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
Investment Update - December 2018 Quarter
It was a negative quarter for growth assets, particularly equities
The ASX 300 accumulation index returned -8.4% for the quarter
The S&P 500 returned -13.9% in UD Dollar terms over the quarter
Australian and Global bonds were the best performing assets for the quarter
Over the quarter the Australian Dollar depreciated against the US Dollar from 72.22 US cents to 70.58
The FES Super Smoothed Option returned -4.88% for the quarter
Over the quarter the US share market experienced a significant correction. This impacted most other global equity markets as concerns grew that US and global growth was slowing. Investors focussed on the trade dispute between the US and China, the US Government shutdown, Brexit uncertainty and the US Federal Reserve interest rate policy.
Bond yields firmed over the period with the Australian Government 10 year bond falling to 2.32% and US Government 10 year bonds to 2.68% by quarter end.
The volatility across various asset classes during the quarter highlighted the importance of diversification and your Fund continues to be managed in line with a diversified long term strategy.
The main superannuation and pension measures that were announced by the Government in the 2018 Federal Budget are as follows:
Transfer of all inactive superannuation accounts under $6,000 to the Australian Taxation Office
Abolish exit fees on all superannuation accounts
3% annual cap on administration and investment fees for superannuation accounts with balances of less than $6,000
Remove default insurance for members aged under 25 who have a super balance of less than $6,000 and who are inactive members of the Fund
Allow retirees aged 65-74 with a super balance below $300,000 a one year exemption from the work test for making voluntary super contributions
Amend pension means test rules to encourage the development and take up of lifetime retirement income products
Increase the earnings cap for the Pensioner Work Bonus Scheme from $250 per fortnight to $300 per fortnight and expand to include self-employed retirees
Expand Pension Loans Scheme (reverse mortgage arrangement) to cover all Australians over Age Pension age
All of these measures are intended to take effect from 1 July 2019. However, they are proposals only at this stage and will remain as proposals until such time as they are formally approved as legislation by Parliament.
If you would like more information on any of these proposals please contact us.
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.
Advisers who are seeking information from the Fund on behalf of a FES Super member must provide the Superannuation Board with a valid adviser authority together with certified proof of identity documentation for the member. These third party authorities will be valid for a maximum period of 12 months from the date of receipt, and may be cancelled earlier by the member by way of written notice to the Superannuation Board.
This rule applies to all third party authorities including the situation where a member wishes their spouse or partner to obtain information on their behalf, and is intended to protect the member's personal details.
If the adviser or other third party authority is no longer valid (i.e. it is more than 12 months from the date of its receipt) the Superannuation Board will require a written update to be made by the adviser or member before disclosing any details to the third party.
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.