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FEDERAL BUDGET SUBMISSIONS

In its submission to the

Commonwealth treasury, the

SMSF Association (SMSFA,

formerly known as the SPAA)

has made a number of

proposals to "reduce red tape

and complexity in the

superannuation system", such

as the removal of the 10 per

cent income test for claiming a

tax deduction on personal

superannuation contributions,

as well as maximum age limits

on voluntary contributions to

super.

Source: SMSF Adviser

In their pre-budget submission,

the The Financial Services

Council (FSC) have

recommended an increase in

the preservation age to 65, as

well as a review on whether the

income and asset tests for the

age pension are too generous

and if the long-term cost of the

pension is sustainable..

Source: Financial Services Council

AWARDS

MLC corporate super provider

Plum has received the Retail

Super Fund of the Year award

for the second year in a row at

the Roy Morgan Customer

Satisfaction Awards in

Melbourne.

Source: Financial Standard

STATISTICS

Total superannuation assets as

of 31 December 2014 rose to

$1.93 trillion, an increase of 9.3

per cent from the December

2013 quarter, according to the

Australian Prudential Regulation

Authority (APRA) Quarterly

Superannuation Performance

publication and Quarterly

MySuper Statistics report.

Source: APRA

APRA’s Quarterly Life Insurance

Performance Statistics

publication for the December

2014 period shows net premium

for the industry during the

period was $62.3 billion, up from

$47.4 billion in the previous year.

Net policy payments for the

industry for the same period

were $61.2 billion, up from $44.4

billion in the previous year.

Source: APRA

SUPER POLICY

Chief executive of the SMSF

Association, Andrea Slattery has

reminded both government

parties of their bipartisan

commitment at the last Federal

Election to not unnecessarily

tinker with the superannuation

policy settings during the

opening of her association's

nation conference in

Melbourne

Source: Super Review

RETIREMENT PLANNING

Australians believe super will

only contribute to around one

third of their retirement,

according to new research by

ING Direct. Superannuation is

expected to represent 35.8% of

the retirement nest egg, while

the government pension sits at

30.5%. The remainder is made

up of other sources such as

investments and inheritance.

Source: ING Direct

TRIBUTES

The Superannuation Industry

has paid tribute to super

pioneer Mavis Robertson who

passed away Tuesday aged 84.

Mavis began championing

equitable and universal access

to superannuation in the early

1980s, and was a founding

member of the Conference of

Major Super Funds (CMSF),

Australian Institute of

Superannuation Trustees (AIST),

Women in Super, and the

Australia Council of Super

Investors (ACSI).

Source: Industry Super

APPOINTMENTS

MLC has promoted Kathy

Vincent to general manager for

retail wealth platforms position,

following the departure of

Dean Thomas in January.

Source: Investor Daily

SuperBrief Independent & Concise

Issue #7 of 2015: Friday, 20th February