[Mins] Important message for ministers and employees regarding superannuation

[Peter Abetz]

Dear CRCA Super Fund Members,

 

Back in April, you would have received a letter from Plan B, advising that
IOOF had taken over the business of Plan B, which means that IOOF (or more
specifically IOOF Investment Management Limited  - abbreviated to IIML)  is
now the trustee for the Lifetime Superannuation Fund  - CRCA Employer Super
Fund. (The CRCA Super Fund is a sub-plan of the Lifetime Superannuation
Fund).

 

The reason for this friendly takeover was that Plan B realised that in an
ever more competitive market, the cost of operating a relatively small
business becomes more difficult, and made its fees increasingly less
competitive.

In the second half of 2013 all CRCA Super accounts will be transferred over
to IOOF's product known as Spectrum Super, which is one of the largest
corporate super funds used by employers, including names like Bendigo Bank
Staff, The Perth Mint, Ausdrill, BGC, Blackmores and Crown Equipment.  IOOF
has offices in every capital city of Australia with dedicated Relationship
Managers able to assist members.

 

There are two big benefits to you:

 

1.       The fees drawn from your account each year will be significantly
less



2.       You will have a much larger range of investment options.  You can
still chose to simply leave your funds in the default account setting (very
similar to the current default setting), or you can choose from a wide range
of investment options (over 400!).  You will be able to invest in ready made
portfolios (much like the various Plan B options), or self selected managed
funds,  or you can choose to virtually manage your own investment portfolio
via their website, where you can allocate your funds  to buy /sell ASX300
shares or you can opt for  term deposits.   

When the change occurs you will be notified in writing and receive
information about all your options, or you can visit
www.spectrumsuper.com.au for further details.

 

As the church has an obligation to provide for ministers and their families
in the event of serious illness or death, the current default Death and
Total Permanent Disability (TPD) insurance levels will be carried over to
your new Spectrum Account.  If you wish to increase your life and TPD
insurance within Spectrum Super you can do so, but (as previously) you can
not go below the minimum with out the approval of the denominational
committee responsible for looking after superannuation issues.

 

The purpose of this letter is just to keep you informed as to what is
happening with your current superannuation account.   

 

Any new employee /minister will automatically be joining Spectrum Super and
not Plan B's Lifetime Superannuation Fund.  

 

With kind regards

 

Peter

 

(Member of the CRCA Super Policy Committee)



Rev Peter Abetz MLA

(Associate Pastor)

67 Froudist Circle

Southern River 6110

 

Phone:  Home +61 (0)8 9456 2712

Electorate Office: +61 (0)8 9256 4900

Mobile:  0409 076 155

E-mail:  pabetz at crca.org.au

 

Grace Christian Reformed Church

Current place of worship:

Seveth Day Adventist Church

Wendling Rd

North Beach WA 6020

 

Worship times:  Sundays:  8:30 am & 10.30 am

 

Website:  www.gracecrc.org.au

 

 

 

 

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