Adviser notices - Super & Investment

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OneAnswer New Business Forms and changes to super contribution age limits

Wednesday, 1 July 2020

As you may be aware the Government has changed the age requirements for who can make voluntary super contributions. The main changes are:

  • an increase from age 64 to 66 when members can make a voluntary contribution to super without satisfying the Work Test (gainful employment), and
  • an increase to the maximum age a member can receive a spouse contribution.

A Product Disclosure Statement (PDS) Update detailing these changes is available here.

OneAnswer new Business online form updates

In line with these changes we are currently updating the OneAnswer Frontier Personal Super and Pension new business online forms and expect these to be updated in early August 2020.

In the meantime, please refer to the following workarounds when completing new business forms for OneAnswer super and pension members who are aged 65 and 66.

Please note: PDF forms will be available to download at onepath.com.au and hardcopy forms can be ordered from 1 July 2020.

 

OneAnswer Super

From 1 July 2020 until the form is updated please tick ‘Yes’ at the ‘gainfully employed’ question for members who are age 65 or 66 as shown below in the screenshots.

The PDF output will have the correct age group ticked but the wording won’t be in line with the new rules at 1 July 2020. This wording will also be updated with the online form.

 

OneAnswer Pension

If your client is making a ‘superannuation contribution’ as part of the pension set up, please tick ‘Yes’ at the ‘gainfully employed’ question for members who are age 65 or 66 as shown below in the screenshots.

Again, the PDF output will have the correct age group ticked but the wording won’t be in line with the new rules at 1 July 2020. This wording will also be updated with the online form.

 

Further Information

For more information about the Government changes, please refer to the PDS Updates available at onepath.com.au

If you have any questions or require assistance with the online forms, please contact Adviser Services on 1800 804 768.

 

This information is issued by OnePath Custodians Pty Limited (OPC) (ABN 12 008 508 496, AFSL 238346, RSE L0000673 OPC is a member of the IOOF Group of companies, comprising IOOF Holdings Limited (ABN 49 100 103 722) and its related body corporates.
The information is current at July 2020 but may be subject to change. Updated information will be available free of charge by contacting Adviser Services (refer to the contact details above).
This information is intended for the use of financial advisers only, and is not to be given to potential or existing investors. The information is of a general nature and has been prepared without taking account an investor’s personal needs, financial circumstances or objectives. Before acting on this information an investor should consider whether the information is appropriate for them having regard to their personal needs, financial circumstances or objectives. An investor should read the relevant Product Disclosure Statement (PDS) and any product updates (for open and closed products) which are available by calling Adviser Services or by visiting onepath.com.au and consider if this product is right for them.