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2008 annual report now available online This is the first year we've gone eco with the annual report - making it available online instead of in print. If you would like a printed copy of this annual report (free of charge) please call us on 1300 880 588 or email us. Pillar to start processing from 8 October 2008 The transition of member and account data to Pillar is now complete. As anticipated, Pillar can start processing member detail changes and cashflow transaction requests from 8 October 2008. Requests will be processed in date order. We are, however, experiencing a few days delay in transitioning our online services to the Pillar platform. For information or transactions that you would normally access online, please call 1300 880 588 or email contactaon@pillar.com.au for assistance. New contact and banking details - 1 October 2008 The move to Pillar (our new administration services provider) means that we have new postal and email addresses and a new bank account starting today - 1 October 2008. New addresses If you need to get in touch with us please use the details shown below. Re-directions will be in place until 31 January 2009 so, if you use the 'old' details during the re-direction period, any enquiries you make will still get where they need to go. New postal address New email address New fax number (updated at 29 Oct 08) Phone number
New banking details for electronic funds transfer (EFT) payments Members and employers who make contributions or other payments to the Aon Master Trust by EFT should now use the new banking details. Please contact us on 1300 880 588 or email contactaon@pillar.com.au for the new details and information you need to provide with your EFT payments. Our 'old' account (with Macquarie Bank) will continue to accept EFT payments for a limited time. Those payments will be transferred (at no cost to you) to our new bank account. If you do make an EFT payment to the 'old' account, Pillar will contact you to remind you of the new banking details. Direct debit payments If you have a direct debit agreement in place, there is nothing you need to do. The agreement will transfer automatically to our new bank. Cheque payments If you are making a payment by cheque, please make the cheque payable to 'Aon Master Trust' and send it to our new postal address: Aon Master Trust
Today's events in financial markets (30 Sep 2008) The US congress has today rejected the taxpayer-funded rescue plan for the financial system. This has caused severe market downturns in the US and globally, and is the latest in a series of almost daily twists and turns in the marketplace. While we expect ongoing turbulence in the short term, our view during this difficult time for investors remains unchanged:
Aon Master Trust processing freeze 16 September to 8 October 2008 The current transaction processing freeze was planned several months ago as a critical part of our transitions to Pillar (new administration services provider) and Russell Investment Group (investment management). The transitions and freeze have been communicated to members, employers and advisers through our website, online services and newsletters. Regrettably, the freeze has coincided with this most recent market turmoil. While we recognise and understand the frustration that some of our members may be experiencing at the present time, the moves to Pillar and Russell are part of our strategy to continue offering innovative superannuation and pension solutions to all members. Please note that the processing of transaction requests will resume on Wednesday 8 Special notice - processing freeze 16 September to 8 October The transitions to Pillar (our new administration services provider) and Russell Investment Group (appointed to manage most of the Aon Master Trust's investments) will require us to suspend the processing of member detail changes (such as address and beneficiary changes) and cashflow transactions between 16 September and 8 October 2008. This freeze will ensure the stability of member and account data during the transition phase and will apply to all changes and transactions, including on-line. Normal processing/online services will resume on 8 October. Contributions and cashflow instructions
Contributions submitted (with all supporting documents) by 10 September will be processed and loaded before the suspension. Any contributions or cashflow instructions received after 10 September will begin to be processed in date order from 8 October. Benefit quotation requests
During the freeze period, we will be able to provide an approximate benefit quotation as at 15 September (please call us on 1300 880 588 or email us to request a quotation). We regret any inconvenience that the suspension of these services may cause and we appreciate your understanding. Please call us on 1300 880 588 if you have any queries. We’re streamlining investment choice Aon has recently made the decision to appoint global investment specialist, Russell Investment Group, to manage most of the Aon Master Trust’s investments via its range of multi-manager funds. Along with the transition to Russell, we are making a number of changes to our investments. Key changes include:
These investment changes were outlined in the May 2008 Directions newsletter and are explained in more detail in the factsheets Corporate Super & Personal Super – investment changes 2008 and Pension – investment changes 2008. Following last year’s successful introduction of minimum level default cover, the trustee has negotiated the next phase of insurance enhancements for Aon Master Trust members.
