leave plenty of time for us to process the form before lodging your tax return. Claiming a tax deduction for your contribution makes this contribution ineligible to be counted towards the Government Co-contribution. 

How do employer contributions work?

Most Australian employers are required by Government legislation to make superannuation contributions for their employees – called Superannuation Guarantee (SG) contributions. SG contributions are presently 10.5% of an eligible employee’s Ordinary Time Earnings (subject to a maximum dollar limit). Ordinary time earnings are generally what you earn for ordinary hours of work, including over-award payments, commissions, allowances, bonuses and paid leave. The SG contribution rate is legislated to gradually increase to 12% over time.

To be an eligible employee, you must be aged 18 or more, and can be:

- Full-time, part-time or casual;
- A temporary resident, such as a backpacker or working holiday maker;
- A company director;
- A family member working in your business; and/or
- Receiving a super pension or annuity while working.

Special eligibility rules exist for:Employees aged under 18 – must work for their employer more than 30 hours per week;

Domestic or private workers (i.e., nanny, housekeeper, carer) engaged personally and not as part of a business – must be engaged for more than 30 hours per week;

- Contractors – must be paid mainly for their labour.
- Some awards, enterprise agreements and other registered employment agreements have extra terms about superannuation. These terms apply on top of the superannuation guarantee.
- Employers are required to pay your superannuation at least once a quarter, although they may transfer your contributions more frequently. These payments will typically be shown on your payslip.

It is possible to have multiple super fund accounts, so it is important to tell your employer about your Verve Super account if you want that employer’s contributions to be paid into your Verve account.

You can find out more information about eligibility for super here.

Can I salary sacrifice into my Verve Super account?


Yes. Salary sacrifice contributions are arranged directly with your employer. It is best to confirm with your employer how frequently these contributions are made.

I’m self-employed. How do I make contributions to my super?

To contribute to your super as a self-employed person, simply complete the Personal Contributions form available in your online account and make the payment via direct transfer. 

To claim these contributions for tax purposes, you need to download and complete the ATO’s  Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions form and return the completed form to us via email to hello@vervesuper.com.au

You’ll need to do this at least once per financial year for all the contributions during that financial year. You have one year from the end of the relevant financial year within which to submit your Notice of Intent to Claim. This form must be returned to Verve Super in either the financial year in which the contributions were received into your Verve Super account, or the following financial year, and prior to the date you lodge your tax return for the financial year in which the contributions you wish to claim were received into your Verve Super account. Please refer to the declarations on the Notice of Intent to Claim form and ensure you leave plenty of time for us to process the form before lodging your tax return. Claiming a tax deduction for your contribution makes this contribution ineligible to be counted towards the Government Co-contribution.

My employer is having trouble contributing to Verve Super. What can I do?

If your employer is having any difficulties contributing to Verve Super, they can get in touch with us directly.

Please pass on our contact details: 1300 799 482 or hello@vervesuper.com.au or cc’ hello@vervesuper.com.au in email correspondence with your employer related to your superannuation.

How do I make a personal contribution to top up my super account?

There are several reasons you might want to top up your super. To make additional contributions to your super account, simply complete the Personal Contributions form available in your online account and make the payment via direct transfer. Your personal payment details will be provided to you as you complete the online form.

An annual contribution cap applies to personal contributions, and if you breach this cap, you may be required to pay additional tax. For more information on contribution caps view the Additional Information Booklet or visit the ATO’s website

If you have any questions, please call 1300 799 482 or email hello@vervesuper.com.au.

How do I get my employer to pay to Verve Super?

When you join Verve we’ll send you an email that you can forward to your employer. It will have all the details your employer needs to pay your super into your Verve Super account.

If you’re already a member of Verve and you have recently changed jobs, simply download this prefilled standard choice form and Verve’s General Compliance Certificate. Give these forms to your new employer and direct them to Employer Information if they require further information.

Super

How do I access the Baby Bump Program while on parental leave?

To support Verve Super members of any gender or expression who have recently become new parents, whether by birth or adoption, we provide a rebate of the fixed administration fee for up to 12 months through Verve’s Baby Bump Program. Contact us for information and to let us know you’ve recently welcomed a new child into your family. If you would like, Verve can also support you to make a request to your employer to ask them to keep paying your super during your parental leave.

What do I do if I can’t choose my super fund?

If you are unable to exercise choice of super fund with your employer, we run an Annual Rollover Program. Our team will help you to transfer the portion of your super that isn’t required to be with your employer’s choice of fund. This ensures that as much as possible of your retirement savings are invested in line with your values.

To find out if you’re eligible for this program, call 1300 799 482 or email hello@vervesuper.com.au. This program is not available for people in defined benefit schemes and may affect insurance policies held with mandatory funds.

Can I choose my super fund?

Generally, your employer must make regular compulsory contributions to your superannuation fund, known as Superannuation Guarantee (SG) contributions. Most people can choose the super fund for these contributions; it’s called having a “Choice of Fund”.

If you haven’t exercised Choice of Fund in the past, it’s possible that you might have had a new super account created for you each time you’ve joined a new employer, even if you already had an existing super account. 

To stop the creation of multiple super accounts, the Government has introduced a system whereby your existing super fund is ‘stapled’ to you when you change jobs. This means that when you start a new job, your employer will pay SG contributions to the same fund you had at your last job, unless you take action to make a change. Your employer will obtain information about your existing super fund from the ATO. 

