Welcome to the June edition of TOWER Talk.
Providing you with current information concerning TOWER,
our products and the industry.
In this edition:
31 March 2005 Retail Annual Statements
The Managed Investment Bond and Roll-over Deferred Annuity Annual Statements, which have a reporting period of 1 April 2004 to 31 March 2005 will be mailed over a one week period, commencing on 23 June 2005. To read more, click here.
Alert - Using TOWERnet and Proplanner Quotes
TOWER has identified some discrepancies in the Income Protection quotations produced by ProPlanner's Risk Researcher and those on TOWERnet. To read more, click here.
New Product Disclosure Statements (PDS) as at 1 July 2005
New Product Disclosure Statements for ARC and TOWER's corporate superannuation products are being reissued as at 1 July 2005. To read more, click here.
Changes to the ARC Investments Options Menu
To read more, click here.
Change of Trustee as at 1 July 2005
From next month,
TOWER Australian Superannuation Limited
will be the new Trustees for
TOWER Master Fund and TOWER Superannuation Fund for the general public.
To read more, click here.
Super Fast Facts
Quick facts and updates on Superannuation to keep you informed. To read more, click here.
Canberra Corner
For an easy to read update on the progress of legislation through parliament, click here.
31 March 2005 Retail Annual Statements
The Managed Investment Bond and Roll-over Deferred Annuity Annual Statements, which have a reporting period of 1 April 2004 to 31 March 2005 will be mailed over a one week period, commencing on 22 June 2005.
Your Client's statements will appear under the Client Correspondence on the "Your Business Online Section".
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 Client Correspondence tab.
- Type in the policy number for the client you wish to view
Using TOWERnet and Proplanner Quotes
TOWER has identified some discrepancies in the Income Protection quotations produced by ProPlanner's Risk Researcher and those on TOWERnet.
We have found that Risk Researcher is automatically including the Scheduled Illness Option within its the premium calculations. This appears to make the Risk Researcher quote more expensive against TOWERnet . This effects both the Standard and Plus Income Protection Plans. If there is no requirement for the Scheduled (Critical) Illness Option, a TOWERnet quote will provide a true premium outcome.
ProPlanner has advised that the next release of Risk Researcher will incorporate a number of enhancements, one of which will involve the inclusion of the 'Critical Conditions Option' within the premium modelling module for Income Protection products. Where this option is selected by the user then the TOWER premium will include the Scheduled Illness option (where applicable). Where this option is not selected by the user then the TOWER premium will not include the Scheduled Illness option.
The next update to Risk Researcher is scheduled for release the second week in August.
If you have any further inquiries with this, please talk to your local representative.
New Product Disclosure Statements (PDS) as at 1 July 2005
ARC Master Trust
The following ARC Product Disclosure Statements are being reissued on 1 July 2005:
- ARC Personal Superannuation: Part 1 of 2 – General Information (T3001/V002)
- ARC Corporate Superannuation: Part 1 of 2 – General Information (T3002/V002)
- ARC Allocated Pension: Part 1 of 2 – General Information (T3003/E002)*
- ARC Master Trust: Part 2 of 2 – Investment Choices (T3014/V002)
* available in electronic form (i.e. PDF file) only.
Printed copies may now be ordered in the usual manner.
PDF files are available for download here. These PDSs may also be downloaded from the ARC website at www.arcmt.com.au from 1 July 2005.
Any stocks of the previous versions, dated 11 March 2004, cannot be used after 30 June 2005 and should be destroyed.
TOWER’s Corporate Superannuation products
The following Product Disclosure Statements for TOWER’s corporate superannuation products (which are closed to new employers but open to new members of existing employer plans) are also being reissued on 1 July 2005 to replace the versions dated 11 March 2005:
- Preferred Choice Corporate Super (T3039/V002)
- Corporate Super (T3042/E002)*
- Corporate FIRST (T3040/E002)*
- Master Trust (T3043/E002)*
* available in electronic form (i.e. PDF file) only.
These PDSs may be downloaded from the TOWER website at www.toweraustralia.com.au/brochures.asp from 1 July 2005.
Changes to the ARC Investments Options Menu
Following the recent completion of a comprehensive review of the investment options available to ARC members, a number of important changes are being made to the investment menu from 1 July 2005. The revised menu sees the addition of 11 new investment options and the closure (with subsequent future termination) of some of the existing investment options. To read more, click here.
For more details, view our related links.
Change of Trustee as at 1 July 2005
Effective 1 July 2005, TOWER Superannuation Pty Ltd (ABN 61 005 079 970; AFSL No. 237849) will resign as Trustee of both the TOWER Master Fund and TOWER Superannuation Fund for the General Public, and TOWER Australian Superannuation Limited (ABN 69 003 059 407; AFSL No. 237851) will become the new Trustee of these Funds.
This change has no impact whatsoever on members’ benefits and there is no action required.
For more details, view our related links.
- The new Superannuation and Taxation Thresholds have recently been released. View the changes by clicking here.
- ASIC has recently provided guidance to employers, and other individuals or organisations that are likely to talk with employees about superannuation choice of fund. It covers the type and nature of information they can provide without holding an AFS licence. To view the information release, please click here.
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.
- Product Disclosure Statements dated 1 July 2005 for:
- Letter to ARC members advising of changes to ARC investment options menu and change of Trustee as at 1 July 2005
- Attachment to above letter dated 27 June 2005 to ARC members
- Questions & Answers
- ARC Super Member Variation and Investment Switch Form
- ARC Pension Member Variation and Investment Switch Form
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.
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