Keeping our members and broader community informed as we navigate an unprecedented time.
We understand that the significant impact of COVID-19 (Coronavirus) is presenting real challenges for our members and our broader community as we come to terms with adjusting to a new way of life.
On this page you will find a HUB of information and resources that we hope will provide you with some clarity during this uncertain time. We will continue to update this page as the impact of COVID-19 evolves. We pray peace, comfort and provision for you and your family in this season.
- CEO update
- Investment market update
- Insurance cover
- Temporary early access to super
- Support for retirees
- Government Support
- Other Financial Assistance & Services
COVID-19 response from our CEO, Ross Piper.
Investment market update
Investment market commentary from our investment team.
The impact of the coronavirus continues to raise medical concerns and we have received many questions from our members and the role insurance cover plays during a pandemic.
Members who have death, total & permanent disablement or income protection through Christian Super can be assured that there are no pandemic-related exclusions. All claims will be assessed in line with the terms and conditions of the policy e.g. income protection applies when you are unable to work because of your own medical condition.
Temporary early access to super
If you’re impacted by the effects of Coronavirus (Covid-19), the Government is allowing individuals to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
While superannuation helps people save for retirement, the Government has recognised that for those significantly financially affected by the coronavirus, accessing some of those savings today may outweigh the benefits of maintaining those savings until retirement. The government is also offering multiple packages to support households and businesses. A list of these can be found in the Government Support section below.
- To find out if you’re eligible and learn more click here
- Treasury fact sheet click here
- Further questions and answers around Temporary Early Access to Super
Support for retirees
Temporary reduction in super minimum drawdown rates
The government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20 and 2020–21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements. Click here to learn more.
Changes to social security deeming rates
The government is also reducing both the upper and lower social security deeming rates by a further 0.25 percentage points in addition to the 0.5 percentage point reduction to both rates announced on 12 March 2020.
- Treasury fact sheet click here
The Government is acting decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus. Please find a list of support from the government below:
- Individuals and households treasury.gov.au/coronavirus/households
- Businesses treasury.gov.au/coronavirus/businesses
- Intention to claim www.servicesaustralia.gov.au/
- Economic updates from the treasury treasury.gov.au/coronavirus
- Latest government updates and advice www.australia.gov.au
- Free childcare for frontline workers www.dese.gov.au
The Government will provide $130 billion to help keep Australians in jobs and support businesses affected by the economic impact cause by COVID-19. Under the latest Government package, employees will receive a flat payment of $1,500 (before tax) per fortnight through their existing employer.
Both employers and employees will need to meet eligibility criteria before employees can receive the payment. All the information you need can be found on the Government’s JobKeeper Payment website.
Other Financial Assistance & Services
Relief from home loan repayments & other bills
Banks are offering deferrals of home loan repayments for 6 months, energy and other utility providers are also providing payment deferrals, contact your providers for more details.
Talk to your bank for home loan deferrals for 6 months, here are some examples:
Talk to other suppliers, here are some examples:
Christians against poverty is a not-for-profit organisation supporting individuals and families through debt management, unemployment and financial literacy.
We understand that at this time there are many things that have shifted in shape. From potentially working at home, to re-evaluating budgets and spending – we acknowledge that there are many things that you may be wrestling with. This resource page has been designed to help equip you to rebuild and re-establish your livelihood in this time of Covid19. Click here to see this resource page which includes topics ranging from Budgeting basics, Faith and finance to Family life during Covid19.
Unfortunately, at this time, there has been an increase across all sectors of fraudulent crime. Christian Super at present has not been affected by this, however this does not make us immune. As a fund, we will continue to put all necessary measures in place to ensure this does not happen.
Please be aware that fraudsters may be seeking personal information about your super. If you receive a phone call, SMS, or email asking about your super or to make a payment please be aware that this may be fraud.
To read more about what to look for with fraudulent crime, read our article on Five tips on keeping you super safe.