The Fire and Emergency Services Superannuation Fund (FES Super) is the superannuation fund for employees of the Department of Fire and Emergency Services of Western Australia and some associated employers.
FES Super Latest News
Market Update 30 June 2019
• Another strong quarter for equity markets
• The ASX 300 accumulation index returned 8.05%
• The MSCI Global total return index returned 5.30% in AUD
• The AUD was stable against the USD, finishing at 70.2c
• The FES Super Smoothed option returned 4.2%
The 3 months to 30 June 2019 were again very strong for the Australian and International equity markets.
The Australian share market benefitted from the Federal election, an RBA interest rate cut in June and positive momentum from US equities.
Sentiment in the US was buoyed by news that the economy expanded at a faster than expected annualised pace of 3.1% in the March quarter. The Federal Reserve also hinted that it would cut interest rates if the ongoing trade dispute with China drags the economy down.
Bond yields in Australia fell again over the quarter as expectations of further RBA rate cuts, were priced in. The Australian Government 10-year bond yield finished the quarter at 1.32%
Global growth continues to be patchy with the US strong relative to other countries. In Australia, falls in house prices, low wage growth, slowing consumption and inflation continue to be issues however there are positive offsets including recent strong trade surpluses & tentative signs that house prices may be stabilising.
At the time of writing, markets have become volatile again as the trade war rhetoric continues and global bond yields continue to compress.
12 August 2019
There were only three modest contribution changes to superannuation announced in the Federal Budget on 3 April 2019 that will assist members. These changes are proposed to commence on 1 July 2020 and assume that the current Government is re-elected at the Federal Election scheduled to take place on 18 May 2019.
The changes are:
Members aged 65 and 66 will be able to make voluntary contributions and non-concessional super contributions without meeting the work test. This test requires a member to work at least 40 hours over a 30 day period;
these members aged 65 and 66 will be able to make voluntary non-concessional contributions of up to $300,000 in a single financial year;
members will be able to make voluntary contributions for a spouse partner up to age 74, up from the the current cut-off of 69 years.
It is emphasised that these are Government proposals only and must be approved by parliament before becoming law.
Certified Copy of proof of your identity for rollovers or payments
Members are reminded that we are required by law to confirm your identity before you can withdraw all or part of your benefit from the Fund or where you wish to transfer money into the Fund.
Enhanced security measures adopted by the Superannuation Board with effect from 1 January 2018 require you to provide to the Fund a certified copy of your proof of identity on each and every occasion that you seek a payment from the Fund, where you seek to transfer money into the Fund or on such other occasion as the Superannuation Board requires you to prove you are the person to whom the superannuation entitlement belongs. The proof of identity document provided should have photographic evidence of your identity and be dated within 7 days of your request for a payment or a transaction.
To help you manage your finances including your superannuation to achieve financial security in your retirement we have provided you below with a direct link to the Federal Government's Australian Securities and Investments Commission's (ASIC) Moneysmart website.
This link to the Moneysmart website will enable you to access free and impartial financial guidance and tools that you can use to manage your money both before and after your retirement from employment.
Rolling over your superannuation accounts from other funds into FES Super will make it easier for you to manage your superannuation and reduce the overall administration fees you have to pay for your super.
To help you maximise your superannuation we have provided you with a direct link to the Super Guru website that is maintained by the Association of Superannuation Funds of Australia Ltd. To access the Super Guru website click on the words "ASFA - Super Guru - Super Consolidation" below.