Concept One

The Independent Education Union of WA is the Employee Sponsor of Concept One and has had a long association with the Fund that goes back to 1986. The Employer Sponsor is the Association of Independent Schools of Western Australia.

The Fund has had very good stable returns since 1986 in its default option, now called MySuper Balanced, where most of our members are invested. The Fund is Western Australian based thus ensuring jobs stay within Western Australia.

Concept One the Industry Superannuation Fund has a pension product which provides members with an income in retirement, or while making a gradual transition to retirement.
Whether you are already retired or winding down toward retirement, the Concept One Pension has the product for you.

  • Transition to Retirement; and
  • Account Based Pension.

A Concept One Pension provides you with a range of income advantages such as:

  • A regular income paid to your bank account;
  • Tax-free investment earnings;
  • Tax-free income once you reach age 60;
  • Access to you capital at any time (tax-free once you reach age 60 and stopped working);
  • No loss of capital on premature death with the option of a lump sum payout to your estate or reversionary beneficiary/ies.

Retirement sneaks up on us all - one day you are celebrating your 40th birthday and then your 50th and before you can remember you are at that magical age that you can take advantage of Transition to Retirement. 

Under the Transition to Retirement rules, if you have reached your preservation age, you may be able to reduce your working hours without reducing your income. You can do this by topping up your part-time income with a regular ‘income stream’ from your super savings.

With the transition to retirement rules, you can withdraw some or all of your super into a retirement income stream. You can then top up your reduced income by drawing on your super. However, you must be aware of the impact this can have on you and your circumstances. Before making a decision it’s recommended that you seek independent financial advice.

Are you over 50? Start planning now!

First step is to: click here and download the member information booklet (Product Disclosure Statement) PDS.   
As some parts of these measures are complex to understand we recommend you see a Financial Adviser, Accountant or your Tax Agent to help you decide if this option is right for you.  

Concept One also offers Death Only, Death and Total & Permanent Disablement (TPD) and Income Protection cover at very competitive rates.

Why You Need Income Protection Insurance
Income protection covers you 24 hours a day, 365 days a year and is a way to access low cost cover through your membership of Concept One.  If you are not a member of Concept One you can join simply by asking your employer to direct your superannuation payments to Concept One, yes it’s that easy!

You don’t know what might happen tomorrow. If you suddenly find yourself unable to do your job because of a medical condition, income protection insurance could offer exactly the kind of help you need.
While your medical expenses might be covered by other insurance policies, income protection insurance can be used towards expenses like your mortgage or car payments. Income protection insurance makes sure you and your family don’t have to lose your belongings or your home while you recover and try to get back to work.

Some advantages to the Concept One Income Protection cover are:

  • Even though income protection insurance might not pay the equivalent of your salary, it might pay enough that it will save your partner from having to take on another job to make ends meet. Either that or it might be enough to enable them to stay home to help you through your recovery to get things back to normal as quickly as possible.
  • Affordable premiums – choice of premiums starting from just $0.50 per week.
  • Income Benefit – covering 75% of your monthly pre-disability salary up to a maximum of $30,000 or the number of units paid for, if less than 75% of income.
  • Paid from your superannuation account – premium payments for income protection are paid directly from your Concept One account on a monthly basis.
  • Benefit period – A Benefit period is the maximum amount of time you would be paid the Income Protection for any one illness or injury. The default Income Protection Cover has a Benefit Period of 2 years, however members have the option extend their benefit period to age 65 (subject to underwriting).
  • Waiting period – The default Income Protection Cover has a waiting period of 60 days, however the member still has a choice of 30 or 90 days which is subject to underwriting by the insurer.
  • Default cover in the White Collar/Education sector – 4 units or $4,000 per month benefit provided you meet the eligibility criteria.
  • Yes – you can increase your level of income protection or change the waiting period – subject to underwriting.
  • No medicals required – you can get up to four units of cover without any medical requirements.

For more details on Concept One’s Income Protection either click here or call (08) 9211 6677.

The Income Protection Policy is underwritten by MLC Ltd for Concept One the Industry Superannuation Fund ABN 21 059 252 RSE R1056808 SFN 146 266 945.

Information in this article is of a general nature only and does not take into your personal objectives, financial situation or needs. Before making a decision it’s recommended that you seek independent financial advice.

Concept One the Industry Superannuation Fund
Contact Concept One - Phone: 9211 6677 or 1300 720 182
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