|Australia's superannuation sector is fighting a war on three different fronts, as the economic fallout of COVID-19 continues to bite.|
|The superannuation sector has been told in no uncertain terms how it should deal with the ongoing impacts of COVID-19, with ASIC and APRA directing super funds to prioritise liquidity.|
|The $30 billion industry fund for emergency services workers has had to increase its insurance premiums for the first time in 12 years as a result of the Putting Members Interests First legislation.|
|APRA has asked superannuation funds to submit their in-house modelling on the magnitude of impact they are expecting from the Federal Government's special allowance for early release from superannuation.|
|Zenith Investment Partners wants to reverse out of its planned $12 million purchase of Chant West's superannuation business, saying the latter has been materially affected since February, but Chant West is digging its heels in.|
|The $10 billion industry superannuation fund has issued a notice to members detailing changes to investment fees, admin fees, insurance premiums and investment objectives.|
|New research has revealed the 22 ASX 300 companies - many of which super funds have exposure to - that are polluters and haven't performed well this year.|
|Senator Jane Hume has denounced mergers between super funds with similar membership bases, saying concentrated memberships can make funds weak and smaller funds should look to emulate the likes of AustralianSuper and Sunsuper.|
|Senator Jane Hume has confirmed the Australian Taxation Office will be responsible for verifying early release super requests.|
|The government's plan to allow early access to super for those who have lost jobs and livelihoods as a result of COVID-19 is an enormous hurdle with a strict deadline - one that administrators admit they might struggle to meet.|
While there may be uncertainty surrounding the economic implications of the spreading COVID-19 pandemic, one thing is clear; if business leaders are not consistent, empathetic and clear with their response, they should prepare to face the music.
The government's $213 billion stimulus package is set to push up the country's total debt but experts say it is not reason enough to draw down on the sovereign wealth fund.
Australia's superannuation sector is fighting a war on three different fronts, as the economic fallout of COVID-19 continues to bite.
Significant hikes in group insurance premiums have been put down to the Protecting Your Super reforms - with members of four superannuation funds facing premium increases of 34%.
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