The exponential growth and impact of COVID-19 has not only
affected most industries and our everyday lives, but in particular
has had significant repercussions within the superannuation
industry. In this update, we make some general observations and
examine the responses from the key Australian regulators and what
this means for superannuation trustees, as well as their directors
and senior management.
Early access to superannuation – what are my obligations
as a trustee?
On 16 April 2020, APRA updated its frequently asked questions
(FAQs) regarding COVID-19, outlining the
regulator's expectations for superannuation trustees on the
early release of benefits.
As explored in our
March 2020 wrap up article, from 20 April 2020, eligible
individuals affected by COVID-19 can apply for an early release of
their superannuation. The Coronavirus Economic Response Package
Omnibus Act 2020 (Cth) (Act) allows
individuals impacted by COVID-19 to access up to $10,000