For more information, see Insurance enhancements – 2008. Special notice – temporary suspension of transaction processing Transaction processing will be suspended between 27 June and 21 July 2008. This freeze period is required to allow the testing, checking and audit of final unit prices – an essential step in determining members’ super account balances at 30 June 2008. The freeze period applies to all transactions, including:
We regret any inconvenience that this suspension may cause and appreciate your patience. Please call us on 1300 880 588 if you have any queries. * During the freeze period, we will be able to provide an approximate benefit quotation as at 29 June 2008 only (please call us on 1300 880 588 or email us to request a quotation). As noted in Directions we're making a number of improvements in the Aon Master Trust. In doing so, we have been able to keep any impact on membership fees to an absolute minimum. The trustee has approved an increase in the membership fee from the current $60 to $63 a year (an increase of less than 6 cents a week). This rise is in line with increases in Average Weekly Ordinary Time Earnings and will apply from 1 July 2008. Details of all fees will be set out in the 1 July 2008 product disclosure statements which will be available on the website or by calling us on 1300 880 558. Note: Non-standard membership fees that have been negotiated with individual employers will not be increased without the agreement of those individual employers. Members of these funds will be notified separately of any changes to fees. Aon Consulting Australia appoints Russell Investments to manage Aon Master Trust's assets (PDF) Special notice: Temporary suspension of cashflow processing as unit pricing moves to BNP The Aon Master Trust uses daily unit prices to process member transactions including investment switches and benefit payments. Receiving on-time and accurate daily unit prices is therefore a critical part of our member service delivery. BNP Paribas Fund Services Australasia Pty Ltd was appointed custodian of the Aon Master Trust's assets during 2007. The trustee is expanding the scope of this partnership, appointing BNP to also provide unit pricing services. BNP's ability to meet our unit pricing needs has been the key driver behind moving this key service to a specialised provider. The move to BNP will bring:
Suspension of cashflow processing - UPDATE While this change will not affect you on a day to day basis, we will need to suspend cashflow processing for several days. Cashflow processing will be suspended 22 – 24 April 2008. Contributions submitted (with all supporting documents) by 16 April will be processed and loaded before the suspension. Any contributions or cashflow instructions received after 16 April will be processed from 25 April. Aon to outsource super admin services (PDF) Aon to outsource super admin services (PDF) 15.2.08 Investment market peaks and troughs Investment markets were volatile in the December quarter, producing a slight negative return for both Australian and overseas shares for the quarter. Despite a slight recovery in early January, both Australian and overseas markets have fallen substantially since the start of the year. While you may find this downturn unsettling, it follows several years of very good returns, particularly for the Australian share market. Investment markets necessarily have peaks and troughs which usually correct themselves over time. Super is a long-term investment for most people, so you’re likely to have a number of peaks and troughs to weather along the way. If you have invested for the long term in investments that may be volatile, you should think carefully before switching out of them after a brief downturn – try to avoid snap decisions and short-term fixes. It’s also important to have a long-term investment strategy that’s right for you. You may choose a high risk/high return or lower risk/lower return strategy, but it is important that you pick a risk/return profile that you are comfortable with and one that is appropriate for your circumstances. If you think your investment strategy is no longer right for you, the Aon Master Trust has over 40 options for you to choose from, with a wide range of risk/return profiles. See the Product Disclosure Statement for details of these options, and our factsheets Introduction to asset classes and Understanding investment risk for more general investment information. You may also wish to seek some financial advice before making an investment decision. New identification (ID) requirements New rules that came in with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 mean that super fund members must now provide certified ID when making certain transactions on their super account. See our factsheet for more information on the ID rules and document certification process. Dream machine — will your super give you the income you'll want in retirement? The latest addition to our online calculators – the retirement income calculator – will tell you if the super you’ve built up by the time you retire will give you the level of income you’d like to have. You can test many different scenarios by entering the age at which you’d like to retire, your desired level of retirement income, your salary, super contributions and investment returns – even the rate of inflation. The calculator takes account of fund fees and insurance premiums and, if you’re planning to take time out from work, you can ask it to factor in a career break. 