Member Matters - October 2017

CEO's Message

People sometimes ask what sets BankVic apart from the big banks. As a Member Owned bank, our profits are re-invested back into our organisation, so that our members benefit. Today we exist as we have always done to help our members achieve their financial goals, quickly and easily. 

In 2017, BankVic's financial position remains strong, and this has allowed us to continue to develop new and improved products and services for our members. 

In our commitment to continuously improve our offering for our members, we are ensuring that all the decisions we make have our members' needs at the forefront. As a result of listening to what our members want, we have been able to better tailor our products and services. This year we were delighted to open two new branches, one at the Royal Children's Hospital and another at Sunshine Hospital, expanding our accessibility to members in Melbourne's central health precinct as well as Melbourne's west. We have also expanded our call centre hours so that members could reach us after 5pm on weekdays and on Saturday morning. 

We worked in partnership with The Police Association of Victoria to launch the TPAV BankVic Qantas Visa Credit Card for TPAV members, as well as partnered with both Northern and Eastern Health to deliver a Salary Packaging Card product to help around 6,000 Health sector members to maximise their salaries. 

We also know that improving our digital capability is important to make banking easier for our members. With that in mind we launched a new BankVic App, providing members with a more intuitive and easier everyday banking experience. In addition, we refreshed our website for simplified navigation and introduced online lending contracts for members. 

Of course we are not standing still. We have a number of upcoming initiatives that we will be rolling out to make banking easier for our members. As always, we welcome your valuable feedback as you help us to continue to deliver improved products and services. 


Everyday Finance and You

Ask any woman juggling a career, home and family and she'll tell you it's a hard slog. Yet as retirement looms, dreams of enjoying the rewards of all that work are shattered as retirement savings don't support that vision

According to an inquiry into Women's Economic Security in Retirement entitled "A husband is not a retirement plan: Achieving economic security for women in retirement", on average, women retire with approximately half the retirement savings as men. The inquiry also found that the majority of Australians on the age pension are women. Of that number, the majority are single, meaning that these women are struggling alone on an income that the Organisation for Economic Co-operation and Development (OECD) defines as poverty1.

What about super?

It's a double-whammy for women whose careers were interrupted to raise children, but unfortunately, time off work means there's less money being contributed to the super pie.

Unpaid parental leave translates into no employer Super Guarantee (SG) contributions. To make matters worse, when they do return to the workforce, managing the school run often means women are working part-time. Employers are not required to pay the SG if the employee is earning $450 or less, before tax, in any calendar month.

So, even once she returns to her job, chances are she's still not contributing to super. 

In fairness though, this is a stage of their lives when young families often have other things on their minds besides superannuation, and parents are happy to have this little extra in their hands.

For some women, starting up a home-based business presents a viable option. Given that sole traders are not required by law to pay superannuation to themselves, most manage to find something better to do with nine percent of their income.  

So what can be done? 

The answer lies in planning and budgeting. 

From July 2017, changes to some of the superannuation laws came into effect. These measures are designed to help low income earners - particularly women - by supporting and encouraging even the smallest contribution to retirement savings. They include:

  • Spouse tax offset

    If your spouse is earning $37,000 per annum or less, making contributions to her eligible super fund can attract a tax offset of $540 per annum. This amount gradually reduces for income above $37,000 and phases out when income reaches $40,000 per annum. This means that a contribution to your partner's super fund can benefit you both.

  • Low Income Super Tax Offset Contribution (LISTO)1

    This replaces the former Low Income Super Contribution (LISC). Eligible individuals with an adjusted taxable income of $37,000 or less will receive a contribution equal to 15% of their total pre-tax super contributions for an income year. 

    Although capped at $500 per annum, this scheme encourages even the smallest super contribution, meaning that it's possible to continue contributing to super while on parental leave, or if you're a sole trader. Every dollar will make a difference as compounding applies over the years.

There will be many reading this who believe it's too late! The fact is it's never too late to develop a financial strategy that can help you achieve your goals.

Governments are beginning to acknowledge women's financial needs, however independence means taking control and building your own plan too. 

Professional financial advice will help you get on track and through a combination of government policy and personal financial strategy, retirement dreams can come true. Talk to one of our financial planners to discuss your options by calling 13 63 73 option 6, email or book an appointment online via

BankVic in the Community


BankVic were proud to be involved in the Wall to Wall Ride for Remembrance for another successful year. Over 2000 riders participated in this year’s ride, remembering and paying homage to the lives of fallen police officers in the line of duty. The Victorian Contingent, sponsored by BankVic, started the journey on Friday, 15 September from the Victoria Police Memorial site in a salute to those that risk their lives, making their way to Canberra to join the other states in the final ride on Saturday. BankVic CEO, Stephen Capello, along with Board members Adrian White, Marianne Luttick and Steven Coulson drove cars alongside the contingent to offer support. BankVic's own Rosemary Boissezon, Chief Sales Officer and Pierre Ong, Head of Wealth Management, were among the riders making the journey. Pierre said "This is the 2nd consecutive year I have participated in the Wall to Wall ride and I'm honoured to once again be part of this event. The event highlights the amazing work and sacrifice police provide to the community. The highlight for me was the ride into Canberra to meet up with thousands of other riders who arrived from all states of Australia."


Our staff and board members were proud to attend the Victoria Police Amateur Sports & Welfare Society's 2017 Sports Awards, on Wednesday 13 September. It was an inspiring evening filled with stories of achievement. We were proud to sponsor the 'Most Outstanding Police Sporting or Welfare Achievement of the Year'award presented by our board member Adrian White; and the 'Most Outstanding Police Recreation, Social or Other Achievement of the Year' award, presented by our board member Marianne Luttick. Congratulations to all award recipients.


