AU2002100357A4 - A method of investment and spending utilising a superannuation smart card - Google Patents

Description

AUSTRALIA

Patents Act 1990 COMPLETE SPECILFICATION INNOVATION PATENT A METHOD OF INVESTING AND SPENDING UTILISNG A SUPERANNUATION SMART CARD THE FOLLOWING STATEMENT IS A FULL DESCRIPTION OF THIS INVENTION, INCLUDING THE BEST METHOD OF PERFORMING IT KNOWN TO US A METHOD OF INVESTMENT SPENDING UTILISING A SUPERANNUATION SMART CARD TECHNICAL FIELD The present invention relates to a new and improved method of investment purchasing utilising a superannuation smart card able to be used by all people belonging to and making contributions both voluntarily and via mandatory employer schemes to a superannuation fund which upon maturity of investment, and upon retirement,the members expect to attain a standard of living akin to that enjoyed during their working life and not being dependent upon Government support.

The invention further relates to a new and improved method of user involvement and user benefit via the use of a second card namely a credit card associated with the invention Furthermore, the present invention relates to a new and improved method of investing for user benefits in real property and other secure but related financing options associated with the invention.

The present invention furthermore relates to a new and improved method of providing a user with a sense of independence and security in respect of their financial affairs and in particular their ultimate benefit at the end of their working life And further the invention relates to a new improved and simpler method a paying a user's regular accounts at venues through user related facilities and for user related benefit(s).

BACKGROUND ART The background art relating to this invention encompasses four specific areas namely superannuation credit card use, financial funding opportunities and a debt payment system. integrated these functions all related to the financial world of the users, which, with the application of mandatory legislation binds most of the population who seek a new improved, safer and user friendly superannuation system.

Governments the world over have attempted to address the problem of its ageing population whereby the workforce having been employed traditionally over a period of some 40 50 years reaches the compulsory or self elected retirement age and is faced with the dilemma of either having a retirement fund otherwise known as a superannuation fund or they must rely upon Government support by payment of a fortnightly pension, an impost upon the public purse and a culture Governments strive to replace the only way to achieve this aspiration is to have an effective and workable superannuation system in place.

Successive Governments have attempted to engage and maintain a system in which people who have reached the end of their working life are able to fund their retirement, these people would be known as self funded retirees and would along with any long term benefit derived from long service leave and other accrued contributions be regarded as participating already in a form of a Superannuation Fund.

A typical example of a superannuation fund is described A user member either joins a fund through an employer related entity a trade union recommended fund or through the solicitations of a commercial fund manager who would usually highlight the potential on return of investment that its fund has either enjoyed or expected to enjoy in the future. In today's investment climate most funds publicly announce returns of investment of around 8-10% as average and returns above that but rarely reaching 15% are considered Good but rare.

When a fund is established by contributions from its users/members the member's contribution usually around 3% 5% of salary. The members typically make this level of contribution as a means of compulsory saving or Salary Sacrifice The deduction is offset against annual taxation obligations so that a member/ user takes home a package not decimated by taxation liability. In addition to the above employee contribution the employer has a compulsory obligation to contribute an additional 8% this levy is currently planned to increase to 9% within months of this invention These receipts are then invested in funds who then on invest in other securities and/or projects or investments in which the member users have no input or commercial contribution and hope that their savings are safe and secure for the future Typically member users contribution receipts along with the employer contribution is paid monthly or quarterly, although this frequency is common very few funds compound the interest upon receipt, generally the interest is calculated and compounded on an annual basis at the time annual fees are assessed and deducted often fees are deducted before interest is calculated which further prejudices the member user.

