Keep up to date with the latest news from Super SA.

Browse Super SA's latest news

Search archive

Subscribe to RSS feed

Mother's Day Classic - Sunday 14th May

The Mother’s Day Classic fun run or walk is held on Mother’s Day each year in cities and towns across the country to raise money for vital breast cancer research. It started nearly 20 years ago as an initiative of Women in Super and since that time has raised $30.4 million for the cause.

There are now more than 135,000 Australians each Mother’s Day who get up early to take part in this morning walk or run, often in honour or memory of someone whose life has been touched by breast cancer.

Super SA is delighted to be involved in the event again this year as one of the event’s sponsors, specifically the Largest Company, Department and Agencies Team Trophy. Super SA staff will also participate in the walk with their families, as well as volunteering with administration and logistics on the day.

If you wish to take part in the Mother’s Day Classic yourself, you can register through the Mother’s Day Classic site.

Research projects across the nation are supported by the funds raised, including research being conducted here in South Australia. The local research includes topics such as how pregnancy protects against breast cancer, identification of genes and bone specific delivery of compounds to target breast cancer growth in bones, amongst others. You can read more about the projects supported on the Mother’s Day Classic site.

Additionally, you can make a cash donation and support the National Breast Cancer Foundation.

Government Super Reforms

The superannuation changes announced in the Federal Budget, have now been passed by Parliament and will become effective on 1 July 2017. Below is a summary of the key changes potentially affecting Super SA schemes and products. 

This article was produced in conjunction with IFS Financial Planners. If you need more personalised advice around these changes and their impact to you, please contact IFS to make an appointment.

 

New contribution cap of $25,000 for all taxed schemes/products 

Super SA schemes/products affected: Super SA Select and SA Ambulance Service Super Scheme

From 1 July 2017, the current annual concessional contributions (employer and salary sacrifice contributions) cap of $30,000 for those aged under 50 - or $35,000 for those over 50 – will be lowered to $25,000 for all individuals. The cap will index in line with wages growth.

This change affects all taxed super funds including Super SA Select and SA Ambulance Service Superannuation Scheme.

The change does not affect Triple S, Pension Scheme, Lump Sum Scheme, Parliamentary Scheme and Judges’ Scheme. However, the amount of concessional contributions made to these schemes will be counted towards the cap if a member of any of these schemes also contributes concessional contributions to a taxed super fund.

G:\Marketing & Comms\7 Community and Public (SAGEMS, Government Comms and Media)\Articles\2017\annual before tax cont cap

For more information, see the Treasury fact sheet

 

$100,000 annual cap for non-concessional contributions

Super SA schemes/products affected: All schemes and products

From 1 July 2017, an annual cap of $100,000 on non-concessional contributions (member after-tax contributions) will replace the current $180,000 cap. Prior to this date the bring-forward rule can still be utilised, and amounts up to $540,000 can be contributed (if the bring-forward rule has not already been triggered). If the bring-forward rule has been triggered in 2016-17 and not fully utilised then it can be used in 2017-18 and 2019 but with the lower amount of $380,000 ($180,000 + $100,000 + $100,000).

From 1 July 2017, individuals with a total super balance above $1.6 million will no longer be able to make non-concessional contributions, except where required to do so as part of a defined benefit scheme such as the Pension Scheme, Lump Sum Scheme, SA Ambulance Service Superannuation Scheme and Parliamentary Scheme, where after-tax contributions are required.

All after tax contributions into any superannuation or rollover fund will be counted.

G:\Marketing & Comms\7 Community and Public (SAGEMS, Government Comms and Media)\Articles\2017\100000 annual cap for noncon cap

For more information, see the Treasury fact sheet

 

Low Income Superannuation Tax Offset retained

Super SA schemes/products affected: Super SA Select

A tax offset that provides a super savings boost of up to $500 a year for those earning up to $37,000 has been retained. The Low Income Superannuation Tax Offset (LISTO) will replace the existing Low Income Superannuation Contribution (LISC) from 1 July 2017. The LISC was previously scheduled to expire on 30 June 2017.

