We understand that the coronavirus (COVID-19) outbreak has created a period of uncertainty and you may be nervous about the impact this may be having on your super. First of all, we wanted to remind you that Mercy Super is here for you through this confusing time.
On this page you’ll find relevant information about the impact of COVID-19 on your super and some tips. This includes the impact on your super investments, insurance cover, the services we provide from Mater’s South Brisbane campus and where to turn to for more information.
As always, if you can’t find the answer you’re looking for, just get in touch -- we’re still here for you.
Mercy Super is constantly monitoring and adapting to the emerging operational and customer servicing implications from the coronavirus outbreak (COVID-19). Business continuity plans are in place and have been tested, including continuity of operations for our service providers, to ensure we can still manage the important functions of the Fund.
Super is a long-term investment designed to support you in retirement with strict rules limiting access before you reach your preservation age. However, to assist those significantly financially affected by COVID-19, the Government made temporary changes allowing eligible individuals to access part of their super. If you have reached your preservation age, you can also activate your Income Account and get receive a regular income from your super.
On Sunday 22 March 2020, the Government announced a temporary change allowing eligible members early access to part of their super savings. This includes allowing individuals affected by COVID-19 access up to $10,000 of their super in 2019-20 and a further $10,000 in 2020-21.
The Government has introduced a temporary change to reduce the minimum drawdown requirements for account-based income streams (and similar products) as part of its economic response to the coronavirus.
Your super can be accessed when you meet a retirement ‘condition of release’ on or after reaching your preservation age. However, there are some other limited circumstances with strict conditions in which your super can be accessed.
If you’ve reached your preservation age, an income account can let you use your super savings to provide a regular income. At the same time your money is still invested and working hard for you. It’s what your super has been building towards throughout your working life.
We believe in a safety first approach when it comes to managing your money. We focus on investing your money in long term, high quality, value for money investments. It’s an approach that takes into account the risks and the rewards of investing, so you can feel confident in that you’re on track to enjoy your dream retirement.
With the impact of the coronavirus outbreak (COVID-19) constantly in the news headlines, it’s difficult not to get nervous about the impact this may have on your investments, including your super.
Stay in touch with the latest investment performance details and learn more from the latest insights into what’s happening in the investment markets with monthly updates from our investment experts.
Not sure where to turn for guidance? Our financial advisers can help with simple advice relating to your Mercy Super account including an investment strategy that is appropriate for you.
Most of our members have insurance cover provided through their Mercy Super account for Death, Terminal Illness, Total & Permanent Disability and Income Protection. With many of our members at the frontline in the battle against the spread of COVID-19, it reassuring to know that the insurance cover provided through your Mercy Super account covers you for pandemics including COVID-19.
The insurance cover provided through your Mercy Super account covers you for pandemics including COVID-19, but are there any exclusions I should know about?
If you are unsure about what cover you may have, you can check your insurance cover at any time by logging into your account using Member Online or contact us on 1300 368 891.
For the most up to date information about COVID-19 and advice, Queensland Health have a number of detailed resources on their website that can help you stay informed.
Whatever happens, we will be there to help, advise and support our members when needed. You can call us as normal on 1300 368 891 or email email@example.com
Look after yourself and those that you care about, we’ll take care of your super.
As always, in times of crisis amazing Australian’s step up to help out those who are more in need. We thought we’d share some of these good news stories:
Brisbane’s Pub Choir has evolved for the age of social distancing. Couch Choir has drawn more than 1,000 videos from across the world as they strive to bring people together during social isolation.
Brisbane man, Mike Flynn is a double amputee, but that doesn’t stop him undertaking a 16km round trip on a tricycle to buy and deliver groceries to his best mate Pete Milne, who cannot get them himself.
There’s a creative solution to support our healthcare and restaurant industries, as the COVID-19 crisis continues. Chefs are launching GoFundMe ‘food drops’, fuelling essential workers and providing much-needed work for the newly-unemployed. More: 7news.link/3dKrNQe #coronavirus #7NEWS
Posted by 7NEWS Gold Coast on Saturday, 28 March 2020
Queensland Chefs are raising money to provide frontline staff with freshly made, healthy meal options while they are working. The project is also providing much-needed work for the newly-unemployed.
Brisbane surgeon, Dr Geoff Muduioa, was presenting a clinic when he decided to inject into his song messaging about Covid-19, bringing smiles and laughter to the faces of hospital staff and patients alike.