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Accumulation account

An accumulation account is a savings account that operates similarly to a bank account. The balance of the account is a sum of all deposits to the account plus growth, less fees, taxes and insurance premiums. In the context of superannuation, this is the account into which most employer and a personal contribution are paid. It can also be a holding account to grow superannuation prior to retirement.

Accumulation phase (superannuation)

The first phase of superannuation where a member is saving money for retirement.

Active management (investment management style)

A style of investment management that seeks returns above a set benchmark by constantly monitoring and, if necessary, changing asset allocation and security selection.

Allocated pension or annuity

An account established to draw a flexible, regular income stream mainly from superannuation benefits during retirement. It has special tax and social security features. The investment risk remains with the investor and an allocated pension may be exhausted prior to death. In that respect, this product is different to a lifetime annuity, which is paid for the life of the investor. (Also see Term Allocated Pension (TAP) or Market Linked Income Stream (MLIS))

Annual report

A yearly report or statement of a company's financial health. It generally includes a balance sheet and profit and loss statement. Trustees of funds must also issue annual reports.

Annuity

A regular periodic payment to a person usually made in exchange for an initial lump sum payment. Can be payable for life or for a specified term. This is a contractual arrangement with a life insurance company and can be started with either superannuation money or non-superannuation money (cash).

Approved deposit fund

A superannuation fund that can accept Eligible Termination Payments, rollovers or deposits

Asset allocation

The percentage of assets held in each asset class (shares, fixed interest, etc.) in an investment portfolio.

Asset class

The four major asset classes are shares, property, fixed interest and cash, which in turn can be broken down further to include domestic (Australian) or international shares, domestic or international fixed interest, direct or indirect (listed) property etc.

Assets

Everything that a person or company owns or has a right to and from which a benefit can be derived. Can be both financial assets (investment e.g. cash, shares) or personal assets (e.g. cars, home contents).

Association of Superannuation Funds of Australia (ASFA)

The peak industry body responsible for protecting, promoting and advancing the interests of Australia's superannuation funds, their trustees and members.

ASX 200 Accumulation Index (S&P/ASX 200 Accumulation Index)

An index of the top 200 companies, by market capitalisation (size), listed on the Australian Stock Exchange. This index takes into account share price movements and dividends. Many Australian share fund managers use this index as their benchmark.

ASX 200 Index (S&P/ASX 200 Index)

The top 200 companies, by market capitalisation (measured by multiplying the number of shares issued by the share price), listed on the Australian Stock Exchange. The index is commonly used as a benchmark for the performance of Australian shares overall.

Australian Financial Services Licence (AFSL)

A licence allowing an organisation to provide financial services in Australia. Licensees' activities and service obligations are regulated by the Australian Securities and Investments Commission (ASIC). Q Invest Limited’s AFSL number is 238274.

Australian Prudential Regulation Authority (APRA)

APRA is responsible for prudential regulation of banks, insurance companies, superannuation funds, credit unions, building societies and friendly societies.

Australian Securities and Investments Commission (ASIC)

ASIC enforces and regulates company and financial services laws to protect consumers, investors and creditors.

Australian Stock Exchange (ASX)

The main Australian market place for trading equities (shares) and related securities.

Australian Taxation Office (ATO)

The ATO is responsible for administering and policing taxation laws and regulations. The ATO also administer the register of individual superannuation transactions and reasonable benefit limit (RBL) determinations.

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Bear market

A declining or falling financial market. The opposite of a bull market.

Benchmark

A measure used for comparison of investment returns over a period of time.

Beneficiary

an individual or company who, on the death of another individual, receives financial benefit;

Beneficiary

a person entitled (as the surviving owner) to enjoy the benefit of property or goods where the legal title may be in the name of a trustee, e.g. a superannuation trustee holds legal title to the assets of a superannuation fund but the fund members are the beneficiaries.

Binding nomination

The documentation of an individual's wishes regarding which of their dependants and/or other beneficiaries will receive their personal superannuation benefits in the event of their death.

Blue chip

Stock/shares of leading, quality companies (usually highly valued) that are well known for their strong financial position and ability to make profits.

Bond

Similar to an IOU, bonds are generally a medium to long-term fixed interest debt security commonly issued by Commonwealth and State Governments and corporations to raise funds. They are issued by the borrower at a specified interest rate and repaid after a set period.

