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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment