Hostplus ready to deploy funds under early access scheme
Hostplus has welcomed the Government’s early release of superannuation scheme and said it had ample liquidity available for members wishing to access their super.
The scheme will allow super members who are undergoing financial hardship due to flow-on effects of COVID-19 to access up to $20,000 from their super.
Hostplus chief executive, David Elia, said “We have ample liquidity available to support members undergoing financial hardship.
“We want to reassure Hostplus members that we will work to make sure those wishing to access money from their superannuation accounts can do so easily and in a timely fashion.”
Elia noted that members needed to carefully consider the long-term impact on their super saving before seeking to withdraw cash from their super accounts.
“Withdrawing $20,000 from a superannuation account now will substantially reduce members’ final balance on retirement,” he said.
Members can access the first $10,000 under the scheme by applying to the Australian Taxation Office from 20 April, 2020 and funds would flow to members’ bank accounts shortly afterwards.super
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.