October 1998 Volume 79 Number 10 "serving the protectors"
Finance

Police Super Update
By Michael Hogg

Annual Contributor Information Statement 30 June 1998

If you commenced employment with SAPOL before 4 May 1994 you are a contributory member of the Police Superannuation Scheme (Pension or Lump Sum Scheme) and also a member of the non contributory Police Occupational Superannuation Scheme (POSS).

You will receive two annual contributor information statements in respect of the two superannuation schemes which will outline your benefits in each scheme as at 30 June 1998. In addition, you will also receive a report outlining the performance of the schemes during 1997-98. It is expected that the annual contributor information statements and report will be forwarded to you in December 1998.

If you commenced employment with SAPOL after 4 May 1994 you are a member of the Southern State Superannuation Scheme (Triple S) and you will receive an annual contributor statement from the State Superannuation Office in respect of that scheme.

Member Information

Should you require any information regarding your superannuation, contact the Police Superannuation Office on 8204 2964 or 8204 2965 (Fax 8204 2303). Group information sessions can be arranged upon request.

Web Site http://www.pubsecsup.sa.gov.au

Police Credit Union

Avoiding the car-buying round about

For many people, buying a car has the same appeal as a visit to the dentist. It can be a confusing, difficult and time-consuming exercise.

Before looking for your new car, there are certain parameters you need to set to make the task easier. Firstly, decide how much you want to spend. Does this figure place you in the new or used car market? Consider the costs of insuring your new car, on-road costs and general running expenses. Look at your lifestyle. Consider the size of your family. What will the car be used for? For example, a small car such as a Barina offers relatively cheap motoring for inner-city driving, but would not be practical for a large family contemplating a motoring holiday towing a caravan.

If you need finance to assist with the purchase of the car, it is often best to obtain it before looking. Pre-approved finance gives you more flexibility to shop around, either privately or through caryards, and cash is a great bargaining tool.

Personal loans for vehicle finance are available in either fixed or variable rates. In today’s financial climate, many borrowers are opting for the security of fixed-rate loans. By choosing a fixed rate for your loan, your repayment is guaranteed not to increase during the life of the loan. It is always best to look around to see which financial institution offers the best loan package. For example, you can often secure a lower rate if you are prepared to offer the car you are purchasing as security for the loan. Similarly, the interest rate may be affected by the age of the car. In general, five years is the maximum term for a car loan, as a car depreciates, or devalues, by 18 per cent per annum.

Finally, there are a few handy hints to make the final purchase hassle free:

• If you are purchasing through a car yard, make sure you fully understand the terms and conditions of the warranty.
• Do not be pressured into signing a sales contract until you are fully satisfied.
• Do not be trapped into paying extra for accessories you do not require.

Don’t forget, the first car you see may not be the best one for you. Shop around and compare prices and features.

If you’re purchasing privately, remember there is no warranty to back up your purchase. It may be best to consider having the car fully inspected by a reputable mechanic. Also, it is imperative that you do a check through the Vehicles Securities Register to determine whether or not the car is encumbered (under finance).

Purchasing a car is never easy, but by setting clear guidelines before looking and obtaining the right type of finance, the difficulties should be minimized.

Police Sick & Accident Fund

The Annual General Meeting of the Police Sick and Accident Fund was held on 29 July 1998. Office bearers for the 1998/99 financial year were elected as follows:

Position Held	Name
Chairperson:	David Marr
Secretary:	Krystyna Ucinek
Treasurer:	Margaret Lucas
Committee:	Michael Hogg
	Natalie Adcock
	Jane-Marie Kluzek
	Paul Schenscher
	Anthony Carr
	Peter Brook
Committee/Auditors:	Ray Dowd
	Trevor Haskell

Total membership of the Fund as at 30 June, 1998 stands at 3,302.

Are you a member of the Police Sick and Accident Fund?

Check your Pay Slip

Membership is open to ALL South Australia Police employees who have NOT completed five years of service.

Current rate of subscription is $1.20 per fortnight.

Benefits paid by the Fund have increased from $10.00 to $20.00 per working day for sick leave taken from 29.7.98. This benefit is paid to members who are on accumulated sick leave. A member, however, will not be entitled to any benefits, where such absence, which exceeds the qualifying period, is for a single day only.

REMEMBER

The onus is on YOU to initiate a claim.

Applications for membership and for benefits are available from Krystyna Ucinek at Payroll Section, 30 Flinders Street Adelaide or by telephoning (08) 8204-2796 or internal line 42796.

POLICE SICK AND ACCIDENT FUND

Statement of Receipts and Payments for the period ending 30 June, 1997
	RECEIPTS
	As a lst July, 1996
	Balance at Bank SA	16,889.05
	Balance at Police Credit Union	12,122.30	29,011.35
	Interest
	Bank SA	630.56
	Police Credit Union	685.74	1,316.30
	Members Contributions	103,758.80	103,758.80
			134,086.45
			========
	LESS PAYMENTS
	Sick pay to members	30,790.00
	Honoraria	1,200.00
	Tax Federal & State - Bank SA 190.05
	Tax State - Police Credit Union 0.42	190.47	32,180.47
			101,905.98
			========
	REPRESENTED BY
	As at 30 June, 1997
	Balance at Bank SA	69,318.36
	Less cheques not presented	220.00
		69,098.36	69,098.36
	Balance at Police Credit Union
	On call	255.89
	7 day call	644.28
	Term Deposit	11,907.45
	Term Deposit	20,000.00	32,807.62
			101,905.98
	M.E. Lucas22.8.97		========
POLICE SICK AND ACCIDENT FUND
Statement of Receipts and Payments for the period ending 30 June, 1998
	RECEIPTS
	As a lst July, 1997
	Balance at Bank SA	69,098.36
	Balance at Police Credit Union	32,807.62	101,905.98
	Interest
	Bank SA	852.04
	Police Credit Union	1,611.01	2,463.05
	Members Contributions	107,785.60	107,785.60
			212,154.63
			=========
	LESS PAYMENTS
	Sick pay to members	31,840.00
	Honoraria	2,850.00
	Tax Federal & State - Bank SA 174.41
	Tax State - Police Credit Union 1.03	175.44	34,865.44
			177,289.19
			=========
	REPRESENTED BY
	As at 30 June, 1998
	Balance at Bank SA	123,641.59
	Less cheques not presented	770.00
		122,871.59	122,871.59
	Balance at Police Credit Union
		On call	255.89
		7 day call	646.29
	Term Deposit	12,416.13
	Term Deposit	41,099.29	54,417.60
			177,289.19
			========
	M.E. Lucas22.7.98

AUDITORS REPORT

We, the undersigned, have this date examined all books, receipts, documents etc. and have compared them with the statements produced, and found them to be correct in all respects. The documentation presented by the Secretary and Treasurer was clear and concise.

28th July, 1998

Raymond P. Dowd Sgt 3089/8

Trevor J. Haskell S/Sgt 2109/4