The superannuation industry wants recognition from the Commonwealth and State Governments that it is an essential service.
The Association of Superannuation Funds of Australia (ASFA) has confirmed that it has written to the Federal and all State and Territory Governments putting its case forward for recognition of superannuation funds as an essential service.
In a message to members, ASFA said it had outlined “why superannuation services should be classified as an ‘essential service’ if further mandatory restrictions are placed on businesses in the immediate future”.
It said that informal feedback from the NSW Government is that the classification of ‘essential services’ is based on health advice from the chief medical officers and is likely to develop depending on how COVID-19 is impacting the community.
“We will work constructively with all levels of Government to ensure superannuation members continue to receive the services they depend on from their superannuation fund,” it said.