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COVID-19 and your super

Information and support in uncertain times

Last updated: 23 July 2020


Important:
If the ATO approves your early access to super application, there is no need to contact us. We will process your payment within 5 business days of the ATO letting us know, and the money will be in your bank account within a further 3 to 5 business days.

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 your investment through this challenging period. We're here to support you and we'll update this page regularly. 

Watch our COVID-19, financial markets and your super webcast

Aggressive efforts to contain the spread and mitigate the economic impacts of COVID-19 have raised hopes for an early end to the crisis and a recovery in the global economy. However, renewed outbreaks are a timely reminder that durability of the economic recovery remains highly dependent on containment efforts. How are markets reacting? How has it affected Sunsuper’s 2019-20 and longer-term performance? What’s the outlook from here? And what does it mean for your super and retirement plans? Don’t miss Chief Economist Brian Parker’s latest update.

 

Consider these COVID-19 impacts on 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 until 31 December 2020.

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.

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.

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.

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.

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

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.