'Bottom-up' style (funds management style)

A method of analysing companies whereby an investor starts by looking at stock-specific fundamentals and then incorporates industry trends and macro-economic analysis. This style is the opposite of 'top down'.

Broker

Refers to an agent who handles the orders of investors to purchase and sell investments, commodities, insurance policies or other property. The provision of this service attracts a brokerage (see below).

Brokerage

A fee charged by a broker for the purchase or sale of a security. Also see 'commission'.

Bull market

An advancing or rising financial market. The opposite of a bear market.

Buy/sell spread/differential

The difference between the entry and exit prices (fees) of a fund.

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Capital

The value of an investment, represented by total assets (what you own) less total liabilities (debts or monies owed). Also refers to the initial amount you invested.

Capital gains tax

A tax applied on the increase in the capital value of an investment that is payable when the investment is sold.

Capital growth

The increase in the market value of an asset.

Capital guaranteed fund

An investment fund where a guarantee applies to the return of the sum originally invested, designed for a conservative investor.

Capital stable fund

A term used to describe investments that have a high fixed interest or cash component. They have low volatility and low unit price value changes.

Cash management trust (CMT)

A type of managed fund that invests in high-yielding money market investments normally only available to professional investors. This is a cash based fund that often operates much like a high interest bearing bank account except the investment is unitised.

Commission

A fee charged by a broker or financial planner for the execution of a purchase or sale of an investment or insurance policy. Alternatively, it can be a fixed amount per transaction or a percentage of the total value of the transaction. Also referred to as 'brokerage' and is normally deducted from the gross amount contributed to the product prior to investment.

Commutation

The process of converting a pension or annuity into a lump sum. This can be received as a cash payment or rolled over into a superannuation account.

Complying pension or annuity

A series of payments received over the remaining lifetime of a pensioner. The pension may be paid by a superannuation fund or life insurance company. The pension must meet a number of legislated requirements.

Complying superannuation fund

A regulated superannuation fund that has not been given a notice from the Australian Prudential Regulation Authority (APRA) that it is non-complying.

Compound interest

Interest that is paid on accumulated interest, as well as on the capital invested, i.e. if you reinvest the earnings on an investment, you earn interest on your interest as well as the capital amount over time.

Consumer Price Index (CPI)

Measures the average price of a standard selection of goods and services purchased by households. CPI allows comparisons of the relative cost of living over time and is used as a measure of inflation. CPI is also used to determine the inflation adjustment, if any, that investors may be entitled to under the Capital Gains Tax sections of the Income Tax Assessment Acts.

Contributions

Deposit into a superannuation account on investment.

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Death benefits

Benefits paid by a superannuation fund to a dependant or estate, following the death of a member.

Deductible amount

The tax-free component of an annuity’s or pension’s income.

Deductible contribution

A contribution to superannuation for which a tax deduction is claimed. These contributions are usually salary sacrificed contributions, employer contributions or contributions made by a self-employed person. Contributions tax is deducted from these types of contributions.

Deferred annuity

A type of annuity (retirement income product) that starts payment of income at a later date, such as when an investors turns 65. Deferred annuities can only accept Eligible Termination Payments such as lump sums from superannuation funds.

Defined benefit fund/account

A fund where the member receives a benefit that is based on a multiple of salary determined by a contribution rate..

Dependant

The spouse or children of an individual or any other person who is financially dependent on that individual.

Derivatives

A financial instrument that derives (hence its name) its value from the price of a physical security or an index.

Distribution

A payment made in a managed fund. The payment can consist of income or realised capital gains earned by the investment and may be required to be distributed to the investors. This is determined by the taxation status of the managed fund.

Diversification

The process of spreading an investment across a number of assets or asset classes to reduce the impact that volatility in one asset class, sector or market will have on the performance of your overall portfolio of assets.

Diversified fund

An investment fund that invests in a broad range of asset or asset classes (e.g. fixed interest, shares, property). In some cases the fund manager can alter the composition of the funds in light of changing economic and investment conditions, in order to achieve the best results.

Dividend

A dividend is a portion of a company’s profit paid to shareholders, in proportion to the number of shares the shareholder owns.

Dividend imputation credit

The term given to a component of a dividend payment that relates to taxation paid by the issuing company at the corporate taxation rate before making the distribution. This value offsets tax paid by shareholders in their personal taxation.

