The Federal Government handed down the 2010 Budget on Tuesday May 11. Although there were no major surprises, there were a couple of announcements that may affect the way people contribute to their super funds.  There were:

• A permanent reduction in the Government's rate of Super Co-Contribution to 100% (previously 150%). This means that the maximum co-contribution from government each year will remain at $1000.
• Freezing the income thresholds for Co-Contribution eligibility for the next 2 years (at $31,920 and $61,920 respectively)
• Confirmation of the measures it announced on 02/05/10 in response to the Henry Taxation Review, namely:
• A gradual increase in the Super Guarantee rate from 9% to 12% by 2019-2020
• An increase in the maximum contributions age for Super Guarantee purposes from 70 to 75 from 01/07/2013
• Introduction of a $500 contributions tax rebate for low income earners (under $37,000 p.a) from 2012-2013
• Permanent extension of the transitional concessional contributions cap at $50,000 for those over 50 with account balances of less than $500,000

Ernst and Young have also provided us with their comprehensive Budget summary. Their full report can be viewed here:

http://www.ey.com/Publication/vwLUAssets/2010_Federal_Budget_brief/$FILE/2010_Federal_Budget_brief_web.pdf

Importantly, these changes have yet to become law. We will provide an additional update should there be any further announcements or developments.

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The Federal Government yesterday gave its response to the 'Henry Review' which provided it with a list of over 100 recommendations for change to our tax and transfers system late last year.

Key measures to be introduced by Government in relation to Superannuation are:

• Gradually increasing the Superannuation Guarantee rate from its current 9% to 12% by 2010
• Increasing the age up to which these contributions are paid by employers from 70 to 75
• Introducing a Government Superannuation contribution of $500 p.a. for those earning less than $37,000 p.a.
• Extending the $50,000 concessional cap for people over 50 with superannuation balances less than $500,000 beyond 2012

At this stage, these are simply recommendations and have not become law. Assuming that they do become law, these measures should result in improved retirement outcomes for the majority of working Australians. This highlights the importance of Superannuation on the national agenda.

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OAMPS Super offers competitive Health Insurance

We have partnered with leading health fund MBF and are pleased to announce that we now offer competitive corporate rates on private health cover exclusively for OAMPS Super Fund members.

For more information click on our website or call MBF directly on 1300 653 525.



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Clawing back last year's losses

It seems like the worst of the Global Financial Crisis (GFC) is finally behind us. OAMPS Super released its latest investment results yesterday and recorded a very impressive 18.6% for the fund default "Retirement Growth" option for the twelve months to March 31, 2010.

Since 1 July 2009, the same investment option has grown by 14.66%.

Although many people saw their super balances fall over the past 3 years regardless of what fund they were in, the markets have rebounded strongly since July 2009 and continue to head upwards as worldwide recovery gathers momentum.

For more information about the fund's investment returns, please click here or contact the OAMPS Super Service centre on 1800 812 993.

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OAMPS Super Fund rated as a 5 Star Fund

Following recent product improvements and fee reductions, the OAMPS Super Fund has been awarded 5 stars and an "Outstanding Fund" rating by independent superannuation advisory company Heron Partnership.

Other funds rated as 5 stars by Heron include Australian Super, Care Super, AMP, ANZ, BT and ING.

For more information, visit www.heronpartners.com.au

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Investment Update

To keep you up to date with what is happening to your Investments, we have an 'Investment Update' as at 31/12/2009.

Click here to view current newsletter.

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OAMPS Super Fund nominated for the SuperRatings' Rising Star Award

The OAMPS Super Fund was recently nominated for the SuperRatings' Rising Star Award.

The Rising Star Award is provided to the fund that has demonstrated a clear commitment to improving the value of their offering to members over the past 12 months. All Australian superannuation funds are eligible irrespective of their current value proposition. The award is qualitavely based, using assessments of changes made to the fund over the past 12 months, predominately in the areas of service delivery, insurance benefits, fees and fund governance. For more information visit http://www.superratings.com.au/.

SuperRatings chose their 5 finalists after closely scrutinising over 300 of Australia's leading public sector, retail, industry and corporate superannuation funds and divisions and measured them against 400 different criteria.

Click here to view images.

We look forward to delivering further improvements to the products and services available to our members.

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OAMPS Super now offers members personal financial advice

We have appointed Money Solutions Pty Ltd to provide personal financial advice to members on a fee for service basis. Money Solutions provides their services to a number of major superannuation funds across Australia.

Money Solutions provides personal financial advice to members on a range of topics; from a single issue or questions all the way through to a full financial plan. If you are an OAMPS Super member, the Fund will pay for the initial consultation if it relates to a single issue.

Money Solutions AFSL No: 258 145

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Personal Injury Claims - payments to your super account

If you receive an eligible personal injury payment you can contribute all or part of that payment to super without it counting towards your non-concessional cap. To do this you should complete the Contributions for personal injury form.

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Annual Report

The 2009 Annual Report is now available on your website.

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Temporary Residents

If you have entered Australia on an eligible temporary resident visa generally you have six months, from the date you depart Australia, to claim your Super benefits to be paid to you as a Departing Australia Superannuation Payment from the Fund.

We may receive a notice from the ATO introducing payment of your super benefit to be made to the Tax Office. We are not required to issue you with an exit statement in this circumstance. However, on your request, we are required to provide you with the details of the payment to assist you in applying to the Tax Office for your super benefit.

New Zealand citizens are not eligible to claim their Australian Superannuation benefits prior to satisfying a condition of release. Since 1973, Australia and New Zealand have had in place a 'Tans Tasman Travel Arrangement' whereby citizens of each country can live in the other country without the need for a visa.

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