For more information, see the Treasury fact sheet

 

New $1.6 million cap on money you can put into retirement phase

Super SA schemes/products affected: Super SA Income Stream

From 1 July 2017, there is a $1.6 million cap on the total amount of superannuation savings that can be transferred from a concessionally taxed ‘accumulation account’ to a tax-free ‘retirement account’. Superannuation savings accumulated in excess of the cap can remain in an accumulation superannuation account, where the earnings will be taxed at 15 per cent. Those individuals already in retirement as at 1 July 2017 with balances in excess of $1.6 million will need to either transfer the excess back into an accumulation superannuation account; or withdraw the excess amount from their superannuation. Individuals who think they may be affected by this new measure should consider seeking financial advice.

It’s worth noting that subsequent earnings on balances in the retirement phase will not be capped or restricted.

G:\Marketing & Comms\7 Community and Public (SAGEMS, Government Comms and Media)\Articles\2017\1.6 million cap

 

Lifetime Pension also count towards the $1.6 million retirement cap.

Super SA schemes/products affected: Pension Scheme, Parliamentary Scheme and Judges’ Scheme

From 1 July 2017, any lifetime pension will count towards the $1.6 million retirement cap. The amount counted towards the cap will be 16 times the total annual pension amount on 1 July 2017 or when the pension commences after this date. If you are over the $1.6M cap then you will not be required to commute the lifetime pension (and you may not be able to do this under the rules of the scheme) however, if you have other retirement accounts (eg the Super SA Income Stream) these accounts will need to be reduced by the excess amount.

 

Tax Rebate for Untaxed Lifetime Pensions

Super SA schemes/products affected: Pension Scheme, Parliamentary Scheme and Judges’ Scheme

From 1 July 2017, if the sum of your lifetime pensions are over $100,000 (ie you are over the $1.6M cap when you times your annual pension income by 16) the 10% tax offset will not apply to any pension amount over $100,000. For example if your annual pension is $110,000 (consisting of $102,000 untaxed and $8,000 tax-free components) you would currently be receiving a 10% tax offset of $10,200. Individuals who think they may be affected by this new measure should consider seeking financial advice. 

 

For more information, see the Treasury fact sheet

  

New catch-up measure for those with balances of $500,000 or less

Super SA schemes/products affected: Super SA Select and SA Ambulance Service Super Scheme

From July 1 2017, members with total superannuation balances of $500,000 or less will be able to rollover their unused concessional cap amounts (now set annually at $25,000) for a period of five years. This measure – which means that those who qualify can make larger super contributions than $25,000 in some years, where they have “unused caps” over the five year period - has been designed to provide more flexibility for those who can make extra contributions and assist those returning to the workforce.

For more information, see the Treasury fact sheet

 

Changes to Transition to Retirement (TTR)

Super SA schemes/products affected: Super SA Income Stream

Effective 1 July 2017, the tax exempt status of investment income from assets supporting transition to retirement (Early Access to Super - EATS) income streams will be removed, meaning that the investment earnings on TTR pensions will be taxed at up to 15%. This change will apply irrespective of when the transition to retirement income stream commenced. Individuals will also no longer be allowed to treat certain superannuation income stream payments as lump sums for tax minimisation purposes.

Investors who have invested in the Super SA Income Stream as part of an Early Access to Super or Transition To Retirement arrangement are encouraged to seek financial advice.

Pension payments are still concessionally taxed and are tax free for individuals over 60. Once retired, regular superannuation income streams will retain their tax free earnings status.

G:\Marketing & Comms\7 Community and Public (SAGEMS, Government Comms and Media)\Articles\2017\TTR earing tax rate

For more information, see the Treasury fact sheet

 

Division 293 tax for those with incomes of $250,000 or more

Super SA schemes/products affected: All schemes and products

Individuals with incomes over $250,000 will now be required to pay an additional 15% tax on their concessional super contributions.  The threshold was previously $300,000.  To be liable for a total of 30 per cent tax, a person would need to have at least $250,000 in combined income and concessional superannuation contributions.  In 2017/18, approximately 1% of fund members are expected to pay Division 293 taxation.  This change will also be reflected in defined benefit schemes.

