Many of our members have accessed their super through the COVID-19 early release of super initiative. We hope that accessing your funds has helped you during these unprecedented times.
There is another opportunity to access your funds in the 2020/21 financial year which began on 1 July 2020. Eligible citizens and permanent residents of Australia or New Zealand can access a further payment of up to $10,000 from 1 July 2020 to 31 December 2020 (extended from 24 September 2020).
We are currently experiencing delays in finalising early access super payments
We are currently experiencing some delays in finalising the second round of Covid-19 early access to super payments. This is mainly due to end of financial year processing and the receipt and processing of income distributions from your underlying investments. This delays our process relating to certain transactions such as COVID-19 payments.
You can find more information about distributions in this flyer.
We understand this is a difficult time. We are doing what we can to ensure we prioritise and manage these withdrawals as quickly as possible. There are however ways you can help ensure you receive a payment without delay.
Ways to ensure you receive a timely payment
Check the balance in your super account before making an application with the ATO
If you haven’t yet applied for a COVID-19 early release of super payment, it is important to check the balance of your super account on the day you apply as the balance reported by the ATO may not be accurate.
While we have made additional efforts to ensure the ATO has up to date balances, it is best to check your account details to ensure you have the latest information.
Check the available cash in your super account
Make sure you have cash available for the withdrawal. You can top up your super cash account now by selling from another investment option in your account. This will help to avoid delays.
The simplest way to sell an investment is to use the online functionality. Alternatively, you can email a completed ‘Investment Instructions’ form from our website, or any written instruction to firstname.lastname@example.org or simply call us on 1800 913 118.
Are you a MySuper member?
As a MySuper member, you are not required to keep any cash in your account and do not need to sell down your investment. We have procedures in place to ensure you do not experience delays.
Consider your insurance
You may have insurance cover attached to your super account. If this withdrawal closes your account, any insurance you have on the account will be cancelled.
If you wish to take up insurance in the future, you will most likely need to provide evidence of health and be underwritten prior to cover being granted.
Before making the decision to access your super early, please seek advice from a financial adviser. If you don’t have an adviser, we can put you in touch with one.
Further information and Government resources
Information on how the Government is supporting individuals, households and businesses is on the Government’s Treasury website
More information is also available on the ‘COVID19’ section of the ATO website
Additional resources, including tips and calculators is on the Government’s MoneySmart website
This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information you should assess your own circumstances and seek advice from a licensed financial adviser.
Financial assistance other than super
If you're struggling financially because of the COVID-19, but don't want to withdraw from your super, there are some other initiatives in place. Talk to IOOF Client First to discuss them.