If you have never had a super account before you can choose one and provide your employer with the fund’s details in writing, this is called “exercising choice”. Otherwise, your employer will create an account for you with their default fund. 

For your employer to start paying the SG into your account, simply provide the Choice of Super Fund form to your employer. We will give you this form when you set up your account. If you later change employers, your account with Verve Super should be your stapled account, however if there’s any confusion with your new employer, you can simply email the form to your employer, reprint the form available online, or call us and we will send you a copy.

It’s important you take an interest in your super and help it grow into a healthy retirement nest egg. Further information on choice and stapling is available on the ATO’s website

A small number of Australians who are under Enterprise Agreements are not eligible to choose their super fund. To find out if this is your situation, speak to your employer. Employers may agree to pay superannuation into your Verve Super account even if they don’t generally allow choice.

Is super an investment?

Yes, superannuation is an investment. The money in your super account is invested on your behalf, so it is important to make sure the way it is invested aligns with your values and long-term goals.

Some things to consider are: Does your super fund invest in things that go against your values? Is your fund transparent about what they are investing in? Is the risk profile suitable for your needs? Is your super fund achieving competitive long-term returns? (Remember super is a long-term investment. The money in your account may be invested for 30 years or more.

When can I access my super?

Super is highly regulated and is intended to fund your retirement, so you can generally only access it once you have reached your preservation age and permanently retired from the workforce, or otherwise meet a specified condition of release.

Conditions of release include:

- Reaching age 65 (whether you’re working or retired);
- Leaving your employer after turning 60;
- Severe financial hardship
- Specific medical conditions
- Temporary residents leaving Australia
- Participation in the First Home Super Saver Scheme

For information about your preservation age and the conditions of release, see the Additional Information Booklet. You can also call 1300 799 482 or email hello@vervesuper.com.au. You can find more information about accessing your super on the ATO’s website.

What is superannuation?

Superannuation is a compulsory scheme, designed and regulated by the government to help you save for retirement. 

Unlike a regular savings account, your superannuation is only accessible when you reach your preservation age and permanently retire from the workforce, or if you meet another specified condition of release. 

In most cases, it is compulsory for your employer to make contributions to your superannuation account on your behalf. You can also make personal contributions to your superannuation account, if you choose to boost your savings or if you are self-employed. This money is then invested on your behalf by your super fund.

One of the benefits of super is that it is designed to be a tax-effective way to save for your retirement, as contributions and investment earnings in your super fund are typically taxed at a lower rate than your normal earnings.

How do I nominate a beneficiary for my super account?

A ‘beneficiary’ is a person you nominate to receive some or all of your superannuation death benefit if you die whilst a member of Verve Super. At Verve Super we offer two types of beneficiary nominations: Non-Binding Nomination and Non-Lapsing Binding Nomination

Your binding nomination must be sent in hard copy to PO Box 909, Byron Bay NSW 2481.

Email your non-binding nomination to hello@vervesuper.com.au

If you’d like more information about what happens to super if you pass away, we’ve covered it in this article.

How do I move my current super?

You can request to transfer your balance from another super fund as part of the online join process or by contacting us. Once you have made the request, we will get in touch with your other fund to initiate the transfer of your super across to your Verve account. A request to transfer your whole balance will automatically close your old account. Any insurance cover or other benefits linked to your previous fund account will cease at this time.

If you wish to transfer a portion or the total of your balance from another fund to your Verve Super account, simply call us on 1300 799 482 or send an email to hello@vervesuper.com.au.

Alternatively, complete the Rollover Form and enter the exact amount you’d like to transfer in the space provided on the rollover form. A partial transfer may mean that you keep any insurance cover or other benefits linked to your original account. However, it’s best to check with the other super fund before requesting the transfer, if you’re unsure.

How do I join Verve Super?


The easiest way to create a Verve Super account is to join online, it takes a couple of minutes. You can also join over the phone on 1300 799 482.

Temporary Residents

How does super work for temporary residents of Australia?

If you have worked and earned super while visiting Australia as a temporary resident, and you have now permanently left the country, you may be eligible to claim the super benefit you have accumulated while working here, less any tax. The payment is called a Departing Australia Superannuation Payment (DASP). 

A DASP can be claimed if:

• You visit Australia on an eligible temporary resident visa; and

• Your visa ceases to be in effect (it has expired or been cancelled); and

• You have permanently left Australia.

If you are a temporary resident and you permanently leave Australia, you have six months to claim your super benefit. If you do not claim it within this time, it will be transferred to the Australian Taxation Office (ATO) as unclaimed money. If that happens, you will need to contact the ATO to claim it. For more information, visit the ATO website.

To apply for a DASP, please download the ATO’s Application for a Departing Australia Superannuation Payment form, complete it, and return it to us. Do not provide it to the ATO. 

IMPORTANT: If you are a former temporary resident whose superannuation benefit is transferred to the ATO as unclaimed money, you will not be notified of this or receive an exit statement after the transfer occurs. We rely on relief provided by the Australian Securities & Investments Commission (ASIC) Class Order [CO 09/437] which says, in effect, that superannuation trustees are not obliged to meet certain disclosure requirements in relation to non-residents that have ceased to hold an interest in the fund as a result of the payment of unclaimed superannuation to the Commissioner of Taxation. If you require any further information, contact us.