Editorial: People who need cash in this crisis should have some access to super but it must not put the whole system at risk
At a time when tens of thousands of people are desperately short of money because of the coronavirus crisis, one obvious source of funds is the $3 trillion pool of superannuation savings.
In the financial world, however, simple solutions can often have unforeseen, indirect consequences and superannuation investors should not take their money out without thinking it through.Because of the recent falls in the sharemarket anyone who takes their money out now will receive as much as 30 per cent less than their account was worth two months ago.
All superannuation funds are required to keep cash on hand to meet these sorts of emergencies, which will probably mean funds will have cash on hand to meet a rush of withdrawals.
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