TOWER Talk

Welcome to the January 2005 edition of TOWER Talk.
Providing you with current information concerning TOWER, our products and the industry.
In this months edition:

Upgrades to Your Business On Line
The Outstanding Requirements section of Your Business On Line has been upgraded. To read more, click here.

Super Fast Facts
Quick facts and updates on Superannuation to keep you informed. To read more, click here.

Direct Banking Deposits
Direct banking deposits for clients must always be accompanied by sufficient documentation. For more information click here.

Establishing Policy Committees in the TOWER Master Fund
In accordance with current legislation, employer sponsored plans in the TOWER Master Fund (TMF) with 50 or more employee members are required to establish a Policy Committee which is composed of an equal number of member and employer representatives. To read more click here.

Progress of Legislation
For an easy to read update on the progress of legislation, click here.

In order to ensure that TOWER guarantee to have your client’s funds invested correctly in the most efficient manner feasible we require sufficient documentation to accompany all contributions. Sufficient documentation may include but is not limited to:

Eligible Termination Payment (ETP) documentation; and/or

a covering letter, notifying TOWER of the contribution source and desired destination.

As such documentation is necessary for TOWER to allocate the contributions correctly, TOWER will no longer accept the practice of Direct Deposits into our banking institution accounts. We accept that this method may, in times be convenient for some of your clients however, we believe, as would you, that the successful, speedy allocation of their funds must be our priority.

In accordance with current legislation, employer sponsored plans in the TOWER Master Fund (TMF) with 50 or more employee members are required to establish a Policy Committee which is composed of an equal number of member and employer representatives. The policy committee acts largely in an advisory capacity for example, providing an avenue for members to enquire about the operation of the fund or providing a communication facility between members, an employer and the Trustee. TOWER has recently revised the Policy Committee Guide for TMF and it is now available on the TOWER & Arc websites (www.toweraustralia.com.au & www.arcmt.com.au). The Policy Committee Guide provides procedures for employers on how to establish a Policy Committee. In relation to all TMF employer sponsors with 50 or more employee members we have sent correspondence:

Requesting that a policy committee be created for their employer plan; and

Enclosing a Policy Committee Guide.

All new employer sponsors, with 50 or more members, will receive a copy of the Policy Committee Guide as part of the Fund welcome documentation.

If you have any queries regarding the TMF Policy Committee process, please contact Corporate Superannuation on 1800 101 014.

Important
If you no longer wish to receive the TOWER Talk please e-mail us at TowerTalk@au.towerlimited.com providing your full name and the email address these are being sent to.

Login to the TOWER adviser website to obtain other information on TOWER products, investments, or technical news. All current PDS's are on the site and can be printed off for sales use.



		V1 - Jan 05
		Welcome to the January 2005 edition of TOWER Talk. Providing you with current information concerning TOWER, our products and the industry. In this months edition: Upgrades to Your Business On Line The Outstanding Requirements section of Your Business On Line has been upgraded. To read more, click here. Super Fast Facts Quick facts and updates on Superannuation to keep you informed. To read more, click here. Direct Banking Deposits Direct banking deposits for clients must always be accompanied by sufficient documentation. For more information click here. Establishing Policy Committees in the TOWER Master Fund In accordance with current legislation, employer sponsored plans in the TOWER Master Fund (TMF) with 50 or more employee members are required to establish a Policy Committee which is composed of an equal number of member and employer representatives. To read more click here. Progress of Legislation For an easy to read update on the progress of legislation, click here. Upgrades to Your Business Online – Outstanding Requirements The Outstanding Requirements section of Your Business Online has been upgraded! This part of the website now gives you all the information you need in relation to all of your business in progress. This information is live and can be accessed 24 hours, 7 days a week. Improvements include: Updated look and feel of the Outstanding Requirements webpage Improvements in response time to retrieve information Published service standards on our turnaround times to have initial requirements sent out to you A link to ISOS to track the progress of PMARs Information relating to all lives insured and their benefit details A timeline for you to track Days in Progress Lists of all of your requirements outstanding and the requirements received in the past 14 days for your clients Faxscan number 1800 300 072 to send requirements through to us. The launch date is 31 January 2005. If you do not use Your Business On Line now, please give it a try. You will be amazed at the information available to you. To access the site, follow the steps below: Login into www.toweradviser.com.au. If you do not have a password, please contact our TOWER Helpdesk on 1800 815 530. Click on the Your Business Online tab. Click on the Your Business in Progress tab. Click on View all Policies and all requirements outstanding for your policies in progress will be shown. Super Fast Facts From 1 January 2005, employers are not required to provide employees with quarterly superannuation contribution reports. However, this exemption does not apply to employers who are required to report superannuation contributions under Australian workplace legislation and award agreements. Treasury has released draft superannuation choice regulations for comment from interested parties that highlight the minimum level of insurance required by default funds. To view the draft regulations click here. TOWER will be reviewing Corporate Superannuation products to ensure the minimum requirements are met. ASIC have issued a media release that outlines financial tips for consumers for the New Year which advisers can use with their clients. For further details click here. Direct Banking Deposits In order to ensure that TOWER guarantee to have your client’s funds invested correctly in the most efficient manner feasible we require sufficient documentation to accompany all contributions. Sufficient documentation may include but is not limited to: Eligible Termination Payment (ETP) documentation; and/or a covering letter, notifying TOWER of the contribution source and desired destination. As such documentation is necessary for TOWER to allocate the contributions correctly, TOWER will no longer accept the practice of Direct Deposits into our banking institution accounts. We accept that this method may, in times be convenient for some of your clients however, we believe, as would you, that the successful, speedy allocation of their funds must be our priority. Establishing Policy Committees in the TOWER Master Fund In accordance with current legislation, employer sponsored plans in the TOWER Master Fund (TMF) with 50 or more employee members are required to establish a Policy Committee which is composed of an equal number of member and employer representatives. The policy committee acts largely in an advisory capacity for example, providing an avenue for members to enquire about the operation of the fund or providing a communication facility between members, an employer and the Trustee. TOWER has recently revised the Policy Committee Guide for TMF and it is now available on the TOWER & Arc websites (www.toweraustralia.com.au & www.arcmt.com.au). The Policy Committee Guide provides procedures for employers on how to establish a Policy Committee. In relation to all TMF employer sponsors with 50 or more employee members we have sent correspondence: Requesting that a policy committee be created for their employer plan; and Enclosing a Policy Committee Guide. All new employer sponsors, with 50 or more members, will receive a copy of the Policy Committee Guide as part of the Fund welcome documentation. If you have any queries regarding the TMF Policy Committee process, please contact Corporate Superannuation on 1800 101 014. Progress of Legislation There are many changes made to legislation that may affect you and your clients month to month. For an easy to read update on the progress of legislation through parliament click here. Important If you no longer wish to receive the TOWER Talk please e-mail us at TowerTalk@au.towerlimited.com providing your full name and the email address these are being sent to. Login to the TOWER adviser website to obtain other information on TOWER products, investments, or technical news. All current PDS's are on the site and can be printed off for sales use. TOWER Australia Ltd A.B.N. 70 050 109 450 AFSL Number 237848