It’s been a busy month for our staff, who have been out in our community supporting initiatives and causes that are helping to build a stronger community for our members.
It’s clear from the enthusiasm of our staff at the community events they attend that they really enjoy being part of the wider BankVic community and that’s why we are increasing our opportunities for our staff to make a difference by launching our staff volunteering program. We are now working with a number of our partner organisations to help facilitate volunteering opportunities.We believe that when our members and their communities prosper, we all do.
We will be putting on our riding gear on September 16 to join more than 1,700 riders nationwide, consisting of past and present police, their family and friends, who will be making the journey from their home state through to Canberra in the Wall to Wall Ride for Remembrance.
Once there, they will all join together to ride as one to the National Police Memorial where they will commemorate fallen colleagues and mates whose names are recorded on the wall. BankVic is proudly supporting the Victorian contingent once again and will ride with the group of over 300 riders from Melbourne as they make their way to Canberra.
Chief Sales Manager, Rosemary Boissezon will be joining the riders for what is her second Wall to Wall Ride. “I was so proud to join the Victorian group of riders last year. There was so much comradery and mateship. It highlights the many sacrifices of those police officers who are no longer with us,” said Rosemary. She will also be joined this year by Pierre Ong, our Head of Wealth Management. All funds raised go to the police legacy charities in each state and provides a much needed boost to these charities so they can continue their work.
Keep an eye on our Facebook page to follow the journey.
A group of BankVic staff and directors headed off for a fun night of trivia to raise funds for the Cool Kids driving team.
The Cool Kids for MND consist of Jenna Morcom, Corrine Wells, Sarah Lorenzini, Brianna Benedetti, Fiona Hudd and Lauren Daniher, who together will be joining 70 other cars participating in Daniher’s Drive, an annual road trip that raises funds and awareness for Motor Neurone Disease (MND). Back in June, BankVic supported the group by holding an ice bucket challenge, where our Executive Managers, staff and Board Members braved icy water to raise funds for the group. BankVic are proud to support the Cool Kids for MND.
On July 29 we were proud to sponsor and attend the White Ribbon grand round event at the Royal Women’s Hospital.
Phil Cleary and White Ribbon Ambassador, Associate Professor Les Reti, spoke to a packed audience of staff about their work to put a stop to violence against women.
BankVic will be supporting the ‘Melbourne Excellence2016’, a seminar incorporating the Excellence in Policing Awards hosted by the Victoria Police and the Australian Council of Women and Policing from 11 September.
This two day event aims to bring together a wide range of people interested in improving policing for women and concludes with the 2016 Excellence in Policing awards, publicly acknowledging and rewarding the achievements of Women in Policing. This is the second year BankVic have supported this event and we look forward to attending the seminar and presenting an award at the Excellence in Policing awards evening.
Some of our staff got glammed up on Thursday 18 August as BankVic supported the Western Health Foundation’s Breast West, a night of fashion and celebration.
The event raises funds to provide financial assistance for women suffering from breast cancer as well as funding for equipment required for improving patient care. Each year 12 Western Health breast cancer patients are celebrated as they are accompanied down the catwalk with 12 Western Bulldogs players.
Congratulations to BankVic Hero Ambassador Tim Spiteri!
His team just finished rowing in the Great Pacific Race in 48 Days 2 Hours 40 Minutes. Tim is raising awareness and money for Multiple Sclerosis. You can follow Tim’s journey here - facebook.com/TimsVoyage/
Voting for the election of two directors to the BankVic Board has opened.
You are eligible to vote if you are 18 years of age or older, and a paid up member since 29 June 2015. As a BankVic member, you get to contribute to big decisions, such as who runs your bank. So, please take the time to vote in this important election. It will only take you a few minutes. At BankVic, every member has an equal vote.
Under the BankVic Constitution (Clause 10.5), two of our BankVic director positions fall vacant this year.
Three members have been successfully nominated for the two positions.
