Government to review access to super
The Federal Government has ordered an inquiry into the rules restricting people from accessing their superannuation savings prior to retirement.
The Senate Select Committee on Superannuation and Financial Services, headed by Liberal Senator John Watson, has been asked to investigate the current system governing access to superannuation benefits, with a report due by January 31, 2002.
Announcing the inquiry, Watson indicated the committee would focus specifically on the effectiveness of the rules allowing early access to superannuation benefits on compassionate and severe financial hardship grounds.
“The issue of early access is attracting considerable interest in the media, and is also raised regularly with committee members,” Watson says.
“It is clearly an issue which is important to many individuals who apply for early release of their superannuation benefits when they are experiencing difficult circumstances.”
But, with a federal election looming, the committee has decided against opening up the inquiry to submissions from the public.
Instead, the committee will issue a discussion paper on the topic as soon as possible after the election, at which time it will invite responses from the public.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
