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
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
