COVID-19 (Coronavirus) updates and information
A message from our CEO
25 March 2020
We are experiencing significant global uncertainty and you may have questions that we can help answer. You can read about our latest updates and other relevant information below.
At MyLife MySuper we pride ourselves on our dedication to members, however, our face-to-face meetings have temporarily ceased to protect the welfare of all.
We will continue to speak with you over the phone or online and we will increase our efforts to meet heightened demand. You can contact our Service Centre on 1300 695 433 between 8:30 am and 6:00 pm EST/EDT Monday to Friday, email us, requests a call back at a time that suits you, or arrange a call from a financial planner.
For further updates, please visit this page for the latest news, as it will be updated regularly during this time.
Be safe and take care.
Chief Executive Officer
COVID-19 has created volatile markets that have impacted investments across the world. The impact for you will depend, amongst other factors, on your choice of investment option, your account balance, time until retirement and desired lifestyle in retirement.
It may be tempting to make changes to your investment strategy given the environment. Remember however, that investing in shares and other growth growth assets comes with higher risks over the short term but historically has been shown to create considerable wealth over the long term.
Your insurance cover
During this time, we understand you may be worried about becoming ill or not receiving an income while you are unwell. If you have insurance cover through MyLife MySuper for Death, Total and Permanent Disablement, and/or Income Protection, you are covered if you are diagnosed with COVID-19. Please note that conditions may apply. You can learn more about eligibility criteria and the claims process by downloading our Insurance guide.
Adjustment to valuations property and infrastructure assets
6 April 2020
The coronavirus has led to volatility in financial markets with share markets falling recently. This may have impacted your investments in the Fund. Depending on your choice of option, your investments are held across a diverse range of assets which helps to reduce the impact of falling share prices in uncertain times such as these. Some of these assets, such as property and infrastructure, do not trade daily or on exchanges like shares. In normal times, values for these assets are periodically struck throughout the year and then reflected in unit prices.
Given the extreme volatility we have seen in share markets we have taken the prudent step of adjusting the values of some of our property and infrastructure assets to more accurately reflect their current market value. These assets include infrastructure such as airports or property such as retail shopping centres. This has led to a decline in value of those assets, which has already been reflected in unit prices. We need to do this to ensure values, and therefore unit prices, reflect the most accurate value for all assets at that point in time, and ensure equity between members. Particularly as this applies to member transactions.
For more information on your investments and
Additional information and resources
COVID-19 video update from our CIO
6 April 2020
Our Chief Investment Officer, Anna Shelley, provides an update on COVID-19 and global markets. Watch the video on your left.
Are you experiencing financial hardship?
27 March 2020
If you find yourself in challenging financial times, you may consider accessing your super early.
Are you thinking of switching your investments?
27 March 2020
At some point in time, you may consider switching your investment options. However, before you do, there are some things you should consider first.
Additional support for retirees
24 March 2020
The Federal Government has announced that minimum pension drawdown rates will be halved. The new drawdown rates will apply to the current 2019/2020 financial year and 2020/2021 financial year.
Early access to super
23 March 2020
The Australian Government has announced new guidelines for early access to superannuation. The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in the 2019-20 financial year and a further $10,000 in the 2020-21 financial year.
A message from our Chief Investment Officer
13 March 2020
Large market fluctuations can feel like a roller coaster. And over the last week we’ve seen global investment markets rise and fall as the Coronavirus has impacted trade, travel, and daily life.
Coronavirus and your super
12 March 2020
Newspaper headlines are designed to grab your attention, and when the conversation turns to share markets it’s normal to think about your own super investments.