As part of our annual review of the Fund, we prepare our annual Trustee report and a member statement for each member.
We are pleased to say that this process has been completed and statements and annual reports are being sent to members over the next week*. When they arrive, we encourage you to read both documents carefully.
Members can elect to receive either their member statement or their annual report, or both!, by either postal mail or via Member Online with an email reminder. You can adjust your choice for future years by logging into Member Online and following the ‘update’ link on the ‘Member details’ page. Either way, your statement will be accessible via Member Online in case you lose it or need to print a new copy at some point (statements are online back to June 2012).
* If your statement or annual report doesn’t arrived by mid-September, please let us know so we can check your contact details before reissuing your statement.
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.
Chief Executive Officer
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!