If you have been stood down due to the COVID-19 (coronavirus) crisis, there are some important changes to your current super and insurance arrangements to be aware of.
What happens to your super?
For members with a defined benefit
You’ll remain in the same division of Qantas Super during the period you’re stood down. Your Credited Service, a key component to calculating your defined benefit, will continue to accrue while you’re stood down. This means your defined benefit will also continue to grow during periods in which you’re stood down.
This also means that your obligation to make your compulsory member contributions continues while you’re stood down. As these contributions aren’t coming out of your pay during this time, you have two choices to help you satisfy this obligation.
Your choices, and what each choice means for your benefit, depends on the division you’re in:
For members in Gateway and accumulation divisions
As employer super contributions are based on the pay you receive from your employer, you will not receive this type of contribution from Qantas Group in the period you are stood down, unless you are taking paid leave. However, you can receive this type of contribution from another employer if you have a second job (see more on that below).
What about JobKeeper and salary sacrifice?
Your employer and Qantas Group payroll are responsible for administering JobKeeper and salary sacrifice arrangements.
Qantas advised in its FAQs that the JobKeeper scheme allows for the JobKeeper payment to be paid to eligible employees in cash or as a fringe benefit or an extra superannuation contribution where the Company and employee agree. When JobKeeper first started, Qantas advised that it was unable to agree to apply these deductions but would provide further information if the situation changed.
Please check the Terminal for the latest FAQs or contact People Services.
What happens if you get a second job?
If you have been stood down and find work with another employer, you can have the super contributions from your new job paid to your Qantas Super account as long as you remain a Qantas Group employee. All you have to do is complete this form and give it to your new employer to process through their payroll.
If your employer has already given you a form to complete, you may need these details about Qantas Super:
- Fund name: Qantas Superannuation Plan
- Fund ABN: 41 272 198 829
- Fund USI: 41 272 198 829 401
- Address: GPO Box 4303 Melbourne VIC 3001
- Phone: 1300 362 967
What happens to your insurance?
We use your salary to calculate your insurance cover. Your cover will be calculated using your:
- Superannuation Salary – for Divisions 1, 2, 3, and 15
- Salary for Insurance Purposes – for other Divisions
before you were stood down.
The effect of being stood down on your insurance cover depends on your Division.
Divisions 3A, 6, 7, 10, or Gateway
Death and Total and Permanent Disablement (TPD)
If you are in Division 3A, 6, 7, 10, or Gateway, you will continue to be covered for death and TPD after you are stood down, provided that:
- you do not join the armed forces (excluding Australian Defence Force Reservists not deployed overseas);
- premiums continue to be paid; and
- you remain a member of Qantas Super.
This cover will continue for 16 months from the date of the last contribution or rollover made to your account in Qantas Super as long as your premiums continue to be paid.
If your account has not received a contribution or rollover for nine months, we’ll write to ask you to either make a contribution or opt in to keep your insurance if you want to stay covered. We’ll also send you reminders at 12 and 15 months. If you don’t opt in or make a contribution within 16 months, your insurance cover will be cancelled.
Your income protection cover will cease while you are stood down.
Divisions 1, 2, 3
Death and Total and Permanent Disablement (TPD)
When you commence a period of stand down, any Standard Cover for death and TPD you have automatically continues during the stand down period for up to two years. If you have Voluntary Cover for death and TPD, this will continue as long as premiums continue to be paid.
If you are still stood down after this time, we’ll send you a reminder and you’ll be able to apply for an extension. This extension will be subject to the approval of the insurer and your employer. If you request for your cover to be reinstated after it has ceased, you may be required to provide evidence of good health.
You can learn how your income protection cover applies when you’re stood down here.
Your Voluntary Cover
Your voluntary cover won’t change while you’re stood down.
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If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone. It’s included as a part of your membership so there’s no extra cost.