Dividend reinvestment plan

A scheme that enables shareholders in a company to acquire shares instead of taking their dividends in cash.

Dollar-cost averaging

The practice of investing amounts of money at regular intervals, regardless of whether a market is declining or rising.

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Eligible Termination Payment (ETP)

A lump sum payment made to an individual by an employer (or from a superannuation fund/approved deposit fund) as a result of retrenchment, retirement, resignation, death or disablement. ETPs are subject to concessional tax rates.

Entry fee

A fee payable by investors on entry to certain investment options

Equity

A synonym for a share in a company. Also a general word used to describe a shareholding or ownership in a company. Can also refer to the value of your capital invested in an asset less the liabilities associated with that asset.

Ex dividend

A share where the price is quoted on the basis that the seller, not the buyer, is entitled to receive the dividend.

Exit fee

A fee payable by investors when withdrawing all monies from or closing certain investment options. Neither QSuper nor the Q Invest Investment Access Funds has an exit fee.

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Financial adviser

A person who advises individuals on suitable strategies, investments or insurances after completing a disciplined process to discover a client's personal financial position, objectives and concerns. They may also be referred to as a financial planner. Financial advisers must perform professional development training on an ongoing basis to retain the qualification to provide personal financial advice under Australian law.

Fiscal policy

The Government's policy relating to its receipts and expenditure. Its potency as an economic tool stems from the fact that by spending more or less than it receives, the Government can affect the overall level of activity in the economy.

Fixed interest

Interest paid at a predetermined and unchanging rate for a specified period of time on investments such as bonds.

Float

In relation to companies, it refers to the decision to list on a stock exchange and offer shares to the public. For currencies, it is the decision to let market forces set the exchange rates.

Franked dividends

Company/share dividends with imputation credits attached . The investor is then entitled to a reduction in income tax for that amount (imputation credit).

FTSE 100 Index (Financial Times Stock Exchange 100 Index)

The main index of the London Stock Exchange (LSE). An index of the 100 largest companies, by capitalisation, traded on the LSE. Commonly referred to as the 'Footsie'.

Fund manager

An organisation that invests or manages money on behalf of individuals or other organisations.

Futures contract

An agreement to buy and sell a specified quantity of underlying assets at a specified time at a price agreed when the agreement was made.

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Gearing

Describes the practice of borrowing to invest. Gearing is usually expressed as a ratio of the borrowed amount divided by the total amount invested.

Gross Domestic Product (GDP)

A commonly used measure of the aggregate value of goods and services produced by an economy.

'Growth At a Reasonable Price' (GARP) style (funds management style)

A growth manager (see below) that tends to employ elements of 'value style’ investing in its investment decision-making.

Growth fund

A fund that has a higher proportion of assets in investments such as shares and property that are expected to deliver most of their returns through capital appreciation.

'Growth' style (funds management style)

A growth style manager seeks companies whose earnings are projected to be superior to the market average.

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Hang Seng Composite Index

The main index for the Hong Kong Stock Exchange.

Hedging

An investment position taken to counteract the potential risk from another investment.

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Immediate annuity

An annuity which is purchased with a single payment and begins to pay out an income to the investor straight away, either for an agreed fixed period or for the life of the investor. This is a contractual arrangement with a financial institution to provide an income and can be started with cash or superannuation money.

Imputation

The process through which a shareholder obtains a tax credit on the dividends received on Australian share investments. These tax credits can be used to offset other taxable income. They serve as a rebate on any tax already paid on the dividends of an Australian company.

Imputation credit

Tax credits available to an investor who receives franked dividends or distributions. These credits are available to offset the investor's tax liability. Should the tax liability be zero, then for certain investors the credits are refundable by the ATO.

Income phase (superannuation)

This is the second stage of superannuation where a member uses their accumulated superannuation benefits to commence a pension that provides a regular stream of income in retirement. Allocated pensions, annuities and market linked income streams are all products used in the income phase of superannuation.

Index

A numerical measure of price movement in financial markets, e.g. the S&P/ASX 300 Index.

'Index' manager (funds management style)

An index manager endeavours to replicate or copy the performance (returns) of a specific market index, such as the S&P/ASX300 Index.

