Superannuation
The minimum age that a super account must be preserved until.
A one-time payment for all or a portion of their pension
Lump-sum
Government levy payable on insurance
Stamp Duty
The fund provider must pay the death benefit as nominated.
Binding Nomination
The process of developing strategies to help clients manage financial affairs
Financial Planning
No tax is payable when accessing super accounts with a balance less than ___?
$200
Facility that provides an easy way to consolidate an existing pension account balance with any additional super benefits.
Pension Refresh
Indexation/CPI
Gives the financial practice the authority to request for documents and obtain info of the client’s existing fund.
Client Service Agreement
Except for approaching retirement, when should one get financial advise?
starting a family, redundancy, receiving inheritance
The trustee or fund provider has the discretion to choose who to pay the benefit to.
Non-Binding Nomination
A retirement income stream wherein you are guaranteed income for a defined period of time.
Annuity
How much is the cover of income protection until 30 September 2021?
75%
It is in the interests of product issuers and financial planners collectively to seek to streamline customer identification processes.
FSC Individual AML
Oversees banks, credit unions, building societies, insurance companies and superannuation industry members
Australian Prudential Regulation Authority (APRA)
A phase when member garner a super portfolio
Accumulation
Retirement income stream wherein the minimum & maximum drawdown rate of pension payment is between 4% and 10% of the client’s pension balance.
Non Commutable Allocated Pension
Level of cover decreases as one ages but the cost of cover per unit stays the same as one gets older
Unitised Cover
What is the fifth Enquiry/Research Procedure
Download
Reform that requires planners and licensees to comply with best interest duty, opt-ins, FDS and ban conflicted remuneration
Future of Financial Advice (FOFA)
Structure of Super where the fund or employer bears the investment risk
Another term for Pension Refresh
Pension Recast Strategy
Formula for Insurance Needs Analysis
Minimum Insurance Coverage = Total Expense - Total Realisable Asset
Benefits for which a member has previously satisfied a condition of release and which benefit could be accessed at anytime they want to.
Unrestricted Non-Preserved
Association of Superannuation Funds of Australia (ASFA) is also known as the ____?
The Voice of Super