Your pension and recent uncertainty on share markets
Over the past week or so share markets have fallen sharply. In times like this your confidence in your investment strategy could be shaken. Do I sell? Do I do nothing? Is now a time to buy?
If you’re uncertain or worried about your pension, we recommend you get financial advice. And what better way to do this than through AUSCOAL Advice. Whether you're already an AUSCOAL Advice client or new to financial advice, our financial advisers provide free advice over the phone about your super investments. Give us a call on 1300 AUSCOAL (1300 287 262), Monday to Friday, 8am to 6pm, to make an appointment with a financial adviser.
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Got a pension question? It’s now easier to find the answer
If you’ve visited our website lately, you may have noticed some changes.
 In July we launched a brand new website with our members' needs in mind.
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Under age 60?
You may need to pay the flood levy on your pension payments or withdrawals.
The flood levy was introduced by the Federal Government for 2011-12 to help communities recover from recent natural disasters, however some people are exempt.
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Six practical steps to financial discipline
With 78% of Australians saying they're financially disorganised, it makes sense to create a quick and practical way to inspire financial discipline.
Here’s six things you can do to sharpen up your knowledge on where your money’s going and what you can do to minimise waste - two significant contributors to being financially disciplined.
No discipline? Credit cards are a bit like a kid having a time out, without sitting in the corner. Comedian Tim Clue explores whether the 'time out' method is good for discipline. Watch the video.
Note: By clicking on these links you'll be leaving AUSCOAL Super's website. We have no oversight of the information contained on The Gym website.
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Government is phasing out reduced minimum pension limits
The government is providing a 25% reduction in the minimum amount super pensioners must withdraw from their pension in the 2011-12 financial year.
The government originally reduced the minimum amount super pensioners had to withdraw by 50% from 2009 to reduce the need for pensioners to sell assets at a loss during the global financial crisis to meet the minimum pension withdrawal requirement.
The government is now phasing out the relief. Normal minimum payment rules will apply from 1 July 2012.
Minimum pension limits for 2011-12 financial year
| Under age 65 |
3%
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| Age 65–74 |
3.75%
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| Age 75–79 |
4.5%
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| Age 80–84 |
5.25%
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| Age 85–89 |
6.75%
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| Age 90–94 |
8.25%
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| Age 95 and over |
10.5%
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What do you need to do?
Your annual pension variation form that we sent to you includes the reduced minimum amount. If you don’t want to change your regular fortnightly pension payment you don’t need to do anything.
If you want to nominate a new regular fortnightly payment complete the form and send it back to us. Make sure the amount you choose is not less than the minimum amount noted on the form.
Questions
If you have any questions about your pension payments, please call us on 1300 AUSCOAL (1300 287 262), Monday to Friday, 8am to 6pm.
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Need to see us face-to-face?
Did you know we regularly visit regional mining centres to provide face-to-face personal financial advice?
 Our advice starts at just $110.
Over the next few months we’ll be visiting the following locations.
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| Contact Us |
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If you have any questions about this newsletter or your AUSCOAL Super account, you can contact us by email, phone, face-to-face or post. |
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