As BankVic has received more than two nominations, a vote will be conducted by both electronic and postal ballot. CorpVote have been nominated as BankVic’s independent Returning Officers who will conduct a secret ballot.
Members who are *eligible to vote in the 2016 Election of Directors, can only vote once. Have your say in how your bank is run and vote today. Your opinion matters.
The online ballot will be conducted by CorpVote from 8.00am on Thursday 1 September until 12 (noon) Friday 30 September 2016. Vote online at www.bankvic.com.au/election and follow the instructions.
If you do not have internet access, you can request a postal ballot to be sent to you. Please contact CorpVote Support on 1300 147 797.
Applications for a postal ballot will close at 5pm on Monday 19 September 2016 and completed ballot papers must be received by 12 (noon) Friday 30 September 2016.
Election results will be announced at the 2016 Annual general meeting on Thursday 24 November 2016.
More information on the Returning Officer
If you need further information or have any questions about ballot procedures, please contact CorpVote on 1300 147 797 or email@example.com.
*Eligible members hold ten paid-up shares, are aged 18 years or older and have been a member of BankVic for at least 12 calendar months before the day preceding the close of nominations for election of Directors, that is, they need to have become a member prior to 29 June 2015.
(Master of Arts; Bachelor of Arts (Honours); Graduate Certificate, PSM)
I have spent 33 years working within the emergency service sector, including the last 5 years at the executive level. I have the commitment, dedication and broad executive experience to ensure the continued success and sustainability of BankVic into the future. I will drive the issues and concerns most important to the BankVic customer - accessibility, service delivery, product range, low interest rates and fees, and community connection and reflection. BankVic - members’ needs first!
Vote: Lucinda Nolan and Steven Coulson as your Independent Directors
FCPA FAIM GAICD CFE GradDipFraudInvestigation B.Com (Accounting & Commercial Law)
BankVic Director since 2013, Chairman of the Audit Committee and member of the Risk Committee.
With 20 years’ executive experience in finance, accounting, risk management and governance roles across the ATO, Ernst & Young, Victoria Police and Department of Justice, I have the business acumen to strategically navigate BankVic through these uncertain times. I am an advocate for experience, ethical banking, digital innovation, personalised service, community focus and minimal fees.
Vote: Steven Coulson and Lucinda Nolan as your Independent Directors
Falling in love is a magical and wondrous experience,but once the heart flutters have settled a little and two people move towards a more serious relationship, various challenges may need to be addressed. Many of these challenges can be easily resolved when we’re young and carefree, but what happens when Cupid appears – or reappears – later in life?
Unlike earlier relationships, when love blossoms late in life careers have slowed down or ceased, the children have left home, and health and fitness may not be what it had been, meaning that a ‘lifetime’ of togetherness may not be as long as first anticipated.
From a less romantic perspective, the financial implications of beginning a relationship at this time of life are serious and need to be considered carefully. In many circumstances, the couple’s children are adults whose voices want to be heard, particularly in relation to matters of the will. Parents who re-partner without considering the broader families and important people who took part in their life journey are at risk of unknowingly creating negative repercussions. For example, ‘new’ partners who pass on their estates only to each other, leaving at least one of the couples’ children with nothing while the other partner’s children inherit all, can cause long-term hurt and pain. In many cases, this act may not be intentional.
Another financial aspect unique to this stage of life emerges when there is a high level of financial disparity between the two partners. While one partner has accumulated a lot of wealth, the other may not have. Questions are then raised in regard to how finances are distributed between the couple while they are alive and after one or both die.
Other implications can relate to health issues. They include questions such as who would be the primary carer for a sick partner? The sick partner’s children, or the new spouse? What are the role divisions between the children, other family members and the spouse?
Take advice and make a plan
Whilst every situation will be different, here are some guidelines for addressing the unique features of financial planning in later life. In particular, emphasis is given to the inter-generational and multi-stakeholder aspects of this relationship.