Hence, the cumulative value of superannuation investments in Australia alone amounts to over S 400. billion dollars With a workforce of over 7 million people and a total in excess of 200.000 funds some privately managed the need to improve both performance security and user benefits is widely endorsed within the community to enhance the current system Managed funds usually attract fees which are deducted at regular intervals and typically are 1% 3% depending on the rules of the Manager. As well, the Manager may engage the funds in various investments some at low risk, some at high risk hoping for a better return on investment, however, whichever choice is made, whether it be in commodities, securities fixed interest securities, cash or shares ,the decision is at the discretion of the Manager who only retains a moral obligation and a best efforts attempt to maximise benefits to the member/users. sadly, historical events have emphasised the inadequacies of the prior art. In desperation and a yearning to enjoy maximum benefits at retirement age, the community has urged a review of the current system advocating the formation of Community Banks and funds to allow a more intimate relationship with the commodity which is going to enhance their life style in retirement. Notwithstanding this aspiration the community is ever alert to the significant lobby of other groups with vested interests in other areas of commercial opportunism.

Australia's ageing demographics will experience social and political instability within a short time unless a system to achieve a better, simpler, and more beneficial and sustainable strategy is employed Superannuation funds, particularly in Australia are bound by but not limited to some bodies, terms and acts detailed.

The Australian Prudential Regulation Authority APRA) The Australian Taxation Office ATO Eligible Termination Payment ETP) The Family Law Act 1975 To allow benefits to be split between divorced or separated couples.

Tax File Number TFN) Reasonable Benefits Limit RBL) Superannuation Guarantee Legislation( SPL) Superannuation Guarantee Contribution SGC) Superannuation Allocated Pensions Superannuation Contributions Tax SCT)= (surcharge) Using a credit card is a basically simple function, a user can go to a merchant and have the card physically swiped through an electronic card reader, a user can key in numbers manually on the electronic card readers number pad in another variation a physical imprint can be made when a card reader is not available.

Credit Card use and issuance has been in the marketplace for many years, the terms and conditions of use are strict, because, credit cards not only provide a useful means of making purchases which otherwise may not have been possible pursuant to a family's budget the system has been responsible in making the cardholders financially responsible which, in turn, has helped develop a culture of accountability which has stood the test of time.

The history of the credit card dates back to 1914 when a USA company provided Metal cards giving free deferred payment privileges to certain preferred customers they were known as metal money Soon ,credit cards were considered common for use with purchases of petrol, airline tickets and the like after World War.nl when a certain stability emerged people were beginning to acquire more conveniences for their homes, these demands on the home budget made the concept of credit more popular, people could buy things with credit cards which they could not afford to buy with cash from the family budget. It was also a major advance for the merchants as the Banks provided them with a line of credit and when payment was made a fee was deducted to cover the costs of making a loan to the merchant, likewise the credit card issuer charged the user a fee usually a few percentage points above that charged by the Bank to the merchant. It was considered that the handling of issued credit cards from an accredited issuer was safer for the merchant and less costly than maintaining his own credit line .The system introduced in the mid to late 1940's uses the same basic principles today The evolution of the credit card has seen many advances not remotely apparent when credit cards were first introduced initially a user had to pay their accounts on a monthly basis, now a system is in place which includes but is not limited to a revolving line of credit" which allows a user to make regular payments on the balance as opposed to having to pay the entire balance at one time.

The credit card industry is controlled by member groups run by high profile executives intent on maintaining privacy and an affordable adequate system for the users of credit cards. In a traditional credit card operation profits are generated for the issuer, the issuer normally being a Bank or Financial Institution.

The funding of a traditional credit card enterprise is derived from different sources usually banks or finance institutions have either raised the funds by an Investment Public Offering, (IPO) with an offer of shares in the enterprise, or alternatively, by Banks or Financial Institutions having significant cash reserves from other commercial activities decide to diversify into the credit card industry If the funds have been sourced from the former method to all intents and purposes Mr Mrs John Citizen along with other Institutional investors have provided significant funding.

