Coronavirus and your super - FAQs

Is it possible to access my super early?

The government has extended the application period for early release of super to 31 December 2020 from the original deadline of 24 September.

Eligible members will now have until 31 December 2020 to apply to withdraw up to $10,000 from their superannuation account.

Yes, Rest will allow an early release of your super due to the impact of coronavirus when the ATO tells us your request has been approved.

While we understand you may need these payments, it's important you know all your options. We encourage you to consider accessing your super as a last resort only if you really need it. Removing super from your account now could leave you worse off in the long run. CHOICE has estimated that for a 30-year old, $20,000 in super today could become about $50,000 in retirement.*

The government has announced a range of support options for individuals during the coronavirus pandemic. Before you apply to withdraw super early, it might be worth reviewing if you’re eligible for any other forms of support. Your employer may be eligible for the JobKeeper Payment wage subsidy. If both you and your employer are eligible, they could use the wage subsidy to pay you $1,500 per fortnight before tax for up to six months. For more information on JobKeeper Payments, please follow this link.

Before you make your decision, there are other things to consider. Your cover may be cancelled if there isn’t enough money in your account to pay for fees and premiums. You also won’t be able to claim for any events that occur after your cover is cancelled. Once its cancelled, and you’d like cover in the future, you’ll need to apply and provide health evidence.

Check how much your insurance is costing you via MemberAccess or what you’re covered for via the Rest App.

For more information, refer to your Insurance Guide:

If you take out all the money in your super account, your account will be closed. 

You can speak to a Rest Adviser about the long-term nature of super investments if you have more questions. There’s information on Rest Advice at the end of this FAQ. 

* Source: https://www.choice.com.au/money/financial-planning-and-investing/superannuation/articles/early-access-to-super 

Once you apply to the ATO:

  1. The ATO will process your application and within 4 business days they will tell you if it has been approved or rejected (called a determination). This determination will be a letter sent your MyGov inbox. The letter will tell you how much super will be released to you.
  2. Then, the ATO will tell Rest that you’ve been approved for early release of your super. You don’t need to contact us directly to let us know your application has been approved by the ATO.
  3. If we have your mobile phone number, we’ll send you an SMS within 1-2 days of this advice to let you know we’re processing your payment.
  4. We’ll make the payment to you as quickly as possible. Once the ATO approves your application and tells us, the majority of payments will be processed within 5 business days from that point. 

However, some requests might extend beyond five business days if we need to do extra verification or other checks on your account.

If you’re eligible, you can withdraw up to $10,000 from 1 July until 31 December 2020, as part of the Government’s Early Release of super scheme.

Please be aware – the super balance shown on the ATO website is not a current balance and may be different to your actual balance.^

Before you apply to the ATO, confirm your most recent super balance here or in the Rest App.

Do you have less than $10,000 in your super account and need to withdraw all of your remaining balance? If so, consider requesting the full $10,000 in your application to the ATO. Then, even if you have less than that amount in your super, it will mean we’ll release your total account balance. This ensures you don’t leave any small amounts in your account as a result of any small increases. However, this will close your Rest account and cancel any insurance cover that you may have.

^Your super balance may have changed due to market fluctuations, administration fees, insurance premiums, extra contributions, super transferred into Rest.

You can apply for an early release of up to $10,000 your super from now until 1 July 2020 to 31 December 2020.

Remember, you apply via the ATO – you can’t apply through Rest.  

Before you apply, we recommend that you check if we have your correct contact details. You can download the Rest App OR register for MemberAccess and update your contact details online.

  1. To apply, you can either:
    • complete the online application form through the ATO portal in my.gov.au, OR
    • phone the ATO and apply over the phone.
  2. As part of the application process, you will have to certify that you are eligible for an early release of your super.
  3. You will then be shown a list of all your open super accounts (you may have more than one) and the account balance for each. Please note, your account balance shown on the ATO website is not current so it’s important to check MemberAccess or the Rest App for your most recent super balance immediately before applying. 
  4. You will then input the amount of super you’d like to withdraw from your account. Remember, the limit is $10,000. So, if you have multiple accounts, the combined amount can’t exceed $10,000.
  5. You will then provide the ATO with the details of the bank account you want your early release paid into.

The ATO will then assess your application and then tell Rest if you’re approved to have an early release of your super. 

You can also obtain more information on the early release of super from the ATO website.

If you have not received payment from us after 10 business days, please contact us.

If we have your mobile number, we will have sent you an SMS to let you know that your super money would be paid into your account shortly. If you have received an SMS but didn’t apply for early release of your super, you need to let us know immediately.

You need to leave enough in your account to meet the cost of your insurance premiums  until you return to work and super contributions start going into your account. You can check the cost of your premiums in the Rest App or online in MemberAccess. 

If there isn’t enough to cover the premiums, we’ll send you a letter and you’ll have 28 days to top up your super and reinstate your insurance. The top up contribution will need to be enough to cover any outstanding premiums and fees or your insurance won’t restart.

Rest aim to transfer super payments to members’ bank accounts at the end of 5 business days. This is usually allocated by their bank within and extra 3 – 5 business days. A business day is counted as Monday to Friday, and excludes public or bank holidays. For example, a payment request Rest receives from the ATO on Monday the 1st, is likely to be in a member’s bank account between Wednesday the 10th and Friday the 12th. A payment request Rest receives from the ATO on Friday the 1st, is likely to be in a member’s bank account between Tuesday the 12th and Thursday the 14th.

Rest aim to transfer super payments to members’ bank accounts at the end of 5 days. This is usually allocated by their bank within an extra 3 – 5 days. As financial institutions work Monday to Friday (excluding public or bank holidays), you should also count days for the weekends. So for example, a payment request Rest receives from the ATO on Monday the 1st, is likely to be in a member’s bank account between Wednesday the 10th and Friday the 12th... A payment request Rest receives from the ATO on Friday the 1st, is likely to be in a member’s bank account between Tuesday the 12th and Thursday the 14th.

You’ll only be able to make one claim this financial year, between 1 July 2020 and 31 December 2020. If you are a temporary resident on a student or working visa, you cannot apply for early access in 2020-21.

If we have your mobile phone number, we’ll send you an SMS within 1-2 days of the ATO telling us that you’ve been approved for payment. This SMS will let you know we’re processing your payment.

If you receive this SMS from us and you didn’t apply for an early release of your super, respond immediately with “NO” so we can stop payment. 

If you didn’t receive an SMS and you think your account may be being accessed fraudulently, contact us as soon as possible.

There are reports our members are receiving unsolicited phone calls from us about their super. These are fraudulent. Rest will never call you to ask for your personal or financial information or to request a payment.

There are also reports that scammers are calling or sending messages to members offering to facilitate an early release of their super, possibly for a fee. These are also fraudulent. 

The ATO is managing the applications for early release of super. The only way to apply is to make an application directly to the ATO. You can do this my logging into my.gov.au or calling the ATO on the phone. The ATO will not charge you a fee for this. 

You do not need to go through a third party for assistance in accessing an early release your super. You should not provide a third party with your bank details or information about your super account, and you should not be charged a fee.

If you think you’ve been targeted by someone who is trying to access your super early, report it to EarlyReleaseofSuperTeam@ato.gov.au

If you’ve made a genuine mistake or error in applying, you can ask the ATO to revoke your application before they make a determination, but you’ll need to do this urgently. Otherwise, you can’t withdraw your application. 

You should first check your MyGov account to see if the ATO has sent you a letter approving or rejecting your application (called a determination). If there is no determination, you’ll need to contact the ATO to check what’s happened to your application.

Please contact us as soon as possible to provide the correct bank account details.

You can apply to take money out from multiple super accounts as part of the ATO application, but the combined maximum amount you can withdraw is $10,000. You’ll only need to make one application to cover all of your funds.

The amount stated in your MyGov account is not current. We recommend you check the date it was last updated on the myGov website along with checking your super balance in MemberAccess or the Rest App for your most recent balance.

The amount may have increased or decreased since then due to changes in investment markets, deduction of any fees and insurance premiums (if you have insurance with Rest), if you recently made extra contributions, or transferred super into Rest. If your current account balance is less than the amount approved for release, we’ll release what is available.

You can only apply once between 1 July 2020 up to 31 December 2020. If you have less than $10,000 in your account and want to withdraw your total balance, you may want to consider applying for the full $10,000 rather than an exact amount.

This way, we’ll provide you with whatever amount is available in your account up to $10,000, and you won’t have a small amount left over due to any movements in investment markets, for example.

Please be aware, that if you take all your money from your Rest account, the account will close and any insurance you had will be cancelled. If you are a temporary resident on a student or working visa, you cannot apply for an early release in 2020-21.

You’ll be able to receive a payment under the early release measure, however it may take us a few extra days to process your withdrawal. When you are being paid an Income Protection benefit, your premiums are waived, any amount you withdraw through early release will not be offset against the income component of your Income Protection benefit, but you’ll need to leave enough in your account to meet the cost of your monthly insurance premiums to cover you, should you return to work and you want to remain covered in case of a future injury or illness. 

If you’re currently being assessed for a Total and Permanent Disability, or a Terminal Illness claim, you’ll need to leave enough money to cover premiums in the event that your claim is unsuccessful and you want to remain covered.

If you withdraw all your super, your account will be closed, and we’ll send you an exit statement. Any insurance cover you have will also cease.

If your account has been closed, and you return to work, you’ll need to open a new Rest account.  In most cases, your employer will do this for you when you start working again. It’s important to know that the rules around eligibility for insurance cover changed on 1 April 2020. You can find more information on Rest’s insurance cover here.

While we understand you may need the payment, withdrawing all your super will close your Rest account. This means your insurance will also end as there is no money to pay your monthly insurance premium. 

If you’d like to keep your insurance, please leave enough in your account to cover the cost of your insurance for as long as you’re not working and receiving contributions to your super. If you do run low on funds, we’ll send you a letter and you’ll have 28 days to top up your super to reinstate your insurance. The top up contribution will need to be enough to cover any outstanding premiums and fees or your insurance won’t restart.

Yes. If your account balance was more than $6,000 on 1 November 2019, recent government changes to the insurance for low balance accounts won’t affect you. Your insurance cover will continue, however you’ll need to ensure that you keep enough money in your account to pay for your monthly insurance premiums.

Our online Super Health Check is a self-guided checklist with tips on super strategies to help you get your super savings back on track.

You can also check out our Super and Retirement calculator to explore the different ways you can help boost your super. 

There’s more information about Rest Advice at the end of this FAQ. 

To be eligible for early release, you must satisfy one or more of the following:

  • be unemployed; or
  • be 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% or more; or
    • if you’re a sole trader — your business was suspended or there was a reduction in your turnover of 20% or more.

If you’re temporary resident on a student or working visa, you will only be able to access up to $10,000 in superannuation in the 2019-20 financial year. You will not be able to apply for access for a second amount in the 2020-21 financial year. 

To be eligible, you must be:

  • A holder of a student visa for 12 months or more and unable to meet immediate living expenses.
  • A temporary skilled visa holder and working hours reduced to zero and remain engaged with employer.
  • A temporary resident visa holder (other than a student or skilled work visa holder) and cannot meet immediate living expenses.

There is no age limit on eligibility.

People withdrawing super will not need to pay tax on amounts released, and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments. 

The ATO advises you should keep all evidence of your eligibility, as they may apply checks at a later date.

The ATO has more information about eligibility online

No. The account of a member who has passed away will be on hold while the normal death benefit claim process is underway.

If you hold formal authority on the member’s account, such as a power of attorney or enduring guardianship, you’ll be able to apply on their behalf.

Remember, you apply via the ATO – you can’t apply through Rest.

