Welcome to the 23rd edition of CEO online

In this edition I’ll bring you up-to-date with:

Investment performance

CSS Default Fund

The financial year to date performance to 31 October is 4.7%.

CSS Cash Investment Option for preserved benefit members

The financial year to date performance to 31 October is 1.9%.

Remember that past performance is no indication of future performance. Returns are volatile and it is impossible to predict when they will go up or down.

If you are planning to retire or claim your benefit in the next 12 months, please call us on 1300 000 277 for a detailed estimate of your benefit, and read about withdrawing your super  

CSS Member Statements have been distributed

Due to the need to enhance our systems for the Better Super reforms and the new way of allocating Fund earnings, the distribution of statements was slightly later this year than previously advised. We apologise for any inconvenience that this delay may have caused you.

However, you should have received your 2006/07 Member Statement by now.

Your Member Statement is also available online through Member Services Online. You will need an Access Number to use this service.

See article below for more information about Access Numbers.

Access Numbers now available by phone

Access to your secure online super account is now only a phone call away.

You can now call us to apply for an Access Number – giving you immediate access to Member services online

Member services online (the members-only area of the website) offers you a range of convenient services to help you manage your super.

You can:

Call us on 1300 000 277 to get your Access Number.

New early access provisions from 1 January  2008

From 1 January 2008, contributing members will be allowed early access to part of their superannuation benefits on financial hardship or compassionate grounds.

Generally, super benefits are required to be preserved until you reach a certain age or retire. However, in certain circumstances where you are unable to meet reasonable and immediate living expenses your benefit can be released to treat a life threatening illness, for palliative care, funeral and burial expenses and to prevent foreclosure by a mortgagee.

To be eligible you must be receiving a Commonwealth income support payment, and have been receiving it continuously for the last 26 weeks; and satisfy the Trustee that you are unable to meet reasonable and immediate living expenses.

We are developing a fact sheet for members and expect it will be available by end-December on our website.

Thinking of retiring? You should seek professional advice first!

If you are considering retirement, you are faced with some very important financial decisions. The Federal Government’s Better Super legislation represents some of the most significant changes to superannuation and taxation in recent times and may influence your retirement plans.

While these changes largely came into effect from 1 July 2007, understanding how they will affect you is essential if you are planning to retire. It is particularly important to understand the opportunities that are available and what action, if any, you may need to take. I would recommend that you seek qualified, financial advice to assist you to make informed choices that will complement your future plans.

You may be aware that for a number of years, ARIA, the Trustee of the CSS, has been a part owner of State Super Financial Services Australia (SSFS) and as a CSS member we encourage you to consider making use of its retirement planning and investment management advice and services.  SSFS has 12 offices conveniently located across NSW as well as Canberra, Melbourne and Brisbane. Why not have one of SSFS’s 75 professional financial planners work with you to help you identify your options and make the best choices for your circumstances.

Whether you are preparing for retirement in the next year or so, or simply wish to start planning now for a comfortable retirement which may still be some way off, call 1800 620 305 or go to www.ssfs.com.au to see how SSFS can assist you.

Upgraded At Work for You booking system now live

Registering for an At Work for You super seminar is now simpler after the introduction of a new online booking system.

The At Work for You program helps you gain knowledge and skills to manage your super confidently. It makes it easy for you, by bringing information to you through free educational workshops.

On our homepage, select Learning centre, then workshops. Choose your state to see when the next seminar is scheduled in your area. Enter your details to register for a seminar and you will automatically receive a confirmation email.

Please note that there are no more workshops scheduled for 2007, so remember to visit our site in late January to see the February to June schedule.

Clearing debts before retirement

A recent report by the Investment and Financial Services Association (IFSA), called Australia’s National Saving Revisited: Where do we stand now?, has found that many Australians are living and retiring with excessive debt.

The study found that household saving is on the decline, and means that households are relying on their superannuation to get rid of debt after retiring from full-time work. This may well mean that retirement is limited in terms of lifestyle.

These findings are a good reminder that it isn’t enough to only save towards retirement. It is also important to pay off debts before retirement, ensuring the funds you have set aside will last the distance.

I look forward to reporting to you again shortly.

22 November 2007