With financial markets turning sour, more Australian superannuation members are moving their money into term deposits, reports Aviva, a leading provider of life insurance, investments and superannuation.
With financial markets turning sour, more Australian superannuation members are moving their money into term deposits, reports Aviva, a leading provider of life insurance, investments and superannuation.
Aviva reports that over A$300 million of superannuation investments have moved into term deposits through its platform this year. Aviva's term deposits have grown from A$5 million to over A$430 million in 2008, with 75% of this money from superannuation or pensions.
Tim Cobb, general manager marketing and public relations, said: "We believe in offering investors choice. In uncertain markets, many financial advisers are allocating money to more secure investments - such as term deposits which are now guaranteed by the Federal Government.
"Many superannuation funds do not allow members to invest in term deposits. We have to put money in superannuation and members should have the choice of how it's invested. It's important for financial advisers to be able to provide a broad range of options for their clients.
"Customers who hold their term deposits through superannuation or their pension get the safety they are looking for, and of course receive a tax effective return as superannuation is taxed at just 15% and earnings on pension assets are tax free," said Mr Cobb.
Aviva offers a full range of term deposit options from St George and the Adelaide Bank.
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Tim Cobb is available for interview.
For more information:
Ariana Alvarenga
Public Relations
Phone: (03) 9829 8985
Mobile: 0409 187 487
Sue Voglis
Research & Public Relations Manager
Phone: (03) 9829 8057
Mobile: 0408 309 247
Notes to editors:
About Aviva
Aviva is the local face of the global Aviva plc group - a world leader in financial services.
Aviva is the world's fifth-largest insurance group and the largest insurance services provider in the United Kingdom. We are the leading provider of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, the USA and Australia.
Aviva plc has premium income and investment sales of A$105.7billion and A$772 billion of assets under management. Our 57,000 employees serve over 45 million customers in 27 countries.
Aviva has over 150 years of continuous operation in Australia, where our main activities are life insurance, investments and superannuation.
Aviva's consistent record of innovation in the financial planning market dates back to the early 1990s when its platform first allowed a range of investments to be consolidated into one portfolio. Today, Aviva continues to lead the industry with award-winning life insurance, investments and superannuation products.
Together with Aviva Investors, a funds management company which is also part of the Aviva group, in Australia, Aviva manages or administers more than A$23 billion in funds for more than 350,000 customers.
*Figures quoted are at 30 June 2008 and in Australian dollars.
Disclaimer
This news release has been provided on the basis that it is only for the information and exclusive use of the particular person to whom it is provided by Aviva (Aviva Australia Holdings Limited ABN 38 095 045 784 and its related companies).
The information in this news release is of a general nature and has been prepared without taking into account any person's particular investment objectives, financial situation or particular needs. Applications to invest in a financial product issued by any company within the Aviva group must be made by completing the application form attached to or accompanying the applicable Product Disclosure Statement which is available from Aviva or your financial adviser. The PDS should be considered when making a decision about whether to acquire or continue to hold the product.