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"With financial markets turning sour, more Australian superannuation members are moving their money into term deposits, reports Aviva, a leading provider of life insurance, investments and superannuation.
Aviva reports that over A$300 million of superannuation investments have moved into term deposits through its platform this year. Aviva's term deposits have grown from A$5 million to over A$430 million in 2008, with 75% of this money from superannuation or pensions.
Tim Cobb, general manager marketing and public relations, said: "We believe in offering investors choice. In uncertain markets, many financial advisers are allocating money to more secure investments - such as term deposits whichare now guaranteed by the Federal Government.
"Many superannuation funds do not allow members to invest in term deposits. We have to put money in superannuation and members should have the choice of how it's invested. It's important for financial advisers to be able to provide a broad range of options for their clients.
"Customers who hold their term deposits through superannuation or their pension get the safety they are looking for, and of course receive a tax effective return as superannuation is taxed at just 15% and earnings on pension assets are tax free," said Mr Cobb.
Aviva offers a full range of term deposit options from St George and the Adelaide Bank". (CS della Società)
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