Sunsuper has revealed it added more than 65 staff to its customer engagement team during April, as the early super release gave rise to a flood in member inquiries.
Sunsuper executive general manager of customer engagement Stevhan Davidson noted to date, more than 80,000 members had called the fund.
Member emails increased by 170 per cent while online live chat activity increased by 70 per cent.
As at 1 May, Sunsuper had processed 108,000 withdrawals totalling $784 million.
“With many Australians now out of work, we reached out to Sunsuper staff, friends and family and invited those who were impacted by the changing job market to join our team,” Mr Davidson said.
“In early April, we welcomed over 65 new casual staff to the customer engagement team to better support our members. Importantly, we wanted to ensure our members who requested early release, received their money fast.”
The fund has 1.4 million members, employed across a range of different sectors.
Mr Davidson claimed 96 per cent of members making the release claims received their money within one to two business days.
Sunsuper chief investment officer Ian Patrick said the fund’s liquidity and stress testing had positioned it well for the economic downturn.
“The early release withdrawals we are seeing are well within our stress testing assumptions. Our prudent fund management means there is sufficient cash to meet all anticipated forward commitments,” Mr Patrick said.
“Our message to members considering early release is to stay invested if they can and explore all of the options that might be available to them for financial support.
“Everyone’s circumstances are different so we recommend members seek advice before deciding to withdraw from their superannuation, though some members are hurting and will find withdrawing some funds may be the most appropriate course.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].