Industrial shares

Shares in companies that are involved in the production of goods and services as distinct from those involved with mining or energy. For example, bank shares are industrial shares.

Inflation

An overall increase in the prices of goods and services in an economy. The most common measure of prices in Australia is the consumer price index.

Insurance bond

A single premium investment product, issued by life insurance companies or friendly societies, which operates in the same manner as a unit trust except that the return is provided to the investor net of tax, provided the bind is held for a specified period of time.

Investment and Financial Services Association (IFSA)

The peak industry association for organisations operating in Australia’s investment management and life insurance industries. Members provide managed investments superannuation, life insurance and other financial services.

Investment manager

An entity that specialises in the investment of money on behalf of investors.

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Liquidity

The ease with which an investment can be converted into cash with minimum loss. For example, shares are regarded as liquid investments as they can be sold quickly while property is illiquid.

Listed company

A company whose shares can be bought and sold on a stock exchange.

Lump sum

A single payment for a total amount due, as opposed to a series of periodic payments, e.g. You may be entitled to receive a lump sum benefit from a superannuation fund instead of as a pension or annuity.

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Managed fund

Any form of investment in which a number of investors place their money with a manager to invest on their behalf. The Q Invest Investment Access Funds (IAF) is a managed fund.

Management Expense Ratio (MER) (Now referred to as Indirect cost ratio or ICR)

Provides a measure of the total annual cost of investing in a fund and is a useful guide when comparing annual costs of different investment funds. It refers to a calculation of the total amount of fees and other costs deducted from an unlisted managed fund, expressed as a percentage of the average fund net asset size for the period under review.

Market Linked Income Stream (MLIS) or Term Allocated Pension (TAP)

A superannuation income stream or pension payable for a specified term based on life expectancy. The asset within the account is invested in market linked investment options. Lump sums are not able to be withdrawn from this type of pension. The money is locked within the account for the provision of income.

Market-linked fund

A pooled investment fund (also see 'pooled fund') that is valued according to movements in the market to which it is linked.

Master trust or master fund

Both names are used interchangeably for schemes that allow individual investors or smaller superannuation funds to channel money into one or more underlying funds. A master fund may include one or more legal entities that cover superannuation and non-superannuation investments. Where a master fund is a complying superannuation fund, it may offer several products including accumulation options, allocated and superannuation pensions.

Monetary policy

Economic policy, usually handled by the Reserve Bank, concerned with the management of money supply, interest rates and financial conditions.

Money market

A market for trading short-term securities.

'Multi-manager' style (funds management style)

A funds management style where the investment management is conducted by more than one fund manager. It can be used for diversified or single asset class funds.

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NASDAQ (National Association of Securities Dealers Automated Quotations)

A computerised system that provides brokers with the price of shares and securities traded on the New York Stock Exchange (NYSE) and over the counter. Unlike the New York State Exchange, the NASDAQ has no physical trading floor.

Negative gearing

An investment strategy where the costs related to the investment exceed the income from the investment.

NIKKEI-225 Stock Average

The main Japanese stock market benchmark that measures the top-rated 225 companies listed on the first section of the Tokyo Stock Exchange.

Non-commutable Allocated Pension

An allocated pension that is commenced using a members accrued superannuation entitlement after preservation or retirement age but before retirement from the workforce using the transition to retirement regulations. The member is not able to withdraw any money from this account in lump sums until after retirement.

Non-preserved benefits

That portion of superannuation benefits that can be accessed/withdrawn at any time.

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Option

An investment contract that gives the owner the right but not the obligation to buy or sell an asset at a predetermined price within a stated period of time.

Ordinary shares

Securities or fully paid shares that represent an ownership interest in a company. They carry voting rights (for the shareowner) and entitle the shareholder to receive dividends.

Overweight

Taking a greater exposure to one investment market or security compared with a benchmark or neutral position. The opposite of underweight.

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Passive management (investment management style)

A style of investment management that aims to achieve investment returns in line with those of a specified market or index. May also refer to a style of investment management that focuses on holding investments for an extended period rather than trading to maximise gains.

PAYG Tax

An abbreviation for 'Pay As You Go' tax, where employees have income tax deducted from their wages or salary by their employer.

Pension

A regular, periodic payment to an individual, made by either the Government or a superannuation fund.

Personal contributions

In relation to superannuation, personal contributions are payments made to a fund from an individual's after-tax salary or other financial source, e.g. investment dividends, inheritance. Also referred to as 'after-tax contributions' or 'undeducted contributions'.

PKF/RemServ

The company who administers salary sacrifice or salary packaging arrangement for Queensland Government and other employees.

Pooled fund

A number of individuals place their funds into one investment product fund (fund) that is then managed by an investment manager on behalf of all the investors.

Pooled superannuation trust (PST)

A PST is a scheme used only for the investing the pooled assets of regulated superannuation funds, approved deposit funds, life offices and registered organisations.

Portability

The ability to transfer benefits from one investment or superannuation fund to another.

Portfolio

A collection of investments that are all owned by the same individual or organisation.

Preservation

A regulatory requirement that certain superannuation benefits cannot be accessed until a condition of release has been satisfied or the member has reached retirement age.

Preservation Age

The age at which a person can permanently retire and access their superannuation benefits. Currently the preservation age is 55. Therefore, anyone who retires from employment on or after age 55 is able to access their superannuation benefits. Preservation age is being gradually increase from 55 to 60. Therefore any person who was born on or after 1 July 1960 has a preservation age greater than 55. Anyone born on or after 1 July 1964 has a preservation age of 60.

Preserved benefits

Benefits within a superannuation fund that cannot be accessed until the fund member turns 55 and/or retires, or a 'special circumstance' has been met (e.g. severe financial difficulties or permanent incapacity).

Privatisation

The sale of Government-owned services which permits the public to gain direct ownership via an allocation of shares.

Product Disclosure Statement (PDS)

A document required by law that provides specific details about the financial product being offered.

Property trust

A unit trust that pools investors’ funds into property investments.

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Quartile

A statistical measure dividing a sample into four numerically equal groups. Thus the top quartile in a funds management context means the top 25% of the fund managers in a particular category.

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Rally

A rise in the sharemarket or a particular share price after a period of falling prices.

Reasonable Benefit Limit (RBL)

A government-imposed maximum on the benefits that a person can receive into their superannuation fund at a concessional tax rate. Amounts accumulated beyond that limit were referred to as excess components. Since the 1 July 2007, reasonable benefit limits have been abolished.

Recession

A significant slowdown or minor contraction in the economy (as opposed to a depression which is a major contraction in economic output). A recession is sometimes defined as a period where a nation's Gross Domestic Product (GDP) declines over two consecutive quarters.

Redundancy/Bona Fide Redundancy

When an employee’s position of employment is no longer needed or ceases to exist or where an organisation has employees surplus to its needs. Where employees are terminated under the redundancy conditions the positions are not able to be filled by another person. Redundancies can be both voluntary (employee chooses to apply) or involuntary (the employer chooses who to terminate). Queensland Government traditionally offer voluntary redundancies or a VER.

Regular savings plan (RSP)

An agreement in which an investor deposits a regular amount at a nominated frequency into an existing fund.

RemServ

The company who administers salary sacrifice or salary packaging arrangement for Queensland Government employees

Representative

A person authorised by an Australian Financial Services licensee to provide financial products and/or financial advice, e.g. a financial adviser.

Resource shares

Shares in companies involved in mining and energy.

Responsible entity

See trustee

Retirement income stream

An investment product that provides a regular income in retirement. For example an allocated pension or annuity.

Retirement Savings Account (RSA)

A superannuation account maintained solely for retirement income purposes. RSAs are portable, owned and controlled by the member and capital guaranteed. The balance of the account cannot be reduced by the crediting of any negative interest or earnings or by changes in the market value of assets, but may be reduced by fees and charges.

Return

The amount of income or growth received from an investment or a transaction, usually expressed as a percentage of the amount invested.

Rollover

Transfer of superannuation money from one approved superannuation fund to another.

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Salary sacrifice/salary packaging

An arrangement an employee has with their employer to deduct amounts (e.g. superannuation contributions, laptops, cars, etc) from their pay before tax is calculated on their earnings. This reduces the amount of income an employee has for tax purposes and can reduce the amount of tax that an employee pays.

Securities

A form of contract representing ownership in shares, fixed interest and derivatives.

Self-managed superannuation fund (SMSF)

A superannuation fund managed by one person or a small team of individuals. They are regulated by the Australian Taxation Office (ATO) and have to meet numerous regulatory criteria.

