Hostplus has welcomed the government’s early release of superannuation scheme and said it had ample liquidity available for members wishing to access their super.
The scheme will allow super members who are undergoing financial hardship due to flow on affects of COVID-19 to access up to $20,000 from their super.
Hostplus chief executive, David Elia, said “We have ample liquidity available to support members undergoing financial hardship.
“We want to reassure Hostplus members that we will work to make sure those wishing to access money from their superannuation accounts can do so easily and in a timely fashion.”
Elia noted that members needed to carefully consider the long-term impact on their super saving before seeking to withdraw cash from their super accounts.
“Withdrawing $20,000 from a superannuation account now will substantially reduce members’ final balance on retirement,” he said.
Members can access the first $10,000 under the scheme by applying to the Australian Taxation Office from 20 April, 2020 and funds would flow to members’ bank accounts shortly afterwards.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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