COVID-19: implications for those nearing or in retirement

From

Talk of a recession and underlying unemployment continuing to head north of the 7.1% official rate won’t be allaying the feelings of uncertainty we’re all feeling at the moment, including those nearing, or in, retirement. While the situation this time around is different to recessions of the past, and the GFC, the need to understand […]

continue reading

Interest from advised clients in rebuilding super rises as COVID-19 queries ease

From

Clients of AMP financial advisers are seeking out strategies to rebuild their superannuation balances as enquiries about COVID-19-related help start to ease, according to the latest figures from the technical adviser support team. Data from the month of May[1] shows voluntary concessional and non-concessional super contributions were the most common topic dealt with by advisers compared […]

continue reading

Super funds regain ground but face tough financial year end

From

Super funds have proven resilient to the turmoil that hit markets in the wake of the COVID-19 outbreak, extending their recovery through May and early June, and are on track to finish the 2019-20 financial year down but far from out. According to estimates from leading research house SuperRatings, the median balanced option rose 2.1% […]

continue reading

Australians in the dark on super investments as COVID-19 hits retirement savings

From

In the weeks leading up to the COVID-19 crisis and its dramatic impact on markets, the majority of Australians believed their superannuation fund would protect their retirement savings from a downturn, according to new research from leading global pensions and investment adviser Russell Investments. The research comes as fear around the erosion of Australia’s retirement […]

continue reading

Super fund returns stabilise in April

From

As markets saw less volatility in April, super funds saw some of March’s losses reversed, although the memories of the March falls remain fresh. Members enjoyed a positive result in April, recovering some of the value that was lost in March, but account balances remain down since the start of 2020. According to estimates from […]

continue reading

Colonial First State data reveals surge in super switches

From

New data from Colonial First State (CFS) reveals switches by super members were three times the usual rate in March as a number of Australians moved their superannuation to cash in the midst of the coronavirus impact on markets. Thirty nine per cent of members who switched their super, switched to cash. Against this trend, […]

continue reading

Early super release and job subsidies lead advice enquiries

From

Early release of super was the topic most frequently asked about by advisers’ clients during March and April as the government sought to limit the fallout from the Coronavirus, according to new figures from AMP’s technical adviser support team. The next most asked about issue was minimum pension drawdowns as the government relaxed the rules […]

continue reading

COVID-19: Summary on early release of superannuation

From

The Coronavirus Economic Response Package Omnibus Act 2020 (“the Act”) received assent on 24 March 2020.  Schedule 13 of the Act amends the SIS regulations to make provision for COVID-19 temporarily early release of superannuation.  Application for this early release must be made within the period of 6 months starting on the day the new regulation […]

continue reading

Super splitting is more than agreement between the parties

From

When the Family Court orders are finalised, the parties might think that it’s all over, but when it comes to super-splitting there’s considerably more to do. With one in three marriages in Australia likely to end in divorce, the splitting of interests in a Self-Managed Super Fund has raised a number of questions. Under the […]

continue reading

Government needs to refine super access — fast

From

The Government is getting most things right. But no one is perfect in the face of a crisis. For some of the most vulnerable people in society the Government’s message is effectively saying, “Use your own super to tide yourselves over and by the way, you’ll need to take it out at a massive loss, […]

continue reading