On 21 and 22 September, we offered our support to nurses and midwives attending the Australian Nurses & Midwives Conference in Melbourne. The two day conference explored professional and clinical issues, as well as innovations in nursing, midwifery, mental health & aged care. Our staff were onsite ready and waiting to discuss all things banking with attendees - from loans to credit cards to savings and transactions accounts.


We're delighted to announce that we’ve just opened a brand new BankVic branch at Sunshine Hospital. The new branch gives members in Melbourne's west convenient access to personalised banking while staff at Sunshine Hospital can now bank where they work. 

So if you're in the area and have a question or need some help with your banking, pop in for a chat or book a branch visit. Our staff would be happy to help you.


I am excited to join the team at the new BankVic branch at Sunshine Hospital. Moving from the country 18 months ago, I decided to settle in the Western Suburbs, as the charm and personable nature of the people reminded me of home. I am genuinely interested in our members, their goals and their stories and will do everything I can to help them achieve a brighter financial future.

Member Matters - July 2017


Notice is hereby given that the Annual General Meeting of Police Financial Services Limited ABN 33 087 651 661 trading as BankVic will be held at Rydges On Swanston, 701 Swanston Street, Carlton, on Thursday 16 November 2017, commencing at 5:00 p.m.


Light refreshments will be provided at the close of the meeting and an invitation is extended to all members to meet with Directors and staff during this period. Please RSVP to the Company Secretary via email or via Alexandra Coutts on 03 9268 9237 by 1 November 2017, to assist with catering purposes.

Ordinary Business

  1. To confirm the minutes of the forty-second Annual General Meeting held on Thursday 24 November 2016. 
  2. To receive and consider the Company’s financial report, the Directors’ Report and Auditor’s Report for the year ended 30 June 2017.
  3. To determine the remuneration of the Directors. 
  4. To receive a report from the Company Secretary on the 2017 Director Elections.

Proxy Voting

Should a member be unable to attend the Annual General Meeting, the member may vote by proxy. A proxy need not be a member of the Bank. Any member present, either personally or by proxy, has one vote, regardless of the number of shares held. Proxy forms, with instructions for completion and return, are available by emailing the Company Secretary at or by telephoning 03 9268 9237.

Proxy forms must be received by the Company Secretary no later than 5:30 p.m. on Tuesday 14 November 2017.

For members attending the meeting in person it will be necessary to register your name for voting purposes prior to the commencement of the meeting. Registration will commence at 4.30 p.m.


Members may view the minutes of the 2016 Annual General Meeting at the 2017 Annual General Meeting, or on application to the Bank. Members wishing to obtain a copy of the minutes should apply in writing to the Company Secretary via email at

By Order of the Board

Anthony De Fazio, Company Secretary
1 October 2017

BankVic Annual Report - available online

The Annual Report includes reports from the Board and BankVic's Auditor and contains information about BankVic's financial position and performance, the efficiency with which the bank is being managed, and the financial risks to which the bank is exposed.

To save on members' money and the excessive use of paper, the Annual Report is no longer distributed to members, unless a copy is requested. A copy can be downloaded from our website at

If you would like a hard copy, you can request one by sending an email to, or by calling 13 63 73, or pick one up from a branch.

We appreciate your support for this environmentally friendly and cost saving initiative. 

Yours sincerely,

Stephen Capello
Chief Executive Officer 


 We are thrilled to provide our valued members with a 2018 family calendar, to plan out their year ahead. 

For members wanting a copy of the 2018 calendar, you can download or request a copy from the BankVic website at or give us a call on 13 63 73.


We were delighted to present a brand new Kia Sportage, worth over $37, 000 and a 12 month comprehensive CGU policy to our long-term BankVic member Catherine on Saturday 9 September. It was an exciting day for all involved complete with a sausage sizzle. Congratulations again Catherine! We hope you have safe and exciting adventures in your new car. 


Solve our spring word search competition for a chance to win one of four prizes of $502. All entries must be received by 5pm, 1 December 2017. 


Remember, you must be a member of the Little Copper Club to enter. There are two categories - under 9 years of age and 9 years and over. To enter, send your entry to BankVic via email at or post to: BankVic, Reply Paid 90210, MELBOURNE, Victoria 8060.


Super savings for women - sources: Super for employers; Introducing the Low Income Superannuation Tax Offset. A husband is not a retirement plan: Achieving economic security for women in retirement. Report pages 9 & 63 (29 April 2016). b) For publication (for readers' information). 

Conditions of Entry Little Copper Club: Information on how to enter and prizes form part of these conditions of entry. Immediate family of employees and directors of BankVic are not eligible for entry. All entries must be received at the Head Office of BankVic by 5pm on 1 December 2017 and will remain the property of BankVic. Judges decision is final and will be made on 15 December 2017 at 11am AEST at the Head Office located at Level 3, 215 Spring St, Melbourne Victoria 3000 and no correspondence will be entered into. Winners will be notified by telephone or mail and their names published in the January 2018 edition of Member Matters. Winners will receive one of four $50.00 deposited into their Little Copper Club account which are not transferable or exchangeable. 

Any advice is general advice only and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire any product or service you should obtain and consider the relevant Product Disclosure Statement available at a branch or by calling 1300 252 089. Our financial planners are members of the Financial Planning Association of Australia and are representatives of BankVic. 

Police Financial Services Limited ABN 33 087 651 661 AFSL and Australian Credit Licence 240293 trading as BankVic. T 13 63 73 W 9.17. 6482bv.