COVID-19: Early Release of Superannuation

[Silverling]

Will be interesting to see if Hostplus refuse to allow some of their members to access this Covid withdrawal. May end up losing more funds from people transferring to another fund...

If I was in this fund I would change immediately.

More from that story:
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"Any fund who refuses a member access to their money after an ATO determination is essentially admitting that their investment governance was cavalier or their systems inadequate," Senator Hume said.

"I can’t imagine a bigger signal to members, to the media and to regulators."

Chief executive of Stockspot, Chris Brycki, who sits on two Australian Securities and Investments Commission committees, said the new clause was a "bad look".

"It's not what you want to see as a Hostplus member. This is a fund that has been coming out for the last few weeks saying there are no liquidity issues and they're confident in valuations.

"If you were confident in valuations, you wouldn't need to abruptly and secretly add a new clause into your PDS saying you can stop all withdrawals, redemptions and transfers."

Mr Brycki said there were "big ramifications" if a fund "puts the gates up and says you can't take your money out".

"It means they have breached their fiduciary obligations."

https://www.smh.com.au/business/ban...suspend-cash-withdrawals-20200407-p54hqc.html
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[Ag bullet]

Great I'll just pull super out when it is high because I'm allowed to pull super whenever I want. Yeah right!

I was thinking of pulling super while the govt has graciously allowed me to get some of my own money out of their crooked control.

Thinking of buying gold and holding. Surely inflation and interest rates are set to rise. If that happens and rates move up from historical lows to a level where it is better value to pay off debt and avoid interest on mortgage than to hold the gold then dump the gold on the mortgage.

If I was going to pull super to pay debt I wouldn't do it at a time where debt is cheap. I would put it in gold betting on it to hold its purchasing power to have on hand to service debt if it gets more expensive later through higher interest rates.

If not I have more in my stack. Will it outperform super if it had have been left in there is the question?? How much do you value it being under your complete control is another question??

 

[fishduck]

Hey, what happens if a Super Fund goes bankrupt? Do the funds disappear or does it get transferred to another fund that takes over?

 

[Jason1]

managing your super and pulling funds out of it are two different things.

yer your right, one is spending your super the other isnt.

Like I said to any one reading go see a financial advisor if your messing around with Super, go find out if its a stupid idea or not before fucking up your retirement because of conspiracy theories you read on a forum by randoms.

likely the same randoms who believed silver would be $100 an ounce by now. lol

 

[mmm....shiney!]

If you’re not in financial trouble then it’s probably only financially advantageous if you don’t have an SMSF - unless as @Stoic Phoenix pointed out you wish to be free from the yoke of anal auditors.

 

[Ag bullet]

You says anything about spending it? Reinvesting maybe.

 

[Ag bullet]

That's like withdrawing cash and holding it at home, then some time later depositing it in the bank to cover a bank transfer and having the bank wonder where you get all this cash from? Must be a crim?

No, just putting it back where it came from. Just it has been under my control in the meantime

 

[Jason1]

yer your right, one is spending your super the other isnt.

Like I said to any one reading go see a financial advisor if your messing around with Super, go find out if its a stupid idea or not before fucking up your retirement because of conspiracy theories you read on a forum by randoms.

likely the same randoms who believed silver would be $100 an ounce by now. lol

Id be willing to bet if some one is eligible to claim financial Hard ship which is required to raid their super, this early into this financial crisis.
they arent financially smart enough to re-invest this super adequately, it will get spent for sure

 

[Stoic Phoenix]

yer your right, one is spending your super the other isnt.

Like I said to any one reading go see a financial advisor if your messing around with Super, go find out if its a stupid idea or not before fucking up your retirement because of conspiracy theories you read on a forum by randoms.

likely the same randoms who believed silver would be $100 an ounce by now. lol

I never said spend it. You need to stop making assumptions because the last several you have made are totally incorrect.

