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RBF: Concessional Contributions Cap
IF YOU’RE an RBF Member, you’ll now receive a notification if you are likely to exceed the concessional contributions limit.
A number of Members raised concerns with the CPSU about not being notified when their concessional contributions to their superannuation exceeded or were likely to exceed the concessional contributions cap. This meant a significant number of members exceed the cap and incurred the penalty of an excess.
Following these concerns, your CPSU contacted RBF raising the issue earlier this year.
Last week RBF contact the union office to say there’s now a system in place to identify those who are approaching their concessional contributions limit. RBF’s administrator will run a sweep each month, and members identified in this report will receive a letter warning them they are approaching the cap, along with information about their options if they do inadvertently exceed the limit.
This new system is a great outcome for RBF Members.