ISA launches campaign to encourage nest egg protection

14 April 2020

Industry Super Australia (ISA) has launched a campaign to reassure members that superannuation funds will bounce back from the downturn caused by COVID-19, given that a sizeable minority of members make rash decisions with their super after a downturn.

The campaign’s main message will be broadcast in a 30-second TV advertisement along with a series of online videos from industry experts.

ISA chief executive, Bernie Dean, said: “This is a timely reminder for members that their Industry Super Fund is looking after them now and over the long-term by protecting their nest egg and making sure it can grow again out the other side of this crisis.

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“It’s important for members to know that they’ll also be helping the economy bounce back, just like they did with the global financial crisis [GFC], by investing in infrastructure and other things that create jobs and keep business strong.

“Saving for your future is just like protecting our health now – its best done when we all come together.”

The video series would provide information on how to avoid crystallising losses at a downturn; the pros and cons of accessing super early in times of financial hardship; how super funds protect members’ savings during market volatility and how, through investments in Australian business and local infrastructure, Industry Super Funds would help power the recovery.

ISA noted online searches about super had increased by 74% since the Government announced its early access to super scheme for those facing financial hardship due to the COVID-19 pandemic.

It also pointed to research by UMR that found that 58% of Australians were confident their super would recover over time, and 58% of Australians agreed making changes to super after a downturn is risky.

“But there is still a sizeable minority that make rash decisions with super after a downturn – like switching to cash or other defensive assets – locking in their losses,” ISA said.




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Desperate times for the ISA.......protecting "their" nest egg and the Trade Union's rivers of gold.

Since when is supporting the economy, protecting jobs and helping businesses part of the sole purpose test?

Correct.
Since when has spending tens of millions of members retirement monies on sponsoring sporting teams and the provision of corporate boxes acceptable under the Sole Purpose Test ?
Why is it also acceptable that Directors of Industry Funds are allowed to donate their fees to any organisation of their choosing including trade unions ?
If a Director does not elect to take their fees, then it should be mandatory those fees remain within the fund for the benefit of the members.
Paying a Director is an expense to the fund and as such, an expense to all members.
As Industry Funds grow in volume, there are many members who are also not members of a union as the trade union membership statistics show dramatically falling membership numbers over recent years.
Why is it acceptable that Industry Funds make massive donations directly to Trade Unions without the express authority of every single fund member to do so. ??

What about this one agent 86. My client who I have on a service agreement pays me once a year for a review. This includes reviewing the industry fund they have amongst other investments , insurances, childs investments etc. I actually recommended they keep the industry fund in this particular case but we changed options amongst putting death noms on etc. Now they also pay an admin fee to this industry fund which in part pays the funds advisers, that they will never call on. So why cant they opt out of the part of the admin fee that pays the adviser they will never use?

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