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
The Superannuation Board office in Subiaco will close for the Christmas holiday break on Friday 20 December 2019 and re-open for business on Monday 6 January 2020.
The Superannuation Board and its staff wish all FES Super members and their families a safe and happy Christmas holiday period and look forward to assisting you with your superannuation queries in the new year.
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.