Super system under the microscope

If you've been hearing the words "Cooper" and "super" in the same sentence in the news lately, you might be wondering what all the fuss is about. Basically it boils down to a good hard look at the superannuation system in Australia and how it operates with a bloke by the name of Jeremy Cooper running the show.

The review is well underway by now and I've been seeing lots of information and discussion across the industry about the sorts of things they are tossing around in those long meetings. The scope of the review is looking at the efficiency, structure and operation of our super system and looks set to really get down to the thorny issues of regulations, fees and charges, and competition.

I'm looking out for some preliminary recommendations which will be released around April this year with the final report due to be delivered to the Federal Government by 30 June. Whilst any changes they recommend will need to be thrashed out and taken on board by the industry and the government, it could signal some changes to super. Watch this space for any major developments!

The super industry keeps on growing

I've been looking over the latest news on just how big the superannuation industry is now - it's grown so much since compulsory super was introduced in 1992 and its not showing signs of slowing down any time soon. The latest statistics tell us that nearly 90 percent of the Australian workforce contribute more than $120 billion annually to super funds. That's a pretty significant amount of money by any standards.

These days, around 11 percent of people are relying on their super as their principal source of income in retirement, this figure is set to rise rapidly as we now realise that super is the way to go to ensure a significantly higher standard of living in retirement.  

What does this mean for you? I think the continued growth and strength of the super industry is great news for everyone because not only does it mean your savings are invested in a system that is geared towards providing a secure and comfortable retirement, but also that the industry continues to go from strength to strength, even with the inevitable bumps in the road. Happy super saving.

Every little bit helps...

I'm often hearing some amazing stories of Quadrant members who are out there in their local community making a difference. Whether it's raising money for a worthy cause, signing up for a working bee at the local school or volunteering at a community event, it's great to talk to so many Quadrant members who make a contribution in some way or another.

We've been happy to play a small part where we can in helping out some great community events lately. Last month we sponsored a prize in the Meandering 2009 art award in Launceston which celebrates the amazing talent of our local artists.

A few weeks ago, we also donated to a fantastic initiative, the first 'Homeless Connect' to be held in Hobart, put together by the Hobart City Council. Designed to connect those who are homeless or in housing stress with a range of community services and activities, this event was designed to provide a one stop shop of service provision of those in desperate need.

We also joined many other supporters in donating a prize to the Pink Ribbon Day breakfast conducted by the Cancer Council Tasmania - I didn't attend the breakfast but a few of our Quadrant team members did and told me what a great event it was. We also sponsored the Royal Hobart Hospital Research Foundation breakfast last month - another local organisation achieving great things in the field of essential research.

There are lots of great events and causes out there to help us build a strong community - every little bit helps and its great to see so many of our members helping out.

Your super life stage

At Quadrant we realise that super when you're 21 is a different ball game to when you're 51 and that's why we're not happy to offer you a "one size fits all" approach to your super.  After all, some things have a completely different perspective depending on your age, financial situation and what's happening in your life. 

I know that my attitude to super has certainly changed so much from the days as a graduate working and travelling overseas in my 20's to a busy life now with a family of four children - it's just a natural progression of different life stages.  With that in mind, I'm sure you will love our new life stages section on our website.  It's designed with four different life stages to give you the most relevant super information and tips, no matter what stage of life you are at.

Super statements

You've probably received your super statement by now and like most of us, are a bit disheartened at the effects of the global financial crisis which have resulted in a second year of negative returns for super. The impact of such extraordinary economic conditions on super savings has been brutal and we've sought to minimise the blow for you as much as possible. Of some small consolation amidst the doom and gloom is that we have seen industry super funds (like us) across the board continue to outperform Master Trusts. 

I've been speaking to a lot of members lately and hearing your concerns about the effects of the global financial crisis on your super savings. And while I can't really give you any firm advice about when the market volatility will end, you can be assured that over the longer term, super is still your best bet to save for a secure retirement. If you're about to retire or are already in retirement I'd invite you to contact me or one of our expert financial advisors to help you navigate the super maze in testing times.

Welcome to our new and improved website

I'm really excited to launch our new and improved website this month. It's been completely redesigned with a fresh look and is a bit more interactive. To help celebrate the launch of our site we're even running a competition with some great prizes.  

We have lots of plans in the months ahead for our website with a range of calculators to help you manage your super. We'll also be making improvements to Quadrant Online to make it even better.

I hope you find our new website informative and easy to use. This is my first website update and I'll be staying in touch with regular updates. If you have a chance, why not send us some feedback - we'd love to hear from you. Contact Us.