HESTA Super Fund Questions & Answers

Hi Happy

Thanks for your question.

We know the recent market volatility can be concerning, particularly when you are about to withdraw from your super.

While it’s still too early to know the full market impact from the Coronavirus situation, HESTA’s internal investment team and our external investment managers are experienced at managing market fluctuations, and are carefully monitoring the situation and are prepared to take action if necessary.

It’s worth seeking advice if you plan to change how your super is invested, or your investment choice. A great benefit of being with HESTA is easy access to advice about your super at no extra cost here: https://www.hesta.com.au/members/advice/speak-to-an-adviser.html

Kind regards

The Team at HESTA

Hi Rachel

Thanks for your question. If you have applied for early release of your super due to COVID-19 via myGov, where payment is approved by the ATO they will let HESTA know the next business day. Please note that the eligibility and application process for this payment is managed entirely by the ATO.

We will check your account and you will receive an SMS to confirm that you have requested payment.

Allow 2-5 business days for HESTA to process the payment. You will receive an SMS once payment has been sent. It will be another 2-3 business days for payments to be electronically deposited, depending on your bank.

You can find out more at the following links:

https://hesta.co/Coronavirus

https://hesta.co/Accessing-Your-Super

If you have applied for early release for any other reason apart from COVID-19, please provide us with your full name, membership number, full address (including the state and post code) and date of birth and we can look into your account and get back to you.

Kind regards

The Team at HESTA

Hi Angelo

We're very sorry to hear this, and would like to help if we can.

We have sent you a private message with further info.

Please remove your question above to protect you privacy as it contains your personal contact info.

Kind regards

The Team at HESTA

Hi Faye

The HESTA Australian Business Number (ABN) is 64 971 749 321.

Other numbers you may be after are all located here: https://www.hesta.com.au/members/forms-resources.html

Please let us know if you have any further questions and we will be happy to assist.

Kind regards

The Team at HESTA

Hi Llonda

At the time of a claim, a beneficiary may be entitled to choose to receive the income stream as a lump-sum payment or opt to continue the income stream if eligible.

We recommend seeking financial advice as the tax treatment of benefits will depend on their personal circumstances.

You can find out more below on page 4:
https://www.hesta.com.au/content/dam/hesta/Documents/How-super-works.pdf

Kind regards

The Team at HESTA

Hi Donna

Thanks for your question. We will be sending you a private message to find out more information about your early release of super this year.

Kind regards

The Team at HESTA

Hi Lina

Thanks for your question.

As you’re aware, the government has recently made announcements in relation to allowing individuals affected by the Coronavirus to be able to temporarily access some of their super.

It’s important to remember that this is a proposed change, which is intended to be operational from mid-April and is subject to passing of legislation. The information we can provide at this stage is limited to government announcements.

Eligible individuals will be able to apply online through myGov for access of up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for another three months (exact timing will depend on the passage of the relevant legislation).

You can find out more information about accessing your super here:

https://hesta.co/Accessing-Your-Super

To apply to access your super under these new proposed changes you must meet one or more of the following requirements:

you are unemployed; or

you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or

on or after 1 January 2020:

you were made redundant; or

your working hours were reduced by 20 percent or more; or

if you are a sole trader your business was suspended or there was a reduction in your

turnover of 20 percent or more.

If you are eligible, you can apply directly to the Australian Taxation Office (ATO) through the myGov website: www.my.gov.au. You will need to certify that you meet the above eligibility criteria.

Please note that superannuation is highly regulated by legislation and unfortunately this means that super funds (including HESTA) do not have discretion around whether members can access their super before their retirement. Eligibility for release under these new changes will be decided by the ATO.

Kind regards

The Team at HESTA

Hi Melecio

Thank you for your question.

As you’re aware, the government has recently made announcements in relation to allowing individuals affected by the Coronavirus to be able to temporarily access some of their super.

It’s important to remember that this is a proposed change, which is intended to be operational from mid-April and is subject to passing of legislation. The information we can provide at this stage is limited to government announcements.