In the current world of technological advances credit card usage is linked in a state of the art electronic system which allows computers when after a user offers his or her card to a merchant the computer by means of an application program using searching software searches the database which stores the relevant information relating to a users credit status available credit and the like In a variation to this procedure a user may wish to receive a cash advance against his or her line of credit, in this case a user would provide a prior issued Personal Identification number PIN which also acts as a security device in that the PIN when keyed into the computer linked with the identification number of the users credit card number is inextricably linked To operate such a system merchants need a networked data communications system in which users have access to terminals capable of requesting and receiving information from local or remote information sources in such a system a terminal may be any type of computer or computer related device which includes but is not limited to mobile data terminals, it may be any type of electronic device capable of delivering the stored content linked to credit card use which includes making purchases, obtaining cash advances and thereafter making payments by a secured system.

In such a system an information source may be a server or plurality of servers or any type of terminal coupled to an information storage device for example, a hard disc drive the exchange of information( ie. the request and or the receipt of information) between the terminal and the information source or other terminal(s). Another option is to use either credit cards or debit cards at a terminal is by using the function Electronic Funds Transfer Point of Sale EFTPOS in which available funds are deducted at point of sale.

The Bank's which issue credit cards traditionally use a dedicated secure web site using Security tags, SSL or PGP to encrypt scramble a cards numbers into unreadable data then decrypt the requests into readable information.

An investment facility for consumers is traditionally confined to Investment companies who offer the benefits of their experience and expertise in the field to users aspiring to maximise the benefit of their savings and convert those savings into substantial assets at some future time, seldom is the opportunity available to a user/consumer to engage his or herself in the enterprise due to lack of funds, commercial facilities or the benefit of operating from the strength of pooled resources. Broadly, there is a need to provide users with this opportunity in order to gain the aspired ultimate benefits in which ,under ,qualified specialist management, superannuant's may experience, and be in control of their own destinies using their own funds to generate revenue for their future, this relates to the art of being one's own finance company, funding secured projects, real estate development, consumer purchases and the like.

Finance companies having either its own funds or funds under management from superannuation funds, Trusts, Trustees or the like offer those funds to the public at rates which are normally subject to market volatility and trends factors which are often governed by the interest percentage rates set by the original lender's of funds if those Trustees are committed or have promised to deliver a specific rate of return on investment, then the rate to the borrower must be above the set margin by some means so as to reflect the desired achievement of reasonable benefits This means that investors who have invested in a Trust or Fund years before when rates of return were higher than current, then, the fund manager has a clear obligation to deliver the committed dividend return in order to retain credibility.

In the current market, Bank interest paid to customers is at an al time low and causes some disquiet to people, the urge and ambition to do better is very significant, Customers experiencing a dividend of less than 3% on their savings in a Bank are somewhat confused when they go to borrow for some emergency and are charged upwards of 10% interest per annum, add then even further confused when credit card use attracts interest charges sometimes above 20% per annum. This perceived anomaly and appearance of possible monopoly and manipulation provides an immediate inkling for those who entrust their funds to managers and Trustees to control their own money they see their funds enhancing one side of the community to the detriment of the other, if a method was in place in which the management and control is under the influence of the original funding source, and that source generates its own ultimate financial benefit, the perception would be that this method could only enhance the Governments aim of creating self funded retirees not dependent on the public system In relation to Paying accounts by electronic means, it is now a common everyday practice, the computer network communication system works the same as that for credit card use, the merchant is provided with an identification number linked to its file contained in a server coupled to a storage device for example, a Hard Disc drive) The identification number is called the Biller code and is coupled with other identification data stored in a server which can only link to the original number contained in the server. The exchange of information ie. the request and/or the receipt of information between the terminal and the information source or other terminals. is facilitated by using searching software to locate the relevant file At a time when the public is being urged to engage in time saving functions either on the Internet, through electronic banking and the like, the ability to pay accounts by electronic methods is of significant importance, a system which provides this opportunity for a One Stop tool kit" 24 hours per day provides substantial opportunities and convenience contained within a Smart Card which encompasses all of these opportunities and functions collectively. The bill paying component related to this invention would be a" Non Profit" entity in which it is provided as a service a small nominal administration fee may apply to cover the basic costs of the administrator.

