It’s not like everyone is retiring next year
Superannuation, the ultimate government cash cow?
- Thread starter drsmith
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It’s not like everyone is retiring next year
Congratulations one right.
Short term....
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I'm hoping you can kick on and build on it.
PZ99
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Agreed. There's no tax penalty for mitigating mortgage debt so it will usually outperform a super fund dollar for dollar and it's a more secure investment.
But when you have a super fund like this that blocks your ability to alter your asset allocation you know you're dealing with something really dodgy. If this is legal then whoever legalised it should be given a brain scan.
I'm hoping you can kick on and build on it.
I was talking about your memory loss
Dona Ferentes
A little bit OC⚡DC
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They price daily.
Dona Ferentes
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it's not altering asset allocation, the issue is the government's allowing access to super for people who've lost jobs. $10k now and same next FY, Times a million. Do the maths.
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They may price daily, but what that price is you wont find out untill end of month, I know this because a mate just did it.
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The access to $10k has always been there for financial difficulty claims as far as I know, mainly because my lost son, has claimed it before.
It is still the responsibility of the trustees to account for it IMO, or they haven't been doing their job, these were the same same people pushing for SMSF's to have to transfer their money to them, because they can look after it better. FFS
From my point of view, if you are going to throw it, expect it back, when your backyard is full of it.
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Yes. Then you sell should not be a problem should it? unless you value that building at 60millions and it os worth 6....
Most publicly listed asset can be swapped to cash in a matter of days
The problem is that hospitality people will empty their account hostsuper will have no more business and so no fee to feed itself
Super funds are scams, nothing new, just surprised the hit comes from the fund, not a new government ruling
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I wonder how many of the infrastructure trusts, have had some good times, it is great while everything is bubbling along.
Not so good when there is requirement to substantiate the cost.
It reminds me of the mate who wholesales furniture, a couple of weeks back he wasn't allowed into a couple of major retailers, I asked why not? He said well you take the manager out to lunch and they order $40k worth instead of $20k.
Well everything comes home to roost eventually.
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I wonder how many of the infrastructure trusts, have had some good times, it is great while everything is bubbling along.
Not so good when there is requirement to substantiate the cost.
It reminds me of the mate who wholesales furniture, a couple of weeks back he wasn't allowed into a couple of major retailers, I asked why not? He said well you take the manager out to lunch and they order $40k worth instead of $20k.
Well everything comes home to roost eventually.
Well, what can you say, the illiquidity premium they were trying to capture is what's on sale right now, born out of moments just like this, when you can provide liquidity to those trying to get out of illiquid assets at any price!
PZ99
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Read the fine print... it says:
"The trustee may suspend or restrict applications, switches, redemptions and withdrawal requests for all or a particular investment option at its absolute discretion. In such circumstances, transactions may not be processed or may be processed with significant delay,"
They are dictating what you can and can't do with your money - that's undefendable.
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Very true, but that is the responsibility of the trustees, it all come back to exposure.
It doesn't bother you, untill it bothers you.
Cam019
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Does anyone hold their superannuation with Hostplus? Disclosure, I do.
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It isn't that simple, there is only so much liquidity required, that is to support those on a pension and those who may require emergency funds as is required by law.
Everyones cool, untill they aren't, then it is a please explain.
As the Banks found out.
PZ99
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Not me - if I did I'd be outta there quicker than a rat up an aquaduct.
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I wonder if there will be a call for a commission into the risk analysis and liquidity of super funds?
It would probably be pertinent under the circumstances.
After all, it is the basis on what people are building their retirement funding on.
This is probably the most important financial implication in working peoples lives, if the funds are all held in a cavalier fashion, none are really safe IMO.
There is nothing wrong with pouring money into long term infra structure projects, as long as there is a sound business case for it and a sensible amount in relation to the size and liquidity of the fund.
Otherwise it is just a nose in a trough IMO.
Just my opinion.
It would probably be pertinent under the circumstances.
After all, it is the basis on what people are building their retirement funding on.
This is probably the most important financial implication in working peoples lives, if the funds are all held in a cavalier fashion, none are really safe IMO.
There is nothing wrong with pouring money into long term infra structure projects, as long as there is a sound business case for it and a sensible amount in relation to the size and liquidity of the fund.
Otherwise it is just a nose in a trough IMO.
Just my opinion.
Cam019
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A bit late now, if I do say so myself, considering Hostplus now have the power to suspend or restrict withdrawals. I don't need to withdraw my super and my asset allocation is in an index option, not a premixed option with unlisted assets.
Kryzz
shaun
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Always going to be a risk with funds when the majority of their membership base is exposed to the one industry. Not only will many of their members be looking to access their super with the recent measures, but future contributions are drying up quick smart which is cashflow and impacts future projections.
I work for an industry fund, our unlisted assets are being revalued and will be interesting to see the quarterly numbers when produced. Prudent funds should be stress testing their AUM for falls of between 30-50%.
How assets are classed is another question all together...still some out there who deem property to be more conservative than growth..
Wouldn't be surprised to see mergers sped along once the pandemic is over (enough are getting a tap on the shoulder from ASIC already).
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