Home' Charter : 0811 Charter Aug Contents 36 Charter I August 2011
Cover > Superannuation
Members > Benefits
OnePath is one of Australia’s leading providers of wealth, insurance
and advice solutions. A wholly owned subsidiary of Australia and
New Zealand Banking Group Limited (ANZ), OnePath now operates
as part of ANZ’s specialist wealth business. OnePath Life has a
comprehensive range of life and income insurance products available
to members of the Institute. With OnePath Life’s ProSecure Income
Replacement Plan, you can be paid a monthly disability benefit if you
fall ill or get injured and are unable to work. With no medical or blood
tests, you can receive immediate cover on acceptance.
Choose your level of cover
You can choose your level of cover – up to 75 per cent of your gross
monthly income, up to a maximum of $20,000 a month1. It all depends
on the level of cover you choose and how much of your income you
want protected. To work it out, think about how much you would need
to pay for your mortgage or rent and day-to-day bills like electricity,
petrol and food. For more information, call OnePath Life on 1800 658
679 or visit charteredaccountants.com.au/incomeprotection
ProSecure Income Replacement Plan is issued by OnePath Life Limited (OnePath Life) (ABN
33 009 657, 176 AFSL 238341). OnePath Life is a wholly owned subsidiary of Australia and
New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522, an authorised deposit taking
institution (Bank) under the Banking Act 1959 (Cth). OnePath Life is the issuer of the product but
it is not a Bank. Except as set out in the issuer’s contract terms (including the Product Disclosure
Statement (PDS)), this product is not a deposit or other liability of ANZ or its related group
companies. None of them stands behind or guarantees the issuer. You should read the PDS
(available online onepath.com.au/public/pdfs/ProSecure_PDS_Kessler.pdf or by calling 1800 658
679) and consider whether this product is right for you.
1The monthly amount payable for a valid claim may be less than the monthly amount insured
depending on your pre-claim earnings and other payments. The monthly amount payable
excludes business expenses.
MAJOR EVENT NEXT MONTH
The Institute’s second National SMSF conference in Melbourne
runs from 19-20 September 2011. Visit charteredaccountants.
com.au/SMSF2011 for more information or check out our training
and development article on page 50.
have to accept that they are the one signing on the dotted line;
they are the one who has to seek advice from quality sources
and assess the implications of the offerings. In that sense,
Australia’s retirement income system can and should impose more
responsibility on individuals in managing their retirement income,”
“Australians’ confidence in the financial world was shaken by
the financial crisis and some of that shakiness spilled over to
superannuation funds and performance. That is understandable
but there remains a very clear recognition that superannuation
is a great foundation for the provision of retirement income.
Confidence is strong but there is also a healthier questioning of
the performance and operational costs of funds,” he says.
Westover believes the way to re-engage Australians with their
super and broader financial affairs is to improve the quality of financial
advice and the understanding of the value of full financial advice –
two objectives currently being addressed by the government’s Future
of Financial Advice reforms.
“Good financial advice needs to come from a number of
sources. Intra-fund advice is one avenue. Accountants are another
with their unique relationship with Australians through the tax
system,” she says.
Westover adds that all three pillars of the retirement income system
are vital for Australians and it’s a matter of striking the right balance
“T he bottom line is we should be doing more to encourage
those that may be able to support themselves in retirement to
PENsiON iNCOME lEVEl
single age pension $ per year % of average wages
Year of 65th birthday
Years lived after 65
% of life past age 65
wHAT is Old AgE?
Because of improved living standards and medical technology, old
age is not what it used to be. The following table shows calculations
of the proportion of life expectancy after age 65 expected to be lived
by people turning 65 from 1900 to 2000:
(Source: Financial Demographics)
(Source: Financial Demographics)
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