The Government has extended the temporary reduction in superannuation minimum drawdown rates until 30 June, 2022.
The original reduction was part of the Government’s response to the COVID-19 pandemic which was a reduction by 50% for the 2019/20 and 2020/21 income years.
“For many retirees, the significant losses in financial markets as a result of the COVID 19 crisis are still having a negative effect on the account balance of their superannuation pension,” a joint announcement by Prime Minister Scott Morrison and Treasurer Josh Frydenberg said.
“This extension builds on the additional flexibility announced in the 2021/22 Budget.”
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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