 

[Stoic Phoenix]

Id be willing to bet if some one is eligible to claim financial Hard ship which is required to raid their super, this early into this financial crisis.
they arent financially smart enough to re-invest this super adequately, it will get spent for sure

I'll take that bet chief....hows a $10k wager sound?....(will you need to pull your super to payout?)

 

[Roswell Crash Survivor]

Like I said to any one reading go see a financial advisor if your messing around with Super, go find out if its a stupid idea or not before fucking up your retirement because of conspiracy theories you read on a forum by randoms.

All this talk about seeking advice from 'licensed financial advisors' - you're preaching teetotalism in a dockside pub full of drunken sailors.

 

[Jason1]

I never said spend it. You need to stop making assumptions because the last several you have made are totally incorrect.

Like I said, to raid the super you need to prove Financial hardship.
So That qualifies for those who are financially fucked,
and Like I said, At only this early stage of a financial crisis for Some one already being financially fucked and qualify to raid their super in hardship
Id be willing to bet that person in financial Hardship (which is what is required to raid their Super), arent in a financially sound place to make good investments. Likely Worse not clever enough any ways especially if only 4 weeks in arent able to support them selves already.

"All this talk about seeking advice from 'licensed financial advisors' - you're preaching teetotalism in a dockside pub full of drunken sailors"

yes They should even seek advice on what Im saying. Never said any different

 

[Stoic Phoenix]

positioning

1. put or arrange (someone or something) in a particular place or way.

 

[Jislizard]

I have submitted rollover requests to our two industry funds to have the money sent to our SMSF. We do it around this time every year (but now I see I can do it up to four times a year, which seems new to me) so I will hopefully pull whatever they haven't already lost into my SMSF where it can go into the offset for the property.

UNISUPER makes it harder each year to rollover to a SMSF.

 

[Jason1]

positioning

1. put or arrange (someone or something) in a particular place or way.

Nah man, Ive seen bets on this forum, the loser doesn't seem to pay.

Bitcoin bet with anonymous bogus charity donation comes to mind as being one standout.
Plus if you qualify for financial Hardship which is what is required to access your super, You likely wouldnt have the money to come good on the bet

but we can bet on bragging rights.

 

[fishduck]

For those who don't have an SMSF but want to utilise the COVID release, which Fund would you say would make it the easiest to withdraw as I can expect some Funds to follow Hostplus' lead?

 

[silverhair]

Hey, what happens if a Super Fund goes bankrupt? Do the funds disappear or does it get transferred to another fund that takes over?

The government would have to step in I suspect.

 

[Ag bullet]

Have you read the eligibility criteria? You hardly have to be financially fk'ed to be eligible.

 

[Stoic Phoenix]

Nah man, Ive seen bets on this forum, the loser doesn't seem to pay.
Plus if you qualify for financial Hardship which is what is required to access your super, You likely wouldnt have the money to come good on the bet
but we can bet on bragging rights.

You continue with your repeated bad calls/guesses/assumptions - you run bad dude.
Just because you won't put your money where your mouth is don't try and cop out that Im no good for it. (Not that I would lose as although I bet...I rarely gamble)
I called you out on your bs "bet", stop letting your mouth write cheques your azz cant cash

 

[Jason1]

You continue with your repeated bad calls/guesses/assumptions - you run bad dude.
Just because you won't put your money where your mouth is don't try and cop out that Im no good for it. (Not that I would lose as although I bet...I rarely gamble)
I called you out on your bs "bet", stop letting your mouth write cheques your azz cant cash

Like I said buddy, If you Qualify for hardship to be able to raid your super lol The chances of you having the money in a few months for the purpose of paying the bet are slim.

Why would any one in their right mind take a bet with that person under their own admittance are in a position where they qualify for hardship like you have? lol

And its not an assumption, you said you were taking advantage of the super covid clause and that requires you to present hardship.

Then combined that with, how the fuck would you even prove the winner anyway? seriously the outcome of that would be 10-20-30 years? when you would know for sure, come on.

PS was clearly speaking figuratively with the bet thing to begin with, But if you want to make an issue of it, Ive outlined why I wouldn't take your bet, even if I wanted too.