Dear Employers,
These are very difficult days for all Victorians. The stage four restrictions announced on Sunday and Monday will hit Victorians hard, however we will get through it together.
REI Super has more than 11,000 super and pension members in Victoria and we know that a number of these members will be among those who have had their employment affected, including having their hours and income reduced as a result of stage four restrictions. We also know that our members will have family and friends who are affected.
We also have more than 1,300 employers in Victoria and all of these businesses and agencies will be impacted by the increased restrictions on business activities. In metropolitan Melbourne, this will mean the closure of all business operations from 11:59pm on Wednesday 5 August along with the movement to virtual open for inspections and the continuation of online auctions only for at least the next six weeks. This is the first time in the state’s history that the metropolitan real estate sector has moved exclusively online for all activity. Fortunately, in regional Victoria, open for inspections can continue but by appointment only.
As we adjust to these stage four restrictions, we must keep in our thoughts the more than 7,000 fellow Victorians who currently have the virus and the selfless health professionals assisting them. By following the Chief Medical Officer's advice, we can get these numbers down and give ourselves the best possible chance of having these restrictions eased as soon as possible.
At REI Super our attention has been focussed on continuing to provide every possible support we can to our members during this difficult period. We continue each day to process financial hardship and early release of super applications, pay out insurance claims and to support our members with advice, guidance, and support.
We have recently transformed our online member experience and upgraded our member login security to reduce fraud and protect our members’ information.
- Member Log In
We continue to update the information on our COVID-19 Information Hub to ensure it remains timely and relevant.
- COVID-19 Hub
Early Access to Super extended
Members can submit one application, through ATO online services in myGov, between 1 July 2020 and 31 December 2020.
- Early Release of Super
However, accessing superannuation early should be approached with extreme caution and only as a last resort.
- Industry Super Australia analysis shows a 25-year-old who accesses the full $20,000 available under the scheme could lose up to $95,696* from their retirement balance.
- A 30-year-old who accesses $20,000 from super now could lose $79,393* when they retire, and a 40-year-old could lose $54,647*.
Also, if you access your super early and if, as a result, your super balance falls below $6,000, you could lose your insurance cover. Members who have insurance with us will keep any cover they have unless their account is closed as a result of a withdrawal or their balance falls below $6,000. In this case their cover will cease on the date the account was closed; or, after their withdrawal if there are insufficient monies in their account to pay the insurance premium.
If you are considering accessing your super early, make sure you speak to a licensed and appropriately authorised financial adviser before you act. REI Super members have access to professional and cost-effective advice as part of their membership, so call the Member Helpline on 1300 13 44 33 if you need to discuss early access to super and what it may mean for your retirement savings and insurance cover.
Mental Wellbeing Support
The COVID-19 pandemic has greatly changed the way we live. To help keep us safe, it is likely that our lives will be different for some time. When we cannot see our friends and family, it can be harder to keep on top of how we are feeling.
Being aware of how you’re feeling and knowing what you can do to look after your mental wellbeing is an important part of staying healthy during this challenging time.
- Member Support
The Real Estate Institute of Victoria is also hosting several webinars on mental well-being.
- REIV Webinars
These are very difficult days, however we will all get through it together if we all play our part. Please look after your families and staff and stay safe.
Jarrod Coysh
Chief Executive Officer
* Source: Industry SuperFunds. Scenarios modelled by ISA Pty Ltd on 04/05/2020. See assumptions. Figures are in today’s dollars.