Plum: Super, Simpler and Sweeter as 1 July draws near

24 April 2007

With time running out for Australians to take advantage of some of the Federal Government's Simplified Super reforms, Plum Financial Services has launched a major education campaign for its members.

According to Plum's Manager of Product and Strategy, Peter Talacko, ensuring members and clients are informed of the potential opportunities is Plum's number one priority as 1 July 2007 draws near – the date from which the majority of the changes will take effect.

'We think the changes have made super a much sweeter proposition for people. As it is unlikely these opportunities will be available again in the short or medium term, if ever, it is essential everyone takes the time to see if and how they can benefit from the changes before it is too late,' Mr Talacko said.

Some of the Simplified Super changes people should consider 'For example, Australians have the opportunity to contribute up to one million dollars into their superannuation before contribution limits are imposed on 1 July 2007.

'The changes also mean those who are considering retiring should consider at what age they are going to retire, as there may be some tax benefits in delaying retirement, or ceasing work earlier.

'We are also urging people to consider the benefits of checking that their super provider has their Tax File Number (TFN) accurately recorded. Rule changes mean that extra tax may be deducted or contributions rejected if the member's TFN is not held by their super provider, after 1 July 2007.'

Mr Talacko said Plum is focusing a major part of its efforts on this education campaign as they did not want any members to miss out on an opportunity because they were not aware of the change.

Plum is taking the need to educate its members about the changes so seriously that is using a number of communications channels and a variety of materials to cater to all members, terming the super changes Sweet!

Read the full version of this story - Super, Simpler and Sweeter (PDF 25kB).

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