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Almost a quarter million NSW workers have wiped out their super savings

  Published: 20 Jan 2021

More than 1 million NSW residents withdrew an eyewatering $10 billion from their super early after the government busted open preservation rules and allowed workers to take up to $20,000 from their retirement savings, Industry Super Australia’s analysis of the scheme reveals.
More than 225,000 NSW workers effectively wiped out their retirement savings via the scheme, the most in the nation.
With about one in four NSW workers accessing the scheme it will now be vital the government sticks to its promise to lift the super rate from 9.5% to 10% next year, so these workers have a chance to recoup what they have lost.

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

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