*Estimates are shown in today’s dollars, discounted using a wage inflation rate of 3.5% p.a. Other assumptions are: Starting account balance of $20,000. Starting salary of $70,000 which increases in line with wage inflation. Contributions are made at the Superannuation Guarantee rate (currently 9.5% of salary and allowing for legislated increases to 12%). Investment returns of 6.6% after tax and before fees. Combined percentage-based investment and administration fees of 0.88% p.a.. Combined insurance premiums and dollar-based administration fees are $203 p.a. and this amount increases in line with wage inflation.
Will my insurance cover through super be affected?
It depends on how much super remains in your account after you have accessed your super. You need to have enough in your super to cover your insurance costs and other fees.
If you withdraw all of your super, any insurance cover you may hold could be cancelled. If it is cancelled and you would like to apply for cover again in the future you can, but it means you will need to answer health questions and you’ll be subject to approval by the Insurer.
*Applications for a 2019-20 payment must be made by 30 June 2020 and applications for a 2020-21 payment must be made after 30 June 2020 but no later than 24 September 2020.
Should I apply for early access?
As an Equip member, if you meet the eligibility criteria, you can apply to access your super early. This may be helpful for people under extreme financial stress and those who have no other assets or sources of income to draw on.
However, before you apply for early access to your super, you should be aware that a withdrawal now could have quite an adverse impact on the amount you’ll have in your super when you retire. This will primarily be determined by your age, and the number of years you are expected to have remaining in your working life.
What if I’m a defined benefit member?
If you have defined benefits, you should contact us before you apply to find out if you’re eligible to access part of your super early.
Review your super balance
If you would like to review your current super balance, you can access it in the following ways:
• Visit our online portal at equipsuper.com.au/login and enter your member number and PIN, or
• Call our Helpline on 1800 682 626 and using the automated service. You’ll need to enter your member number and 4-digit telephone access code.
Consider financial advice
Before making a final decision about accessing your super early, we recommend you seek sound financial advice. Consider booking an appointment with one of our financial planners.
Additional early release information and FAQs
For more information about early access to super due to COVID-19, refer to the ATO website page and the Treasury fact sheet. You can also contact the Australian Taxation Office on 13 10 20 and read updated Q&As from the ATO. Additional information on how the ATO assess your application is available here.
If you have questions about your super or you would like to book a financial advice appointment, contact us on 1800 682 626 between 8am and 8pm AEST, Monday to Friday.