Eligible individuals will be able to apply online through myGov for access of up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for another three months (exact timing will depend on the passage of the relevant legislation).

You can find out more information about accessing your super here:

https://hesta.co/Accessing-Your-Super

To apply to access your super under these new proposed changes you must meet one or more of the following requirements:

you are unemployed; or

you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or

on or after 1 January 2020:

you were made redundant; or

your working hours were reduced by 20 percent or more; or

if you are a sole trader your business was suspended or there was a reduction in your

turnover of 20 percent or more.

If you are eligible, you can apply directly to the Australian Taxation Office (ATO) through the myGov website: www.my.gov.au. You will need to certify that you meet the above eligibility criteria.

Please note that superannuation is highly regulated by legislation and unfortunately this means that super funds (including HESTA) do not have discretion around whether members can access their super before their retirement. Eligibility for release under these new changes will be decided by the ATO.

Kind regards

The Team at HESTA

Hi Steph

We’re extremely concerned to hear of your situation and hope you are safe. If you are in any danger you should call 000. There are resources out there, including hotlines and walk in services. We’re not sure which part of Australia you are in but 1800respect provides a 24 hour national hotline (1800 737 732). We’re not sure from your response if you are a HESTA member. We have sent you a private message to gather further information, which will assist our team in helping you. To protect your privacy please don't post any of your personal information on a public message.

Kind regards,

The Team at HESTA

Hi Sheena

Thanks for your question. To give you an indication of time frames, once we receive an application it can take 5-10 business days to process and pay the funds to you. We would be happy to speak to you further about this over the phone as time frames may vary depending on each individuals situation.

If you would like to speak with someone regarding your super please call us on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi Terry

Thanks for your question. It’s worth seeking advice if you plan to change how your super is invested, or your investment choice. A great benefit of being with HESTA is easy access to advice about your super at no extra cost.

Please call us on 1800 813 327, 8am-8pm, Monday-Friday if you'd like us to arrange some general advice or personal advice with a suitably qualified adviser. A member of our team will be happy to assist you.

Kind regards

The Team at HESTA

Hi Melissa,

Thank you for your question.

The processing of a death claim can depend on a number of variables, and can vary from case to case. All claims are treated differently from one another, as they all have their own unique set of circumstances.

Some take only a few weeks to finalise, while some can take a while longer.

Some of the things than can impact the timeframes would be the number of claimants that present themselves, how frequently we are able to make contact with them, and how quickly we receive the required paperwork.

As part of the claim approval process, we advise claimants of the Trustee's decision via a letter. All parties will then be able to confirm their acceptance of the decision or object to it within 28 days.

If claimant(s) object, the decision will again be reviewed. Once a decision has been accepted and we have received the claimants bank details, it usually only takes a couple of weeks for the claimant to receive the funds.

We strongly suggest giving our insurance and claims specialists a call to find out how your claim is progressing. You can contact our insurance and claims team on 1300 667 916 Monday to Friday 8:30am to 5:30pm AEDT.

Alternatively, you could private message us your contact details and we can organise a call back to you to discuss your circumstances further.

Kind regards

The Team at HESTA

Hi Rawinia

Thank you for your question.

HESTA does not currently accept rollovers in from New Zealand KiwiSaver accounts.

You may find the following site useful for information on funds that accept KiwiSaver transfers:
https://www.superguide.com.au/boost-your-superannuation/moving-super-between-nz-and-australia

Kind regards,

The Team at HESTA

Hi Abir

Thanks for your question. Under current government legislation there are two ways to claim your funds prior to retirement age. The first is Financial Hardship, wherein you must be on an eligible Centrelink payment for at least 26 weeks consecutively, or under Compassionate Grounds.

You can apply for Compassionate Grounds if you require funds for any of the following:

- Medical treatment or transport for yourself or for an dependent, where such treatment is not covered through the public system.
- Mortgage Assistance - to prevent foreclosure of a mortgage.
- Modifications to your home and/or motor vehicle to accommodate the special needs of yourself or a dependent in the case of a severe disability.
- Care for terminal medical condition/Funeral Assistance.