The processing and searching software for any or all of the above applications are available in the market and includes the availability of the same technologies new technologies and, in some case similar, but not limited to known equipment.

For example a member user currently may go to an existing payment outlet such as Australia Post or Some Building Society /Banks and, use the terminal equipment already in place to effect the intent of this invention in relation to the task of bill paying usually, it is made through a link tool which broadly described is a Payment posting tool that uses HTML Hyper text Mark Up Language) which, it is ideal for merchants with web sites. HTML script can be easily integrated to enable secure payments processing to a dedicated secure Link Payment Gateway LPG simultaneously, it provides for the other electronic functions described in background art for Credit Card authorisations, Payment and purchasing history records provided on a time basis such as weekly, monthly and/or annually It also provides mechanisms to prevent measures to combat others accessing Internet Protocol addresses which could be used for other e-commerce functions or fraud.

As with most commercial functions there exists in place a User Pays system for such items as equipment lease terminal software and hardware which in retail outlets would be on a shared basis with other member credit card and financial services providers, other fees include statement fees admin fees, Government fees or levies stamp duty, transactions fees etc.

Merchants who provide credit card facilities usually pay a fee of around 2.5% to the Credit Card provider, however,, this is usually never out of the user's pocket although cynicism compels people to assume the fee is included in the price originally New technologies new electronic methods and apparatus makes some prior art either obsolete or old fashioned It should be noted that in all examples of prior art the invention using the method, system and various formulas which will become apparent in disclosure of the embodiments and modes is not previously known or been made available to superannuants The ability to link all of the existing prior art together with the new and improved method and user participation in this invention overcomes the problems inherent in the prior art.

DISCLOSURE OF THE INVENTION According to one aspect of the present invention, there is provided a method of investment and spending utilising a superannuation smart card whereby either individually or collectively, the embodiments described herein provides a new and improved superannuation system. Using the credit card issued by a Company specifically incorporated for the member user, the profits which in traditional circumstances is generated for the Bank or Financial Institution is, in this invention, solely for the benefit of the member user, a new and improved innovation.

Because it is a topic driven by media and public disquiet and significant lobby to all forms of Government, the model will be driven by people power intent on improving the current system The member-users who will benefit most from the invention will be the main architects of its implementation It should be further noted that the different components of member generated commercial opportunities offers multiple investing and commercial methods to achieve the goal, it is a unique advance on the former system and the technologies apparent combined with online and computer based functions The invention described herein will introduce the spending and investing side of the invention to the commercial and saving side. The present invention provides incentive and motivation to plan better for retirement, in essence, given the trends prevailing, the invention would be considered very timely by many member- users. Thus by owning the card and using the card the member user pre determines their superannuation benefit to an almost guaranteed level with some give or take allowance applicable.

Member users having experienced the inherent problems highlighted in the background art, are sufficiently motivated and intent on being an integral part of their financial future through a sense of involvement and direction aimed at providing them with a return on investment substantially higher than is currently available to them It is to be noted further that the success envisaged is also incumbent upon utilising competent, experienced and community respected Trustees to administer the enterprise.

A specific embodiment of the invention requires the appointment of an operator or administration Company, such company, to include a Board of Directors and the special appointment of several high profile Trustees Not as Directors who would provide a Watching and Accounting Role under a charter established on behalf of the member user The administration would operate under a very strict model of corporate accountability and function, whereas, the multiple commercial components of Superannuation, credit cards the provision of credit and the account paying enterprises whilst autonomous in function, each component is integral to the other and each is just as effective in the overall working and ultimate benefit of the invention.

According to a specific embodiment of the present invention a general summary of the formula and method reveals the applications which are the unique ingredients.

