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IOOF Supplementary Product Disclosure Statements post Federal Budget 2009

IOOF Product Development

Following the announcements made in the May 2009 Federal Budget, we are issuing Supplementary Product Disclosure Statements (SPDS) for many of our products to reflect the following.

  • The reduction in the Concessional Contributions caps
  • The temporary reduction of the Government Co-contributions scheme
  • The reduction of the minimum pension payment requirement (by half) for 2009/10.

Details of the changes are as follows:

1. Concessional Contributions cap

The Concessional Contributions cap has been halved from $50,000 a year to $25,000 from 1 July 2009. For persons aged 50 or over on 30 June, the transitional limit has been halved from $100,000 a year to $50,000. This transitional limit will also apply up to the financial year ending 2012.

2. Government Co-contributions

The Commonwealth Government has reduced the matching rate and matching co-contribution that is payable on an eligible person’s Non-concessional Contributions. The matching rate from 1 July 2009 is:

 
2009/10 to 2011/12
2012/13 and 2013/14
2014/15 onwards
Matching rate
100%
125%
150%
Maximum co-contribution
$1,000
$1,250
$1,500

Note: From 1 July 2009, the income test for co-contribution eligibility includes Salary Sacrificed superannuation contributions.

3. Minimum annual pension limits

The minimum drawdown amount for account-based pensions and term allocated pensions has been halved for the 2009/10 financial year. This extends the concession provided to self-funded retirees during the 2008/09 financial year. All IOOF pension account holders who select a minimum pension will receive the reduced minimum pension rate from 1 July 2009.

Below is a list of the Product Disclosure Statements (PDS) that are being supplemented to record these changes.

  • Pursuit Select Personal Superannuation
  • Pursuit Select Allocated Pension
  • Pursuit Select Term Allocated
  • Pursuit Core Personal Superannuation
  • Pursuit Core Allocated Pension
  • Pursuit Core Term Allocated Pension
  • IOOF Portfolio Service Personal Superannuation
  • IOOF Portfolio Service Corporate Superannuation
  • IOOF Portfolio Service Employer Superannuation
  • IOOF Portfolio Service Allocated Pension
  • IOOF Portfolio Service Term Allocated Pension
  • IOOF Personal Choice Master Plan Personal Superannuation
  • IOOF Personal Choice Master Plan Allocated Pension
  • LifeTrack Corporate Superannuation & Employer Superannuation
  • LifeTrack Cashback Pension
  • Financial Partnership Portfolio Service Employer Superannuation

Once the SPDSs become available, they can be ordered from our warehouse or simply downloaded from our website. We will communicate via the weekly Bulletin Board once they are available. Please note that all new PDS orders from the warehouse will have the relevant SPDS included.