Super Toolbox
2009 Member Updates
1 November 2009
MTAA Super Supplementary Product Disclosure Statements (PDS) issued on 1 November 2009
A Supplementary PDS was issued on 1 November 2009 to make changes to the MTAA Super Employer Handbook issued on 1 July 2009.
The changes made by the Supplementary PDS include:
- updated investment management costs for each investment option
- the process for making contributions for employees, including the return of contributions which the Fund is unable to allocate.
To view the Employer Supplementary Product Disclosure Statement click here.
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1 July 2009
MTAA Super Product Disclosure Statements (issued on 1 July 2009)
Members should note that a new Member Product Disclosure Statement (PDS) was issued on 1 July 2009. This PDS differs from the previous PDS in a number of material respects including changes:
- to the asset allocation process for the Fund's Pre-Mixed Options, and the strategic asset allocation and ranges for the Balanced Option;
- to the circumstances in which insurance cover for employer-supported members will cease;
- to the concessional and non-concessional contribution rates and the Government co-contribution scheme;
- consequent on the enactmemt of the Commonwealth's same-gender legislation;
- relating to the benefits of temporary residents
Employer and Pension Product Disclosure Statements were also issued on 1 July 2009.
The Insurance Handbook has also been updated (1 July 2009).
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11 June 2009
IMPORTANT INFORMATION FOR PENSION MEMBERS
Changes to the minimum pension payment amount
In response to the impact the global financial crisis has had on many pension members' accounts, the government has announced a temporary change in the required minimum amount a member must take from their pension account each year.
For the 2008-09 financial year period, the government has decided to reduce the minimum pension drawdown requirement by 50 per cent. For those members who have already received half of the current minimum payment for 2008-09, a further payment will not be required until the end of the 2009-10 financial year period.
The government has now decided to extend this ruling to the 2009-10 financial year period.
If you would like further information on how this ruling applies to your circumstances please contact 1300 362 415.
Your questions answered- further details about the changes to the minimum pension payment.
Fact sheet- Information about the pension drawdown relief for the 2008-09 financial year, published by the Australian Government.
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15 April 2009
Temporary residents and Superannuation
From 1 April 2009 a person who is or has been a temporary resident (and who is not a permanent resident or an Australian or New Zealand citizen) will only be able to withdraw their benefits under certain conditions of release.
For full details click here
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24 March 2009
Notice to members receiving employer contributions
The Trustee wishes to advise a change to the Fund rule covering the continuation of insurance cover for members after employer contributions have ceased.
Effective 1 May 2009 insurance cover will cease when a member's account balance reaches a point where there are insufficient funds in the account to pay insurance premiums.
For full details click here
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24 March 2009
Superannuation and same-gender relationships
Recent amendments to superannuation and taxation legislation mean that superannuation trustees may now recognise same-gender relationships. In brief, these changes will affect:
- the payment of death benefits to same gender partners and the children of a same-gender relationship;
- the availability of a tax offset for contributions made to the account of a same-gender partner; and
- the ability of a member to split their contributions with a same-gender partner
For further information please call us on 1300 362 415.
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20 March 2009
Superannuation splitting and flagging for de facto couples, including same-gender couples
From 1 March 2009, superannuation splitting and flagging has also become available to de facto couples, including same-gender couples, who are entitled to access the Commonwealth Family Law Courts for property and maintenance matters. The new laws affecting de facto couples currently apply to couples whose de facto relationship has a geographical connection with NSW, Victoria, Queensland, Tasmania, the Australian Capital Territory and Norfolk Island.
The Family Law and Superannuation fact sheet contains further details about superannuation splitting and flagging for de facto couples.