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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.

Read more about how Mercy Super are responding to COVID-19

Accessing your super

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.

 

Early access to your super

The Government has introduced 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.

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Reduction in minimum drawdown requirements for income accounts 

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. 

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Existing rules for accessing your super

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.

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Activating your income account

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.

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What does market volatility mean for my super investments?

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.

 

COVID-19 and your super

The coronavirus (COVID-19) is affecting our lives in many ways. It’s not surprising that you may be concerned about the impact this may have on your super investments. To help, here are some answers to questions you may have.

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Stay in touch with your investments

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.

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Financial advice

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.

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ASFA Economic Snapshot 

This economic snapshot from the Association of Superannuation Funds of Australia (ASFA) brings together the latest key economic and financial data to help assess the economic and social impact of the COVID-19 pandemic. 

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Will my insurance be affected?

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.

 

 

COVID-19 & your  insurance cover

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?

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Check your insurance cover

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.

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Thinking of making a claim?

If you need to make an insurance claim the first thing you should do is contact us. We’ll explain the forms and steps involved and make sure you’re looked after throughout the process.

Contact Us




Member Online

If you haven’t logged into your account through Member Online recently so now might be a good time to check it out. Just login using your Member Number and PIN/Password. While your there, why not:

  • Update your personal details
  • Nominate your beneficiaries
  • Find & combine your super

Login to Member Online

 




Information about COVID-19

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.

QLD Health COVID-19 Website


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Contact us

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 information@mercysuper.com.au

Look after yourself and those that you care about, we’ll take care of your super.

Contact us



Good news stories

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:

Couch Choir - (They Long To Be) Close To You

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.

Read more

The selfless amputee who rides his bike to the shops for his blind mate | 7NEWS

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.

Read more

 

Chefs setting up food drops for health staff

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.

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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.

Learn More

 

 

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