These are challenging times for all of us as we manage the impact of COVID-19 and adjust to significant changes in our daily lives.
The team at AustralianSuper continues to focus on three key priorities:
- the health and safety of our team
- the ongoing operation of the Fund and investment performance
- the provision of service for members
We’re continuing to closely monitor advice from the relevant authorities in respect to COVID-19 as we manage the impact of the pandemic on member services and investments and on our staff. We’ll keep you updated on this page as the situation evolves.
As you may imagine, we’re receiving significantly increased levels of enquiries and we ask for your understanding as we manage the health and well-being of our staff and respond as quickly as possible.
IAN SILK
Chief Executive
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Latest alerts - COVID-19 phishing scams targeting early super release
There are currently COVID-19 (Coronavirus) themed phishing emails and SMSs in circulation.
If you are approached about paying a fee to release your super, it is likely to be scam.
The Australian Taxation Office is managing all claims for the early release of super through the myGov online service. There is no need to involve a third party or pay a fee to get access under this scheme.
Find out how you can protect yourself.
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COVID-19 and Investments
How COVID-19 is impacting investment markets and your super
Investment experts in the Fund expect uncertainty and volatility will be a feature of investment markets for the foreseeable future. Our focus remains on positioning our investment portfolios to deliver the best outcome for members over the long-term.
Read moreUnderstanding liquidity and your super
Liquidity is the proportion of an investment portfolio which is held in cash, or in investments that can readily be sold to raise cash.
All of AustralianSuper’s PreMixed investment options invest in liquid assets. These include cash, and assets traded on public markets, such as listed shares and government bonds.
Together, these liquid assets make up over 70% of the Balanced investment option, which the majority of AustralianSuper members invest in.
Revaluation of unlisted assets
For unlisted assets, which are typically valued by an independent valuer on a quarterly basis, the speed at which the COVID-19 pandemic has impacted global investment markets has meant that existing valuations were no longer reflective of market value.
In response, we have determined that it is both necessary and prudent to revalue our unlisted asset portfolio to ensure fair market value. This action has been taken immediately and is now reflected in member account balances, ensuring that member equity is maintained should some members choose to switch between investment options or exit the Fund.
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Insurance
Are members covered now that the World Health Organisation has declared COVID-19 a pandemic?
Yes. AustralianSuper members are fully covered for death, TPD and income protection claims resulting from COVID-19. There are no pandemic-related exclusions. Normal terms and conditions and waiting periods apply.
Before making decisions, please see Insurance in your super guide for details.
Can you claim Income Protection benefits if you lose your job because your employer closed their business or you don’t get any shifts?
No, income protection covers total or partial disablement only. Insurance against loss of income from business closure or lack of shifts cannot be provided by super funds.
Can I get additional insurance cover and will it cover COVID-19?
Yes. In particular we are pleased to support our members who are healthcare workers as they support the community through the COVID-19 pandemic. Normal terms and conditions and waiting periods apply. Before making decisions, please see our Insurance Guide for details.
For more information about Insurance please visit the Insurance section of the website.
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Contacting us
Our team is working hard to support you as quickly as they can, but they’re receiving a high number of calls and emails.
You can find out more about accessing your super or our investment performance online and keep checking this page for the latest information and updates.
Although it’s taking us much longer to respond than usual, you can message us via our mobile app. Right now, this is the easiest way to get in touch and you’ll get a notification alert once we’ve had a chance to reply to your question. You can download the app now.
Thank you for your patience.
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Advice, information and member services
With the full impact of COVID-19 still largely unknown, AustralianSuper is adopting flexible work practices to deliver services to members where they are needed most.
Financial advice related to early access
We’re currently offering a limited personal advice service for members who are considering accessing their super under the Government’s temporary COVID-19 early release measure. This service is available to AustralianSuper members at no extra cost and is provided by qualified financial planners over the phone or via video conferencing*.
Applications to the ATO for COVID-19 early access to super end on 31 December 2020 at 11.59pm AEDT (Melbourne time). Applications cannot be backdated or accepted after 31 December 2020. From 1 January 2021, you can no longer apply for early access to super via this government measure.
If individuals have difficulty applying online via myGov from 29 to 31 December 2020, they can call ATO on 1300 662 211 on these dates from 10am to 6pm AEDT (Melbourne time). Confirmation notifications from the ATO and payments may be delayed due to the public holidays.
View other ways to access super early.
Contact us to obtain personal advice related to early access
Other financial advice is still available
Personal advice related to other matters is still available over the phone or via video conferencing. We are currently unable to offer face-to-face advice.
Learn more about AustralianSuper advice services
Financial relief resources
If you’ve been affected by job loss, a decrease in wages or business downturn the Government’s financial relief measures may help. Here’s an overview of some relief measures in place to help affected individuals, businesses and the broader community.
Learn more about COVID-19 financial relief resources for individuals
Learn more about government assistance for businesses
Education webinars are now available online
Although we’ve suspended face-to-face seminars until further notice, members can still learn about managing super and planning for retirement through online webinars. If you can’t make a webinar, we have a range of topics recorded so you can watch when it suits you.
View webinar topics and book in a session here
Online calculators and other resources
Our Super Projection Calculator now includes a COVID-19 early release option that allows you to see the impact of accessing your super early on your balance when you retire.
Access the Super Projection Calculator here
COVID-19 information in 24 languages
The MyAusCovid19 App has been developed to help people get the health and support information they need, in the language they prefer.
* The personal advice is provided by Industry Fund Services (ABN 54 007 016 195, ASFL 232514) and not by AustralianSuper Pty Ltd. The personal advice provided is the responsibility of Industry Fund Services and their representatives. -
Ensuring staff health and safety
AustralianSuper has adopted a flexible workplace approach and has in place the technology and processes to support staff working from home. All colleagues have been preparing for the potential of office closures at short notice to ensure they are well equipped to work from home and most are now working from home.
Staff will be working from home unless working in the office is absolutely essential for business continuity where a physical presence is required and there are no appropriate alternative arrangements. A visitor screening process has been put in place to safeguard staff working in offices.
Whether working remotely or in an office we are committed to maintaining ‘business as usual’ as much as possible at all times and ensure our focus on member outcomes continues.