Traditional funds are forced to rely upon attracting member users by highlighting the fund's past performances, consequently a funds size and strength is determined by the amount of funds under management, in the present invention the manager is not compelled to seek either public or institutional funding as the member's users themselves via an "In House arrangement provides the necessary capital in which the majority of the benefit is geared towards their ultimate goal of self funded retirement Broadly, as will be seen in the flow chart figures the invention provides member user involvement for member user benefit, in broader terms A member user determines the amount of salary to be directed to his or her superannuation fund the employer contributes the legislated amount of 8% which is subject to variation from Government's from time to time; the combined amount is placed on deposit in the member user's superannuation account for the Manager to invest the funds in worthwhile investments during the working life of the member user; when used in conjunction with the present invention, the funds are used to provide a credit card to the member user who uses the card in the conventional manner with an interest component on purchases never to exceed 8% per annum as well, the funds are used to provide finance to home buyers, developers, purchase of commercial property and the like with an interest component is charged but never below 8% per annum.

The monthly payments for both activities is re invested on behalf of the member user and the interest earned compounded monthly as opposed to annual or bi- annual as is the case with most traditional funds. The effect of the monthly compounding provides the member user with a Return On Investment of over 20% during a normal superannuant's working life, a very significant advance on the 8 10% of most current funds.

Wherein Australia has a workforce of some 7 million persons employed and the average payout in modern times is around $500.000 at retirement it would be a reasonable assumption that people being aware of achieving at least double or triple the benefit by using the present invention that an assumption of 50% participation would occur, that is 3 over million member users.

In a further specific embodiment of the invention various reward and loyalty programs would be included providing incentives and rewards in the form of products or services.

In yet a further specific embodiment in the present invention there is a community and Government aspiration to develop a culture of saving and investment from an early age, subject to Government rules a member user, parents, grand parents and other relations and friends will be able to provide by way of a gift to children a maximum amount per year to encourage the culture of saving so that, when the age arrives to commence their working life, the beneficiaries have a sound foundation to propel them forward with a healthy starting balance and with a fund probably already achieving between 10 and return on investment achieved during childhood and early youth.

Focusing on the matter of fees with traditional funds it is as detailed in background art where the fees usually amount to between 1% and 2.5% media reports related to the superannuation industry reveal that over the life of superannuants membership a figure of over $200.000 is deducted in fees over 30 years. Le. the higher the value of the member's account, the higher the fees paid to the fund manager. In the present invention assuming a membership of 3 million member users a monthly fee of 00 one dollar for each member user is claimed related to each enterprise, that is credit card financing and bill paying, this fee is paid to the fund manager meaning that in 30 years the, maximum paid related to the member users superannuation account is less than $400. In a separate commercial aspect, the manager's income is derived from the commissions deducted at merchant level with credit card shopping from borrowers under the finance provision enterprise, and a fee only function of the bill paying activity.

BRIEF DESCRIPTION OF THE FIGURES The present invention will become apparent from the following descriptions which is given by way of example only, of a preferred but non limiting embodiment thereof, described in connection with the accompanying figures wherein Figure. 1. Illustrates the diagram of a typical Member User ID Card.

Figure. Illustrates a typical Credit Card Figure 2. Illustrates the component chain related to the invention and the relevant procedural links.

Figure. 3. Illustrates the computer network hierarchy.

Figure. 4. Illustrates the Corporate chain needed for the invention.

Figure. 5. Illustrates the comparison between prior art and the present invention related to the difference in" Return On Investment" ROI) MODES FOR CARRYING OUT THE INVENTION.

The present invention according to one embodiment provides an improved method of investing and spending utilising a superannuation smart card, an innovation which allows user's to spend invest, receive interest and dividends which ultimately assists in predetermining a user's superannuation benefit.

The present invention is a method ,which, contains specific formulae which represents diagrammatically, the linkage between the various components to effect a superannuation system, and, benefit to the user by means of a more lucrative return on investment aimed at providing a superannuant with as comfortable a life as possible in retirement, as that which prevailed during his or her working life. The present invention improves that likelihood.