1: Involve everyone long before the will is read
For many years it was customary to not involve children and other relevant stakeholders in formulating a will. History books are filled with disputes and hurt feelings over wills that were read leaving the beneficiaries astonished and devastated over the deceased’s final decisions. Don’t wait until it is too late. Financial matters that can have serious impacts on the future lives of your loved ones need to be discussed well in advance with all relevant stakeholders. Preferably before your will is signed and sealed.
2: Plan for the present with a view to the future
New relationships require new financial arrangements. For example, if buying a property together, what are the consequences of sharing a dwelling? Below are some examples:
a) When purchasing property consider the estate planning implications
When couples decide to purchase a property jointly it has immediate consequences for the beneficiaries of the couple following the death of a partner. This issue can be addressed by registering the property owners as “tenants-in-common”, ensuring that the deceased’s beneficiaries will inherit their appropriate share of the property. Couples may give themselves a “life interest” in the property to allow each to remain living there after their partner’s death. The implication of this for the beneficiaries is that they will only be allowed to receive their inheritance after both partners have died.
b) Potential age pension changes
An age pension payment will change as a consequence of living together. This can occur when one partner is still working and the other is retired and receiving the pension; or both partners have previously been eligible for a single pension. The difference between the age pensions for a single person is $873.90 per fortnight compared to $1,317.40 as a combined couple – $443.50 less per fortnight.
c) Superannuation beneficiaries need to be reviewed
If new partners are members of a superannuation fund they need to review their instructions regarding which beneficiaries receive a death benefit. For example, if a couple has specified a “non-binding” nomination for their beneficiaries, this will be invalid now that they have partnered. This is a complex area of estate planning that requires personalised advice.
3: Design financial agreements suited to the partners’ financial circumstances
A happy relationship is a transparent one, particularly when it comes to money. A good start is to draw up a personal “balance sheet” listing the values of all assets each person owns (eg. property, superannuation, car, bank accounts, etc). All debts and liabilities, such as an outstanding mortgage, personal loans and credit card balances, should also be included.
After both partners are aware of the other’s current financial situation, and if appropriate, a “Binding Financial Agreement” could be considered. This is a legal document that sets out how their property and assets would be divided were they to separate. This is particularly appropriate when there is a high level of financial disparity between partners.
4: Plan health care prudently
Growing old together involves increasing health costs and risks of illness. It is recommended that the partners review their health insurances and redesign them to fit the new life arrangements. Redesigning may also reduce premium costs.
Health care plans need to involve relevant family members who may wish to take part in managing care at times of need.
Planning in advance could reduce future friction between the cared one’s family and the new spouse regarding treatment strategies and expenses. Planning and preparing financially should by no means lessen the excitement of a new love experience, but when addressed properly will allow the newly formed relationship to be a source of growth for the couple and their loved ones, in the present, and into the future.
It is recommended to discuss these matters with an estate planning lawyer and your financial planner sooner rather than later. 1 Includes maximum pension supplement and energy supplement.
Sources: Human Services website www.humanservices.gov.au Age Pension – Payment rates for age pension
BankVic know that our members matter – which is why we’re undergoing a number of exciting changes to our website and internet banking to make your day to day easier. From mid September you will notice improvements to the look and feel of the website, including an easy to navigate layout.
In addition to this, our internet banking site will undertake a number of enhancements and functionality changes to improve your user experience. As a member,you can expect:
We’re making banking easier for busy people – and this is just the beginning.
In August, we reduced our owner occupied home loan rates as well as increased a range of term deposit rates.
In making these decisions, we wanted to balance the needs of all of our 100,000 members, which includes ensuring we can provide competitive interest rates on savings accounts and term deposits as well as our home loans.We are continuing our commitment to ensure our Standard Variable Rate (SVR) remains below the Big 4Banks. After the reduction it was 0.66% below the major banks’ average standard variable interest rate of 5.25%pa*.
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Congratulations to Debra and Darren, who won the CGU Insurance $20,000 ‘Win the toy of your choice’ competition and chose their toy, The Bold New Honda Civic.
Keep an eye out in October
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