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COVID-19 and your super

Information and support in uncertain times

Last updated: 3 April 2020

Through these extraordinary times, we extend our thoughts to you and your family, especially if you have lost employment or are otherwise experiencing financial and other stress due to the coronavirus outbreak. 

Safeguarding your superannuation sits at the heart of everything we do. The Sunsuper team are working hard to prudently manage the fund and investment through this challenging period. We're here to support our members and we'll be updating this page regularly with the latest information as it emerges.

Watch our latest webcast recording

Our Chief Executive Officer and Chief Investment Officer discuss the latest update on the COVID-19 situation and how markets are responding, how we are continuing to safeguard members’ super investment, and the government support available in relation to super.

The 7x most important things you need to know

1. If you're experiencing financial stress as a direct result of coronavirus

Early access to your super

If you are in financial stress as a result of COVID-19, you may be eligible to access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21.

Reducing minimum drawdown requirements

The government announced the temporary reduction of drawdown requirements for account-based pensions. This information is relevant for Sunsuper members who have a Retirement income account and Transition to retirement income account.

Benefit payments

We are experiencing an increase in demand for withdrawals. We aim to process the uploaded application within 7-10 working days with an additional 3-5 business days to appear in your nominated bank account. The quickest way for Sunsuper to receive your request to withdraw is via Member Online.

2. What should I do with my super?

Approaching or already retired

  • There are things to consider if you’re thinking about moving to a more conservative strategy.
  • Before you make any change to your super investment strategy, you should seek financial advice.
  • To speak with a Sunsuper financial adviser, please call us on 13 11 84.

Retirement far away

  • For the majority of members, the answer on what to do now is: Do nothing.
  • All market downturns are temporary, even if they are severe in the short-term.
  • Before you make any change to your super investment strategy, you should seek financial advice.
  • To speak with a Sunsuper financial adviser, please call us on 13 11 84.

3. How we invest your super

It is likely that your super is invested in more than just shares. So yes, returns in your super investment have been sharply negative over recent weeks, but they won't have been as negative as the performance of share markets.

4. Sunsuper's long-term performance

Superannuation may be the longest-term investment many of us may ever have. We aim to construct diversified investment portfolios with a view to meeting their medium to long-term investment objectives. And our performance over the long-term remains strong.

5. How Sunsuper responds to market changes

Our investment team is highly experienced and absolutely well qualified to manage your superannuation investment through this market volatility. Read more on what Sunsuper is doing.

6. Consider your insurance

We understand that the current global uncertainty caused by COVID-19 (Coronavirus) might leave you with some questions about your insurance with Sunsuper.

7. Our chief economist Brian Parker's updates and answers to member questions

Financial markets remain under severe pressure from the Coronavirus outbreak. Get the latest commentary, podcasts, videos and webinars from Chief Economist Brian Parker on the economic impact, what it could mean for your super, and what (if anything) you should consider doing.

Past performance is not a reliable indication of future performance. Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS), wholly owned by the Sunsuper Superannuation Fund.