Breaking news

Super reading – your annual report goes interactive

Keeping up with how your super fund is performing just got easier with this new online Annual Report – the PSSap Reporter. Instead of sifting through page after page of reports, the new interactive format lets you jump right to the information you’re interested in. Along with all the financial facts and figures, the PSSap Reporter features interesting news items and stories from the year that’s been and much more. We hope you’re finding this a useful tool.

Henry review: government proposes increased super contributions

After more than a year of anticipation, the Henry taxation review was handed to the Australian Government in December 2009. Treasury Secretary Ken Henry’s review was the first in-depth examination of Australia’s tax system for over a decade, and the final report contained a wide-ranging series of recommendations.

In response to the Henry review, the government proposed a number of important changes to Australia’s superannuation system. Most significantly, the government is proposing to increase the super guarantee from
9 per cent to 12 per cent over seven years from 2013 to 2020, significantly boosting employer contributions.

Other key proposals include:

• increasing the super guarantee age limit from 70 to 75
• offering a government super contribution of up to $500 a year for those on an adjusted taxable income of up to $37,000
• maintaining the concessional contributions cap at $50,000 (indexed) for those aged 50 or over who have less than $500,000 in super after 30 June 2012.

These proposed super changes haven’t been introduced to Parliament and may not become law, but we’ll keep you up-to-date with the latest news and what the changes may mean for you at www.pssap.gov.au.

Get your full Annual Member Statement online

To make it easier to see how your super has performed in 2009/10, you can now access your full Annual Member Statement in Your account. As well as being able to download and print your statement, you can also access the interactive Member Statement Guide which explains each section in detail to make sure you understand how your super is working for you.

Unless you have told us otherwise, we will still send you a printed copy of your Annual Member Statement. If you’d like to cut down on paperwork by accessing this exclusively online, make sure you update your email address and online communication preferences in the my details section of Your account.

You’ll need an access number to use this service. If you don’t have one or you’ve misplaced it, call us on
1300 725 171 and we can give you one over the phone.

Budget 2010/11

The government’s response to the Henry review formed the basis of the proposed super changes in this year’s federal budget. Treasurer Wayne Swan estimated that increasing the super guarantee rate to 12 per cent will increase the final retirement balance by $108,000 for full-time workers aged 30 today, and by $78,000 for people with broken working patterns – such as women who temporarily leave the workforce to care for children.

If the proposed changes are implemented, the government estimates they will increase Australia’s existing super savings by $85 billion over 10 years, and $500 billion by 2035.

Proposed ARIA and MilitarySuper merger update

The Bills covering the proposed merger and other governance and administration reforms were not debated in the Senate prior to the election being called. This means the proposed merger of ARIA, the Military Superannuation Board and the Defence Force Retirement and Death Benefits Authority did not go ahead on 1 July 2010. Find out more.

We will keep you updated on any relevant developments through the news section of the website.

Life doesn’t stand still – so why should your insurance?

We changed our death and TPD insurance options on 1 March 2010 and now our default insurance cover changes depending on your age. We’ve done this because the amount of cover you need generally depends on your age.

Basic cover (our default cover) is a scaled amount of cover which changes as you get older and is based on what the average member needs at different stages in their life. But if your needs are different you can choose Minimum or Maximum basic cover to keep scaled cover for your age or choose a fixed amount of cover.

If you were a member before 1 March, your death and TPD insurance cover may have changed. We sent you a letter about this, but if you have any questions or would like to change your cover, visit the Insurance section online or call 1300 725 171.