For more information, see the Treasury fact sheet

 

Extension of the spouse tax offset

Super SA schemes/products affected: All schemes and products

From 1 July 2017, the eligibility rules for claiming the tax offset for superannuation contributions that partners make to their low income spouses will be extended. The current 18 per cent tax offset of up to $540 will be available for any individual, whether married or de facto, contributing to a recipient spouse whose income is up to $37,000. This is an increase from the current $10,800. As is currently the case, the offset is gradually reduced for income above this level and completely phases out at income above $40,000. Individuals will be able to make contributions on behalf of their spouse who is under age 75.  

For more information, see the Treasury fact sheet.   

 

Anti-detriment rule abolished

Super SA schemes/products affected: Super SA Flexible Rollover Product, Super SA Income Stream and SA Ambulance Service Super Scheme

From 1 July 2017, Anti-detriment payments will be abolished. An anti-detriment payment is an amount that can be included when a lump sum death benefit is paid to a dependant. The payment is a refund of the 15 per cent tax on contributions that has been paid by the deceased member over their lifetime.

 

This article is current as at 12 April 2017. 

Commonwealth preservation age to determine tax rates & EATS eligibility

From 1 July 2015 an increased tax rate will apply to super benefit payments cashed before you have reached your Commonwealth Government preservation age – the age that will also determine your income stream eligibility.

Background

The impact of the changes the Commonwealth Government made to its super preservation rules as part of the 2007 Stronger Super package of reforms will occur on 1 July 2015, which marks the first group of people turning age 55, but not reaching their Commonwealth Government preservation age.

The 2007 changes established that the lump sum super tax rates would be based on whether a person had reached their Commonwealth Government preservation age. Previously the lump sum tax rates were based on whether they had reached ‘age 55’.

Aligment between tax rates and preservation age

While the alignment between tax rates and Commonwealth Preservation age was legislated in 2007, from 1 July 2015 an increased tax rate will apply to super benefit payments cashed before you have reached your Commonwealth Government preservation age – the age that will also determine your income stream eligibility.

  • Tax rates for cashed benefits: the tax rate of 15% will no longer commence at age 55 but at Commonwealth Government preservation age.
  • Income stream: Commonwealth Government preservation rules will determine the age you can purchase an income stream.

Super SA schemes

While Super SA’s Triple S, Lump Sum and Pension Schemes are not required to comply exactly with the Commonwealth preservation rules due to their status as Exempt Public Sector Superannuation Schemes (EPSSS), the changes will affect members of these schemes born after 30 June 1960.

 

 

The following tables summarise the changes

Table 1: Age at which 15% on super lump sum cash payments up to $185,000 commences

Curently: 1 July 2015:
From age 55 (regardless of your Commonwealth preservation age) From your Commonwealth Government preservation age

 

Table 2: Impact of increase to Commonwealth Government preservation age on Super SA's Exempt Public Sector Super Schemes (EPSSS)

Super SA EPSSS Schemes Unchanged Changed
Triple S

Still able to cash benefit from age 55, as long as you have ceased employment (nb you do not have to be permanently retired or have reached Commonwealth Government preservation age).

 

 

 

 

An untaxed benefit taken as a cash lump sum prior to reaching your Commonwealth Government preservation age will be taxed at a rate of 30% plus Medicare.

Members who turn age 55 in the next financial year will not be able to access the Super SA Income Stream. This includes for the purpose of Early Access to Super (EATS) or Transition to Retirement (TTR) until the following year when they turn age 56.

Lump Sum Scheme
Pension Scheme

 

Table 3: How tax is calculated on your entitlement from 1 July 2015

Your age Tax on taxable (untaxed) component Tax on taxable (taxed) component
Under Commonwealth preservation age 30% maximum tax rate up to $1,355,000 20% maximum tax rate (no limit)
Commonwealth preservation age up to age 59

15% tax up ot $185,000

30% tax on balance up to $1,355,000

Taxed at 0% up to $185,000

15% tax on balance (no limit)

60 or over 15% tax on amounts up to $1,355,000 Tax free

 

Further information

Fact sheets:

Super SA: if you’d like to discuss your options, our Member Solutions Team can help. You can call them on 1300 364 941.

