WA Super News
Welcome to the Winter edition of SuperNews for 2018
As we say goodbye to last financial year and welcome in 2018-19, I just wanted to update you on the changing landscape in the superannuation industry. From the most recent proposed Federal Budget changes affecting super to the Royal Commission in the Financial Services sector, we will endeavour to keep you updated on all the important changes that may affect you or your super.
There were several important superannuation changes that came into affect from 1 July 2018 to help you potentially boost your retirement nest egg. These included:
- If you are 65 years of age and above and are looking to ‘downsize’ your home, you may be able to make a once-off contribution of up to $300,000 into your super from the proceeds of selling your home.
- If you have a super balance below $500,000 you may in future be able to ‘catch up’ on your retirement savings by accessing unused portions of the concessional contributions cap.
If these sound of interest to you, you can read more about it here.
Did you know there is $18 billion of lost super being held by the Australian Taxation Office (ATO)! WA Super has recently made changes to enable us to connect to the ATO via our member online portal where you can quickly find out if the ATO is holding any of your super and in a few clicks and ticks you can recover these funds back from them! Find out how easy it is in our article.
Our insurer TAL, has provided us with a special offer for eligible members looking to increase their insurance cover without going through the chore of underwriting. TAL’s special offer expires at the end of July so be quick to check this out if you are looking to increase your insurance cover.
Also our insurer has started assisting our in-house insurance team by directly assisting members through the process when making an insurance claim. TAL will provide members with a dedicated case manager who will help coordinate all the requirements. Our own claims team will still review and assess the insurer’s decisions, but we hope this new process will reduce double handling and greater assist members if they need to ever make a claim.
Lastly, I would like to thank you for all your support for WA Super. We have been undertaking a lot of changes to help provide you with better products and services, investment returns and information. This work has recently been acknowledged by The Heron Partnership, who gave WA Super their top rating of 5 stars for our MySuper product, MyWASuper, for an outstanding product that offers a great depth of features and flexibility.
For my own part in leading this organisation, I have been on a journey to transform how super and financial well-being can deliver great benefits to each of us. This journey has been captured in the latest issue of ASFA’s Superfund magazine and if you are curious you can read the article here.
Chief Executive Officer