2007 annual report now available (PDF) 2007 annual report now available (PDF) 3.12.07 Supplement to 2007 annual report for Tier 3 investors (PDF) Supplement to 2007 annual report for Tier 3 investors (PDF) 3.12.07 This new Budget Calculator will help you manage your money This new Budget Calculator will help you manage your money. 22.8.07 Special notice - temporary suspension of some services We are currently upgrading our administration system to accommodate the Government's 1 July 2007 legislative and tax changes. Please note that we will be suspending some of our services as we complete this upgrade. Benefit quotes and benefit payment requests Processing of requests received between 1 July and 23 July 2007 will be suspended. Processing will resume on 24 July with the Better Super tax laws applying to all benefit quotes and payments. Requests received by 27 June will be processed using current tax laws provided the information supplied is complete and correct. During the suspension period, we will be able to provide benefit quotations as at 30 June 2007 (please call us on 1300 880 588 or email us to request a quotation). Investment switch requests Processing of requests received between 27 June and 23 July 2007 will be suspended and will resume on 24 July. Requests received before 27 June will be processed as normal provided the information supplied is complete and correct. Contributions and rollovers Processing of contributions and rollovers received between 29 June and 23 July 2007 will be suspended and will resume on 24 July. During the suspension period, investment earnings on these contributions/rollovers will continue to move with changes in the underlying unit price for your chosen investment option(s). Contributions and rollovers received before 29 June will be processed as normal provided the information supplied is complete and correct. Online services You can continue to use our online service to update personal details such as your contact details and beneficiaries. Online services that relate to your account (eg transaction history, benefit quotes, investments) will be unavailable between 1 July and 23 July and will resume on 24 July 2007. Aon regrets any inconvenience this disruption may cause and appreciates your patience as we make these important changes. Aon Master Trust addresses under-insurance with new default insurance cover (PDF) Aon Master Trust addresses under-insurance with new default insurance cover (PDF) 25.6.07 Improvements and changes to insurance and investments Following a recent review of the Aon Master Trust’s insurance arrangements and investment menu, a number of improvements and changes are being made. A better fit – improved insurance in Corporate Super and Personal Super Discounted premiums and an age-based minimum level of insurance cover will allow eligible members to automatically have at least a minimum, but reasonable, level of cover at value-for-money rates – a big improvement for members with very little or no cover at all. The minimum is $200,000 reducing from age 42 to nil at age 65 and is for death and total and permanent disablement in Corporate Super* (from 1 July 2007) and death-only in Personal Super (applies only to existing eligible members as at 30 June 2007). Members can opt out of the minimum cover if they wish. These, and other insurance improvements and changes, are outlined in Directions for members. For more detail on premiums and the minimum cover and eligibility, see the relevant factsheet:
* If employers have a special arrangement such as an insurer other than AIG, employer-paid insurance premiums, or cover for defined benefit members, the minimum level of cover will not apply. Investments
The investment changes in Corporate Super and Personal Super are outlined in Directions for members and explained in more detail in the factsheet Investment changes and improvements. Allocated pensioners have received a separate factsheet explaining these changes. Aon Master Trust retains AIG Life (PDF) Aon Master Trust retains AIG Life (PDF) 6.6.07 Federal budget 2007 (PDF) 08.5.07 On 2 April 2007, the Government issued new regulations that affect the splitting of personal after-tax contributions. Under the new regulations, a member cannot split (with their spouse) any personal after-tax contributions made on or after 6 April 2007. Personal after-tax contributions made before 6 April 2007 are still splittable and the timing for making a split request (ie at any time in the following financial year) remains the same. The abolition of Reasonable Benefit Limits from 1 July 2007, combined with the removal of tax on superannuation benefits taken over age 60, could make contribution splitting less attractive. Concessional (employer, salary sacrifice and personal deductible) contributions will continue to be splittable, but from 1 July 2007, the maximum amount of concessional contributions that can be split is the lesser of:
