The Police Credit Union is

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					                                                                                                                                                                                 Report to members
                                                                                                                                                                                 for 2007-08

                                                                                New partnership helps members                                                                             he Police Superannuation     affect benefits paid to members on
                                                                                                                                                                                          board is responsible for     cash withdrawal from the Scheme,
                                                                                safeguard their loan repayments                                                                           the day-to-day operation     prior to age 50. See table 3.

                                                                                                                                                                                          and administration of the      In the determinat ion of the
                                                                                         he Police Credit Union is               become one of our most significant               Police Superannuation Scheme.         fund crediting rates as at June
                                                                                         focused on offering its                 assets.                                           The board members are:              30, 2008, the board took into
                                                                                         members compet it ive,                     And, for all the buzz and pleasure                                                 account:
42                                                                                       convenient products, so                 in buying a new home, or driving
                                                                                it is pleased to announce its new                away in your dream car, there’s also                                                    Sum Scheme to be dissolved,
P o l i c e J o u r n a l December 2008 j o u r n a l . p a s a . a s n . a u

                                                                                consumer credit insurance (CCI)                  a significant medium- or long-term                                                       effective July 1, 2008.
                                                                                partner – QBE Insurance.                         commitment, but one you’ll have
                                                                                                                                 weighed up and are ready for.                     The deputy board members are:         Scheme accounts to be valued
                                                                                Competitive, convenient                             But are you protected if you                                                         as at June 30, 2008 and the
                                                                                cover, backed by QBE                             couldn’t make the repayments on                                                         value of the assets to be divided
                                                                                   Mortgage protection and loan                  your loan? Whether it’s for your                                                        evenly between the members of
                                                                                protec t ion insurance are two                   home, your car or a personal loan,                                                      that scheme.
                                                                                comprehensive CC I solut ions                    CCI covers you for events that might
                                                                                Police Credit Union offers through               affect your ability to repay.                     The Police Superannuat ion            of actuarial advice, to dissolve
                                                                                its association with QBE Insurance.                                                              Scheme is made up of the Police         crediting reserves held within
                                                                                   Founded in 1886, QBE is one of                A choice of cover options                       Superannuation Fund (Pension            the Pension and Lump Sum
                                                                                Australia’s leading insurers. It is                 Depending on your circumstances              and Lump Sum member accounts)           schemes which came about from
                                                                                because of its experience, security              and dependents, you can tailor                  and the Police Employer Account.        previous years of smoothed
                                                                                and strength, as well as its prompt,             a mortgage or loan protection                   See table 1.                            returns.
                                                                                efficient and friendly claims service,            policy to provide cover for a range
                                                                                that Police Credit Union has made                of situations – and it’s affordable.             TABLE 1
                                                                                QBE it s new consumer credit                        CCI covers your loan repayments
                                                                                                                                                                                                                                 2008               2007
                                                                                insurance provider.                              if you lose your job involuntarily. It
                                                                                   This partnership enables Police               also offers protection in the event              Police Superannuation Fund            $383.5 million     $432.7 million
                                                                                Credit Union to deliver its members              of disability, trauma or death. So, if           Police Employer Account               $448.5 million     $480.1 million
                                                                                great value and qualit y CC I                    you have financial responsibilities,
                                                                                                                                                                                  Police Superannuation Scheme         $832.0 million     $912.8 million
                                                                                products, with all the convenience               then CCI is the responsible choice.
                                                                                of still keeping their finances under
                                                                                the same roof.                                   Sign up now, with flexible                         Funds SA is responsible for the        The membership of the Police
                                                                                                                                 payment options                                 management and investment of the      Superannuation Scheme, which
                                                                                Covering your                                       With Police Credit Union, you can            assets of the Police Superannuation   is closed to new police officers as
                                                                                commitments if the                               arrange both your loan and loan                 Scheme.                               at June 30, 2008, was 2,403. This
                                                                                unexpected happens                               insurance at the same time, giving                As at June 30, 2008, total funds    was made up of 2,194 contributors
                                                                                  There are all sorts of reasons you             you one less thing to worry about.              under management was $832.0           and 209 preserved members. The
                                                                                might want to borrow money. It                     For convenience, your premium                 million, compared with $912.8         number of exits during 2007-08 was
                                                                                could be for a new car, a boat, to               can be included in your loan                    million as at June 30, 2007. The      84 (102 in 2006-07). See details of
                                                                                consolidate debt, or for a much-                 repayments.                                     decrease in the market value of the   the exits in table 4.
                                                                                needed holiday.                                    To apply, or find out more about               scheme resulted from significant          The number of pensions being
                                                                                  Or perhaps you’ve just bought                  this and other insurance solutions,             negative returns from world share     paid by the scheme as at June 30,
                                                                                a nest, a castle, a crash pad or a               visit your local Police Credit Union            and property markets over the past    2008 was 1,238, an increase of 20
                                                                                retreat. A new home represents                   branch, log on to               year. See table 2.                    on the previous year.
                                                                                something different to everyone.                 or call now on 1 300 131 844.                     The fund crediting rates declared      The “growth product” asset
                                                                                But, for nearly all of us, it will                                                               by board are based on the net rates   allocat ion of the Police
                                                                                                                                                                                 of return (net of investment fees     Superannuation schemes as set by
                                                                                                                                                                                 and board administration costs) as    Funds SA appears in the chart right.
                                                                                 Loan products issued by Police Credit Union ABN 30 087 651 205 AFSL 238 991. Terms,
                                                                                 conditions, fees, charges and normal lending criteria apply.
                                                                                                                                                                                 advised by Funds SA, as at June 30       See tables 5 and 6 for the summary
                                                                                 Insurance Products: Normal underwriting terms, conditions and acceptance criteria               each year.                            of the Police Superannuat ion
                                                                                 apply. Cover limits and waiting periods apply as set out in the policy wording. This material     As the Pension and Lump Sum         Scheme’s investment holdings and
                                                                                 does not take into account your personal needs, objectives and financial circumstances
                                                                                                                                                                                 schemes provide defined benefits        the financial position of the Police
                                                                                 and you should consider whether it is appropriate for you. Please read the Product
                                                                                 Disclosure Statement available at all PCU branches or by phoning 1 300 131 844 to decide        upon re t irement, inv alidit y       Superannuation Scheme as at June
                                                                                 if a product is right for you. Insurance issued by QBE Insurance (Australia) Limited ABN 78     and death, these benef its are        30, 2008.
                                                                                 003 191 035 AFS Licence 239545 for Disability and Involuntary Unemployment and ING              not affected by crediting rates.
                                                                                 Life Limited ABN 33 009 657 176 AFS License 238341 for Life and Trauma.
                                                                                                                                                                                 However, fund crediting rates do

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Description: The Police Credit Union is