SuperNews June 08
Your new Board of Directors
The results are in from the election to select three member representatives for the Queensland Local Government Superannuation Board.
Congratulations go to Noel Cass, Fiona Connor and Peter Smith who will form the new Board of Directors, along with the three employer representatives nominated by the Local Government Association of Queensland (LGAQ), for 4 years from 1 July 2008.
Member representatives
Noel Cass was a member representative Director for LGsuper from 1995 to 2004, and has 35 years experience in local government management.
Fiona Connor has been a member representative Director for the last 7 years. She has extensive experience in the superannuation industry, including the Benefits, Membership and Insurance areas of LGsuper.
Peter Smith was CEO of LGsuper for 18 years before retiring in 2006. He brings a lifetime of experience in superannuation management to his new role as a Director.
Employer representatives
Cr. Paul Bell AM has been an LGsuper Director since July 2004. A Councillor for Central Highlands Regional Council, Paul is also the President of the LGAQ and the ALGA.
Cr. Peter Taylor became an LGsuper Director in July 1998. The current Mayor of Toowoomba Regional Council, Peter is on the Executive of the LGAQ.
Cr. Les Tyrell is the Mayor of Townsville and was an LGsuper Director from July 1995 to June 2004. Les is also on the Executive of the LGAQ.
Thank you and farewell
Current Directors Brian Sullivan and Marianne Ryan were unsuccessful in the recent member representative election.
Brian represented the interests of LGsuper members for the last 20 years. He served as Chairman of the Board’s Audit and Risk Management Committee, and is well-known for his commitment
to improving LGsuper’s products and services for members. Marianne has been passionate about improving the benefits and services offered to LGsuper members during hesur 4 years as a Director.
Tony Mooney will also be leaving the employer representative Director role. During his 4 years as Director, Tony has been committed to improving member services, particularly LGsuper’s communication material.
The new Board of Directors will continue to build upon Brian, Marianne and Tony’s excellent work, and we wish them all the best for the future.
To make sure you get the most from your super this year, here are our two top tips.
Get the co-contribution
Make less than $59,000 per year? The Australian Government will match the money you add to your super, as long as it’s after-tax (not salary sacrifice) and you are working. You could get up to $1500 in co-contribution — so make it happen now by BPAY or by sending us a Voluntary contribution deposit form and cheque.
Self-employed? Claim a tax deduction
If you’re self-employed you can claim a full tax deduction on contributions to your super. When you are under age 50, you can claim up to $50,000 in contributions, and those older can claim even more. Read more…
The amount your employer needs to pay into super could change from 1 July 2008.
That’s when employers will be required to pay super contributions based on ordinary time earnings. This generally includes above award payments, commissions, allowances and paid leave (but not overtime).
The 12% employer contribution
If your council pays the 12% employer contribution, this is calculated using the superannuation salary defined in LGsuper’s trust deed. Your employer will need to make sure the 12% of super salary contribution is at least equal to 9% of ordinary time earnings. If it isn’t, they will make an additional employer contribution to your account.
If you’re receiving 9% super guarantee
It’s unlikely that you will be affected by this change, as your super is already paid based on ordinary time earnings.
