Sports Super™ is a unique ‘industry-style’ aggregated superannuation program that passes a percentage of the administrative fees back to your sports organisation of choice.
Sports Super provides the means for any sports entity to generate financial returns via their default superannuation fund, and the superannuation programs of their members and supporters, at no cost.
There are two simple ways to do this:
- The ‘No Change’ option: retain your existing Retail (default) superannuation fund; or
- A ‘1.0%’ option: transfer your current default Fund to AMP Signature Super or BT Super for Life as a part of the Sports Super Program.
- Under option 1, from a personal superannuation support and advisory service (eg consolidations, entry/exit, insurance) provided by Sports Super at no cost; and
- Under option 2, from access to a lower fee fund (1.0%), enhanced life, disability and loss of income insurance arrangements as well as personalised servicing from Sports Super, again at no additional cost.
All superannuation funds charge fees. Once appointed as the Sports entity’s superannuation advisory service, Sports Super ensures that a percentage of the fees payable is returned to the Sports entity.
The Sports entity benefits from the generation of revenue via each superannuation arrangement (approx. 0.21% x Funds under Management).
Points to note:
- Sports Super does not come into contact with the employee’s superannuation funds at any stage – superannuation contributions continue to be paid directly by the employer to the employee’s super account. The superannuation provider (eg AMP, BT) continues to manage the fund under the same arrangement as previously;
- Admin fees (0.35% under AMP’s Signature Super product) are withdrawn automatically from each employee’s superannuation account by the superannuation provider – this is standard practice for all retail super funds & accounts; and
- Under Sports Super, the superannuation provider pays this fee to KABM rather than retaining it. KABM, in turn, redirects 60% of the fee to the sports entity.
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- No change (appoint KABM as advisor to generate $ and service the needs of staff.
- Build understanding & confidence
- Consider 1.0% default option with AMP Signature Super or 1.04% option with BT Super for Life.
- Consider introducing program to external partners (sponsors, suppliers, members) and generate > $.