BUSS(Q) reports strong growth in Super and Allocated Pension Fund

Building industry superannuation fund BUSS(Q) has achieved an 18.9% return in its Super Balanced Fund and a 21.61% return in its Allocated Pension Balanced Fund for the full 2006/2007 year. This marks a bumper year for Queensland’s top performing superannuation fund.

According to BUSS(Q), the fund was named in Australia’s Top 5 funds for investment performance to June 30. And the three years of strong returns (14.6%, 13% and 15.5%) have resulted in a compound total return of 78% over the past 4 years for BUSS(Q) members.

The 2006/2007 Investment returns for BUSS(Q) Super Fund and Allocated Pension fund respectively is given below:

• Cash Plus -8.33% and 9.50%
• Defensive- 12.50% and 14.25%
• Balanced Growth- 18.90% and 21.61%
• High Growth- 22.40% and 25.60%

With 90,000 members and $1.5bn funds under management, BUSS(Q)’s superannuation fund was created for members of the building and construction industry and for anyone looking for a fund where the main focus is providing members with the means to save for a financially secure lifestyle.

Insurance initiative increases member cover by up to 66%:

Coinciding with its bumper result, BUSS(Q) has announced a major insurance initiative that will see the insurance cover of its members massively increase, with minimal premium increase.

From October 1, all BUSS(Q) members will gain an increase in their insurance cover of between 30% and 66.67%, a major boost for members considering their premiums will rise slightly from $6.44 to $7.80 per week for manual workers and from $2.90 to $3.50 per week for non-manual workers.

According to BUSS(Q), with the rising cost of housing and mortgages eating more into its members’ budgets, it is important that they have adequate insurance cover.

New BUSS(Q) budget insurance will help under 21s:

BUSS(Q)also announced an initiative of optional budget insurance cover for members under 21.

Now, 15-20 year old members will be able to opt in to a standard $50,000 cover for death and TPD (total and permanent disability), for a small premium of 87c per week (members can seek higher insurance if they desire).

According to BUSS(Q), it is important for young people to have insurance but it now allows them flexibility to ensure the amount of insurance they have suits their needs.

Other BUSS(Q) initiatives:

The insurance initiative is one of a number of recent BUSS(Q) innovations. The fund has dropped the administration fee on BUSS(Q) pension products and pioneered providing financial advisory services to members as part of their standard fees.

As a public offer fund, anyone can purchase BUSS(Q)’s products, even if they are not in the building and construction industry.

4-Sep-2007

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