What happens to my super if my employment changes?
If you are looking at a change in your role or employment status as a result of measures introduced due to COVID-19 (coronavirus), you can rest assured that Qantas Super will be there with you as you take your next steps.
I am leaving employment at the Qantas Group - why hasn't my final benefit been calculated and transferred yet?
In order to transfer your super to Gateway after you leave employment at the Qantas Group, we need to calculate your defined benefit component and combine it with your accumulation accounts. This calculation is based on a number of factors and formulas, such as your Superannuation Salary, that we receive from your employer.
With stand down affecting members differently, Qantas is carefully calculating and reporting Superannuation Salaries, which is taking time because of the large number of members affected and different stand down periods for each member. Qantas also needs to work out the compulsory member contributions that were not paid during any period of stand down for each member.
Please note that, as we’re still working to confirm the arrangements around unpaid compulsory member contributions for each division, the balance you currently see online or the balance that may be quoted to you by the helpline has not yet been adjusted to take into account any unpaid compulsory member contributions.
We can confirm that the calculation of your final benefit and its transfer to our Gateway division will be backdated to the date you left employment at Qantas.
In the meantime, you can choose the investment options for your total super benefit online. If you make any switches to your investment options, these switches and any related earnings (these may be positive or negative) will be backdated to the first applicable period after which you made the switch. You can learn more about how long investment option changes take here.
What does being 'stood down' mean for my super?
Early access to your super
If you’ve been stood down you can apply to access up to $10,000 of your super in 2019-20 and a further $10,000 in 2020-21. The money you access won’t be taxed or affect Centrelink or Veterans’ Affairs payments.
Changes to your insurance
We are working with our insurer and they expect that being stood down will affect your Qantas Super insurance cover, in particular any income protection cover you have with us.
Can you claim income protection benefits due to being stood down?
Income protection cover is designed to protect you if you can’t work due to illness or injury. This means you can’t claim income protection benefits due to being stood down. However, if you fall ill or are injured while you’re stood down, you’re entitled to claim as if you were on leave without pay (LWOP).
Changing your salary sacrifice arrangements
You can change or stop your current salary sacrifice arrangements for super contributions via the online payroll form on the Terminal.
If you’re not conntected to the Qantas network you may need to visit the ‘Payroll Forms’ page on The Terminal and fill out the ‘Superannuation Contribution Authority Form’.
If you’d like to make contributions via BPay, you can do so by logging in and clicking the ‘personal details’ tab under the icon next to your name.
What happens if I get a second job?
You can have the super from your new job paid to your Qantas Super account as long as you remain a Qantas Group employee. Simply complete this form and give it to your new employer.
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
Changes to your super account
Depending on the Division you’re in, there may be some important changes to your super that you should be aware of. We continue to work with Qantas Group to confirm the super arrangements for members who have been stood down temporarily.
Will my insurance be affected?
Qantas Super provides eligible members with flexible insurance options, to cover you 24 hours a day, seven days a week for death, total and permanent disablement (TPD) and, depending on your division, income protection.
Your insurance through Qantas Super covers you for pandemics such as COVID-19 (coronavirus). That means if you are currently eligible to claim under death, TPD or income protection through your Qantas Super account, you are covered. Eligibility criteria apply.
How to access your super
Superannuation law restricts your access to super until you retire or meet certain conditions. However, there are some circumstances when you may be allowed to access your super before reaching your preservation age.
Learn about the different ways in which you can access your super:
What does market volatility mean for my super investments?
We believe in a safety first approach when it comes to managing your money. We focus on investing your money in long term, high quality, value for money investments. It’s an approach that takes into account the risks and the rewards of investing, so you can feel confident in that you’re on track to enjoy your dream retirement.
Changes for retirees and members with an income account
To help retirees manage the impact of market volatility on their retirement savings, the Government is temporarily reducing minimum drawdown requirements for income accounts and social security deeming rates.
How to keep your personal information secure
Cyber criminals are taking advantage of fears over coronavirus to carry out phishing attacks, using a variety of different channels – such as email, phone or in person – to try and gain access to or capture information.
We’ve put together a guide to help you spot a phish and keep you and your information secure:
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