Aviva extends hours to cater for super cutbacks

Aviva is creating extra shifts for staff to cater for investors who rush to beat the superannuation cutbacks announced in the Federal Budget.

Staff are working extra shifts nationwide to enable customers to beat the June 30, 2009, deadline for investments over $25,000.

“We are putting a team together to ensure we spearhead administration so that extra contributions are invested in time,” Aviva general manager, marketing and public relations, Tim Cobb said.

“In the year to date, we have received the highest level of super contributions for the week, even before the Budget announcement.”

He said there was still a small window of opportunity for customers to get advice and act — “but they’ll need to be quick”.

Cobb said millions of dollars was invested during Aviva's extended hours in 2007, and he expects this year to be no different.

Aviva said making extra contributions is not about beating the system, but allowing investors to stick to their retirement plans.

The Budget announcement means these plans have to be reviewed because pre-retirees who wish to provide for themselves need to put more in this year, Aviva said.

“This is a real blow to those who are trying to fund their retirement [and comes] at a time when they have been hit by falls in asset values; now people need to once again reassess their long-term planning,” Cobb said.