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 1 July 2019 to 30 September 2019
A volatile but positive quarter for equity markets
The ASX 300 accumulation index returned 2.55%
The MSCI Global total return index returned 4.6% in AUD
The AUD fell against the USD, finishing at 67.6c
The FES Super Smoothed option returned 2.31%
The three months to 30 September 2019 were characterised by heightened volatility as markets responded to escalated trade tension, rates cuts in the United States (US), a drone attack in Saudi Arabia and protests in Hong Kong.The Australian Share Market saw a rotation from growth and momentum stocks to value names but the index maintained a positive trajectory.
Activity in the US manufacturing sector (PMI) was revised slightly higher over the quarter, signalling a modest improvement in manufacturing sector conditions. However, consumer sentiment fell over the same period. Annual core US inflation rose to 2.4% in September.
Bond yields in Australia rallied over the quarter as the Reserve Bank of Australia delivered two successive rate cuts for the first time in 6 years. The Australian Government 10-year bond yield finished the quarter at 1.02%.
Global growth continues to be soft however central banks are providing significant support through accommodative monetary policy. Consensus opinion suggests that this is likely to continue for the foreseeable future.
At the time of writing, markets have maintained their strength and barring a near term negative event, the December quarter should be positive.
The Australian Parliament has passed new legislation, the ‘Protecting Your Super’ package, which took effect on 1 July 2019.
The package includes several changes designed to reduce erosion of superannuation account balances. One of the changes may affect some FES Super members.
From 1 July 2019, non-defined benefit superannuation accounts with a balance under $6,000 must generally be transferred to the Australian Taxation Office (ATO) unless the member’s account has in the previous 16 months:
Received a contribution, rollover or automatic transfer from another fund,
Made an investment choice,
Changed their insurance cover,
Made a binding beneficiary nomination, or
Provided written notice to the ATO or to FESSuper that they do not want their FESSuper account to be transferred.
The first transfer to the ATO will be made on or before 31 October 2019.
If your account is identified as a low balance inactive account, we’ll contact you with information about how you can choose to stay with FESSuper.
Note the above change does not affect members with a defined benefit account.
Your annual benefit statement for the period to 30 June 2019 has now been posted to your secure online account at www.fessuper.com.au and is available for you to download if required.
A copy of your annual benefit statement has also been mailed to your postal address and will be with you shortly.
The 2019 Report to Members is also available for you to read or download from the website under 'Publications/Forms/Resources'.
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.
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.
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.