Vision Super Launches Visa Debit Card Giving Members Direct Access To Super

Melbourne, April 8, 2009
FOR IMMEDIATE RELEASE

A smarter way to access super now a reality for Vision Super members

Vision Super, a Victorian industry superannuation fund, has launched the Vision SuperVantage account that provides allocated pension members a suite of flexible and secure ATM & banking services in a tax free environment.

A cash management account linked to a Visa debit card, allocated pension members benefit from convenient access to their savings directly through ATMs, EFTPOS, Bpay. Direct Debit, Internet Banking and across 30 million locations worldwide where Visa is accepted while maintaining their money in a low fee, tax-free environment until they need it.

Previously Vision Super members with allocated pensions would access their superannuation through a lump sum withdrawal or in the form of regular payments to a bank account, like a pension.

Jan Twite, a Vision Super Allocated Pension member who recently established a Vision SuperVantage Account, explains the process. "I set up a Vision Allocated Pension when I retired and had been transferring a regular monthly amount from my pension into my bank account. When Vision Super told me they were planning an add-on to their Allocated Pension that allowed me to access my money directly from my pension fund I was very interested."

"The process for signing up was painless. My card arrived a week later and one phone call activated everything. Instead of paying money to my bank, I simply transferred it to SuperVantage.

"Since then I have used my SuperVantage Visa Debit card to withdraw cash and to pay for everything from my local grocery shopping to paying my gas and phone bills online. I was even able to pay for items, directly from my super, whilst on a recent holiday in New Zealand," says Mrs Twite.

Vision Super members with allocated pensions now have a choice of 17 different investment options to choose from.

"Super Vantage is part of my Allocated Pension and gives me a competitive interest rate, similar to what I would get at the bank, but the real advantage is that my earnings are now tax-free. Managing my account online is quick and easy and as a busy person I like the convenience," concludes Mrs Twite.

Vision Super CEO Rob Brooks is looking forward to seeing members benefit from the account's features. "We are very excited about the launch of SuperVantage, it is an innovative product and will provide our allocated pension members with a lot more flexibility and the convenience of everyday banking services," said Mr Brooks.

SuperVantage offers pensioners a range of flexible access options, including EFTPOS, BPAY, Direct Debit, Internet banking and ATM access, which enables them to directly access their superannuation savings 24 hours a day/ 7 days a week.

"Unlike most everyday bank accounts, which earn little interest, our SuperVantage Account provides a competitive interest rate, allowing our members' super money to continue to grow and work for them, "said Mr Brooks.



Access to the SuperVantage Account is gained via the Vision Super Visa Debit card. Cuscal Limited, is the issuer of the SuperVantage product, an Authorised Deposit-taking Institution (ADI). Cuscal is regulated by the Australian Prudential Regulation Authority (APRA) and holds an AA- long-term credit rating, the same as that of Australia's four major banks.

Vision Super is the first industry superannuation fund to offer an everyday banking service to be linked directly to an allocated pension product. The fund is internally administered and has low fees, operating only for the benefit of their members.

Ends

For further information or interviews please contact:

Stefanie Hubel or Sally Barwell
evolution media for Vision Super
p (02) 8969 6077
e [email protected] or [email protected]

Notes to the editor:

About Vision Super
Vision Super has been providing superannuation to Victorian local government and related industries including water, libraries, cemeteries, crematoria and community services for over 60 years. Today the Fund is one of Australia's leading not-for-profit industry superannuation funds with more than 1,000 participating employers, over 100,000 members and over $4.2 billion under management.

This media release is issued by Vision Super Pty Ltd ABN 50 082 924 561 Australian Financial Services Licence 225054 the Trustee of the Local Authorities Superannuation Fund ABN 244 96 637 884 and the Vision Superannuation Fund ABN 79 327 289 195 and Cuscal Ltd ABN 95 087 822 455 AFSL 244116


SOURCE: Vision Super