What and why
We want to do something for Future Super members who have withdrawn their super. Our mission is to use the power of your money to create a future worth retiring into, but recently we have turned our focus to how we can use our money to support members.
Future Super has decided to pay our government stimulus forward to members who have been hit hardest by the current economic crisis. Members who have withdrawn from their super through early access, and whose balance has been depleted to a certain level, will be eligible to receive a supplemental contribution from Future Super.
Over 1,000 Future Super members have withdrawn from their super so far due to COVID-19. Although our subsidy will not cover the amount withdrawn by all our members, it's a small step to help you on your way as you rebuild your savings.
How it will work
If you are eligible for this payment, you will have been sent an email from us asking you to confirm your interest in receiving it. With your confirmation, we will make a lump sum payment into your Future Super account. You can expect to see this payment in your account transaction history in the coming weeks. All you need to do is let us know you’re interested before Tuesday the 19th ofMay. You can leave the rest to us!
The eligibility criteria for this payment are as follows:
- You have applied for an early release super payment due to COVID-19 before the 1st of May, and;
- Your remaining account balance is under $10,000 after withdrawal.
- Your Future Super account is open (and you can log into your account). If your account is closed, send us an email at firstname.lastname@example.org and our Member Advocacy team will re-open it.
Important things to consider
This payment will arrive in your account as an “Other contribution” and will count toward your non-concessional contribution cap*. This offer is made by Future Super Services Pty Ltd ex gratia and in good faith, and does not create any obligation or liability upon the assets of the Fund or its Trustee, Diversa Trustees Limited.
Please note that this contribution is subject to the fees of your chosen investment option and will be required to remain in the superannuation system until you meet a condition of release. Read more about superannuation preservation rules here.
It may take up to several weeks for this payment to arrive in your account. You’ll be able to see it in your account online in the transaction history.
This blog post contains general information only and does not take into account any person’s financial objectives, situation or needs. We recommend that you seek professional financial advice tailored to your own personal circumstances before taking any financial action. You should read the Product Disclosure Statement, Additional Information Booklet, Insurance Guide and Financial Services Guide before making any financial decisions regarding the Future Super super fund.
Why did I miss out on the payment?
We believe in both equity and equality. To us, equity means equal outcomes and not always equal treatment. Future Super determined that members left with low balances (under $10,000) would benefit most from this support and that the impact of these payments would be increased significantly by means-testing the recipients. If you feel you that you meet the eligibility criteria and that you should have received this payment you can get in contact with our member team before the 19th of May at email@example.com.
Why not just freeze/cancel member fees?
We deliver a valuable product to our members and our fees are directly related to the cost of running Future Super. While we are always looking for ways to benefit members, the sustainability of Future Super as a business is what allows us to continue serving members now and into the future. We believe in long term solutions, both for members and for climate change, and our ability to meet the best ethical standards means we must continue to explore and invest in impactful ventures like renewable energy. This is what your fees pay for.
How much is the payment?
The value of the payment will be determined by how many people are eligible to receive it. The government subsidy Future Super received is $100,000 and this will be divided between eligible recipients. We expect the payment to be in the range of $100-$200 per person.
Can I receive this payment as cash?
No. This payment is a super contribution designed to supplement the money members have had to withdraw from their super. It will be held within your super account and subject to the same rules, fees and taxation as the rest of your super balance.
*For the 2019/2020 financial year, this cap is set at $100,000 per financial year. If you’d like more information on contribution caps, you can read more on the ATO’s website. Please ensure that you have understood the relevant information about contribution caps before proceeding. For advice on how this will personally affect you, please speak with a financial advisor.