Commission-free financial advice: for detailed financial advice about what’s best for your situation Super SA recommends you speak to a licensed financial planner.

Dear Triple S member

This is a quick e-mail to keep you in the loop with news and info about your super scheme.

Triple S wins best workplace super product

The super scheme for SA public sector employees and their families has been awarded best Workplace Super Product of the Year in the value category at the national SelectingSuper awards.

Triple S was rated best Workplace Value Super Product based on its performance across a broad range of criteria, including:

  • administration
  • communications
  • costs
  • returns
  • insurance.

The SelectingSuper Awards are held each year to recognise the best superannuation funds and industry leaders in Australia and are run by leading financial services information company the Rainmaker Group.

 

These awards have capped off a great few years for Super SA.

Super SA is very proud of these results as they demonstrate its ongoing commitment to providing members with the very best products and services.

 

Selecting Super Award 2013

New home page coming soon

We’ll be launching a new, easy to use home page in July.

The new look has been designed to make frequently accessed areas simpler to locate. This will make the functions you want quicker and easier to find.

Keep watching this space . . .

Media Release: New fund launched

Young workers and part-time or casual public sector employees are being targeted by a new SA government super fund which commenced on 1 January 2013.


Super SA Select provides SA public sector employees with more choice for their super. Super SA members can remain in the tax-deferred Triple S scheme or become members of this new fund.


Super SA's General Manager, Stephen Rowe, said the new fund was established because a new Commonwealth superannuation payment, the Low Income Superannuation Contribution, only applies to members of taxed superannuation funds.


"Super SA Select provides lower paid public sector workers an opportunity to make a significant contribution toward their retirement without impacting on their living wage.


"Southern Select Super Corporation, was established on 1 December as Trustee of Super SA Select and its Board met for the first time on 14 December.


Until now SA public sector super has had different rules from most other super funds and the launch of Super SA Select puts it in closer alignment with the Commonwealth Government's rules for super funds.


"We've managed to get this new product up and running in record time and I'm proud of Super SA's staff having achieved this."

More detailed information on Super SA Select is available on www.supersa.sa.gov.au.

Note: the Minister for Finance, Hon Michael O’Brien, issued a media release about Super SA Select on 10 January 2013.

Super SA Open Day winners announced!

Congratulations to the winners of the Door Prizes from Super SA's Open Day.

Nine lucky members won prizes ranging from a $3000 financial plan to a SA Shorts Holiday voucher and a gift basket.

Prizes and winners

$3,000 Financial Plan courtesy of IFFP Financial Planners

- P Dorsman

SA Shorts Holiday Voucher

- J Carthew

- L Ping

Congratulations also to those lucky enough to win the individual booth prize draws at Super SA's Open Day 2012.

Get the Ball Rolling Booth - Gift Basket

- J Stevenson

Investments Booth - Smart Investor Magazine Subscription

- N Tesar

Investments Booth - Chocolate Coins

- J Shepherdson

Insurance Booth - Juice Fountain

- H Williams

Post Retirement Products Booth - Book

- L Stevens

Contributing to Your Super Booth - Piggy Bank, lollies, diary and calendar pack

- J Burgess

Congratulations to you all!

Your super, your future: get the information you need

Seminars

Are you interested in learning more about your super and what steps you need to put in place to reach your retirement goals?

Super SA conducts regular seminars for members and their partners, ranging from Planning for Retirement and Building Wealth to the Super SA Income Stream and Flexible Rollover Products.

A quick visit to Seminars will give you a full list of seminars, their content and how to book. They are held in Adelaide and regional centres.    

Worksite visits

If you can’t make it to our seminars we can come to you. Our education officers can attend your workplace, including lunchtime and out of work hours.

They can talk to you and your co-workers about super, answer your questions, and conduct “one-on-ones” with individual staff.

If you would like a worksite visit please email us at supercomms@sa.gov.au.

Your Super Goes Mobile

Super SA members can now access their super anytime anywhere with the new Super SA mobile device site.

No cost, no app...

