POWERED BY MOMENTUM MEDIA
Smooth early release super payments as funds manage liquidity
Profit-to-member superannuation funds have reported their approach to managing liquidity has allowed the smooth implementation of early release super payments to members who are suffering financially due to COVID-19.
An announcement by the Australian Institute of Superannuation Trustees (AIST), said at a regular policy meeting, profit-to-member funds confirmed they were readily meeting early release requests from members in need.
The funds said the extensive work undertaken in short timeframes to meet the unexpected early release policy had been effective.
“…their approach to managing liquidity had successfully ensured they could meet the anticipated increase in early release requests,” AIST said.
Latest Government data had found over 900,000 applications had been made to the Australian Taxation Office for early release withdrawals, with over $7.5 billion approved. The average withdrawal was $8,333.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
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(%)
