As we navigate through COVID-19 and receive updates from the Australian Government on any impacts to Superannuation, you will find the information below.
Early access to your super
On 22 March 2020, the Federal Government announced that eligible individuals will be able to access up to $10,000 of their super in both this current financial year and next to help ease the pressure of the economic impact of COVID-19.
Our priority is to keep you informed about the changes, help you understand what the changes mean for you and provide support, so you can make the right decisions for your own personal circumstances.
While the Federal Government is still working through the details, please find some important information below.
Who will be eligible to access their super?
In order to gain access to your super under the special COVID-19 provisions, you will need to meet one of the below requirements:
- You're unemployed, or
- You’re eligible to receive a job seeker payment, youth allowance for job seekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance, or
- On or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20 per cent or more; or
- if you’re a sole trader—your business was suspended or there was a reduction in your turnover of 20 per cent or more.
You will also need to have accumulation-style super. Early releases cannot usually be made from defined benefit super.
How much super can be accessed?
If eligible, you can access up to $10,000 this financial year (2019/ 2020) and a further $10,000 next financial year (2020/ 2021) under the special COVID-19 provisions. Please note most people will only be able to make one withdrawal per financial year, for example if you withdraw $8,000 mid—April, you may not be able to access the remaining $2,000.
You will not need to pay tax on the super withdrawn and it won't affect your Centrelink or Veterans’ Affairs payments.
Accessing your super & how to apply
Accessing your super
Everyone’s situation and circumstances are different, so it’s important to consider the long-term implications on your retirement savings and what it might mean for you.
Speaking to a financial advisor may help you make an informed decision.
Please note there may be implications for any insurances you have within your super, if you choose to access your super early. For more information click here.
How to apply
From mid-April, if you meet the eligibility requirements, you will be able to apply to the ATO through the myGov website: my.gov.au.
As the World Health Organisation categorises the COVID-19 virus as a global pandemic, economic pressures have been experienced globally. Declining consumer confidence is resulting in significant changes across investment markets.
While the world rightly shifts its focus to the health and safety of friends and family, our superannuation partner Mercer has a global team of over 1,200 investment experts who are carefully monitoring international and local markets daily to ensure your retirement outcomes are protected. They will continue to monitor the volatility within the market and adjust investment strategies where necessary.
Superannuation is a long-term investment and is designed to weather short-term investment market storms. The changes to the market may prompt you to reconsider how your super is invested, however it’s important to understand how your super is invested before considering changes.
Virgin Money’s LifeStage Tracker® investment option is designed with a long-term investment period in mind. LifeStage Tracker adapts to market conditions as required, and considers changes to risk tolerances as members move closer to retirement by shifting investment strategies as you age. For Virgin Money Super customers who are invested in one or more of our seven other investment options, these continue to be managed in line with the objectives, risk profiles and time horizons.
If you’re considering an investment switch, we recommend you seek financial advice before taking action. If you decide to change your investment options, please note that requests received by 4pm AEST will generally be processed within two business days.
We remain completely committed to supporting you during these challenging and uncertain times. For more information call us on 1300 652 770, Monday to Friday from 8am to 6pm AEST.
Access your online account anywhere, any time
Login online from any device and you could make changes to your account, anywhere. We’ve put your key information on a single screen to enable you to transact online anytime, to ensure your super is working as hard as it should be.
Your online account will help you keep on top of your account activity, assist you to make simple decisions about your investments – including tips about what you might want to do next and a retirement planning tools to help you better plan for your future.
Check your balance or make a change to your investment mix – all from your phone.
Login to your online account below: