SUPERCentral News
Super fund members affected by the Victorian Bushfires or the North Queensland floods may be able to access part of their super via the Severe Financial Hardship release condition.
The current SG rate is 9%. However, a 9% contribution, even over a 40-year working life, may not produce sufficient capital to support a reasonable amount of income in retirement.
The Australian Financial Review has reported that “Superannuation Industry representatives” have expressed concerns to the new Super Supremo, Senator Nick Sherry, as to the width of the recently enacted gearing exception.
The Superannuation Minister, Senator Sherry, has indicated that one of his prime objectives is to reduce superannuation fees of retail and industry funds.
An alarming heading in a leading financial newspaper has appeared, which suggests that the inviolate status of tax free super benefits for post 60 year olds is under threat.
The Report of the Harmer Review (a review into the adequacy of government pensions and the current pension age) is due to be released in late February 2009. The Henry Tax Review report into retirement incomes is due to be released in March 2009.
Newspaper reports suggest that the Henry Tax Review is currently considering ways of boosting the level of voluntary super contributions. Since the beginning of the global financial crisis, voluntary super contributions have, for some retail and industry funds, halved.
Superannuation expert and well respected columnist Tony Negline has joined SUPERCentral on a consultancy basis to build our presence with the dealer groups.
It is important not to put pensions or death benefit nominations in place unless you’ve thought very carefully about all the estate planning ramifications. Don’t simply consider the narrow issues relating to the pension or the nomination but think carefully about the member’s entire estate plan so that these issues are dealt with holistically.