Glossary

Term or Word	Definition
Actuary	A professional person who applies mathematical, statistical and financial analysis to a wide range of business problems. Actuaries are experienced in analysing financial transactions and assessing risks and operate mainly in the superannuation, investment and insurance industries. In superannuation, actuaries are required to report to the trustees on the financial position of the Plan and make calculations for the superannuation contributions tax ("surcharge") liability in defined benefit funds. Actuaries also offer advice on investment, financial projections and benefit design to trustees. In Australia, an actuary will most likely be a Fellow of the Institute of Actuaries of Australia (FIAA) or an accredited member of that institute, having gained similar overseas qualifications.
Administration fee	The fee charged by the Plan against a member's account to cover administration costs.
AFSL	Qantas Superannuation Plan currently does not have an Australian Financial Service License (AFSL). AFSL’s are granted by the Australian Securities and Investments Commission (ASIC).
AML-CTF	AML-CTF is the acronym for the 'Anti-Money Laundering and Counter-Terrorism Financing Act 2006.' The Trustee has developed an AML/CTF program for the Plan to identify, mitigate and manage the risk of the Plan being used to launder money or finance terrorism. The main impact on members is the new member identification process.
Approved Deposit Fund	A type of rollover fund. ADFs may only accept eligible termination payments (ETPs). If a person retires early, is retrenched or changes jobs, the ETP can be rolled over into the ADF, where it can remain (attracting tax concessions on investment earnings) until that person reaches the age of 65. In regulatory terms, the definition of an approved deposit fund is a fund that receives ETPs and has an approved trustee that is a constitutional corporation.
APRA	The Australian Prudential Regulation Authority (APRA) is the single prudential regulator of banks, insurance companies, superannuation funds, credit unions, and building and friendly societies. APRA is not responsible for product disclosure standards, customer complaints or licensing agents and brokers. These are the responsibility of ASIC (see below).
ASIC	The Australian Securities and Investments Commission enforces company and financial services laws to protect consumers, investors and creditors. It regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit.
Beneficiary	A person who is entitled to receive a benefit from the Plan. The beneficiary will either be the member or their dependant(s)
Company Appointed Director	Superannuation fund trustee, director of a trustee company or policy committee member who has been nominated by the employer.
Complying Superannuation Fund	A superannuation fund that qualifies for the concessional tax rates. Under legislation, only a regulated superannuation fund that meets the operational standards set down by the Government can be a complying fund. If a fund is not a regulated superannuation fund and/or is non-complying, it is ineligible for the taxation concessions.
Concessional Contributions	From 1 July 2007, all pre-tax contributions made to the plan will be known as Concessional Contributions. These will include voluntary contributions made from pre-tax salary, salary sacrifice contributions and regular company contributions. For members with defined benefits, Concessional Contributions will include company contributions which reflect the value of the defined benefits being provided.
Dependant	Your spouse, defacto spouse, widow, widower or children and any person(s) who in the opinion of the Trustee, is or was financially dependent upon you and any person with whom you had an interdependency relationship at the time of your death. An "interdependency relationship" exists where you and another person satisfy the following four requirements at the time of death: 1) had a close personal relationship; and 2) live together; and 3) one or each provided financial support to the other; and 4) one or each provided domestic support and personal care to the other. If a close personal relationship existed as above but the requirements of an interdependency relationship were not satisfied because one or both of you suffered from a physical, intellectual or psychiatric disability then an interdependency relationship may still exist.
Eligble Rollover Fund (ERF)	A fund that is eligible to receive benefits automatically rolled over from other funds. After a member leaves the Qantas Group, the Plan will rollover the member’s benefit to the ERF if no instructions are given within 90 days of the member leaving the Qantas Group.
Eligible Termination Payment (ETP)	Any lump sum payment from a superannuation fund, an employer on termination of employment, or a rollover fund, such as an approved deposit fund (ADF).
Financial Ombudsman Service (FOS)	The Financial Ombudsman Service (FOS) has been established to provide free advice and assistance to consumers to help them in resolving complaints relating to members of the financial services industry, including superannuation.
Flexible Income Stream	A pension arrangement where a person has his/her own account and regularly (eg. monthly) draws down an amount from the account. Over a year, the amount taken as income must meet the minimum legislated limit. The income continues until death or until the account is exhausted. On death, the balance in the account is usually paid to a designated beneficiary as a lump sum. Details of the Flexible Income Stream are available in the Division 9 Product Disclosure Statement.
Intestate	When a member dies without a will, he or she has died intestate.
Member Elected Director	Member elected director is also called a member representative or an employee representative, is a Plan member appointed as a superannuation fund trustee or as a trustee director, to take responsibility with the other trustees or directors, for the operation of the Plan. The Plan’s members elect the representatives. Effective from 1 July 1995, plans with five or more members are required to have equal numbers of member and employer trustees. However, plans with five or more members but less than 50 have the option of appointing an independent trustee as an alternative. Under legislation, plans that are required to have a policy committee are required to have member representatives on the committee.
Non-Concessional Contributions	From 1 July 2007, all post-tax contributions made to the Plan will be known as Non-Concessional Contributions. Prior to 1 July 2007, these were known as undeducted contributions, and include both voluntary after-tax contributions and regular after-tax contributions.
Notional Contributions	The employer contributions theoretically necessary to fund the minimum requisite benefits payable from a defined benefit fund for members. It is calculated according to Superannuation Guarantee regulations and an Actuarial Guidance Note, and certified in an Actuarial Benefit Certificate.
Notional Taxed Contributions (NTCs)	For defined benefit members NTCs have been calculated in terms of the legislation and represent the value of the employer support for these defined benefits. From 1 July 2007 NTCs count against concessional contribution limits.
Superannuation Complaints Tribunal	An independent body set up by the Federal Government to deal with superannuation complaints
Transition to Retirement Account	An account maintained for a pension arrangement which allows people who have reached their preservation age, to have access to their superannuation benefits without having to retire or leave their job. Over a year, the amount taken as income must meet minimum and maximum legislated limits. Details of the Transition to Retirement Account are available in the Division 14 Product Disclosure Statement.
Trust Deed	A document which sets out the rules for the establishment and operation of a fund. A superannuation trust deed includes provisions covering such issues as: who can be appointed and the processes involved in appointing trustees; who will be admitted as members of the fund; the process for receiving and investing contributions; discretionary powers of trustees; and the payment of benefits to members.
Unrestricted Non-Preserve (UNP) Amounts	Some members who rolled monies into the Plan from other funds may have UNP amounts. These are amounts that can be taken as cash at any time, subject to the governing rules of the fund. These are generally benefits that the member has already become entitled to be paid, but has voluntarily decided to keep in the superannuation system.

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