POWERED BY MOMENTUM MEDIA
Super members ease off COVID-19 queries
Superannuation members have diverted their attention to rebuilding their balances from COVID-19 related issues, according to AMP.
AMP’s data on its financial adviser clients found that during the month of May, queries on voluntary concessional and non-concessional super contributions were the most common topic dealt with by advisers. This was compared to April when advice on early access to super was most in demand.
Calls about COVID-19 stood at 9% in May, well down from the 24% in April.
AMP said the top client issues dealt with by advisers in May 2020 were:
- Concessional super contributions;
- Non-concessional super contributions;
- Dealing with a death benefit;
- Concession cards; and
- Early release of super.
AMP technical strategy manager, John Perri, said: “Not everyone has the funds to contribute more to super at the moment, but it’s encouraging to see more Australians turning their minds to rebuilding their superannuation and retirement balances.
“Recently introduced changes, such as the relaxation of the rules on concessional contributions, are encouraging people to make additional contributions where they can.”
Recommended for you
The industry body has cautioned the government against implementing unnecessary regulations for private market investments, with ASIC currently exploring reforms in this space.
The industry fund has appointed Natalie Alford as its new chief risk officer, strengthening its executive team during a period of transformation.
The Super Members Council has outlined a bold reform plan to boost productivity, lift retirement savings, and unlock super’s full potential.
Women beginning their careers in 2025 could retire with hundreds of thousands of dollars more in super due to the 12 per cent super guarantee rate, HESTA modelling shows.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
