The Government has introduced temporary changes to super to help support the community during the Coronavirus crisis.
The changes include:
- early access to up to $10,000 of super tax-free in 2019-20 (and access to a further $10,000 for 2020-21) for those affected by the current crisis. You can apply for early access from mid-April. Applications must be made through the myGov website (you cannot apply through VicSuper directly).
- a reduced minimum drawdown amount for retirees with account-based pensions and similar products for the 2019-20 and 2020-21 income years.
- a reduction in the social security deeming rates by a further 0.25 points to benefit income support recipients such as those on the Age Pension.
Temporary early access to superannuation
The Federal Government has passed temporary measures for the early release of superannuation as part of its COVID-19 virus economic response. This measure allows eligible members to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. To access this, members must apply online to the ATO using the MyGov portal. VicSuper will make payment from member accounts only after receiving a determination from the ATO. We emphasise that superannuation funds are not involved in assessing the applications, and are only involved in making payments from members’ superannuation accounts once a determination has been issued to us by the ATO. The online application for the early release benefit is expected to be available from mid-April on the myGov portal.
Our Member Centre teams are working hard to answer member queries and are experiencing a high volume of calls. We request your patience during this period and encourage you to keep visiting our website where we’ll have the latest updates.
What is VicSuper doing?
VicSuper is working closely with regulators and government to clarify and put in place the processes and time frames that will be required, so that we can assist our members as soon as the changes come into effect. We will continue to update you here on our website as soon as more information is available.
To learn more about the changes
For more information on the changes, including eligibility requirements, refer to these factsheets from the Australian Government:
We will continue to bring you updates as soon as we have more information, including how members can access these changes. At the moment, we are continuing to see exceptionally high call volumes and we apologise for the long wait times if you are trying to reach us by phone. We’d like to thank you for your patience and understanding in these challenging times.
Find out more about the impact of COVID-19 on our teams, services and support.
If you’re worried about bills and debts, Financial Counselling Australia provide information, advice and advocacy to people in financial difficulty. Their services are free, independent, non-judgmental and confidential.
We're here to help. We are currently experiencing exceptionally high call volumes and we apologise for the long wait times. We’d like to thank you for your patience and understanding in these challenging times.