Supporting our members
Keeping you informed
We are also monitoring the Government response, particularly with regards to any financial relief measures that relate to your super savings. To date, those measures have included allowing early access to super savings for eligible members, and a temporary reduction in the minimum drawdown amounts for pension members. Unfortunately, times like these also result in increased activity from scammers. We have some information on suspicious activity to remain alert for during this period.
Navigating periods of volatility
When it comes to determining what you should do during this period, the first step is to not panic, and for most people the next step is to do nothing. Every crisis and every market downturn comes to an end – there has never been an exception to this rule and it is highly likely the result will be the same this time around.
While superannuation balances may appear to be negatively impacted in the short-term by the current market volatility, this is not necessarily a cause for concern – particularly if retirement is a fair way off into the future. Keep in mind that:
Details of the temporary changes to super legislation from the Government, including how to apply for the early release of super savings.
There are an increasing number of reports of coronavirus scams in Australia. Includes tips for staying safe.
The Government has announced a range of other financial assistance measures outside of super. We’ve got links to useful resources.
For anyone facing redundancy, you’ll have some important financial and lifestyle decisions to make – we’re here to help.