UNDERSTANDING SUPER

How do you make super easier to understand? One way is to talk to someone who understands both horticulture and superannuation.

Regional manager, George Frangeskakis, is part of a dedicated and responsive team of relationship managers with Prime Super, a partner of NGIV for more than five years.

Prime Super manages the retirement savings for close to 130,000 members who work in industries including agriculture and horticulture and has a strong connection with regional Australia. A boutique size, independent, profit-to-member super fund, Prime Super makes it a priority ‘We want to be available to help our employers and members,’ said George.

‘We build relationships with our employers and members.’

Part of the relationship building process is to provide both members and employers with information about superannuation and insights, as well as updates on the super industry.

‘To make the most of your super, it is important to be across changes in the industry,’ explains George.

‘For example, there are a number of changes being introduced on 1 July 2022, because of new federal government legislation.’ Summary of changes to super from 1 July 2022 1. Superannuation Guarantee (SG) contributions, the compulsory contributions to employees’ accounts from employers, will increase from 10 per cent to 10.5 per cent. 2. Those earning less than $450 per month will now be eligible for SG contributions from employers. 3. An aspiring homeowner will be able to save up to $50,000 (up from $30,000) through voluntary contributions to their super account which can later be released to buy a first home under the First Home Super Saver (FHSS) scheme. 4. The age to make a downsizer contribution, a one-off contribution from the sale of the family home, will be reduced from 65 to 60 years. Downsizer contributions can be up to $300,000 (individual) or $600,000 (couple), and the family home must have been owned for at least 10 years.

Other conditions may apply. 5. If you are between 67 and 74 years old, you will no longer have to take a work test to make salary sacrifice contributions or non-concessional contributions to your super.

While George and his colleagues at Prime Super stay across industry developments, they also offer employers and members help when they need it.

‘Many employers want to know how they can make their super payments more easily. We can offer help with our EmployerOnline portal and a super clearing house,’ said George.

‘Members often want to know how they can grow their super faster.

‘Super is likely to be one of your largest investments, so it is important to give it regular attention.

‘Here are five easy actions to take now.’

1. Find out where your super is Find out the super fund you are with and how much you have in your account. You may have more than one super account.

Make sure you know how much you currently contribute, and review your investment returns and fees. They all have a big impact on your savings.

2. Review your investment options Your fund invests the money in your super account, so investment returns have a huge impact on your super balance. Keep in mind that super is a long-term investment, so it is important to focus on long term returns along with the current annual return.

Your risk appetite will determine the investment mix that’s right for you. You can choose from low risk, defensive investment options through to higher risk, growth-orientated investment options.

3. Check your insurance cover Insurance cover can be a valuable inclusion in your super, designed to protect you and your family when you need it most.

Prime Super members can access Death Only, Death & Total and Permanent Disability (TPD), Terminal Illness and Income Protection insurance at competitive rates which can be tailored to suit your individual needs.

4. Consolidate your super If you’ve ever changed jobs, you could have more than one super account. The fees and insurance premiums you could be paying across multiple super accounts eat into your hard-earned retirement savings.

You can save on fees and make your super easier to manage if you combine your super into one account. Check the insurance you have in your different accounts before you consolidate as you may lose the cover you previously had.

Consolidate through your MyGov account or call your super fund.

5. Top up with additional contributions If you top up your super with small amounts that you won’t miss now, it will grow your super faster. Salary sacrifice contributions can be made directly from your pay, and you can also make other after-tax contributions. There are limitations and conditions may apply to different types of contributions, but also tax incentives to help accelerate your super savings.

More information? ‘I work with a team of professionals, and we are here to help you, whether you are an employer or a member,’ said George.

‘We look forward to hearing from you.’

More information

Contact George Frangeskakis, Regional Manager – Eastern Victoria & Tasmania, on 0488 441 880 to find out how Prime Super can help you.

Disclaimer: This article contains general information only and does not take account of your personal circumstances. You should obtain personal advice where appropriate. This article is current as at the date of publication and subject to change. Prime Super (ABN 60 562 335 823) is issued by Prime Super Pty Ltd (ABN 81 067 241 016, AFSL 219723). A Product Disclosure Statement and a Target Market Determination is available from the Prime Super by calling 1800 675 839.