Frequently asked questions about early access to super due to COVID-19
Published on 24/04/2020
The Australian Tax Office (ATO) manages the application for early access to your super through the MyGov website. The ATO has provided a frequently asked questions document to help you understand the process.
In addition to the information from the ATO and the Federal Government on the early release of super, Prime Super has prepared the responses to the following questions. Visit the government’s MoneySmart website for information about the steps to take before you decide to withdraw any super.
Please note: After we receive the notification from the ATO your payment will be made between five to 10 business days.
How will I find out if my application has been successful?
The ATO will advise you via your MyGov account of its determination/decision. Once your payment has been processed by Prime Super, if we have your mobile number, you will receive an SMS from the fund to let you know the payment has been processed.
How will the ATO tell Prime Super that my application for early release has been successful?
The ATO will advise Prime Super whether your application is successful. Prime Super will then send you an SMS to your mobile number held in the fund’s records. The SMS will state that you have been approved to access your super. You will need to respond to this SMS if you did not apply to the ATO for early release of your super.
How will I receive my super payment?
Once the ATO has told Prime Super your application has been successful, the fund will process the request and pay the approved amount to you. Payment will be made via electronic funds transfer, into your nominated bank account.
How long will it take for me to get my payment?
Prime Super will send you an SMS to say your application has been successful, and you should have your payment between five to 10 business days afterwards.
My payment is delayed. Why has this happened?
A major reason why payments are delayed is because your member details we have on file (such as bank details, names and addresses) do not match those sent by the ATO. When this happens, your application will not be processed automatically, instead, one of our team works to manually identify and resolve the issue so that your super money is paid out correctly. It is very important for you to make sure Prime Super has on record your current information. Please log in to MemberOnline to update your details. Then any money you are entitled to can be paid to you as soon as possible.
What checks are done by Prime Super to make sure I get my payment?
Protecting your super from fraud is paramount to Prime Super. We will look to match details provided by the ATO with Prime Super’s records. Prime Super will also do the standard security checks before processing your payment.
Can I continue to make super contributions to my account after I receive my payment?
Yes, you can continue to make contributions to your account after you have received your payment. If the amount you withdraw from your account means your balance is zero, we will keep your account open for a period of six months, after which it will be closed, unless we receive additional contributions.
What happens to my insurance if I access my super?
Insurance you have in the fund will be cancelled if you don’t have sufficient money in your account when your premiums are due.
What happens to my insurance if I lose my job or work reduced hours?
There will be no impact on your insurance cover due to loss or change of employment as long as you have sufficient money in your account when your premiums are due.
Can I reinstate my insurance once it has been cancelled?
Yes, if a contribution is received into your account within 60 days of the date of cancellation and you contact the fund to elect to reinstate your cover. There is no minimum balance or ongoing contribution requirement to have insurance cover with Prime Super.
Will any pandemic clause apply to my insurance?
No, all our existing insured members and new members with default insurance can have peace of mind that they will be continued to be covered through this difficult time of the COVID-19 pandemic.
Where can I access information to make an insurance claim?
We understand that the process of making an insurance claim can seem daunting, especially during a difficult time. We’ll do our best to make the process as straightforward as possible and provide you with the help and support you need to lodge your claim. Refer to our make a claim guide here or contact us here.
What if my account balance has changed between the time I applied for my payment and my account details were provided to the ATO?
Your account balance may have changed since your account balance was provided to the ATO and the date on which your withdrawal is made. Changes to your account balance might be due to, for example, contributions made and investment market fluctuations. We will pay you the amount approved by the ATO, provided you have enough funds in your account, or the full value of your account balance if it is less than the amount approved by the ATO. To keep track of your account use MemberOnline to check your balance when you submit an application, and again when you receive your payment.