SuperNews Jun 10

Minimum pension drawdown rates
In light of the global economic crisis, the Australian government reduced the minimum pension drawdown rates by 50% for 2008/09 and 2009/10.

From 1 July 2010, the reduced rates will no longer apply. Therefore, the minimum pension drawdown rates for 2010/11 will be double the rates that applied in 2009/10, as follows:


LGsuper will write to all pension members in mid-June to advise you of the impact of the above changes to your pension payments for 2010/11. If you have any questions about your Pension account or your pension payments, please call us on 1800 444 396.

Are your affairs in order?
Did you know that with LGsuper you can nominate who you would like to receive your super or insurance benefits in the event of your death? You can nominate your preferred beneficiary or beneficiaries using LGsuper online, or by completing a Nomination of beneficiary form.

In the event of your death, the LGsuper Board of Directors will look for all dependants before paying a death benefit. So even though you can nominate a preferred beneficiary or beneficiaries, your nomination is not binding, however it will be used as a guide.

If you haven’t already done so, LGsuper recommends you make a Will and keep it up to date. Leaving a clear guide on how you want your assets distributed is cost effective, may avoid lengthy court battles over “who gets what”, and can give you peace of mind now.

An up-to-date Will is particularly important when life-changing circumstances occur. At a minimum you should review your Will every 3 to 5 years or on:

• marriage, divorce or separation

• starting a de-facto relationship

• the birth of children or grandchildren

• death of a beneficiary or the executor of your Will

• a change in your financial situation

For more information on making a Will, contact your solicitor or the Public Trustee of Queensland at www.pt.qld.gov.au or on 07 3213 9288

Our website tailored to you

In the next couple of months you will notice some changes to our website. New sections are currently being developed specifically for super members and retired members. These sections will be tailored to ensure their content is relevant to you, wherever you are in life.

New calculators will be available to project your retirement income and find out how long it will last, to see whether salary sacrifice is right for you, or to determine whether you are eligible for a super co-contribution. Of course, all the other information and features you currently enjoy will still be available in a fresher format that will make it faster and easier to find what you are looking for.

When you see our new home page, simply click on I’m a super member or I’m a retired member to enter the section that best suits your situation, or use the shortcuts on the home page to get to frequently visited pages such as earning rates and forms.

We will include a more detailed profile of our new website in the Spring 2010 edition of SuperNews.