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Super Stars and Super Cars competition winner
Drum roll please….congratulations to David M from Richmond, Victoria, 3121! He’s the winner of our Virgin Money Super Stars and Super Cars competition. He’s now choosing from an exclusive VIP travel experience:
- An exclusive movie premiere in LA
- The Grand Prix in Monaco
- A music gig in the city of his choice
Stay tuned to hear about his adventure and upcoming competitions. It could be you next time.
The Government’s StrongerSuper reforms include two very important changes:
- MySuper – making it easier and more transparent for people to compare default super products. Super funds will need to offer a low cost product for members who haven’t made a choice.
- SuperStream– making processing super transactions easier, faster and cheaper by introducing electronic payment systems and standardising data.
We know there have been a lot of changes for Super and it can be confusing. So we’ve put together a handy eBook, just download to learn more about MySuper and what it means for you and your business”
Virgin Super Essentials is a MySuper authorised product.
By 1 January 2014, all employers must pay contributions into a MySuper authorised product for any employee who has either not made a choice of fund or an investment option within the fund.
A MySuper product must be authorised by APRA and include:
- A single diversified investment option.
- Same fees for all – fees must be the same for all members and there must be no entry fees, adviser fees or commissions.
- Automatic Insurance – to ensure all members are protected, Automatic Death and Total & Permanent Disablement Insurance will be added to every account which members can tailor or opt-out completely.
Please note that the addition of Automatic Insurance is a regulatory requirement for MySuper.
We’re pleased to announce that Virgin Super Essentials is now an authorised MySuper compliant product.
SuperStream aims to make processing super transactions easier, faster and cheaper by introducing electronic payment systems. There’s no action for you as an individual member of a super Fund, it just means that processing super across the board will get faster and more efficient. We’ve included a snapshot of some of the changes in legislation in case you’re interested:
- July 2013: the SG Contributions will increase from 9.00% to 9.25%.
- July 2013: employers will need to report the super contributions actually made on employees payslips.
- July 2013: the upper age limit for paying super to an employee is being removed to encourage mature workers to remain in the workforce. You may need to make SG Contributions for eligible employees aged 70+.
- Jan 2014: if an employee doesn’t make a choice of fund or investment strategy within the default fund, employers will have to make all default payments to a MySuper compliant product. We expect Virgin Super Essentials to achieve MySuper authorisation later this year. Please keep checking this page for the latest updates.
The returns for 2012 have been announced and Virgin Super saw great returns across all investment options.
|LifeStage Tracker® - Aggressive|
|Category||Portfolio||1 Year Return*|
|Under 40's||100% Growth||16.20%|
|40's mix||85% Growth||15.10%|
|50's mix||70% Growth||13.70%|
|Over 60's mix||50% Growth||11.70%|
|LifeStage Tracker® - Balanced|
|Category||Portfolio||1 Year Return*|
|Under 40's||85% Growth||15.10%|
|40's mix||70% Growth||13.70%|
|50's mix||50% Growth||11.70%|
|Over 60's mix||20% Growth||7.90%|
|Select Your Own|
|Portfolio||1 Year Return*|
|Cash & Fixed Interest (Defensive)||5.20%|
*Source: Atchison Consultants, 31 December 2012. Past performance is not an indicator of future performance. Net earnings are calculated after the deduction of applicable taxes and costs. The actual interest credited to your account will vary from the figures shown due to factors such as investment switches, cash flow, fees and insurance payments.
For the fourth year running, Virgin Super has been awarded a Gold Rating by independent superannuation research company, SuperRatings.
The verdict is in: a staggering 80% of Australians find the jargon used around Super confusing meaning they’re potentially missing out on billions of dollars at retirement. 71% think that language is a barrier to managing their funds effectively. 9 out of 10 Aussies said they’d support a campaign to simplify superannuation terminology - and that’s exactly what we’re doing.