Managing your Qantas Super through COVID-19 (coronavirus)
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On this page you’ll find answers to your questions about how your super is performing, managing your insurance, or what changes to your role may mean for your super.
And if you can’t find the answer you’re looking for, please get in touch so we can help you.
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.
What happens to my super account if I'm stood down?
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.
What happens to your super when you leave your job at the Qantas Group?
Even if you’re not going to be working for the Qantas Group, you can stay with Qantas Super. So you can stay with a fund that gets who you are, and where you’ve come from.
What does moving to part-time mean for your super?
There may be times in your life when you move to part-time work. Here’s a summary of what it may mean for your super.
What happens to your super when you take leave without pay?
If you decide to take leave without pay (LWOP), the arrangements with your super may change.
How does super work when you retire?
The Qantas Super Income Account is for the next step on your super journey. It lets you draw a regular income from the super you’ve saved throughout your career.
Webinar: Important decisions when leaving Qantas
If you’re weighing up your next move, we’re running a webinar to help you understand what leaving work at Qantas means for your super. The webinar covers topics including changes to your account, making contributions, accessing your super, and more.
I am leaving employment at the Qantas Group - why hasn't my final benefit been calculated and transferred yet?
We apologise for the time it’s taking to transfer your benefit to Gateway. We know that this has been a difficult time for many members and that you’re eager to begin planning your next steps.
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 Payroll 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 Payroll also needs to work out the compulsory member contributions that were not paid during any period of stand down for each member.
We are working closely with Qantas Payroll to finalise these details, and will be in touch as soon as your benefit is transferred. As this is an unprecedented situation, we are also in regular contact with APRA and AFCA to keep them up to date on this work and how it’s affecting our members.
Things to consider
Your transfer will be processed automatically and will be backdated effective the day after you left employment. However, there are a couple of things you may want to review while we get your new account ready for you:
- Your investment options: when your benefit is transferred to Gateway, it will be invested in the same investment options, in the same proportion that applied to your existing accumulation accounts. This will be backdated to the day after you left employment. If you would like to switch your investment options before your transfer is processed, you can do this by logging into your account or calling us.
- Your insurance cover: leaving a job can mean lots of life changes, so this may be a good time to check that your insurance cover meets your current needs. If you had Standard or Voluntary Cover for death and TPD, the dollar value of this will be transferred to your account in Gateway. Please note that, as you’re no longer employed by the Qantas Group, your employer can no longer pay for your Standard Cover. Premiums will now be deducted from your account, backdated to the date you left employment. You can change or cancel your cover at any time
Your transfer will be backdated
When we receive the information we need, we’ll calculate your benefit and backdate it to the date you left employment at the Qantas Group. This means:
- Any admin fees and premiums for insurance cover applicable to your membership in Gateway will be backdated; this means there will be no break in your death and TPD cover, if applicable
- You’ll receive investment earnings for your new Gateway account from the day after you left employment. If you changed your investment option after your termination date, your investment earnings in the new option will be backdated to the date we received your change request
- If you make any changes to your insurance cover, these changes will be processed when your new Gateway account is ready and backdated to the date we received your request. This means that you may not be covered for an illness or injury which arises after the date you change your cover
We’ll send you information about your new account in Gateway and instructions on how to log in as soon as the transfer is complete.
We appreciate your patience while your final benefit is being calculated. But if you are suffering financial hardship or would like to request an urgent partial cash withdrawal, please let us know so we can prioritise your case by giving us a call on 1300 362 967.
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
There are some changes to your Qantas Super insurance cover when you’re stood down, 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.
Check your cover
It’s important to make sure you have the right level of cover for your personal needs and circumstances, such as your age, dependants, and financial situation.
You can check your level of cover by logging in to your account.
What happens to your insurance when you take leave without pay?
Sometimes life throws us different challenges or opportunities that mean we need to take some time away from work.
If you decide to take leave without pay (LWOP), the insurance cover you have through your super may change or cease.
What happens to your insurance cover when you're stood down?
There are some changes to your Qantas Super insurance cover when you’re stood down, in particular any income protection cover you have with us.
What happens to your insurance cover when you leave employment at Qantas Group?
The type of cover you can receive through Qantas Super depends on a variety of factors, including your division, age, and type of membership. In particular, your insurance will change when you leave employment at Qantas Group.
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:
Early release of super for members impacted by coronavirus
If you’ve been stood down you can apply to access up to $10,000 of their 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.
When can you access your super?
All super is subject to preservation. Generally, this means that you can’t access your preserved super in cash unless you satisfy a ‘condition of release’.
Accessing your super on compassionate grounds
In very specific circumstances, you can apply to the Australian Taxation Office (ATO) to have your benefit, or part of your benefit, released on compassionate grounds.
Accessing your super due to severe financial hardship
There are some circumstances when you may be allowed to access your super before reaching your preservation age, including severe financial hardship.
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.
Investing your super when the market's down
You’ve heard it dozens of times already: super is a long term investment, and volatility is a normal part of investing for the long term. But it’s one thing to hear that when your balance keeps going up, and another altogether when you see a drop in your balance from one day to the next. So, why do we keep talking about the long term?
Our investment options
It’s important to make sure your money is invested to match your needs and lifestyle goals.
These can change over time, so it’s important to check in from time to time to see if your money is invested in the options that are right for you.
How long do investment switches take?
Should you choose to change how you invest your super, it may take some time to see these changes reflected on your account. The timing will depend on whether you are changing the options that apply to your existing account balance, or your future contributions.
Speak to a Super Adviser
If you’re considering a switch, moving to a more conservative strategy now after markets have already declined could mean you’re locking in a loss of capital, which may deliver lower long-term future returns. Before making any changes, we recommend you speak to a Super Adviser, who can help determine the best strategy for you.
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.
Temporary reduction of minimum drawdown amounts for income accounts
The Government is reducing the minimum amounts that retired members must draw down from their income accounts by 50 per cent for the 2019-20 and 2020-21 financial years.
Changes to social security deeming rates
The Government has reduced deeming rates, to take effect from 1 May. The new upper deeming rate is 2.25 per cent, and the lower rate is 0.25 per cent. If you are receiving the Age Pension, the new rates will be automatically applied.
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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