POWERED BY MOMENTUM MEDIA
Early release of super a key concern for advisers
Accessing superannuation and understanding the conditions for release was forefront of many advisers’ mind last month, as it proved the number one superannuation issue they faced.
AMP’s technical superannuation advice team reported a spike in interest in early access to super in particular, receiving over 2,000 calls from advisers on the topic over February.
“This month we saw a focus on understanding the conditions that need to be met before people can access their super,” AMP technical strategy manager, John Perri, said. “Many Australians don’t realise they can access super early if they change jobs between the ages of 60 and 65, even if they continue working in a new job.”
From an adviser perspective, he said that it could suit some people to access super benefits as a tax-free lump sum during that period or use it to commence a retirement income stream, both of which could prove more flexible and tax-efficient that using a Transition to Retirement pension.
Other hot topics raised by financial advisers on superannuation in February included:
- How much can be contributed to super through non-concessional contributions;
- How transition to retirement pensions work;
- How superannuation death benefits work; and
- How total and permanent disability insurance works within superannuation.
Recommended for you
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
