- 1
- What is the smallest contribution that I can make every month?
The minimum monthly contribution is 4% of your pay before tax, there is no maximum limit.
- 2
- How much does my employer pay to my superannuation every month?
- Your employer pays the same as your contribution up to a maximum of 7% of your pay before tax. So if you decide to contribute 7% then so does your employer, if you contribute 10% then your employer contributes the maximum of 7%.
- 3
Why is it that even though my employer and I both contribute 7%, my employer’s contribution received by the Fund is less than mine?
This is because your employer has to deduct withholding tax from their contributions before paying it into the WISF Fund. Depending on your tax rate the withholding tax maybe 33% or 21%. Note, however, that withholding tax is not deducted from employer contributions to the WIKS Fund.
- 4
- How long can I contribute to the Fund?
- For as long as you work in the waterfront industry (your employer may stop contributing when you turn 65). After you leave the waterfront industry, if you have a deferred benefit account then you can contribute for as long as you like.
- 5
Can I split my contributions between investment strategies?
Yes, but only in whole percentages. For example, if you are contributing 7%, you could put 5% in the balanced strategy and 2% in the conservative strategy. If you are also a member of WIKS you can make a different investment choice for each scheme.
- 6
- Can I change my contribution rate?
- Yes, but you will need to tell your employer so that they can arrange for it to be deducted from your wages. If you are splitting your contributions between different investment strategies you will also need to tell the Fund how to apply the increase or decrease.
- 7
- Can I stop contributing?
- Once you have joined the Fund you are required to keep contributing as long as you are working in the Waterfront Industry.
- 8
- What happens if I do stop my contributions?
- Two things will happen:
- You will lose out on your employers contributions
- You will no longer have death benefit cover (which is equivalent to life insurance).
