|Two industry super funds have pushed back the date for their merger due to the COVID-19 global crisis.|
|COVID-19 and the accompanying market correction has temporarily wiped out nearly $290 billion from Australia's superannuation system since the ASX's February 20 peak, according to new analysis from Rainmaker Research.|
|The industry superannuation funds for those who work in clubs, hospitality and retail are facing a tough year and have moved to reassure impacted members.|
|Some of the nation's largest superannuation funds have revalued their unlisted assets to give members an up-to-date understanding of how COVID-19 is hitting their retirement savings.|
|Latest analysis of Australia's superannuation industry shows COVID-19 may prove the catalyst for small superannuation funds to finally pull the trigger and merge.|
|Australians who take out $20,000 from their superannuation due to the COVID-19 economic slowdown will sacrifice nearly $79,000 from their retirement nest eggs, according to new Rainmaker modelling.|
|A University of Melbourne finance professor and Super Consumer Australia director has proposed an alternative solution to soften the blow of COVID-19, one reliant on borrowing funds from the Reserve Bank of Australia rather than superannuation funds.|
|The government's $10,000 early release from superannuation allowance is higher than historic withdrawals, but a better option than freezing the superannuation guarantee.|
|The superannuation sector has been called on to act as a key pillar in Australia's response to the COVID-19 pandemic, with the early release of super a central tenet of the government's new policy initiatives.|
|A $16.5 billion industry superannuation fund is set to take over Perpetual's MySuper offering in a successor fund transfer.|
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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