Superannuation News

Almost $500m withdrawn from Aussie superannuation funds

Australians have dipped into almost half a billion worth of super funds in 2019-20, according to new figures from the Australian Taxation Office. This was a 10 per cent increase compared to the year before.

Fresh research findings a timely reminder for consumers to consider their super fund’s performance

New research has revealed there is an underperformance challenge that needs to be tackled within the superannuation industry, providing super fund members even more reason to check their fund’s performance.

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A warning to people accessing $10,000 of their super this Christmas

With just 10 days left for Australians to withdraw $10,000 in the Early Release Super Scheme, some families will be reassessing whether they need to access this cash over Christmas.

Federal budget 2020: job switchers to automatically keep super accounts

Australians will have their super accounts “stapled” to them as they move jobs, but concerns have been raised that workers could find themselves trapped in an inferior fund.

Poor superannuation choices could cost Australians $200,000: Stockspot

Choosing the wrong superannuation fund could set an average Australian back about $200,000 by retirement.

Superannuation returns record positive rebound from COVID-19

Industry-wide returns on superannuation funds have bounced back to positive territory after negative returns during the early stages of COVID-19.

COVID-19 drags women 36 years away from economic equality

COVID-19 has pulled Australian women four years further from economic gender equality, with the economic shock leaving more women without full-time jobs.

Number of people dipping into super drops to record low: APRA

The number of people dipping into their retirement fund to fare the pandemic has reached an all time low, but industry groups warn younger generations will retire with $100 billion less.

How Australians are spending their COVID-19 superannuation withdrawal

The people who dipped into their superannuation twice spent more money the second time round on groceries, paying down debt, clothing and more, according to an analysis of banking data.

COVID-19: Early release of superannuation stirs debate as fraudsters strike

Some of the money lost from dipping into superannuation early as a response to COVID-19 will be offset by higher pension payments, research by a non-partisan think tank suggests.

COVID-19 forcing quarter of working Australians to delay retirement plans: Colonial First State survey

Nearly a quarter of Australians aged 30-65 say COVID-19 is forcing them to push back their retirement.

Throwing people on smoker policies earned seven superannuation companies millions: ASIC

Seven superannuation companies have been caught overcharging customers by defaulting them onto health policies for smokers, leading to a multimillion dollar windfall.