Legislation has been drafted to increase the Superannuation Guarantee (compulsory employer contributions) from 9% to 12% of an employee’s earnings.

If passed, the legislation plans a gradual increase in the SG rates  from 2013.  The Federal Government has also proposed increasing the upper age threshold of compulsory SG contributions (currently 70) so that super will be payable for older workers who choose to continue working.

For many Australians, this increase will be a welcome increase in their super savings. Related research by the ASFA in August 2011 shows the increase SG will positively impact real GDP levels and add $5463million to our economy by 2025.

We are monitoring the progress of this legislation but have raised concerns with our industry lobby groups for higher income earners who may already be subject to additional tax because of excess concessional contributions. Unless the contribution thresholds are increased in line with the SG rate, we suspect a small number of AvSuper members will have to pay more tax on their super.   We will keep you informed as the legislation progresses.

The AvSuper team wishes all members a very happy and safe Christmas and a prosperous 2012.

We also wanted to let you know that the AvSuper office will be  closed over the Christmas/New Year break, from 5pm Thursday 22 December until 9am Tuesday 3 January 2012.

Member Online is of course fully functional throughout the holiday.

During this period, you can leave us a phone message or send us emails and we will respond as quickly as possible once the office reopens.

AvSuper officially recognises this month as Movember and is proud to have Trustee Director, Ben Firkins, grow a moustache for this worthy cause. Not only is this an important community action, we think it is relevant to our 4,500 male members. 

Run each year, Movember is a world-wide event designed to raise awareness and funds for men’s health – in particular, prostate cancer and depression. Men sign up at the start of the month and grow a moustache, enlisting sponsors for the process. As people comment on their new look, Movember men (known as Mo Bros) can explain Movember and why they are participating.

For the fourth year, Ben Firkins is growing a moustache to increase awareness of prostate cancer and raise funds towards a cure or less invasive investigation procedures for his sons and other Australian men.

If you are able to support Ben raise these funds, you can make a donation via the Movember site at any time.

The AvSuper Team

As of today, AvSuper is in a new office! It isn’t a big move – we are just across the plaza from the Airservices Australia reception in Constitution Avenue. Coming from the city, walk alongside the casino into the plaza and look for the AvSuper sign on your right. Coming from the south-east on Constitution Avenue, pass the National Convention Centre and Airservices Building to the plaza then look for the AvSuper sign on your left at the far end.

This move will give us more space and easier access for members (no more finding the right corridor!) so we’re excited about being here.

Nothing else is changing – our phone, fax and postal address remain the same – and everything is back up and running if you need to contact us about your super.

If you’re in Canberra, we’d love to have you drop in to see our new offices and chat to our team.

Following a comprehensive review and due diligence process, AvSuper’s Investment Committee is pleased to announce two new investment managers to our Growth Alternatives portfolio, Coller Capital and Siguler Guff.

Importantly, investing in Coller Capital and Siguler Guff will provide exposure to the unlisted private equity secondary and distressed opportunity markets. These unlisted markets provide the managers access to a vastly larger pool of possible investments when compared with listed equity markets.

Both managers operate best in environments when times of uncertainty or volatility occur. At these times there are pricing mismatches that often occur between the value and pricing of assets; these mismatches provide longer term investment opportunities for investors.

Coller Capital has offices in London and New York and Siguler Guff offices are in New York, Boston, Chicago, San Francisco, Shanghai and Moscow.

Scott

Scott Malpass
Investment Officer, AvSuper

I’m delighted to introduce further enhancements to AvSuper insurance. Our new life changes cover allows AvSuper members to gain additional insurance without health assessments if they experience one of our specified life changes, such as marriage or the birth of a child.  The Trustee has successfully negotiated these improvements to our insurance options to provide you with additional insurance cover when you may need it most.

As a boutique fund with a member-focus, we pride ourselves on being able to tailor our insurance services to member needs.

AvSuper insurance has long offered members peace of mind through competitively priced cover with the convenience of premiums paid from their super accounts, including those of you in traditionally high risk (i.e. hard to insure) occupations.

AvSuper members told us they wanted easy access to more insurance options at times when more cover becomes necessary but may be forgotten or be difficult to source. Now, AvSuper insurance includes life changes cover which gives you more options for increasing your insurance to help you maintain sufficient insurance for your family’s needs.

Eligible members now have access to two pre-approved units of additional insurance cover when they experience a major life event, such as having a baby, getting married, starting a child in secondary school, getting divorced or buying a house.

Such events can make a huge difference to people’s lives and finances, so we are pleased to be able to offer some support in the form of additional insurance cover.

Accessing the additional insurance is easy – simply complete a Life Changes Voluntary Insurance Form within 60 days of the life changing event! Visit the insurance section of our website to find out mote about life changes cover, including eligibility conditions.

Michelle

Michelle Griffiths
CEO, AvSuper

* Only accumulation and income stream members with existing AvSuper death and TPD cover are eligible for life changes cover. The same terms and conditions (including premium rates) apply to the additional units as per your existing cover.

Welcome to Naomi Hales, joining the AvSuper team as the Trustee Services Officer.

Naomi has extensive experience in providing company secretariat support to boards.  She is qualified and trained both as an occupational health and safety officer and a first aid officer.  Naomi also has experience with some compliance and policy work and will provide support to the Trustee’s compliance requirements under the relevant superannuation laws as well as provide support to the Trustee.

I am pleased Naomi is joining us and know that she will become a valuable member of our team.

Michelle

Michelle Griffiths
CEO, AvSuper

I am very pleased to be able to introduce the newest member of the AvSuper team, Scott Malpass.

Scott is joining as AvSuper’s Investment Officer, a new role focussed on analysing and monitoring our investment portfolio with the Investment Committee and our investment custodian and managers.  Scott will also play a crucial role in responding to increasing member demand for more commentary, information and education about superannuation investment matters in general, and AvSuper’s investment portfolio in particular.

As well as having formal financial management qualifications, Scott was trained as a cadet in a super administrator working with both defined benefit and accumulation accounts. More recently, he has worked for Military Super’s Investment/Operations team  dealing with unit pricing, investment compliance, fund operations and alternative investments.

Scott also has aviation experience from the RAAF where he has been an aircraft engine/airframe technician and is enthusiastic about the aviation industry more generally! I am confident Scott is uniquely placed to assist the Trustee to manage your investments and contribute to AvSuper in a positive way.

Michelle

Michelle Griffiths
CEO, AvSuper

I am delighted to welcome Silas Dingiria to the AvSuper team as our new Client Relationship Manager!

Silas is a qualified financial planner, with substantial experience working for some of Australia’s largest industry funds, dealing directly with members and employers on superannuation issues and conducting member seminars and education sessions, especially retirement planning and income stream advice.  He is also a qualified commercial pilot.

At AvSuper, you can count on dealing with an experienced Trustee team – not an anonymous call centre – and Silas is a welcome addition to our member services operations from today.

Michelle

Michelle Griffiths
CEO, AvSuper

Michelle Griffiths
CEO, AvSuper