Cash deposit guarantee

In December 2009, VicSuper’s Trustee made the decision to move VicSuper’s cash investments from Government-guaranteed investments. This was followed by the Federal Government’s decision in February 2010 to remove the ‘guaranteed’ status from certain investments.

If you have any questions regarding the deposit guarantee, please call our Member Centre on toll free 1300 366 216.

Self-employed and other personal tax-deductible contributions

A reminder that for the first time, salary sacrifice contributions are included in the definition of income in regards to tax deductible contributions for self-employed people. This means if you’re self-employed, you need to be aware of the 10% rule as set out below:

You may be able to claim a tax deduction on personal contributions made to VicSuper Fund if you earned 10% or less of your gross annual income from working as an employee.

Your gross annual income is your assessable income plus reportable fringe benefits and reportable employer super contributions (RESCs). In most cases RESCs are just any voluntary salary sacrifice contributions.

If you have any questions regarding this definition, please call our Member Centre on toll free 1300 366 216.

Minimum pension payment relief

At this stage, it is not known if the minimum pension payment relief granted by the Government in the 2008/09 financial year, and continued in the 2009/10 financial year, will be extended. VicSuper will advise VicSuper Pension members of the legislative payment limits for the 2010/11 financial year in your annual review letter, which will be sent in July 2010.

Superannuation reviews: stay tuned

During 2009, two potentially significant reviews of the superannuation system began. The ‘Henry’ review, headed by Dr Ken Henry, is looking at the broader taxation system which also includes the taxation of super; while the ‘Cooper’ Review chaired by Jeremy Cooper, is focusing on the overall structure and governance of the super industry.

More details will be provided on our website as information becomes available.

The Pencil Project

The one million-plus pencils, chalk, crayons, erasers, sharpeners and rulers donated by VicSuper members has now been distributed by Rotary to schools in Zimbabwe.

Your generosity will help improve educational opportunities for disadvantaged Zimbabwean children. We thank you and Rotary District 9810 for making this project a great success.

Keeping your super account safe

Just like your bank account or credit card, your super account can be a target for those looking to commit fraud. To prevent this and to help protect your super savings, VicSuper follows proof of identity guidelines as set out in the Anti-Money Laundering and Counter-Terrorism Financing legislation.

This means that for some member transactions such as rolling over your super or making a withdrawal, VicSuper requires certified proof of identity from you before we can complete the request.

While we understand that this may take more of your time, we are committed to ensuring your super savings are better protected from potential criminal activity.

VicSuper seminar program 2010

VicSuper’s seminar program for 2010 is now available! Seminars offered during the year include:

• Build your super
• Super for every superwoman
• About to retire and need help preparing?
• Transition to retirement
• Understanding retirement income streams
• Retirement planning options for ESSSuper members.

VicSuper’s seminars have always been provided at no charge and without obligation, and are open to you, your family and friends. To book a seat at an upcoming seminar, please visit vicsuper.com.au/seminars.

More dates and seminar topics will be posted in the coming weeks.