Superannuation members have diverted their attention to rebuilding their balances from COVID-19 related issues, according to AMP.
AMP’s data on its financial adviser clients found that during the month of May, queries on voluntary concessional and non-concessional super contributions were the most common topic dealt with by advisers. This was compared to April when advice on early access to super was most in demand.
Calls about COVID-19 stood at 9% in May, well down from the 24% in April.
AMP said the top client issues dealt with by advisers in May 2020 were:
- Concessional super contributions;
- Non-concessional super contributions;
- Dealing with a death benefit;
- Concession cards; and
- Early release of super.
AMP technical strategy manager, John Perri, said: “Not everyone has the funds to contribute more to super at the moment, but it’s encouraging to see more Australians turning their minds to rebuilding their superannuation and retirement balances.
“Recently introduced changes, such as the relaxation of the rules on concessional contributions, are encouraging people to make additional contributions where they can.”