You can withdraw lump sum payments from your Rest Pension at any time, so you don’t need to go through the government’s early release measure to access your retirement savings. You can make a withdrawal of between $1,000 and $10,000 online in MemberAccess. If you want to withdraw a higher amount, you’ll need to complete a Rest Pension withdrawal form

There are a number of existing conditions you can use to withdraw your super early.

For example, you can apply to Rest to access part of your super if you’re experiencing financial hardship, so long as you meet other eligibility conditions.

You can also apply to the ATO for an early release of your super on compassionate grounds, such as:
  • Medical – to pay for treatment or travel to treatment for you, your partner, child or other dependant
  • Mortgage – to stop the bank from selling your home
  • Disability – to modify your home or car
  • Palliative care – for you or a dependant
  • Funeral – to pay for expenses for a dependant.

For more information see our fact sheet at rest.com.au/understanding-super
To be eligible for the early release of super under severe financial hardship, members must meet criteria under either Case 1 or Case 2.

Case 1
  • You’ve been receiving Commonwealth income support payments for 26 continuous weeks, and
  • you’re unable to meet reasonable and immediate family living expenses.
Note: A Maximum amount of $10,000 can be withdrawn in any 12-month period.

Case 2
  • You’ve reached preservation age, plus 39 weeks, and
  • you’ve been receiving Commonwealth income support payments for a cumulative period of 39 weeks since reaching preservation age, and
  • you’re not gainfully employed at the date of application (unemployed or employed for less than 10 hours a week).
Note: There are no restrictions on the amount that can be withdrawn.
Yes. We are well placed financially to meet any early release payments to members who need financial assistance when applications with the ATO begin from 20 April.
 
In order to complete these early release payments, we will need to ensure we have enough ‘liquid’ assets in our total portfolio of investments. Liquid assets are investments that can be converted into cash quickly, like shares, bonds and cash.
 
As at 2nd April 2020, approximately 50% of our default Core Strategy investment option was invested in shares and cash.
 
We are also focusing on protecting the long-term financial interests of all our Rest members, so we are ‘stress testing’ our financial position regularly.  
The Government’s regulations for the new early release payments require super funds to pay members as soon as practicable once we receive a decision from the ATO.

Remember, the ATO will be assessing and approving all early release applications. They will then tell us which members to make payments to. We will complete any payments as quickly as we can.

The Government has introduced the JobKeeper Payment, which will allow eligible businesses that have been impacted by coronavirus to keep paying wages to certain employees. If you and your employer are eligible for these payments, they could use the subsidy to pay you $1,500 per fortnight before tax for up to six months. 

The Government has advised that your employer will be required to identify any eligible employees and will have to update the ATO every month. Your employer will notify you if you’re receiving the JobKeeper Payment. 

However, some employees may be required to inform their employers or Services Australia of their circumstances. For example, if you have multiple employers, you should talk to your primary employer. You will also need to report a JobKeeper Payment as income.

For more information about the eligibility criteria and any steps you might need to take, you can follow this link.

Employers will not be required to make a superannuation payment as part of the JobKeeper payment.  

How much can be withdrawn from a pension?

When you have an account-based pension you are required to withdraw (or draw down) a minimum amount each financial year. The minimum draw-down rate is a percentage of your account balance, and it changes depending on your age.

The Australian Government has reduced the draw-down rates for the rest of the 2019-20 financial year as well as the 2020-21 financial year.
 
Age Default minimum draw-down
rate (% of account balance)
Reduced minimum draw-down
rates for the 2019-20 and 2020-21
financial years
(% of account balance)
Younger than 65 4 2
65-74 5 2.5
75-79 6 3
80-84 7 3.5
85-89 9 4.5
90-94 11 5.5
95 or older 14 7

If you’d like to reduce the minimum amount you can withdraw under the new government levels for the current 2019-20 financial year, you’ll need to let us know.

You can do this online in MemberAccess. Go to the ‘Pension details’ tab in ‘Your account’ and click on ‘Edit details’. Then change your Nomination Type from ‘Nominated Amount’ to ‘Minimum’. Even if you were previously receiving the default minimum payment amount, this will switch over your payments to the new reduced minimum rates. Make sure you click both the ’save’ and then ‘confirm’ buttons to ensure we receive your election.

You can also email us at pension@rest.com.au to let us know.

If your Rest Pension welcome letter stated your membership started from 25 March 2020 onwards, the new reduced minimum will already apply to you. 

If your Rest Pension membership started prior to 25 March 2020, and you’d like to choose the new reduced minimum rates, you’ll need to let us know. 

You can do this online in MemberAccess. Go to the ‘Pension details’ tab in ‘Your account’ and click on ‘Edit details’. Then change your Nomination Type from ‘Nominated Amount’ to ‘Minimum’. Even if you were previously receiving the default minimum payment amount, this will switch over your payments to the new reduced minimum rates. Make sure you click both the ’save’ and then ‘confirm’ buttons to ensure we receive your election.

You can also email us at pension@rest.com.au to let us know.

For the 2020-21 financial year, we’ll automatically apply the new reduced minimum rate to members who’ve chosen or been defaulted into the minimum pension payment on or after 25 March 2020. But we’ll be contacting all Rest Pension members before the start of next financial year to confirm what you’d like to do. 

Your payments will stay the same for the remainder of the 2019-20 financial year, unless you tell us otherwise.

If you’re currently on the previous minimum rate and wish to keep this for the 2020-21 financial year, you’ll need to let us know. We’ll be contacting all Rest Pension members before the start of the 2020-21 financial year to confirm what you’d like your payment arrangements to be.

The temporary reduction in minimum drawdown requirements is to help you manage the impact of investment market volatility on your retirement savings. Everyone’s individual circumstances are different, so you might like to talk with a financial adviser to help decide what’s best for you.  

You can visit rest.com.au/advice for information on what a Rest Adviser can offer. There’s information on Rest Advice at the end of this FAQ.

Investments and your super

We understand the uncertainty at the moment can be concerning. Global investment markets are highly volatile, and there is a rapid stream of unsettling news coming from around the world.

Your super balance may have dropped because of this volatility. It’s natural to be concerned. But it’s important to remember - super is a long-term investment, typically with a horizon of at least 10 years. It is designed to ride out shorter-term market volatility.

Depending on your age, you could have many more years of work ahead of you. Even if you’re in your 50s, you still could have 10 years or more to accumulate super and gain investment returns.

Our default investment option, Core Strategy has returned an average return of 8.19% per year since it started in 1988 (as at 31 March 2020). This includes some of the recent market volatility, as well as major downturns like the global financial crisis in 2008.

Before you decide on your investment options, consider speaking to a financial adviser. The Rest Advice team can talk you through your options.
At Rest we place an emphasis on managing your retirement savings in the knowledge that short-term market shocks can occur.

Our default Core Strategy investment option is diversified. It’s also invested in more defensive assets like cash and bonds, not just shares. It is also invested in property and infrastructure.

In recent years, we took the view that Australian and global share markets were overvalued and vulnerable to a shock event, like this pandemic.

For that reason, prior to the crisis, wed been reducing the number of shares we held in the Core Strategy for the past few years. We’d also increased the amount of money invested in defensive assets like cash.

Our investment experts are meeting regularly to monitor the situation as it develops and will respond as required.

While we still don’t know the full impact of the coronavirus, please be assured we’ve planned for risks like this in our investment strategy.
During the past few years, Rest   strategically reduced the number of shares we held in the Core Strategy prior to the pandemic:
  • The Core Strategy  had a 38% allocation to the overseas and Australian shares asset classes – a lower allocation compared with recent years.^
     
  • We also  had 12% of the fund in ‘cash’, a more defensive asset class. Holding cash also means we have funds available to purchase shares or other assets at attractive prices after markets fall, so members can benefit more when markets start rising again.^
     
  • The Core Strategy’s other investments include property (like office buildings), infrastructure (like ports and wind farms), and other assets not listed on the share market. These are a mix of growth and defensive assets which balance the investment risk in the fund.^
     
^ Allocations correct up to 29 Feb 2020.
Following a long period of continued growth and new record highs, the Australian and global share markets are reacting to international concern around the coronavirus pandemic and falling oil prices.

In recent years we’ve noticed heightened risks in these global markets. These global risk factors include historically low interest rates combined with high levels of debt. Risky markets are more vulnerable to ‘shock’ events, like a pandemic, which trigger major market falls or volatility.

The economic impact of the coronavirus remains uncertain. Many analysts have concerns about global and Australian growth slowing because of the coronavirus. Most global share markets have fallen from recent highs and have been highly volatile, and some commodity prices and currencies have also moved significantly.
Due to the current economic environment, the value of some of the properties we directly invest in (sometimes called unlisted property) has dropped in value. As such, Rest lowered the value of our property asset class by 8.56%. This decrease in value will be factored into the overall value of all our investment options that include property assets.
               
This reflects the impact the coronavirus pandemic will have on particular properties. For example, retail and office properties may receive lower rent in times of economic stress, which can impact their overall value.
 
As the economic impact of the coronavirus evolves and becomes clearer, we will continue to review the value of our direct property assets and adjust their prices according to their appropriate value. Any changes in the overall value of the Rest Property option will be reflected in its unit price, which can be found here.
Rest’s unlisted property investments are reviewed regularly by independent valuers. In times of unusual market volatility or where there are significant changes in property market values the valuations may be reviewed more frequently. The value of the assets and the Property option may go up or down as a result to reflect any change in the underlying valuations.
This decrease in value will be reflected in all of Rest’s investment options that include an allocation to property.
 
Members who are invested in our Property option will see a decrease in the value of this investment.
 
Members who are invested in Core Strategy, or other ‘structured options’ like Balanced, Capital Stable, Diversified and High Growth, will see a value that reflects all the different assets these options hold.
 
Our structured options have diversified investments in a variety of different asset classes, for example shares, bonds and cash, and have different amounts allocated to each asset class depending on the risk levels defined by each relevant option. The value of each structured option will reflect the total value of all the assets it holds.
When you first join Rest Super or Rest Corporate, your super is automatically invested in the Core Strategy - unless you tell us otherwise. Members can also choose from a number of investment options to suit their personal investment horizons and attitude to risk.

The Core Strategy is a diversified fund, with a mix of growth and defensive assets. It has a long-term horizon of at least 10 years. If markets fall in the short-term, then your account balance can reduce during this time.

During a 20-year period, for example, we estimate 3-4 years will have negative returns. If you’re invested in the Core Strategy or other options with growth assets, you may have noticed your super balance has fallen recently.

Our default investment option, Core Strategy has returned an average return of 8.19% per year since it started in 1988 (as at 31 March 2020). This includes some of the recent market volatility, as well as major downturns like the global financial crisis in 2008.

We actively manage how we invest in various assets to respond to risks and opportunities. But past returns cannot provide an assurance of future performance.

If you’re concerned about your situation and want to review your investment strategy, you should consider speaking to a financial adviser. The Rest Advice team can talk you through your options.

Cash is a ‘defensive’ asset, which can help to minimise risks and volatility when investment markets are down. They tend to be lower risk, so the chances of a negative return are also lower. That also means their returns are usually lower, and they may not keep up with increases in the cost of living.

It’s different from ‘growth’ assets, like shares, which aim to increase the value of your investment. Growth assets historically have a higher return but an increased risk of negative returns.

Rest has two investment options in the cash asset class – Basic Cash and Cash.  While they both have a 100% allocation to cash, they invest in different types of securities that are classified as cash investments.

They also have different investment return objectives, with Basic Cash looking to match the return of the Reserve Bank cash rate, while Cash seeks to outperform it. This means that they may each deliver a different investment return, and they also charge different investment fees.

Rest Super members can follow these links to find out more information about our Basic Cash and Cash options, or read our Investment Guide.

Information these options for Rest Pension and Transition to Retirement accounts can be found here.

Insurance and the coronavirus

Rest insurance is provided by TAL Life Limited. This insurance does not exclude pandemics.

