- SG Increase Passed
- Special Insurance Offer for Aon Master Trust Members
SG Increase Passed
The Bill to increase the superannuation guarantee (SG) from 9% to 12% has been passed by the House of Representatives, despite the fact the majority of Coalition members voted against the Bill.
The policy was passed by the House of Representatives on 22 November, with an amendment to remove the age limit on SG contributions.
While voting against the Bill, the Opposition Leader, Tony Abbott, confirmed he would not overturn the policy.
Speaking at a breakfast hosted by the Financial Services Council in Sydney on Friday, Mr Abbott said: “We are not instinctive supporters of mandatory superannuation contributions. Our instinct is to provide incentives, not to coerce people. Nevertheless, once these things are there we don’t add to them but we don’t roll them back and that is the approach that we will take to the current legislation.
“We aren’t going to support it in the Parliament but if it goes through we will not try to rescind it.”
The Bill will now move to the Senate for debate in 2012.
Special Insurance Offer for Aon Master Trust Members
Aon Master Trust has announced a special offer for its members to help them top-up their insurance cover without the need for medical underwriting.
Under the arrangement, members can increase their death and TPD cover by up to $500,000 by completing a short, four question online form.
Head of Retirement Products at Aon Hewitt, Peter Lewis, said the Master Trust was continually looking for ways to improve benefits for its members.
“This is a special offer we have developed for our members with our insurer AIA Australia to help make sure that they’re not like the many Australians who are underinsured,” Mr Lewis said.
“We know that a lot of our members realise they don’t have enough insurance and even those who plan to increase their cover often don’t get around to doing anything,” he said. “By offering them a quick and easy way to increase their cover, plus an incentive to act now, we think it will help them overcome their inertia.”
