AUSTRALIA - Superannuation fund savers should not make "rash" decisions based on negative performance, the Superannuation Stakeholder Group has urged.
Its statement was timed to coincide with millions of interim superannuation statements funds will be sending to members in the next month.
The group said: "Most Australians have seen the value of their superannuation or retirement balances decline. Some of these people will be considering their options. [But] before people make any decision, it is important that they take time to understand how financial markets impact on returns over time."
With superannuation scheme annual investment statements soon to be distributed, the group said it was concerned some savers may panic and take investment decisions which would not be advantageous to the long term performance of their schemes.
The group urged savers to remember "for every market downturn there is a recovery" and underlined the fact it felt the superannuation industry was in a markedly stronger position compared to international peers.
The group added: "The strong regulatory framework in Australia, and the fact that trustees are in place for every superannuation fund to look after the interests of fund members, means that we expect funds and their members to be able to weather this storm and recover the value of our superannuation over time."
The members of the Superannuation Stakeholder Group are the Australian Bankers' Association (ABA), Association of Financial Advisors (AFA), Australian Institute of Superannuation Trustees (AIST), Association of Superannuation Funds of Australia (ASFA), Australian Securities Exchange (ASX), CPA Australia, Financial Planning Association (FPA), Industry Funds Forum (IFF), Industry Super Network (ISN) and Investment & Financial Services Association (IFSA).
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.
The Pensions Advisory Service (TPAS) helped 187,000 people in 2017/18, a 9% fall on the previous year despite setting up special helplines for specific scheme members.