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Early access caution
2007-2008 fund performance
Cost of comfortable retirement
Changes to super for police
Transition to retirement arrangements
Returns: Is the sky falling in?
Investment return update
Proof of identiy required when claiming your super
Budget planner
Finding lost super
Sign up for e-news
Super ideas for your tax cut
Long Service Leave
Over-the-counter payments
Responsible Investing
Before you decide on whether to access your super early, the Australian Securities & Investments Commission’s (ASIC’s) Fido website has some food for thought. They say that, depending on your circumstances, accessing your super early is not always the best solution for financial problems.
There are often other options available and there are free and independent financial counselling services throughout South Australia to help you decide what’s best for you if you’re struggling with debt. Click here to read more about this service.
The Fido website also warns of scams that offer people illegal access to their super, often when they are most vulnerable and in need of financial assistance. Be careful! Accessing some of your super early is only possible in limited circumstances, such as Early Access to Super for Triple S members and Transition to Retirement arrangements for Lump Sum and Pension scheme members. Triple S, Lump Sum and Pension scheme rules don’t allow early access to super on the grounds of financial hardship.
It’s important to remember that any super you take early will leave you with less money in retirement so it should always be a last resort and you should seek independent financial advice about what’s best for your situation before making any decisions. To read the full story click here.
Super SA's investment manager, Funds SA, answers some frequently asked questions about 2007-2008 performance in this fact sheet.
The Commonwealth age pension provides Australians with a basic income for retirement, but most Australians need much more, according to the latest figures released from Westpac and the Association of Superannuation Funds of Australia (ASFA).
The research shows that a couple who own their home need an annual income of $50,086 to maintain a comfortable lifestyle in retirement, more than double the current maximum age pension for a couple. A comfortable lifestyle includes involvement in a broad range of leisure activities, access to private health insurance, good clothes and household goods, a reasonable car and occasional travel.
For a more modest lifestyle, with access to only fairly basic activities, a couple will need $27,151 a year. That’s over $3,000 more than the current maximum age pension payment for couples.
A single person will need $37,452 a year to maintain a comfortable lifestyle in retirement and $19,399 a year to live modestly. Currently, the maximum age pension rate for a single person is $14,216.80.
How much will you have in retirement? Use the benefit projector in the secure member area to find out. You’ll need your super ID to log in. Click here to read the detailed budget breakdowns from the report.
1 July 2008
From 1 July 2008 a number of changes to super for Police Officers took effect. The changes are:
All Police Officers affected by the changes have received an information kit giving full details of the new arrangements.
Seminars are being held for new Triple S Police members and Super SA information officers are available to visit worksites to provide information and answer member questions.
If you require more information about the changes to super for police officers, please email Super SA at supersa@saugov.sa.gov.au or call 1300 369 315 during office hours.
Transition to Retirement (TTR) superannuation arrangements for SA public sector employees became available from 1 July 2008.
This means that you may be able to access a portion of your accrued superannuation under the following rules:
Triple S members over the age of 55 who have a super balance of over $30,000 may also access their super via a Non-Commutable Allocated Pension (which provides an income stream with regular payments) without entering into an approved TTR arrangement.
Click on the links below to download the fact sheet for your scheme:
You can book in to a 1-hour seminar to find out more about what options are available to you. Click on your scheme below to link to the session times and booking details:
Yes and no, according to financial advisers IFFP. Market volatility has impacted super returns negatively, but despite the fall in our super account balances from last year, it is important to always keep in mind that super is a long term investment. Even after this year's negative results most of us are still well ahead. Click here to read IFFP's take on what to do when your super results are not that super.
It's true: returns this year don't look as rosy as they did last year.
The markets haven't been very good to us recently, and together with every other superannuation fund, Super SA felt the impact of negative returns. There has been a downward trend in unit prices that at first glance can make you feel a wave of panic.
However, Super SA has produced consistent double-digit returns for several years, and with super you must take a long-term view.
The message from the following articles is simple. Volatility is a normal part of investing. The important thing to remember is that super is a long-term investment and markets go up and down. Investors should stick to their long term plan and look past short term distractions. By focusing on your long term goals, you will think twice before making any hasty investment decisions.
Read the full articles:
From 12 December 2007, Super SA members are required to provide proof of identity, including name, date of birth or place of residence, when making application for payment of all or part of their entitlement in cash.
Proof must be provided to Super SA by means of original documents, or certified copies, when an application for cash payment of an entitlement is made.
This is as a result of Commonwealth Government legislation that addresses the risk of money laundering and the financing of terrorist activities. The reforms seek to bring Australia in line with international standards.
“Money laundering” means the method of using legitimate financial systems to try to hide or disguise money gained from criminal activity.
For more information, including a list of source documents for proof of identity, see the “Proof of identity” fact sheet.
It's not always easy to work out where your money goes each pay period. The Budget planner will show you what your income and expenses are so that you can stay in control of your finances. Are there changes you could make to your spending habits to help you meet your financial goals?
Did you know there is about $10 billion of 'lost' super in Australia? SuperSeeker is an online tool provided by the ATO that instantly provides possible matches for lost super.
To search for lost super click here.
You can receive regular updates about your super by subscribing to Super SA e-newsletters.
To register and for the chance to win a $50 Coles Myer voucher click here.
You probably now have more in your pay packet thanks to the July tax cut, so now is the perfect time to start taking charge of your financial future. You can use the extra dollars for a pain-free way to boost your super.
For example, if you earn $35,000 annually, you’ll have an extra $750 in your pocket each year, which can make a real difference to your retirement balance if you invest it in your super.
The Benefit Projector in the secure member area of the website can show you the impact your tax cut dollars could have on your final super account balance when you retire.
Whatever your age and situation, super’s too important to ignore. Check out the salary sacrifice and after-tax contributions fact sheets, or use the personal super contributions calculator to see what best suits your needs.
The Member Solutions Team can also give you some guidance. Call them on 1300 364 941 during office hours.
Remember, there’s no time like the present to start planning for your future.
Regulations under the Public Sector Management Act 1995, were recently varied to allow for the taking of Long Service Leave in single days.
This change will provide greater flexibility in work arrangements, particularly for employees who wish to reduce their work time as a means of phasing into retirement.
For example, you could take 1 or 2 days long service leave per week for a period of time, which would in effect mean that you would be working part-time, but receiving full pay.
Requests for Long Service Leave are subject to the approval of your Chief Executive or approved delegate.
As the safety of our members and staff is a priority, we cannot accept cash payments over the counter. So if you're making a one-off after-tax contribution (minimum $50) at the Member Centre, 151 Pirie Street, please bring a cheque or money order.
You can also post your after-tax contribution to GPO Box 48, Adelaide, SA 5001, or pay by BPay.
Contact Super SA for more details.
A new fact sheet from Super SA's investment manager, Funds SA, provides information about Responsible Investing. Click here to download.