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RBA to bail out industry super funds, page-56

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Furpo2

10,429 Posts.

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23/04/20

12:56

Post #: 44211487
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Originally posted by Sabbath: ↑

Don't attempt to read too much into the heading, it's quite old now and information flows are becoming far more rapid, any heading more than 24hrs old has become lietrally redundant at time of posting.

However it was a quite simplistic observation that industrial funds were furious at the governments relaxing of the withdrawal criteria for members leading to a potential liquidity issue for the major funds, hence they were forced to write down their unlisted holdings.

My only point was that as trustees of other peoples money industrial funds should NEVER be in a situation of being illiquid, they sign an ASIC declaration each year stating that.

Being a trustee of my SMSF if I declared I was liquid, and then due to some unforeseen circumstance I became illiquid ASIC would close my SMSF down, I would get and fine and potentially goaled depending on the circumstance.

It's just ironic that the very people who want SMSF's shut down are the ones now wanting help with their liquidity issue because of their poor mgt of assets.

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Among the rule changes to industry super.

There used to be for me a minimum drawdown as
allocated pension of 6% annually.

This has been reduced to 3%.

Sensible, as for those who are not cash
strapped, better to leave it in while asset values are stressed.
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