November 1998 Volume 79 Number 11 "serving the protectors"
Finance

Police Super Update
By Michael Hogg

Member Questionnaire (for serving members)

The Police Superannuation Board, in its role of administering the Police Superannuation Scheme (Pension and Lump Sum schemes), is continually looking at ways to improve the quality of services to and communications with members.

When you receive your annual contributor information statement (expected to be December 1998), you will also receive a questionnaire form seeking your response to the following:

Should members of the Police Superannuation Scheme (the Scheme) be provided with an option to:

• Pay additional voluntary member contributions into the Scheme.
• Transfer (roll-over) superannuation benefits from a previous employer or scheme into the Scheme.

It is intended that the voluntary member contributions and roll-overs would accumulate, in separate accounts, within the Scheme with the crediting rate and be paid to you, in addition to your defined benefits from the Scheme. These additional amounts would not result in any additional employer benefits.

Your response to the questionnaire will assist the Board to ascertain whether there is sufficient interest from members for the Board to seek the approval of the Minister for the necessary legislative changes required to provide the above options.

Superannuation Salary/Higher Duties Allowance

If you are in receipt of a higher duties allowance for any length of time you will not pay member contributions to the Police Superannuation Scheme on the basis of your higher duties allowance. Your member contributions to the Police Superannuation Scheme are based on the superannuation salary applicable to your highest rank and banding attained in a permanent position within SAPOL.

However, a higher duties allowance may be taken into account when calculating a superannuation benefit. If you have been in receipt of a higher duties allowance for a continuous period of 12 months or more, immediately preceding your last day of service, your higher duties allowance will be taken into account in the calculation of your superannuation benefit.

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
By Michael Hogg

Spring renovation

It's a statistical fact of life that, on average in Australia, people move house once every five years. Why? Often it's because the first house we buy is not necessarily the one that meets our needs later in life. For example, what might have been a cute cottage for a couple is inadequate to suit a growing young family. Similarly, a four-bedroom home with perhaps a pool, or tennis court, provides far too much work for an elderly couple.

Upgrading to a new home is an expensive business. In fact, when allowances are made for agents fees on the sale of your existing home and the government fees associated with buying a new home, it would not be unreasonable to assume that this exercise would cost about $10,000. Moreover, there is the physical and financial nightmare of relocating family, pets, furnishings and belongings.

Many Australians are coming to the conclusion that rather than outlay this amount of money for no return, it makes more sense to add on, renovate or modify your existing home.

Spring is the ideal time to commence your home renovations. The weather is more temperate, and the work should be finished in time for a relaxing Christmas.

There are several ways to finance your proposed improvements. Many people would consider adding to their mortgage loan. This gives you the flexibility of not only having a lower monthly repayment over a longer term, but also the benefit of a lower interest rate. Similarly, mortgage-secured lines of credit give you control over the payment of accounts, without having to consult your financial institution every time a tradesman requires payment. The only drawback of consolidating your home improvement loan with your mortgage loan is that over the longer term you are repaying more interest.

The alternative to a mortgage loan, is a personal loan. While this may be at a slightly higher rate than a mortgage, it is normally repayable in five years or less, with much less interest payable. You can often receive a decision regarding your personal loan application within 24 hours, and the funds are readily available at the time of signing. Funds generally can be directly deposited to your nominated savings account, allowing you ease of access via Visa, cheque book or ATM. This gives you the freedom to look around, and obtain goods at the best possible price. In addition, the fees associated with obtaining a personal loan are generally much lower than those associated with a mortgage.

Our lifestyle dictates our choice of home which, over the years, may undergo changes or adaptations to meet our needs. There is a wide variety of financial options available to make your dream home a reality - it's simply a matter of finding the flexible loan to suit your requirements.

Police Credit Union has loan options that can help you with your home improvements. Simply call one of our friendly loan staff on 8208 5750 for information.