AvSuper’s profit-for-member approach means all investment decisions are made to benefit members over the long term and help you build your retirement savings in an effective and prudent manner. 

We use a range of investment managers to ensure members’ money is invested to meet specific objectives and strategies (including strategies to guard against excessive risk) set out by the AvSuper Trustee.

AvSuper regularly reviews investment strategies and our investment managers, and recent reviews have resulted in appointing two new fund managers Read the rest of this entry »

The Government has announced that the reduced minimum drawdown for income stream members has been furthered extended to 30 June 2011.

Under Legislation, minimum payments must be made from super-based pensions or income streams at least annually. The minimum is set by the member’s age and account balance each July.

Due to the GFC, a 50% reduction in drawdown minimums has been in place since 2009. This reduction was due to end in June but has now been extended another year to assist income stream members rebuild after capital losses which occured while the market was low.

AvSuper members who have already requested drawdowns based on the reduced minimum will automatically continue on that level. Annual income stream drawdown letters will explain how all eligible members can access this reduction for 2010/11.

The AvSuper Trustee has decided to terminate its investment in ME Bank’s Super Loans Trust. After reviewing the performance of AvSuper’s fixed interest investment  managers, including the Super Loans Trust, the Trustee determined that it is no longer in members’ best interests to continue investing with ME Bank.

What does this mean for members?

If you have an existing ME Bank account or home loan, your accounts are not subject to change as a result of AvSuper’s decision. Members interested in ME banking products can continue to access these directly through ME Bank. If you have any queries in relation to your ME Bank accounts, please contact ME Bank on 13 15 63.

Please contact us if you have any questions about AvSuper’s investment management or your super savings.

Michelle

Michelle Griffiths
Chief Executive Officer

On 2 May, the Government released the Henry Tax  Review report along with its recommendations. As well as replying to the Review’s recommendations , the Government announced the following superannuation reforms:

• The maximum age for the Superannuation Guarantee (SG) is to increase from 70 to 75 from 1 July 2013

• The SG rate will gradually increase to 12% (this was not in the Henry Review recommendations): Read the rest of this entry »

The Ripoll Inquiry, established because of recent financial product and service provider collapses, reviewed the role played by commission arrangements for product sales and advice, the potential for conflicts of interest and the need for appropriate disclosure and remuneration models for financial advisers.

The focus of the Inquiry was on non-superannuation products and services, but its recommendations may have flow-on effects for super fund members in the future. Read the rest of this entry »

On 1 May 2010 Ms Glenys Roper was appointed as an employer representative Trustee Director of AvSuper. Glenys replaces Mr David Leggo, who retired on 30 April 2010 after nearly 20 years as a trustee director.

Glenys is an experienced non-executive director with an extensive knowledge of the superannuation regulatory framework and member administration.   Read the rest of this entry »

I’m pleased to announce that with effect from 1 July 2010, Hannover Life Re  has been appointed as the new insurer for group life and income protection policies for our members following an extensive benchmarking review and tender process conducted over the last quarter.

The Trustee with assistance from Rice Warner compared Hannover to a selection of other quality life insurance service providers to ensure our arrangements remain optimal and continue to provide the best value for AvSuper members.

AvSuper is currently finalising an improved range of insurance terms and conditions with Hannover, which will result in lower insurance costs for most of our members from July 2010 and will be communicating the details of the new arrangements to all members in the coming months.

Michelle

Michelle Griffiths
Chief Executive Officer

I am delighted to confirm that the AvSuper Trustee has elected Mr Tom Grant as the new Chairman of AvSuper from 1 May 2010 , following the retirement of AvSuper’s long serving Chairman David Leggo.

Tom has been a Director on the AvSuper Board for 20 years and is an Employer nominated Representative. Tom has qualifications in Economics (both a Degree and Masters), is PS146 compliant and has extensive experience in superannuation investing, corporate governance, project management and employee relations. Read the rest of this entry »

I am pleased to announce the appointment of Sara Stidworthy as AvSuper’s Administration Manager.

Sara brings with her almost 14 years of experience in the superannuation industry, with a strong background in fund administration. Sara has extensive defined benefit expertise and a solid background in administering group insurance policies and payments. Read the rest of this entry »

As a profit-for-members super fund, the Trustee’s sole purpose is to ensure AvSuper is run and managed for the benefit of members.

The Board of AvSuper consists of eight Trustee Directors, equally representing AvSuper members and employers. Four Trustee Directors are nominated by the Australian Council of Trade Unions (ACTU) as Member Representatives and four Trustee Directors are nominated by Airservices Australia (the Principal Employer) as Employer Representatives. Read the rest of this entry »