The new site is free and is compatible with any mobile device with web access. No application is needed and members will be automatically directed to the site.

On the site you'll find:

  • Unit Prices
  • Investment Performance
  • Calculators
  • Seminars
  • Info on boosting your super
  • Tips on planning for retirement.

There's also a secure area where members can check their current amount of super and view Annual Statements.

Feedback welcome

If there's anything else you want to see on the new mobile site, let us know. You can email us at supersa@sa.gov.au.

Superannuant tax changes from 1 July 2011

If you’re receiving a fortnightly pension from Super SA the amount of tax you pay may change from 1 July 2011. Read on to see how this might affect you.

From 1 July you may find that you’re paying less tax. This is due to the Low Income Tax Offset for 2011-12

The Low Income Tax Offset (LITO) is a tax rebate for individuals on lower incomes.

It provides individuals earning less than $30,000 with a tax rebate of $1,500. The full offset is reduced by 4 cents for every dollar of taxable income above $30,000, with the benefit cutting out once your income reaches $67,500.

For 1 July 2010 – 30 June 2011 - 50% of the LITO entitlement was received as reduced withholding tax, while the balance is paid to you after you’ve lodged your tax return through the Tax Office.

From 1 July 2011 – 70% of the LITO entitlement is received as reduced withholding tax and the balance paid to you after you’ve lodged your tax return with the Tax Office.

Removal of Additional Tax Amounts
If you requested to have additional tax taken out to compensate for 27 fortnights in 2010-11, this amount has been removed from the first pay in 2011-12.

From 1 July you may be paying more tax with the introduction of the Flood Levy
The Flood Levy was introduced by the Federal Government to assist rebuilding infrastructure in areas affected by recent natural disasters. This levy will apply to the 2011-2012 financial year.

In accordance with the Commonwealth Government’s Disaster Assistance Program, if your annual taxable income is higher that $50,000 in the 2011-12 financial year, additional tax will be deducted from your fortnightly income in accordance with the Australian Taxation Offices fortnightly tax table as below: 

Taxable Income per annumFlood Levy
$0 to $50,0000.0%
$50,001 to $100,0000.5%
Over $100,0001.0%


More information regarding the Low Income Tax Offset and Flood Levy can be found at the ATO website.

The new Flood Levy may affect you if . . .

in the 2011-2012 financial year your taxable income is over $50,000. This can include payments from super.

The Flood Levy was introduced by the Federal Government to assist rebuilding infrastructure in areas affected by recent natural disasters. This levy is temporary, applicable for the 2011-2012 financial year only.

Will amounts paid from super affect my Flood Levy liability?

If your taxable income is over $50,000 you will have to pay the Flood Levy. And the taxable component of lump sum cash payments and income payments from super are included in your taxable income and may increase your liability.

In the Triple S, Lump Sum and Pension schemes the Flood Levy will be payable if you receive:

  • your entitlement in cash (from Triple S or Lump Sum) or a commutation from the Pension Scheme
  • pension or income protection payments.

In the Super SA Income Stream and Super SA Flexible Rollover Product the Flood Levy will be payable if you are under 60 and receive:

  • a lump sum payment from the Flexible Rollover Product
  • a lump sum or regular payment from the Income Stream.

The rates payable are:

Taxable incomeFlood levy payable
$0 to $50,000Nil
$50,001 to $100,000Half a cent for each dollar over $50,000
Over $100,000$250 plus one cent for each dollar over $100,000


Because of the Flood Levy, Super SA is required to deduct additional tax from lump sum or pension payments that have a taxable component of more than $50,000. If you have other income or receive other taxable payments this may not be enough to cover your Flood Levy liability.

If your Super SA lump sum or pension payments have a taxable component of less than $50,000, Super SA will not deduct the Flood Levy. However, your Super SA payment will count towards your taxable income for 2011-2012.

Your tax liability will be calculated when you lodge your tax return for the 2011-2012 financial year.

You don’t have to pay the Flood Levy if:

  • you received an Australian Government Disaster Recovery payment for a declared natural disaster in 2010-2011
  • your taxable income is less than $50,000.