A person is an employee and by regulation must belong to a superannuation fund as defined by the Government, a person may be self- employed and whilst not being subject to the same obligatory conditions, is encouraged to be part of a superannuation fund which the Government hopes will create a population of self funded retirees not dependent on Government support in retirement. In the present invention an assumption is made that over 7 million people in Australia are effected by these regulatory controls. A person who contributes to a superannuation fund may not receive any funds except in very exceptional circumstances until an age pre- determined by the Government has been reached The present invention significantly addresses an improved method of superannuation which specifically targets the aspirations of the Government.

Hence the introduction of the superannuation smart card 50 The card contains the following specific information being non limiting subject to variations from time to time.

Illustrated in Figure is a diagram of a typical identification card for a member of an Organization, in the case of this invention, to identify the member user. It contains the inscription. Le. the name of the fund 30 the name of the member user 31 the identification number 32 of the member user, which, when activated it links to a server, figure 3 8) or a plurality of servers, the server is provided to interface with other network terminals able to read files a PIN 34 number known only to the member user activates the card at a network terminal. The specific function of the superannuation card is to use it in conjunction with a bill paying role or for cash withdrawals against credit funds in the member user's personal bank account not linked to the superannuation fund.

The card is able to be used at an automatic tellers machine (ATM or at an EFTPOS terminal.

Illustrated in figure A is a diagram of the second issued card of this invention, the credit card 51 it resembles the superannuation card in size but performs a different function and has a different purpose, Notwithstanding the difference, it contains similar information the name of the card issuer (33 the name of the member user 31), the identification number (32 of the member user, a PIN number known only to the member user activates the card at a network terminal.

Illustrated in figure 2. is a schematic drawing of the commercial chain linking all the components and functions of this invention. A member user 31) either pays directly or has contributions paid to a superannuation fund these contributions comprise the amount nominated by the member user to be deducted from his or her salary 22 the obligatory portion of the employer 23), is placed with the superannuation fund then the manager of the fund invests the funds either in total or partially with a credit limit 51) being provided to the member user in which the user will make purchases or receive a cash advance, any purchases or advances are repaid in full no interest factor applies if paid in full within 30 days), or by instalment at monthly intervals at a rate of 8% per annum, late payments will attract penalties normal in such circumstances in the case of financing 25 either property of other projects the borrowers will repay either interest only or principal an interest at monthly rests Upon receipt of the regular monthly payments the interest is applied to the member user's superannuation fund 30 with the interest component compounded each month.

In the event of default by any borrower, normal penalties will apply, for example it may be possible to insure for the project funding, likewise it is possible to engage credit card insurance for occasions such as illness or loss of employment.

The bill paying option associated with the present invention is administered by the Corporation 70 and acts as a service company only 26 for the member users it receives the monthly administration fee of $1.00 one dollar) from every member user.

Illustrated in figure 3 is the structure of the computer network hierarchy A server 8 is provided to interface with other network terminals able to read the various files contained in an information storage device for example, a hard disc drive). The server (8 contains the database 9) which stores information and the server side application provides functionality to search and retrieve entries from the database the output module (11) will output the data to a terminal verifying specific information related to the card and the member user Illustrated in figure 4. is the various commercial divisions of the invention in its working mode A master company 70 is incorporated comprising a Board of Directors 71) including a number of high profile, reputable public entities who act as Trustees, the Trustees are in addition to the board members and are specifically entrusted to watch and monitor the enterprise under very strict corporate rules and a charter, designed specifically for the member user of the invention This company acts as the Manager of the various divisions and receives the members and employers contributions and administers the overall financial accounts of the Superannuation Fund 30 the Credit Card issuer 33), the Finance Company 25) and the Bill Paying 26 service Company.

