REI Super COVID-19 Information hub

These are challenging times for all with many changes to our normal working and home lives. We understand that the news of coronavirus pandemic and the resulting volatile share market could be a concern for you. 

We’re committed to keeping you updated on COVID-19 and your super and will be updating this page regularly as the situation changes. 



Message from our CEO

As you are aware, the World Health Organisation declared novel coronavirus (COVID-19) to be a global pandemic on March 11, and this has had a major impact on nearly every aspect of our lives.

World share markets have taken a significant downturn in recent weeks. The investment management team and I continue to monitor the situation closely, and remind members of two things:
  • that history has shown markets move in cycles, and
  • it is important to focus on long-term investment objectives
Jarrod Coysh, Chief Executive Officer



Your Investments - remaining calm in the face of market volatility

Watch these videos from our Investment Partner, Morningstar. They will help explain the impact coronavirus has had on investments and why its important to remain clam in the face of a volatile market. Contact our Helpline or speak with a financial adviser if you have any concerns about your investments. 

What should investors do in this environment?

The importance of staying invested in volatile times

 
The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770, AFSL 240569. RSE L 0000314, REI Super ABN 76 641 658 449, RSE R1000412 MySuper unique identifier 76641658449129 March.

 

Early release of super

On March 22, the Federal Government introduced financial assistance measures to aid Australians experiencing financial difficulty as a result of the COVID-19 pandemic.

To apply for early release you must satisfy any one or more of the following requirements:

  • you are unemployed; or
  • you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or

On or after 1 January 2020:

  • you were made redundant; or
  • your working hours were reduced by 20 per cent or more; or
  • if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.

These include temporary changes to the conditions of early release of superannuation funds. These measures will not affect existing ways to apply for early access to your super.

From mid-April 2020, eligible members will be able to apply for the release of funds through the myGov website. Members affected by the Coronavirus can temporarily access up to $10,000 before 1 July 2020 and a further $10,000 from 1 July 2020 for up to three months. Members cannot apply through REI Super directly.

For some members their short-term, financial survival might rely on the ability to access the up to $20,000 from super that the scheme allows.

However, accessing superannuation early should be approached with extreme caution and only as a last resort.

Markets have been volatile, whipsawing up and down within any given trading day. Gains from one day have generally been lost the following day. While it is easy for investors to react to alarming headlines and to panic when events such as this outbreak occur, we believe that taking a more measured approach is key. While there are many ways this virus can impact the assets in which we invest, it is important to separate permanent damage, which will impact what a company or asset is worth over the long-term, versus temporary damage, which will be forgotten. 

With market’s whipsawing up and down, fear and panic is driving returns. At present, markets are not focused on fundamentals, or what an asset is really worth. We expect that when this first phase of market volatility passes, investors will start to focus on fundamentals. It is always important to remember that investing is a long-term play. 

Industry Super Australia analysis shows a 20-year-old who accesses the full $20,000 available under the scheme could lose more than $120,000 from their retirement balance. A 30-year-old who accesses $20,000 from super now could lose about $100,000 when they retire and a 40-year-old could lose more than $63,000*.

For more details about the early release of super initiative, please refer to the ATO - Early access to your super.

 
*The information contained in this page does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions.
The information contained in this page does not constitute financial product advice. REI Super does not give any warranty to the accuracy, completeness or currency of the information provided. Although REI Super makes every reasonable effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. REI Superannuation Fund Pty Ltd ABN 68 056 044 770, AFSL 240569, RSE L0000314 Trustee of REI Super (ABN 76 641 658 449), SPIN REI0001AU, RSE R1000412. MySuper unique identifier 76641658449129 .

 

Get in touch with us

We’re currently receiving a large number of calls, so it may take us a little longer than normal to respond. We apologise for these delays and will be updating this page regularly.

  • Call: 1300 13 44 33
  • International: +61 3 8687 1834

Our member services team is available between 8am and 7pm AEDT, Monday to Friday except for national public holidays.

In the meantime you can access your online account.

 

Access to your super account

You can access your account at any time. You will need your membership number and PIN. When logged in you can:

  • Find and combine your super accounts
  • Update your contact details
  • Check your balance
  • View your insurance details
  • Update your beneficiaries (non-binding). Click here for more information about binding beneficiaries
  • Make changes to your investments

 

 

Our staff and operations

Looking after our staff who look after your super is important to us.

We have put in place the technology and processes to support REI Super staff working from home.

We’re focused on helping our staff stay healthy, support their loved ones and minimize any disruptions to our members.