For further information on the Flood Levy go to the Australian Taxation Office website.

New security feature

When you next sign in to the secure member area of the website you’ll notice something new. Beneath your name and super ID in the top right hand corner, you’ll be shown the date and time you last accessed your account details. 

To ensure your privacy is protected at all times you should keep your Super ID and password confidential. This way you’ll be sure that your details are kept secure.

Unit price update 18 March

Super SA expects to receive the unit prices, effective 17 March, by close of business today.
Once these unit prices become available, we will resume normal processing of transactions previously put on hold. The effective unit prices will also be published on the website as normal.

We thank you for your patience and apologise for any inconvenience..

Unit price update 17 March 2011

All switching requests received prior to close of business Friday 11 March will be processed applying the unit prices published on the website Wednesday 16 March.

What happens to switching requests received after this date?
All switching requests received prior to close of business Tuesday 15 March and benefit payment requests have been put on hold until the unit prices effective 17 March become available. Processing will resume once these unit prices are confirmed. We will update you on this web page.

What about cash withdrawals from the Super SA Income Stream and Flexible Rollover Product?
As a result of the above, any cash withdrawals from the Super SA Income Stream and Flexible Rollover Product have been delayed to allow for the new unit prices to become available.

Why has this occurred?
Super SA has had to review its unit pricing timing, amid global market volatility over the weekend (including the SA public holiday). To ensure that members and investors aren’t disadvantaged over recent events, Super SA suspended investment switching and other benefit processing, as the situation was assessed.

What if I have questions?
Call Super SA on 1300 369 315 or email supersa@sa.gov.au.

Triple S and Flexible Rollover Product fee change

From 1 January 2011 the administration fee for Triple S and the Flexible Rollover Product (FRP) will be $1.35 a week. This is the first ever fee increase for Flexible Rollover Product investors and the first increase in Triple S fees in more than six years.

Super SA strives to keep fees and charges as low as possible, and since 2004 the administration fee has remained fixed at $1 a week.

During this time members/investors have benefited from improved services, including an expanded range of information and educational materials, and access to commission-free financial planning.

In order to meet increased administrative and regulatory compliance costs the weekly administration fee will become $1.35, making the annual administration fee $70.20.

Triple S members with less than $1,000 in their account will benefit from member protection, which means that the administration fee charged will be the lesser of net investment earnings or $1.35 a week, subject to a minimum annual administration fee of $10.

For FRP investors, a minimum administration fee of $10 per annum will apply to Flexible Rollover Product accounts established or closed during a financial year.

Super SA is committed to keeping fees to a minimum. Unlike many other funds, Triple S and the FRP have no entry, exit or contribution fees.

If you have any enquiries regarding Super SA’s fees and charges, please email supersa@sa.gov.au or call us on
1300 369 315.

Super SA achieves significant milestones

Super SA, the super provider for SA public sector employees, has reached the milestone of 200,000 members and $11 billion in funds under management. We now administer superannuation accounts for almost a quarter of the working population of South Australia.

After nearly a year at the helm, Super SA’s General Manager Stephen Rowe is pleased with Super SA’s position.

“As a public sector fund, our obligation to our members is always front and centre. That means not only striving for the best returns but ensuring that members are educated about their options and that we drive value for members at every level of the business.

“After the market volatility of the past few years, members are demanding accountability and transparency. Here at Super SA this is something we aim to provide our members on a daily basis. Get that right and everything else follows.”

$11 billion in funds under management saw Super SA’s inclusion for the first time in consulting firm Towers Watson’s top 300 global super fund survey last year, where it came in at number 285. Rankings are determined by the funds under management of each super fund.

Investment switching trends

A recent investigation by Super SA into the switching trends of our members and investors has revealed some interesting results.

While 93% of Triple S members choose to stay in the default Balanced option, 7% of members have chosen to switch to another option.

Given the Global Financial Crisis (GFC) and level of market volatility in recent times, Super SA conducted some analysis to determine how many Triple S members switch their investment option, how often and why.

Market volatility

The analysis showed that investment market volatility was the key reason why members were switching their investment.  When financial market volatility was high, balances were more likely to be moved to a lower risk option such as Cash.

