As a profit-for-members super fund, AvSuper is always working on ways to deliver better value and improve the quality of our products and services for our members.
It is therefore with great pleasure that I inform you that we have reduced our administration fees for all Income Stream members!
Nobody likes fees, especially when you are in retirement – which is why we like to keep ours low. Lower fees means more money in your account and your super will be able to go further in retirement.
It’s all good news for your income stream account. Effective from 1 July 2017, the percentage based element of your administration fee was cut from 0.23% per annum to 0.18% per annum. That represents a 20% reduction in the fees you will pay for the administration of your account!
At AvSuper we don’t consider fees in isolation. AvSuper is in a very strong financial position and we’ve worked hard to improve the efficiency of our administration services to be able to return the cost savings we’ve made to you, in accordance with our profit-for-members philosophy.
On Tuesday, 9th May 2017, the Government released its Federal Budget for the 2017-18 financial year.
We have again prepared a fact sheet outlining the main super changes proposed in the Budget along with a commentary on how those changes may impact AvSuper members.
The impact for you
As expected, and in contrast to previous years, the Federal Budget did not include a lot of direct changes for superannuation. However, the housing affordability measures proposed by the Government may impact on super funds and relevant members.
Some of the key changes include
- being able to contribute additional money resulting from the sale of a family home once you are over 65
- being able to use some non-compulsory super contributions towards a home deposit in the First Home Super Savers scheme
- an increase in the Medicare levy to 2.5%
- creation of a single body to manage financial industry disputes
The scope of the proposed changes is such that different groups of members are likely to be impacted in different ways so it is important to review the Budget, and the related legislation as things progress, in line with your personal situation.
Before making major decisions about your super and/or retirement income stream, please remember these changes are not yet law and may well be altered and delayed. We suggest you get personalised advice from our Member Advice Consultants to better understand your options and their implications.
2017 is the 20th anniversary of the Australian Mothers Day Classic, and the 10th year of AvSuper sponsorship for this worthy event.
We are inviting all our members (and anyone else!) to register for the event as part of the AvSuper team – you can walk with us in Canberra or in your local area, or make a donation to support the team if you can’t make it on the day. By doing this, you help support research into breast cancer through the National Breast Cancer Foundation.
Together, let’s walk all over breast cancer!
Registrations are now open at www.mothersdayclassic.com.au/register/ – don’t forget to add yourself to the AvSuper team!
The AvSuper team wishes all members a happy and safe Christmas and a prosperous 2017. Thank you for your support this year. We are looking forward to even more opportunities to help you maintain and continue to build your retirement savings next year.
We also wanted to let you know that the AvSuper office will be closed for the Christmas/New Year break from the afternoon of Thursday, 22 December 2016. We will reopen on 3 January 2017.
During that time, you will be able to
- access our website as usual
- login to Member Online at any time to check your account, adjust your personal details or make an investment switch
- email us with any super questions or to request an appointment with one of our Member Advice Consultants
- leave a message on our answering machine or via AvChat or our ‘let us call you’ button
We will respond to any messages once our office reopens.