Rest’s income protection covers our members who are too sick or injured to work for an extended period. If you suffer from sickness or injury and can’t return to work for an extended period, you may be able to lodge an income protection claim with Rest, once you meet the eligibility criteria.
Coronavirus is generally unlikely to be claimable under Rest's income protection cover. Not because we exclude it, but because our default income protection is designed to cover members who are sick and can’t work for the initial waiting period of more than 60 days. In most cases the symptoms of coronavirus don’t result in people being off work ill for more than 60 days. It’s important to check your waiting period, which you can do by calling us, or you can do online from 1 April in the Insurance tab of MemberAccess.
Income protection covers people who are too sick or injured to work for an extended period. Unfortunately, redundancy is not covered by income protection insurance.
Your income protection will not be affected if you’re working from home and then become too sick or injured to work. You’ll still need to meet the eligibility criteria if you want to lodge a claim with Rest. Our default income protection cover is designed to cover members who are sick or injured and can’t work for more than 60 days.
Your income protection will continue on the same terms and conditions if you go on leave without pay that has been approved by your employer, or if you go on parental leave from your employer. However, it may not continue if you’re still on leave without pay beyond the earliest of:
− your agreed and scheduled return to work date
− 24 months.

Your cover will continue under the same terms, only if your employer has approved the leave in writing before you go on leave. You may also be asked for proof that your agreed leave, and scheduled return to work date, were approved.

Conditions may apply including insurance cover ending due to 13 months continuous inactivity on your super account, unless you’ve chosen to keep your cover. You’ll also need to make sure there is enough money in your super to pay your insurance costs during your leave.

If your income protection claim is successful, the payment will start at the end of the 60 day waiting period, or the date your leave period was scheduled to end (whichever is later).
Your claim will be paid once you have met the waiting period and following an assessment of the
claim. It is not backdated to the day you contracted the illness or stopped working
While we understand you may need the payment, withdrawing all your super will close your Rest account. This means your insurance will also end as there is no money to pay your monthly insurance premium.

If you’d like to keep your insurance, please leave enough in your account to cover the cost of your insurance. If you run low on funds after that, we’ll send you a letter and you’ll have 28 days to top up your super to reinstate your insurance. The top up contribution will need to be enough to cover any outstanding premiums and fees or your insurance won’t restart.

How will Rest manage as offices close

We’ve taken steps to ensure our operations and services are maintained for the duration. You can continue to contact us as normal using email, Live Chat, the Rest App, and our Virtual Agent Roger. You can also call our contact centre on 1300 300 778.

However, even with the steps we’ve taken, it’s likely we’ll have high numbers of members calling, leading to delays. If you experience delays, we’re sorry for any inconvenience this causes. We ask for your patience and understanding – we’ll get to your inquiry as quickly as we can.
As one of the largest super funds in Australia, like any large financial institution, we have comprehensive plans to manage an event like this. Our processes, back up plans and financial reserves help to ensure we can continue to manage member accounts, make payments as needed, and continue services to our members.

Can I get professional advice

You can visit rest.com.au/advice for information on what a Rest Adviser can offer.

We also provide Online Advice through a number of self-service online tools you can access 24/7. Log into rest.com.au/memberaccess to check them out. For example you can try our ‘Investment choice’ tool to check your investment risk profile, to see what investment option may be right for you.
At the moment, our Advice team is experiencing a high number me member of calls, but will get to your inquiry as soon as they can. We know that isn’t convenient, and we’re sorry for that. But it’s important you know what your options are, so we ask for your patience.

They’ll get back to you as soon as possible.
We offer simple advice about where to invest your super, at no extra cost for Rest members. We won’t charge you any extra for simple super questions. If you need more complex advice from a Rest Adviser, or comprehensive face-to-face financial planning, you’ll be charged a fee which you may be able to pay out of your super. We’ll always talk to you about this fee first.

This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant PDS which is available at rest.com.au. Issued by Retail Employees Superannuation Pty Limited ABN 39 001 987 739 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394 (Fund).