News in super
Exclusive partnership deals
You may not be aware, but your VicSuper membership provides access to some great deals from our partner organisations. Current deals include discounted travel from Intrepid Travel and low cost home loans from MembersEquity Bank. View the deals currently on offer.
Member contributions
The global financial crisis didn't distract VicSuper members from their long-term savings plan in 2008/09, with $342 million added in voluntary contributions. Salary sacrifice and personal (after tax) contributions were the most popular options.
Membership and assets
At 30 June 2009, VicSuper's membership was almost 250,000, with Fund assets valued at $6.1 billion. Member assets were slightly down from the previous year.
New Chairperson & Deputy Chairperson
On 1 January 2009, Barbra Norris and Bruce Hartnett were appointed VicSuper Chairperson and Deputy Chairperson respectively. Ms Norris was VicSuper's previous Deputy Chairperson, and took over from David Craig who had been Chairperson since 2004. Mr Craig was re-appointed as a VicSuper director.
Under VicSuper's constitution, the Chairperson and Deputy Chairperson positions are rotated between employer-appointed directors and member-elected directors.
The term of VicSuper's four member director and deputy director representatives ended on 30 June 2009. Nominations for these positions were called for in March 2009, with new appointments commencing on 1 July 2009.
For details on VicSuper's board of directors, refer to the Good Governance section.
100% cash guarantee
All VicSuper's cash investments are either Victorian Government guaranteed or covered under the Australian Government's deposit guarantee scheme. This scheme was announced in late 2008 at the height of the global financial crisis to help stabilise Australia's financial system and increase confidence in Australian banks.
Cash investments backed by the Government guarantee incurred a fee levied by the relevant financial institution. To view the externally managed investment costs associated with your selected investment options, refer to the notes section of your Annual Benefit Statement.
VicSuper's Pencil Project
The one million-plus donations to VicSuper's Pencil Project have now arrived in Bulawayo, Zimbabwe. The enormous amount of items, including chalk, pencils, crayons, erasers, sharpeners and rulers, were donated by VicSuper members to help improve educational opportunities for disadvantaged Zimbabwean children.
Rotary will deliver the items to Zimbabwean schools over the coming months. The project's success has been due to the generosity and support of VicSuper's members, employers, staff and their family and friends, as well as the help of Rotary District 9810.
Anti-detriment payments
From 1 July 2009, VicSuper introduced anti-detriment payments for VicSuper Pensions. This type of payment is an additional amount included in a lump sum death benefit when paid to one or more eligible dependants. Payments generally relate to contribution tax paid by a member, now deceased, who has a taxable component within their superannuation death benefit. An eligible dependant can be a spouse (including an opposite or same sex de facto spouse), ex-spouse or a child of any age.
Anti-detriment payments are a complex area, and we encourage people to seek advice. To meet with a VicSuper adviser, call us on toll free 1300 366 216.
Insurance cover
From 1 July 2008, VicSuper increased automatic death and disability cover for VicSuper Scheme members. Because cover increased, premiums also increased - which are deducted from members' balances on 30 June each year.
As cover is cancelled for accounts with insufficient funds, those members with small balance may wish to make a personal contribution before 30 June each year in order to ensure their insurance cover continues to remain in place.