As the Coronavirus outbreak disrupts every aspect of our everyday lives, it’s important to care for your well-being and that of the people around you. Here are some resources to help you deal with the mental challenges of the pandemic.
Beyond Blue — resources about how to look after yourself if you’re unemployed, support for working from home and tips on managing your daily life.
Lifeline — 24-hour crisis support and suicide prevention services. Call 13 11 14.
Women In Super— advice about the early release of super, especially for women in family violence situations.
RU OK? — tips about how to check in on friends, family and neighbours who may be struggling. Also, some great advice about staying connected during these difficult times.
Support for businesses
The Australian Government has announced several initiatives to help businesses manage cash flow challenges and retain employees throughout the pandemic. It’s also offering temporary relief for businesses in financial distress.
The Department of Treasury has created a suite of resources with details about each of these initiatives, including how to access cashflow support, help with paying apprentice and trainee wages, and advice around JobKeeper payments.
The Australian Government has made several changes to super as part of its economic response to COVID-19. This includes changes to the early access rules for super and a reduction in super minimum drawdown requirements.
We have heard reports of scammers looking to take advantage of new early access to super rules to unlawfully access people’s super
Currently, there are two types of scams happening:
Deceptively obtaining personal details to impersonate members: Scammers use stolen identity credentials to access super accounts and send early release money to themselves.
Charging members for an unnecessary ‘service’: Scammers charge members a fee to help them to apply for early release of super via the free online myGov portal.
If anyone calls you and offers to assist you to access your super early, please hang up and contact us immediately on 1300 362 415.
If you’ve given your details to possible scammers, you need to change your myGov details as quickly as possible. You should also report the matter to the ATO on 1800 008 540 or ACCC’s Scamwatch on 1800 941 126.
Merger timeline extended
MTAA Super and Tasplan have extended the timeline of their planned merger due to the COVID-19 global crisis.
The merger date was originally set for 1 October 2020 but has now been extended to no earlier than 31 March 2021.
The decision came after a joint recommendation from MTAA Super CEO Leeanne Turner and Tasplan CEO Wayne Davy to the Chairs of both Boards, with sustained market volatility and concerns about supplies of specialist services being key factors behind the extension.
Despite the new timeline, Turner said today that the decision behind the merger and the benefits to members of both funds remain unchanged.
Currently, our insurance offerings do not exclude pandemic illnesses. If you contract COVID-19 and you have cover for income protection, total and permanent disablement or death and meet the other eligibility requirements, you would be eligible to make a claim. There are no clauses in your insurance policy that will exclude a claim because of the COVID-19 pandemic.
Do I lose my insurance cover if I have lost my job or my hours are cut?
Being unemployed or having your hours reduced at work does not affect your insurance cover. Your cover will continue if you have funds in your member account and your insurance cover has not been cancelled due to your account becoming inactive.
Government legislation introduced in 2019 means your insurance cover will cease if your account becomes inactive (no contributions or rollovers into the account) and you have not elected to maintain your insurance cover. We will notify you when your cover is about to cease.
You can always maintain your cover by contacting us and letting us know you want to keep it, even if you are not contributing to your super. This is subject to having an enough funds in your account to pay your insurance fees.
If your insurance cover is stopped after the 16-month period, it will start again automatically once you start contributing to your account. Your cover will start at the current default at the time a new employer contribution is received.
I want to make an insurance claim. How do I access help or extra support when making a claim?
You can always contact us on 1300 362 415 for information on how to make a claim and if your claim has been submitted. Our staff are available to help you through the claims process and update you on any changes or requirements needed from you.
This website contains information or advice that's intended to be general in nature and which was prepared without taking into account your personal objectives, financial situation or needs. Because of that, before acting on any information or advice please consider whether it's appropriate to your personal circumstances, talk to a financial planner and consider our guides, available on this site or by calling 1300 362 415 before making a decision about whether to acquire the products.