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What’s next for your super?

June marks Stage 2 of the three-stage plan to ease COVID-19 restrictions across many states in Australia. Many hotels and tourism businesses are already welcoming guests back to their venues.

We wish everyone all the best with this. Our team are looking forward to getting out and supporting our local tourism industry.

For those that have already decided to resume business, the admin side will need to go as smoothly as possible. You aren’t just hiring a new person but are instead bringing back an entire team. Intrust Super is here to help with this in any way we can.

Continued insurance cover

We’ve worked with our insurer to maintain insurance cover for members during the period they haven’t been working*. Subject to the terms of this arrangement, if any staff are Intrust Super members, have been stood down during the current crisis and are receiving JobKeeper payments, they will still be covered by our Income Protection insurance cover, PayGuard*. It’s also worth noting that Intrust Super’s insurance policies do not have any exclusions relating specifically to pandemics. You can find out more about continuity of cover and insurance in general on our website.

Seamless admin

The process of restarting super contributions with Intrust Super will be as seamless as possible. It’s likely some staff have experienced financial hardship during the shutdown period and had to access some or all of their super under the COVID-19 early access provisions. We’re working to ensure as few of them as possible require new account numbers when they start contributing again. For any staff members that are not currently with Intrust Super, and need new accounts, these can instantly be created through our clearing house, SCH Online, when you process super payments.

Getting staff’s super back on track

The financial impact of this challenging time will, for some, continue for many years. For those staff who have had to withdraw all or a portion of their super, it may take some time to get back on track. If their super balances are now low, or have been withdrawn completely, this could also have an impact on their various types of insurance cover.

There are a number of avenues available that could help staff catch up their super balance and maintain their insurance arrangements:

  1. Our contributions app, SuperCents, is a great way for staff to grow their super even while they recover financially. The app will contribute the spare change from their everyday purchases straight to their super account. The process happens automatically, so they won’t even need to think about it.
  2. Making extra contributions could also help some eligible staff take advantage of Government incentives like the Low Income Superannuation Tax Offset and the Government Co-contribution, to receive some extra money from the Government.
  3. Seeking financial advice through the financial advisers in our Intrust360° team can help get anyone from any age group get back on track financially during this unprecedented time.

Intrust Super would be happy to guide your staff through all the options that are available to them. It’s even more important that your staff take steps to improve their financial outcomes while this pandemic continues to affect the global economy.

At your service

Our Relationship Managers are available to answer questions or help with the transition back. They’re also available to help your staff develop strategies to get their super back on track. Please, whether you’re an existing Intrust Super client or not, visit our website and get in touch with an Intrust Super Relationship Manager, or email service@intrust.com.au. We are at your service.

*Specific terms and conditions apply. Please refer to the relevant Other Important Information: Insurance document on our website for further information about our Income Protection insurance.

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