Sydney, 31 July, 2007: The Australian Bankers’ Association (ABA), the Financial Planning Association of Australia (FPA) and the Investment & Financial Services Association (IFSA) have updated the free consumer financial literacy guide – Smarter Super – Invest in your future and make the most of your retirement.

The three associations have revised this booklet to reflect the superannuation, social security and tax reforms that commence in July and September this year, including changes which mean that everyone who has taxed superannuation can look forward to paying no tax when they are eligible to take a super payout after the age of 60.

The update also includes some new information reflecting feedback from consumer and community groups, including:

• Investment choices – for example choosing what asset classes you want your money invested in within a fund, such as shares, fixed interest, cash or property, and why its important to take the time to understand how your investment options can impact on the performance of your superannuation; and
• Fees and charges – for example understanding how fees can have an impact on the amount of money you have in retirement, and why it’s important to take the time to understand them before investing in a fund.

The ABA, FPA and IFSA all understand that many people find superannuation difficult to comprehend. That’s why the associations have updated Smarter Super – Invest in your future and make the most of your retirement to help explain some of the technical aspects of superannuation and to take account of the new rules that have made superannuation less complex and easier to understand. The booklet also provides useful tips on maximising superannuation.

David Bell, Chief Executive of the ABA, said: “The Government’s reforms to simplify and streamline superannuation are very welcome because the aim is to reduce the complexity and increase incentives to encourage Australians to save for their retirement. Education is key to improving understanding of superannuation and publications such as ‘Smarter Super’ can assist Australians to plan for their futures.”
 
Jo-Anne Bloch, CEO FPA, said: “FPA research shows that four in 10 Australians run into difficulties understanding superannuation. Good financial advice can help though there is a lot consumers can do to educate themselves. ‘Smarter Super’ goes a long way in helping Australians understand superannuation.”

Richard Gilbert, CEO IFSA, said: “Super is now the main savings game in town.  It is critical that consumers understand how they can achieve winning retirement results.”

Notes for editors:

Copies of Smarter Super – Invest in your future and make the most of your retirement can be sourced from the ABA or FPA.

	ABA	FPA	IFSA
Read Smarter Super online at:	www.smartersuper.com.au
Call for a free hard copy:	Freecall: 1800 009 180 (ABA) or 1800 626 393 (FPA)

For further information:

Felicity Glennie-Holmes
ABA Public Relations
Phone: (02) 8298 0411
Mobile:  0437 507 146

Jonathan Granger
FPA Media Adviser
Phone: (02) 9220 4506
Mobile: 0408 030 906

Simon Disney
IFSA Media and Communications
Phone (02) 8235 2520
Mobile: 0408 161 466


ENDS