In 2008/09, the investment markets were extremely volatile.  In these 12 months, Super SA processed 3,827 investment switches, many of them switching to the Cash option, with varying results.

During the GFC, there was an unprecedented amount of economic news available in various media articles and television reports.  It is likely that this had a strong correlation to the amount of Investment Choice forms Super SA received.  When investment markets and volatility levels stabilised to some degree in early 2010, the level of switching for the 2009/10 year declined significantly from the peak seen in 2008/09.

Impact of timing

In October 2008, members who switched their investment option from Balanced to Cash could have been better or worse off at 30 June 2010 than if they had remained in the Balanced option depending on exactly which day in October 2008 they switched.

The following table shows six days in that month that switches were processed and the effect of switching their account balance from Balanced to Cash on that day.

In this scenario, the member had $100,000 invested in Balanced at 1 October 2008.   If the member did not switch their investment, remained in Balanced and did not have any transactions in their account, their account balance would be $96,755.10 at 30 June 2010.

Date of Switch to Cash

Account Balance at 30 June 2010

Switched to Cash

Gain/Loss
2/10/2008$105,255.03$8,499.93
8/10/2008$104,816.94$8,061.84
9/10/2008$102,975.34$6,220.24
21/10/2008$93,790.02-$2,965.08
28/10/2008$91,616.28-$5,138.82
30/10/2008$90,832.99-$5,922.11


Depending on timing of when the member gave Super SA their switch form, their balance could have been $8,499.93 higher or $5,922.11 lower than if they had not switched their investment. For members who attempted to reduce their investment risk, some gained, but others lost more value than just staying with their long term strategy.

Other trends

Apart from reacting to economic news, members also chose their investment option based on their risk tolerance or appetite and time horizon.  Because of this, there was a clear trend towards more conservative investment options as members’ age increased.

Following the mailout of Annual Statements, the volume of Investment Choice forms received by Super SA increased dramatically in each financial year.  Additionally, 90% of members that switched their investment option in the past five years did so once or twice in the period, showing that most members make a decision based upon their long term strategy.

Super SA offers eight investment options.  To find out more about the investment options Super SA offers and the things to consider when choosing an investment option, visit http://www.supersa.sa.gov.au/investments/investment_choices.

Financial planning service now available on site!

You now have the option of speaking to a financial planner from Industry Fund Financial Planning (IFFP) when visiting the Super SA Member Centre, located at 151 Pirie Street, Adelaide (enter from Pulteney Street).

An IFFP planner is available Monday to Friday from 9am to 5pm. They’re commission-free, knowledgeable about
Super SA’s products and can provide you with general information about your financial options and choices, ranging from tips on salary sacrificing to getting your retirement plans underway.

To make an appointment with an IFFP financial planner, call IFFP on 1300 138 848.

To find out more about the services IFFP can offer you, visit their website, www.iffp.com.au.

It's official! Income Stream minimum amount reduced

It’s official! Income Stream minimum amount reduced
Super SA Income Stream investors can now set their income payments to the revised minimum amount announced on 30 June 2010.

This change has now been formalised by the Commonwealth Government.

You’ll be hearing from us!
Income Stream investors who elected to receive the minimum income payment for 2010-11 will receive a letter from Super SA informing them of the changes and inviting them to change their income if they choose.

Background
On 30 June the Commonwealth Government announced that the 50% reduction in the minimum payment amounts would be extended. The minimum payment amounts were halved for the 2008-09 and 2009-10 years.

For further information call Super SA or visit the Australian Tax Office website www.ato.gov.au.

Update:Important information for Income Stream investors

The Commonwealth Government announced on 30 June 2010 that the 50% drawdown reduction has now been extended for the 2010-11 financial year.

Once the changes have been made to the relevant Commonwealth legislation,
Super SA Income Stream investors can choose to take the lower minimum amount in 2010-11, allowing them to reduce their income payment and retain more of their retirement savings in their Income Stream while the market recovers.

Investors in the Super SA Income Stream will receive a letter after the legislative changes have been made inviting them to change their income payment amount if they choose.