At your service through COVID-19 May 13, 2020
Intrust Super wishes you, your staff and business all the best during these unprecedented times. We wanted to provide you an update on the services we provide to your staff and the impact of the current environment.
As you will have likely seen, investment markets have fallen considerably from their peak earlier in the year. However, while volatility remains, markets have recovered from their low point a few weeks ago. Members should always remember that superannuation is a long-term investment. Our MySuper and Balanced options are diversified, and always have an allocation to defensive assets. This means for most members, returns will be somewhat less volatile than those of the share market alone.*
Intrust Super continues to operate under our Pandemic Response Plan. This plan ensures we can still provide essential services to our clients and members and, other than not being able to communicate face-to-face, all other services are largely unaffected. Our Relationship Managers have been reaching out to members by email, text and phone. Running meetings through the Zoom or Teams technology has also been effective.
Early release of super
Many members have been enquiring about the COVID-19 early release super payments. As expected, the first group of applications was very large. This presented processing and valuation challenges and a high degree of fraud risk.
As a result of these risks, the process of paying the first batch of early release claims has taken longer than we’d have liked. Thankfully, our admin team have actioned all claims as quickly as they can, and payments are now being processed.
Any claims approved by the ATO after Tuesday, 28 April will generally be received in the members’ bank accounts within five business days.
Keeping accounts open and staff’s income protected
Intrust Super is working to ensure as many staff as possible retain the same member account, even if they withdraw under early release rules. This will ensure that once they return to work, they will keep the same account information, and will not need to create a new account to process their SG payments.
We’ve also made arrangements to enable eligible staff who are stood down during the crisis, but are registered for JobKeeper, to maintain continuity of cover for income protection. It is subject to specific terms and conditions which we can send to you – but we’re pleased to be able to provide this to your staff. For more information about income protection please click here.
We’re still at your service
We are doing our best to ensure your staff have access to all the information they need to help them through this difficult time. Naturally, if there is anything we can do for you, please let us know.
*Past performance is no indication of future returns. For more information please about MySuper or the Balanced investment options please read the Product Disclosure Statement available at intrust.com.au
The Trustee of Intrust Super is IS Industry Fund Pty Ltd MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 RSE Licence No: L0001298 | Intrust Super ABN 65 704 511 371 | SPIN: HPP0100AU