POWERED BY MOMENTUM MEDIA
Were those who took early access fully informed?
More might have been done to ensure young superannuation fund members were appropriately informed and educated about the consequences of accessing hardship early release superannuation, according to Industry Super Australia (ISA).
Appearing before the House of Representatives Standing Committee on Economics, ISA deputy chief executive, Matt Linden said he believed there was always going to be a challenge around financial literacy with respect to the early draw-down of superannuation, particularly where young people were concerned.
Both Linden and ISA chief executive, Bernie Dean appeared before a specially convened hearing of the committee called in relation to questions around the methodology used by ISA to demonstrate the long-run cost to superannuation fund members of accessing $10,000 under the Government’s early release arrangements.
Under questioning from Western Australian Labor back-bencher, Anne Aly, Linden agreed that the timing of the announcement of the early release arrangements and the Government’s JobKeeper announcements had not been ideal.
He agreed that there had been a lapse between the early release announcement and the JobKeeper announcement meaning that some superannuation fund members might not have been fully aware of all of their options.
Linden noted that there was a period of two to three weeks before the situation had become fully clarified.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
59.27 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.01 3 y p.a(%)
Add new comment