COVID-19 update | 19 March 2020

Published on 19/03/2020

COVID-19 update

Australia and the world are experiencing uncertain times due to COVID-19. Navigating the unknown is a challenge for us all.

In this environment, Prime Super remains committed to its core purpose, to achieve the best possible retirement outcome for all fund members.

Daily operations

We remain open for business. You can still contact the team by phone and via email we will respond to you as quickly as possible. Employers can still conduct transactions with us online.

Prime Super has sought and received, assurances from our key suppliers that they can continue to deliver services to us so that all our processes remain operating and effective.

Sharemarket volatility and your super savings

There has been a lot of talk in the past few weeks about the impact of the Coronavirus (COVID-19) on global sharemarkets. Understandably there are some nervous investors. It can be hard to work out what it all means and the effect on your super savings.

Sharemarkets, both domestic and international, have come down from highs experienced earlier in the year, with markets being volatile over the past couple of weeks. This is due to the uncertainty around the economic impact of Covid-19 and the potential that the impact may be greater than first realised.

Global oil prices have fallen as a result of Russia and Saudi Arabia failing to agree to oil production cuts. The coronavirus has reduced travel activity and manufacturing, contributing to lower demand and pricing of oil. In response to recent events, we have seen large price movements in global sharemarkets, commodities, currencies, and bonds.

In this environment, it’s important to remember that super is a long-term investment. Rather than focus on the day-to-day movements, remember that long-term savings is the goal.

Prime Super has a history of being a steady performer despite recent market volatility. Our MySuper option has delivered top-quartile performance over the last 3, 5 and 7 years* to 30 June 2019. Prime Super’s investment options, along with those of other super funds, will reflect the recent market fluctuations in future returns.

Work practices

Like all other organisations, the team at Prime Super has adapted its work practices to continue with our operations while protecting our people and the community.

Measures we have taken to keep members and employees safe:

  • limit direct contact with suppliers, partners and clients
  • supplier, partner and client meetings to be held via phone or using other collaborative tools
  • social distancing between staff
  • quarantine for those showing any signs of illness
  • rescheduling or cancelling events
  • no international travel/ restricted domestic air travel
  • staff take laptops home each day so they can work from home if necessary

Future updates

The team at Prime Super will continue to update members, partners and clients on how we are adapting to the current environment.   Please check our website for regular updates.

 

*Returns for each year are based on the annual return to 30 June of that year. Quartile results compared against the SuperRatings Balanced (60-76) Index 30 June 2019. Please note that past performance is not a reliable indicator of future performance.

**This information is of a general nature and has been prepared without taking into account a potential or existing member’s objective, financial situation or needs. Members should consider whether the information is appropriate for them having regard to their objectives, financial situation or needs. Prime Super recommends that members read the product disclosure statement and consider if the product is appropriate to them.