Younger Aussies given a super boost in retirement
‘It’ is not an appropriate movie to play dress up
YOUNGER Australians will have more money in their retirement kitty after an overhaul of the superannuation system that will see them better off later in life.
One of the nation’s largest superannuation funds, AustralianSuper, will be scrapping automatic insurance for new members under the age of 25, which is tipped to deliver them an additional $9000 come retirement. Under the changes, new members can “opt in” to insurance rather than automatically receiving it when they sign up. It will not be offered to existing members.
The Insurance in Superannuation Working Group had identified balance erosion as a key concern. For Australians kickstarting their careers, paying costs in unnecessary insurance in their younger years would hinder their balances come retirement, Rose Kerlin from AustralianSuper said.
The overall saving for a member joining the fund at age 15 is $637 and this amount will accumulate in compound interest to about $9000 by retirement at age 65.
Glen McCrea, from the Association of Superannuation Funds of Australia, said funds were “adjusting insurance arrangements in order to get the right balance”. SOPHIE ELSWORTH POLICE are warning of a social media-inspired clown craze after a teenage girl was chased and grabbed by three people wearing clown masks on Saturday night.
In an incident thought to be inspired by the release of the movie remake of It, based on Stephen King’s novel, 16-yearold Rastana Baker said she was scratched on the neck after pulling away when she was grabbed by a person in a clown mask in Perth’s southern suburbs.
The teenager said she was walking to a friend’s house when a car stopped and three people got out wearing clown masks and dark clothing.
“When I did turn around, I saw the wigs and clown faces. They were running in and out of the bushes, running up to me and making clown noises,” Ms Baker said.
She said when she tried to run away, one clown grabbed her by the shoulder. After breaking free, she ran to her friend’s house and called police.
“For people who are out there just doing this for fun, it is not for fun and it can actually traumatise somebody,” Ms Baker said.
Police said people conducting such pranks may be committing criminal offences and could be charged.
It is about a demonic clown.
TROUBLE BREWS: Police hold a woman in Fortitude Valley’s Safe Night Precinct. Picture: AAP/ Mark Calleja