Simplified Super reforms passed by the Senate The Simplified Superannuation reforms proposed in the May 2006 Federal Budget and subsequent refinements to the proposals have been passed by the Senate. This means there will be a number of changes in super from 1 July 2007. Some of these reforms may affect how individuals plan for their financial future. If you're thinking about your super, it's more important than ever to talk to a licensed financial adviser about how the changes might affect you. If you don't already have a financial adviser, but would like to be put in touch with one, call us on 1800 880 588. Aon Master Trust scores 5-star rating again (PDF) Aon Master Trust scores 5-star rating again(PDF) 12.2.07 Aon Master Trust goes platinum (PDF) Aon Master Trust goes platinum (PDF) 21.12.06 Member fee – a modest increase The trustee is committed to keeping member fees as low as possible. However, as noted in Directions, higher compliance and administrative costs in the Aon Master Trust have resulted in a modest $1.00 per month increase in the standard member fee – from $48 per annum to $60 per annum. This is the first fee increase in more than five years and will be effective:
Non-standard member fees that have been negotiated with individual employers will not be increased before the employer’s current agreement with the Trust expires. Members of these funds would be notified separately of any changes to fees. Annual statements mailed and online guide launched Annual benefit statements mailed New-style annual benefit statements have been mailed week ending 20 October 2006 to members’ nominated addresses. A copy of each member’s printed statement (PDF) is also available online (password required). Members of funds with arrangements that require variations to statements, for example the inclusion of defined benefits, will have statements issued in November. If you have any questions regarding statements, please call us on 1300 880 588 or email us. Online guide The statements comply with new legislation and contain significantly more information than previous statements. To help members understand the statements we have launched an online guide. In addition to the statement, members will have received a special edition of Directions that also explains the new features in the statement. Online transactional statements For the latest details of all account transactions, including contributions and fees, and estimated benefits, members can produce reports for as many periods as they require by logging in and going to Your Account/Transaction History. If members have forgotten their Username and Password, or they’d prefer us to mail the information to them, they can call us on 1300 880 588. Investment performance is also available online
for the year
ended 30 June 2006 and for the most
recent period. 2006/07 Federal Budget: an update (PDF) 2006/07 Federal Budget: an update (PDF) 5.10.06 Aon Master Trust appoints two independent directors (PDF) Aon Master Trust appoints two independent directors (PDF) 27.9.06 Transaction reports and 2006 benefit statements Transaction reports Up-to-date details of all account transactions, including contributions and fees, as well as estimated benefits are now available through our online service. Members can produce reports for as many periods as they require by logging in and going to Your Account/Transaction History. If members have forgotten their Username and Password, or they’d prefer us to mail the information to them, they can call us on 1300 880 588. Investment performance is also available online for the year ended 30 June 2006 and for the most recent period. 2006 benefit statements Printed annual benefit statements as at 30 June 2006 are in the process of being produced and will be mailed to members’ nominated addresses in October. The statements will contain significantly more information to comply with new regulations and reflect current industry standards. You will also receive a special edition of Directions that explains the new features in your statement. A copy (PDF) of your printed statement will also be available to you online. Those funds with arrangements that require variations to statements, for example the inclusion of defined benefits, will have their statements issued in November. If you have any questions regarding statements, please call us on 1300 880 588 or email us. Aon Master Trust scores 5-star rating Aon Master Trust scores 5-star rating 16.6.06 New contribution splitting rules could mean big tax savings The Federal Government has passed legislation that allows superannuation fund members to split both personal and employer contributions with their spouses. Contribution splitting gives couples access to two tax-free thresholds and two reasonable benefit limits (RBLs), which could significantly reduce the tax payable on lump sum or pension payments. The new rules will also help couples where the spouse has little or no accumulated superannuation benefits. The new rules in brief
The Australian Taxation Office website (www.ato.gov.au) has more information on contribution splitting, including fact sheets. We are still reviewing our procedures for contribution splitting and we will advise all members as soon as procedures are finalised. my ebenefits, Aon’s new member benefits program, offers a range of lifestyle services to members of the Aon Master Trust. Available online, by phone and email, the program can help you finance a home purchase, buy that big-screen plasma at a fantastic price, send a small thank you gift or arrange the perfect holiday without getting the travel agent blues. And what if you need legal advice? Or maybe your tax return has you stumped. my ebenefits is on hand for free advice over the phone or by email. my ebenefitsis available at no cost to members of the Aon Master Trust. <click here> to log on and learn more about this exciting new initiative. Federal Budget 2006 (PDF) 10.5.06
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