Welcome to the April edition of TOWER Talk.
Providing you with current information concerning TOWER,
our products and the industry.
In this edition:
Superannuation Choice of Fund Campaign
From 1 July 2005 many employees will be able to choose where their 9% Super Guarantee payment from their employer will be invested. At TOWER, we have been preparing for Super Choice for quite some time. To read more, click here.
Super Fast Facts
Quick facts and updates on Superannuation to keep you informed. To read
more, click here.
ARC Corporate Superannuation Review
ARC Corporate Superannuation have spent the last 6 months reviewing and improving they way they operate.
To read more, click here.
Canberra Corner
For an easy to read update on the progress of legislation through parliament,
click here.
Superannuation Choice of Fund Campaign
From 1 July 2005 many employees will be able to choose where their 9% Super Guarantee payment from their employer will be invested. Super Choice is coming for an estimated 5.7 million workers 1.
At TOWER, we have been preparing for Super Choice for quite some time as we recognise that it may bring about a big change for employers, employees and financial advisers.
To make sure our members are informed of these changes in the first week of May we will mail out educational material to employers and employees who have corporate funds with TOWER. Our aim is to explain simply what employers and employees have to do under the Super Choice rules.
TOWER’s philosophy is to keep you informed and make it easy for you to do business with us. If you have clients in TOWER corporate superannuation funds you will receive copies of the client mail out for your information in the next few days.
1. ASFA Media Release “Choice of Fund – Where the Super Money and Members will move” released 2 February 2005.
- The Government have recently released the Retirement Savings Accounts Amendment Regulations 2005 (No. 1) and the Superannuation Industry (Supervision) Amendment Regulations 2005 (No. 2).
These regulations allow a person who has reached their preservation age to access their superannuation through an income stream without having to retire permanently from the workforce. For more information please click here.
- The Government recently launched its new Choice of Superannuation Fund website. This website has a raft of information for employers, employees and financial advisers in relation to Super Choice and also has a link to the following:
- Standard Choice Form
- ATO Choice of Superannuation Fund – Guide for Employers
- ASIC Super Choices Booklet for employees
- ASIC Super Calculator.
To visit this website please click here.
- ASIC has recently released a Media Release titled “ASIC to go shadow shopping”. In this media release Greg Tanzer stated “ASIC will conduct a nation-wide shadow shopping survey to monitor the advice that financial advisers give their clients around the start of superannuation choice in July 2005”. To view the media release please click here.
ARC Corporate Superannuation Review
The ARC Corporate Superannuation Team has spent the last 6 months reviewing and improving they way we operate. Good news for Advisers is that this review has resulted in a dramatic improvement in the service levels we provide, with the team achieving a consistent result of 90% of all new business completed within 3 days. The ARC New Business Team is committed to maintaining these service levels, and furthermore constantly improving the way we operate, so look out for more news here soon!
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.
Disclaimer
This document has been prepared to be used by financial planners and advisers only. It is not to be provided to individual clients. The information contained in this document is general information only and cannot be considered to be financial advice. The information does not take account of the investment objectives, financial situation or particular needs of any particular client. To the extent permissible by law, TOWER Australia Limited (ABN 70 050 109 450, AFSL 237848) and its related companies (TOWER) specifically disclaims any liability that may arise for any direct, indirect, incidental, consequential or special damages that may arise from the access to or use of this document. No liability is accepted by TOWER for errors and omissions or for loss or damage suffered as a result of reliance on this document.
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TOWER Australia Ltd
A.B.N. 70 050 109 450
AFSL Number 237848