News Muncher - searching for accounts - category superannuation

6 months ago

Tax office urges more than 4 million Australians to track down $16b in lost, unclaimed superannuation

ABC

In short: The tax office says there is $16 billion in lost and unclaimed superannuation in Australia, and 23 per cent of working Australians have more than one account. Super stapling Mr James said the next generation of workers will be less susceptible to having multiple super accounts since the federal government introduced super stapling in 2021. A spokesperson for …

Financial James Lost Queensland Unclaimed Super Super Funds

7 months, 2 weeks ago

UniSuper members worried about superannuation balances as provider outage enters 7th day

ABC

In short: An outage to UniSuper's online system has reached its 7th day. UniSuper customers want answers from the industry super fund manager about whether their balances are safe and how a week-long outage happened. Some of UniSuper's 630,000 members say they have had sleepless nights wondering whether they have lost their money put away for retirement as the superannuation …

Customers Super Google Cloud Its 7Th Day Unisuper Mr Heath Outage Members

1 year, 7 months ago

Superannuation customers stay in dud funds, with one-in-five 'significantly underperforming'

ABC

Many superannuation customers are losing out, staying in dud funds with high fees, according to the latest data from the industry's regulator. Key points: One-in-five so-called "Choice" super funds "significantly underperformed" the regulator's benchmarks Fees tended to be higher and investment returns lower in underperforming funds Five funds failed the test, with some barred from taking on new members Superannuation …

Performance Investment Funds Members Choice Superannuation New Members

1 year, 9 months ago

Treasurer Jim Chalmers caps super tax breaks for accounts with more than $3 million

ABC

Treasurer Jim Chalmers will double the tax rates paid by Australians with superannuation account balances worth more than $3 million, in a move he says is about budget sustainability and equity. Key points: The super tax break changes will not take effect until after the next election They will see the tax on earnings increase from 15 to 30 per …

Labor Tax Budget Million Cent Tax Breaks Accounts

2 years ago

$1.4b in superannuation tied up in 'wild west' cryptocurrency as the FTX fallout continues

ABC

Mum and dad investors including pensioners are facing big losses on their superannuation and savings, after investing in the largely unregulated "wild west" of cryptocurrency markets. Digital Surge bills itself as an "effortless" way for people to invest in crypto, including through their self-managed super funds. Sharon and Alan said they had "no issues" with Digital Surge until the FTX …

Market Cryptocurrency Crypto Digital Surge Abc Australian

2 years, 3 months ago

NPS funds withdrawal time halved: Here's all you need to know

Firstpost

The PFRDA has stated that the ’timelines are to be considered for working and settlement days. The reduced timelines shall be introduced in a phased manner for other activities in the interest of subscribers' To offer subscribers a better experience, the processing time for withdrawal of funds under the National Pension System has been halved by the Pension Fund Regulatory …

Nps Pfrda Subscribers Partial Withdrawal Withdrawal Superannuation

3 years, 3 months ago

Australians urged to switch where they invest for retirement as best and worst superannuation funds revealed

ABC

More than 1 million Australians who are members of underperforming superannuation funds will soon receive letters urging them to switch where they invest their retirement savings. APRA executive board member Margaret Cole said 84 per cent of products passed the performance test, "however APRA remains concerned about those members in products that failed". Super Consumers Australia director Xavier O'Halloran says …

Fees Cent Funds Invest Members Return Switch

3 years, 6 months ago

Superannuation boost reveals loopholes and power imbalance in wages debate

ABC

The debate over superannuation is now officially dead. After almost a year of deliberations and debate, with Prime Minister Scott Morrison angling to cap superannuation contributions at 9.5 per cent, the federal government finally relented in April. When Paul Keating established the compulsory superannuation system in the late 1980s, the idea was that workers would forego future wage hikes in …

Tax Workers Pay Wages Cent System Wage

3 years, 9 months ago

Government dumps plan to allow domestic violence victims to withdraw superannuation

ABC

A controversial plan to allow domestic violence survivors fleeing abusive relationships to access thousands of dollars from their superannuation accounts is no longer federal government policy. Key points: Critics of the proposal said abuse victims should not have to fund their escapes from dangerous situations Minister for Superannuation Jane Hume said the plan would be dropped if their were no …

Women Violence Domestic Violence Senate Estimates Superannuation

4 years ago

Lack of access to funds, limited career prospects keep domestic violence victims on farms

ABC

A stark gap of knowledge about how farming women suffer with domestic violence is pushing campaign groups to research the issue in more depth. Key points: There is concern that financial constraints prevent domestic violence victims living on farms from leaving Superannuation and joint bank accounts are often linked to the farm and/or managed by the abuser, making it harder …

Violence Domestic Violence Domestic Chan Superannuation Domestic Violence Victims Mr Chan

4 years, 1 month ago

Federal Government to assess superannuation, housing policy after Retirement Income Review

ABC

Australians could be encouraged by the Federal Government to draw down on their superannuation balances and use equity in the family home to fund their retirement, rather than rely on increases in compulsory super contributions. Key points: The review was delivered to the Government in July but will be released publicly on Friday Parts of it focus on the potential …

Retirement Income Review Cent Set Increase Super

4 years, 4 months ago

Identity theft soars during COVID-19 as scammers target government payments, superannuation

ABC

Key points: Australia's consumer watchdog says identify theft scams have increased during COVID-19 Scammers are seeking personal information so they can access benefit payments and superannuation The ACCC also warned about romance scams — in one case, a victim was scammed out of $181,000 via a dating website A staggering 24,000 people have reported their personal details stolen so far …

Personal Information Victim Identity Theft Scammers Romance Scams Covid Marshall

4 years, 4 months ago

Paul Keating says superannuation withdrawals dwarf coronavirus support schemes like JobKeeper

ABC

Former prime minister Paul Keating says the early withdrawal of superannuation dwarfs the support the Federal Government has injected through its JobKeeper program — and has entrenched inequality between Australian generations. Key points: Australians are expected to have pulled $42 billion from their super accounts by the end of the year Australians are expected to have pulled $42 billion from …

Support Money Early Minister Billion That Money Emma

4 years, 5 months ago

Superannuation early withdrawals near $30b as new financial year sees double-dipping

ABC

Desperate times have seen many Australians raid their superannuation accounts to the tune of the maximum $20,000 early withdrawal since the coronavirus pandemic struck. Key points: The latest APRA figures show there have been around 2.7 million early withdrawals from superannuation Labor warns there is a "run" on super accounts, with around half a million people draining their balances completely …

Government Infrastructure Financial Industry Financial Services Early Funds

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