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:
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.”
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.
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