Share

Part-ownership in a company. Shares include certain rights (e.g. to participate in the appointment of directors, to receive dividends, to receive a share of the surplus assets in a company's dissolution). Different types of shares include ordinary shares, convertible notes and preference shares.

Spouse superannuation contributions

A situation where a spouse makes contributions to their lower income-earning spouse's superannuation fund. This may entitle the contributing spouse to a rebate to reduce their tax payable on their annual tax return.

Stockbroker

A stock exchange member who is authorised to buy and sell shares on behalf of others.

Strategic asset allocation

The composition of an asset mix within a portfolio, constructed with the objective of meeting the long-term liabilities of a fund, rather than being based on short-term views of relative performance of the various asset classes.

Superannuation (super)

A system where individuals set aside funds during their working life to fund retirement. The Government supports this system by requiring employer contributions on behalf of employees, providing tax concessions and regulatory controls for the benefit of contributors.

Superannuation Guarantee

A Government scheme whereby employers must contribute a prescribed level (currently a minimum of 9%) of an employee's annual income into a nominated superannuation fund.

Superannuation Guarantee Charge

A charge imposed on any employer that fails to contribute the prescribed level of superannuation for their employees.

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Tactical asset allocation

An investment approach by which the allocation of a fund to different classes of asset is changed on a short-term basis to take advantage of perceived differences in their relative values.

Term Allocated Pension (TAP) or Market Linked Income Stream (MLIS)

A superannuation income stream or pension payable for a specified term based on life expectancy. Lump sums are not able to be withdrawn from this type of pension. The money is locked within the account for the provision of income. The amount within this account is invested in different investment options. The returns on the investment are based on market performance.

Term certain annuity

An annuity where income payments are guaranteed to be paid for an agreed term.

'Top down' style (funds management style)

A method of analysing companies whereby an investor starts by looking at macro-economic factors and then incorporates industry trends and stock-specific factors. This style is the opposite of 'bottom up'.

Trust deed

A document that sets out the rules for the establishment and operation of a fund.

Trustee

The person or company that has the legal responsibility to ensure that the trust or superannuation fund is operated in accordance with the trust deed.

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Undeducted contributions

Contributions to a superannuation fund or retirement savings account made after 30 June 1983 for which no tax deductions were allowable. The undeducted contributions component of an Eligible Termination Payment is not taxable on withdrawal and does not count towards a person's Reasonable Benefit Limit.

Underlying investments or securities

In relation to managed investments, this normally means the investments selected by the investment manager. In the case of master trusts, underlying investments are the investments offered through menu options for an investor to select. The menu may include both listed and unlisted investments and investments only available through the master trust the investor has elected to use.

Underweight

Taking on a smaller exposure to one investment market or security compared with a benchmark or neutral position. The opposite of overweight.

Unit price

The price to purchase a unit in an investment. The unit price multiplied by the number of units provides the balance. There maybe a difference between a purchase of a unit and the sale of the unit due to the costs associated with each transaction. The costs are referred to as the buy/sell spread.

Unit trust

A pooled investment structure set up under a trust deed where investors buy units in a trust that is managed by the fund manager on behalf of the investors. The value of units is set either by the market (if a listed trust) or by the trustees (if unlisted), who adjust the price according to valuations.

Unitisation

An investment expressed as a number of units, where the value is determined by the price of each unit.

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'Value' style (funds management style)

A value investor seeks to invest in assets that are under priced on the expectation prices will increase. With shares, the key ratio to judge whether stocks are under priced or not is their relative price/earnings ratio.

Volatility

The extent to which the return or price of an investment fluctuates over time.

Voluntary Early Retirement

Where an employee’s position of employment is no longer required by an organisation and that organisation provides a payment incentive to resign from those identified positions.

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Work test

The amount of time a person must have worked or be working during specified periods to enable then to either contribute to superannuation or retain money in superannuation over a certain age. For example, a member aged between 65 and 74 must have worked 40 hours in a consecutive 30 day period during the financial year in which the contribution to superannuation is to be made.

Wrap account/service

A portfolio reporting and custodian service in which investors hold assets via a custodian arrangement and receive reports on all assets within the portfolio. Assets held may include direct investments such as shares, and managed investments including master funds, etc.

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Yield

The income earned from an investment expressed as a percentage of the capital invested.

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