From Monday 20th April, the changes to early release of super will become available and this will see a dramatic increase in requests to the fund administration teams. Please see the below to understand how this may impact you and our ability to provide you with customer support in a timely fashion.
What is happening?
We are expecting a higher than usual level of activity in relation to COVID-19 early release payments.
What are we doing?
Our technology team has been working to be able to efficiently process the COVID-19 early release payment.
We are planning for the increase in requests by increasing the cash level of the Investment Options, making it faster for us to make payments. Over the next few weeks, we will be closely monitoring the cash levels of each investment option to keep us in the best position to make payments as quickly as practicable to members who are in need.
While we have planned and are using our best efforts, we cannot guarantee the payments will be made instantly as we will be managing the demand with the need to keep your super money invested where you have chosen. We ask in advance if there are delays for your patience.
UPDATE: Government changes to Pension Minimum Payment
In relation to changes made to superannuation as part of the Coronavirus Economic Response Package Omnibus Bill 2020, the measures impacting Superannuation Drawdowns or pension payments can now be instructed online in the member Super Tab.
A new option has been added that is “Minimum Income Stream – 50% Reduction”. This can be selected to opt for the halved pension minimum now available. This option will be available for the remainder of FY19/20 and for FY 20/21.
Changes submitted will take effect from the May Pension Payment.
To view the full changes on the platform, click here.