Super hot cash rate
In an effort to get more people to put their cash into superannuation, AMP is offering their Flexible Lifetime super fund customers a new cash rate of 7.2 per cent per annum.
AMP director personal wealth management Andrew Hobern said superannuation is one of the most tax effective ways to save for retirement and that the new incentive rivalled the returns offered by bank deposits.
According to Hobern, people close to retirement age who opt into the deal will benefit from tax effective returns within their super.
“Tax savings translate to extra money to help people build for a better retirement,” he said.
“Significant savings can be made when investing cash in super due to a marginal tax rate of 15 per cent and if a person invests their spare cash now they’ll get a tax-free return at age 60.”
The deal also provides people turning age 60 access to their savings tax-free by converting their super into a special pension account.
Recommended for you
AFCA has revealed to Money Management the number of Dixon Advisory complaints it has closed so far out of the more than 2,700 total complaints received.
The Financial Advice Association Australia is launching a new brand awareness campaign that includes promoting the advice profession as an attractive option for career changers.
Half of financial advisers and wealth managers in Asia-Pacific plan to increase their clients’ exposure to private equity and multiprivate asset solutions, according to a survey by Schroders.
The former Iress chief executive has joined an NSW advice firm, Profile Financial Services, as an independent non-executive director.