The Australian Taxation Office (ATO) is responsible for assessing all requests for early release of benefits on compassionate grounds. HESTA can only pay such a benefit from the fund after you have obtained the ATO's approval. You can contact the ATO on 13 10 20. Once you have received approval from the ATO you will need to make contact with us to obtain the relevant forms.

If you have any further questions, please feel free to give us a call on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi Lorraine

Under current government legislation there are two ways to claim your funds prior to retirement age. The first is Financial Hardship, wherein you must be on an eligible Centrelink payment for at least 26 weeks consecutively, or under Compassionate Grounds.

You can apply for Compassionate Grounds if you require funds for any of the following:
- Medical treatment or transport for yourself or for an dependent, where such treatment is not covered through the public system.
- Mortgage Assistance - to prevent foreclosure of a mortgage.
- Modifications to your home and/or motor vehicle to accommodate the special needs of yourself or a dependent in the case of a severe disability.
- Care for terminal medical condition/Funeral Assistance.

The Australian Taxation Office (ATO) is responsible for assessing all requests for early release of benefits on compassionate grounds. HESTA can only pay such a benefit from the fund after you have obtained the ATO's approval. You can contact the ATO on 13 10 20. Once you have received approval from the ATO you will need to make contact with us to obtain the relevant forms.

Kind regards

The Team at HESTA

Hi Belinda

Upon joining, and unless you opt out of insurance on your member application form, HESTA provides all eligible members with a standard level of insurance cover, consisting of 2 units of Death Cover and 2 units of Income Protection Cover.

If you have not cancelled your Income Protection cover, you may be entitled to make a claim. Please note that your payments may be offset by any work cover or existing Income Protection claim.

We recommend giving our Insurance and Claims team a call to discuss eligibility. You will need the following dates handy:

- The date you were last at work
- The date of the diagnosis/or injury
- the date you were certified unfit for work

You can contact our team on 1300 667 916, open 8:00am-5:30pm Monday to Friday.

Kind Regards

The Team at HESTA

Hi John

Thank you for your message. We can confirm you are still covered by your death and income protection cover whilst overseas.

Overseas cover while in receipt of IP benefits:
If, after payment of your IP benefit begins, you travel or live overseas for more than six months (or a longer period if the insurer agrees), payment of any benefits will only continue as long as the insurer can continue to obtain the evidence provided in the form and at the times the insurer reasonably requires, to verify your entitlement to IP benefits. If your IP benefit payments stop, they will only resume if your entitlement is established while you live in Australia or another country approved by the insurer.

Our Insurance Options PDS may be of use to you, you can find that located here: https://www.hesta.com.au/content/dam/hesta/Documents/Insurance-options.pdf

You can always give our Customer Care Team at call at +61 3 9200 4714 (our number for members overseas) and we will be happy to assist.

Kind regards

The Team at HESTA

Hi Karen,

Thank you for your query.

There are 3 main criteria under which you are eligible to make a lump sum withdrawal on 'Retirement' grounds.

They are as follows:
- You have reached your 'preservation age'* and declare yourself to be fully retired with no intention of working more than 10 hours per week in the future
- You have ceased any single employment arrangement (e.g. change jobs) between the ages of 60 and 64
- You are over 65

*Your 'preservation age' is dependent on your date of birth (D.O.B) as detailed below:
D.O.B Before 1 July 1960 -> Preservation Age is 55
D.O.B 1 July 1960 to 30 June 1961-> Preservation Age is 56
D.O.B 1 July 1961 to 30 June 1962 -> Preservation Age is 57
D.O.B 1 July 1962 to 30 June 1963 -> Preservation Age is 58
D.O.B 1 July 1963 to 30 June 1964 -> Preservation Age is 59
D.O.B After 30 June 1964 -> Preservation Age is 60

Please dont hesitate to reach out if you have any further queries at all.

Kind regards

The Team at HESTA