COVID-19 (Coronavirus) updates and information

COVID-19 update

10 August 2020

We know that this is a difficult time for many people, and there is a lot of uncertainty in the community.

We’re here to support our members’ retirement outcomes, and one of the ways we do this is via long-term investment growth.

So we’re pleased to announce that MyLife MySuper has defied the worst market downturn since the Global Financial Crisis to deliver members positive returns.

Please scroll down for additional information and updates about your super.

Early access update

27 July 2020

The Federal Government has announced an extension to the early access superannuation scheme.
 
Eligible Australians will be able to apply for up $10,000 of their superannuation until 31 December 2020. The original cut-off date was 24 September 2020.
 
Additional information can be found via the government’s latest fact sheet.

Applications for early access can be made via the My.Gov website.

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.

Kind regards,

Scott Cameron
Chief Executive Officer

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Your investments

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.

Your pension payments

You can choose how much income you draw from your pension each year. The Government has temporarily reduced the minimum annual payment required by half until the end of the 2020/21 financial year:

Pre-Retirement Pensions – You can choose an income level between a minimum of 2% and a maximum of 10% of your account balance on 1 July.

Retirement Pensions – Refer to the table below for the minimum payment percentage of your account balance on 1 July based on your age.
 

Age on 1 July 2020

Percentage of account balance

Under 65

2.0%

65 to 74

2.5%

75 to 79

3.0%

80 to 84

3.5%

85 to 89

4.5%

90 to 94

5.5%

95 and over

7.0%

 

To choose an income level above the minimum, log into MyLife Online and edit your current withdrawal details on the ‘Withdrawals’ page. Alternatively, you can download, complete, and return the Request to vary your pension payment form, available on our forms page.

Additional information and resources

MyLife MySuper delivers positive returns for 2019/2020

10 August 2020

While the coronavirus pandemic pushed many funds into negative territory, our Balanced option recorded a gain of +0.5%.

Read full article

Refinance and renegotiate to save money during COVID-19

13 July 2020

Whether it’s your mortgage, health insurance, or other commitments, shopping around can help you save money.

Read full article

How has your super performed?

13 July 2020

As we close out the financial year and hit the midpoint point on 2020 it’s time to take stock and analyse the impact on members’ super balances.

Read full article

Thank you to our everyday heroes

30 April 2020

To everyone working on the frontline, away from friends and family. Thank you. Australia owes you a hug. #IOUaHug

Learn more
Blog_early access

Are you thinking of accessing super early?

28 April 2020

The Federal Government recently introduced a new condition which allows for early release of super for people who have been financially affected by the coronavirus.

Read full article

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.

Financial hardship

Are you experiencing financial hardship?

27 March 2020

If you find yourself in challenging financial times, you may consider accessing your super early. 

Read full article
Switching investments

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.

Read full article
Drawdown update

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.

Read full article
Young woman with tablet

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.

Read full article
Anna Shelley

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.

Read full article
Young woman with tablet

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.

Read full article

We're here to help

Like to speak with someone at a time that suits you?