Illustrated in figure 5. is the comparison between prior art and the present invention related to a typical superannuation fund. The example shown refers to a superannuant making contributions over a period of time and upon maturity, is due to receive a payout or conversion to an allocated pension or other suitable form of regular income. It may also involve the choice of investing in a fund which produces the regular income referred It is to be noted that the formula and method of the invention which re- invests receipted funds and compounds the benefit at monthly rests significantly alters the ultimate value of the contributed funds In this example, a superannuant has been in a Superannuation Fund 30 for 30 years and contributed by personal and employer 23) supported means, realises a total of $250.000 dollars, the deduction of fees, taxation super charge etc results in an advice from the fund manager that a Return On Investment" has been or $20.000 per annum by way of interest 8% being a regularly advertised return in the current economic climate Over 30 years the payout as illustrated in figure 5 61 is therefore 5600.000 plus the principal amounts to 250.000. making a combined total of 5850.000. Assuming a superannuant is able to invest those funds at 8% his or her income before tax would be $68.000 This assumption excludes immediate spending after retirement such as extinguishing a home mortgage etc.

By comparison Figure 5 62 By compounding the principal at monthly intervals in which the member user has contributed by utilising the Credit Card and Finance option of this invention, the Return on Investment is nearer to 20% subject to being able to maintain full investment options therefore, using the same amount of principal, ie.

$250.000 but achieving a ROI of 20% per annum, the valuation at maturity is $1.500.000 plus principal of $250.000 making a total of 1.750.000 a significantly higher value.

Using the same example of investing those funds at 8% a member user would still retain the choice to stay in the superannuation fund( 30) however, as a worst case example, if, the funds were invested at 8% the same as figure 5 61) then annual income before tax would be $140.000. Again this assumption excludes immediate spending after retirement such as extinguishing a home mortgage etc.

It should be noted that the computer network as referenced in this specification should be taken to include all forms of communicating computers or terminals having at least two terminals connected or communicating as hereinbefore described.

That is, the term computer network should be taken to include any type of terminal as hereinbefore defined computer, computerised device peripheral computer equipment, computerised accessory or other similar computerised electronic device or part thereof which is rendered such that it is capable of communicating with at least one of the aforementioned entities. Said communication network, computer wireless network Local Area Network LAN), Wide Area Network WAN transient or temporary network, combinations of the above or any type of network providing for computerised electronic or digital services.

Further more, references to the terms connecting, communicating transmitting, requesting, receiving, exchanging and the like and permutations thereof, as applied to the term computer network and/or components thereof should be taken to pertain to the transfer of information or data Such transfer of information or data can be facilitated for by any form of entity entities for facilitating such, including but not limited to metallic wires or cables, optical fibre and optical devices, wireless means, electromagnetic waves and the like and modulations thereof, and or the transportation of all forms of memory devices Thus, there has been provided in accordance with the present invention, an improved method of Investment and Spending utilising a superannuation smart card, which includes an improved method of a user achieving a higher valued retirement package for retirement living.

The invention may also be said broadly to consist in the parts, elements and features referred to or indicated in the specification of the application, individually or collectively in any or all combinations of two or more of said parts, elements or features, and where specific integers are mentioned herein which have known equivalents in the art to which the invention relates, such known equivalents are deemed to be incorporated herein as if individually set forth.

Although the preferred embodiment has been described in detail, it should be understood that various changes, substitutions, and alterations can be made by one of ordinary skill in the art without departing from the spirit or scope of the present invention described and hereinafter claimed.

Claims (4)

1. A method of Investment and spending utilising a superannuation Smart Card" including a formula of compounding the interest/dividend derived via the use of the method and applied to the beneficiaries superannuation fund at monthly intervals

2. A method of superannuation utilising a Credit Card to be used in a direct relationship to achieve the interest/dividend of claim 1.

3. A method of saving related to the results of claim 1 and 2 wherein the functions contained in all of the claims either in single or multiple functions are integrated as key components.

4. A method of Superannuation which includes the using of electronic, digital, computer, network, various point of sale terminals and computer devices related to the functions formulae and methods of claims 1 4. A system and method of superannuation as herein described with reference to figures 1 5 of the accompanying drawings. Worldwide Cybertech Pty Ltd 2 d May 2002.