HESTA Super Fund Questions & Answers (page 4 of 18)

Hi Jeff

Thanks for your question. Our Customer Care team will be happy to speak to you more about Income Protection Cover. Please give them a call at 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi KRC

Thanks for your message.

You can visit the link below to see how HESTA’s investment options have performed.

https://www.hesta.com.au/members/investments/super-performance.html

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 Frog

Thanks for your question, yes you can certainly take it in a lump sum, or if you have over $50,000.00 in your account you can also turn your super into an Income Stream where you can receive pension payments from your super.

You can find more information at the link below:

https://www.hesta.com.au/content/dam/hesta/Documents/HESTA-income-stream-PDS.pdf

HESTA members can access advice about their super. To talk to an expert please visit our website at:

https://www.hesta.com.au/members/advice/speak-to-an-adviser.html

Please fill out the the form to organise for us to give you a call.

Kind regards

The Team at HESTA

Hi Julie

Thanks for your question.

If you have an Unrestricted Non-Preserved component in your balance, you can access that at any time.

Please give our Customer Care team a call on 1800 813 327 8am-8pm AET Monday to Friday, and they will be able to look into your account and provide you with further info.

Kind regards

The Team at HESTA

Hi Robyn

Thank you for your question.

There are a few circumstances when a super fund can allow for the early release of a member’s balance below preservation age including Financial Hardship, Permanent Incapacity and Income Protection insurance.

We recommend you give our Customer Care team a call and they will be happy to assist you further with your query. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA

Hi Katherine

Thanks for your question. We recommend you give our Customer Care team a call and they will be happy to assist you further with your query. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA

Hi Marl

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 Garry

Unfortunately, the share markets both in Australian and abroad have experienced volatility over the past few months. The HESTA Your Choice – Australian Shares investment option has reflected this. In the one month to 30 Mayember, the ASX 300 has fallen -2.18% and Your Choice Australian Shares is down -2.45%. Since the beginning of the financial year, the ASX 300 has fallen -6.82% and Your Choice – Australian Shares -6.45%.

It’s important to remember that super is a long-term investment and it’s typical that someone accumulating their savings over their working life can experience a range of market ups and downs. While past performance is not an indication of future investment performance, over the past ten years the HESTA Your Choice Australian Shares investment option has achieved a 9.93% p.a. return net of indirect costs, fees and taxes. This compares to the ASX 300, which achieved an 8.83% p.a. return over the same time period.

We suggest that it is generally a good idea to regularly review investment choices to ensure they continue to meet an individual’s circumstances and risk appetite.

Our Australian Shares option is designed for someone wishing to build their own diversified portfolio of investments and who wishes to have an exposure to Australian Shares. We caution that investors choosing these asset-class specific investment options should have a good understanding of the different types of risks associated with investments and the fundamental principles of investing. We let our members know that our Australian Shares is among our higher risk investment options. Accordingly, our Australian Shares option has a suggested minimum investment timeframe of between seven to 10 years.

You can find out more about our investment options and their performance here: https://www.hesta.com.au/members/investments/super-investment-options.html. HESTA Chief Investment Officer, Sonya Sawtell-Rickson also gives her views on the current market volatility here: https://www.hesta.com.au/stories/HESTA-CIO-Sonya-Sawtell-Rickson-discusses-recent-share-market-volatility.html

To help HESTA members with their super we provide advice, including on making investment choices. If you would like to speak to a member of our Customer Care team, please call us on 1800 813 327, 8am-8pm, Monday-Friday.

Kind regards

The Team at HESTA

Hi Dellgle

Thanks for your question. Unless the amount is non-preserved unrestricted, you won't be able to access your non-preserved restricted balance unless you meet a condition of release. Salary sacrifice payments go in automatically as preserved amounts. From there, when you meet a condition of release, they will then convert to unrestricted non-preserved amounts. See below for further information.

https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/

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

Hello Kellie

Thanks for your question. For our operational banking we use NAB. We also use a number of investment managers to manage our members’ cash and term deposit investments. You can see these in the investment section of our website at the link below:

https://www.hesta.com.au/members/investments/super-investment-options.html

Kind regards

The Team at HESTA

Hi Rhonda

Thanks for your question. To change your fortnightly payment, you can do so via Member Online. To change your fortnightly payment, simply log into Member Online, select 'My Account' > 'Income Stream details'> then click 'Change'.

Our Customer Care team will also be happy to assist you with this as well. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA

Hi Greg

The time it takes does depend on what the type of claim it is e.g. financial hardship, transfer etc. Please contact our Customer Care team directly on 1800 813 327 8am-8pm AET Monday to Friday and they will be happy to assist you.

Kind regards

The Team at HESTA

Hi Jacqueline

Thank you for your question. We can confirm that you can still make a claim if you live overseas. You can read more about exclusions at the following link below. Please see page 34 of our Insurance Options Guide.

https://www.hesta.com.au/content/dam/hesta/Documents/Insurance-options.pdf

Please don't hesitate to contact us on +61 3 9200 4714 8am-8pm AET Monday to Friday if we can help you further.

Kind regards

The Team at HESTA

Hi Tracey

Thank you for your question.

There are a few circumstances when a super fund can allow for the early release of a member’s balance below preservation age including Financial Hardship, Permanent Incapacity and Income Protection insurance.

We recommend you give our Customer Care team a call and they will be happy to assist you further with your query. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA

Hi Kristina

Thank you for your question.

There are a few circumstances when a super fund can allow for the early release of a member’s balance below preservation age including Financial Hardship, Permanent Incapacity and Income Protection insurance.

To be eligible for a claim on Financial Hardship grounds, you must have been in receipt of an eligible payment from Centrelink for a minimum of 26 consecutive weeks, which can be obtained by calling Centrelink on 131021 and obtaining a Q230 letter, depending on your circumstance.

Some important things to note:

• Under superannuation law, only one financial hardship payment of up to $10,000 (before tax), from any Fund, can be paid within a 12 month period;
• Your super cannot be released under financial hardship unless you have been in receipt of an eligible pension or payment from Centrelink for at least 26 weeks;
• You will need to provide confirmation that you are in receipt of an eligible payment from Centrelink, which can be obtained by calling Centrelink on 131021 and obtaining a Q230 letter or a Q251 letter, depending on your circumstance;
• Super paid prior to preservation age will be subject to tax at the relevant rates.

We recommend you give our Customer Care team a call and they will be happy to assist you further with your query. You can contact them directly on 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA

Hi Jude

Thanks for your question. We’re sorry to hear that your friend is experiencing financial difficulties and we want to help if we can.

There are a few circumstances when a super fund can allow for the early release of a member’s balance below preservation age including Financial Hardship, Permanent Incapacity and Income Protection insurance.

To be eligible for a claim on Financial Hardship grounds, you must have been in receipt of an eligible payment from Centrelink for a minimum of 26 consecutive weeks, which can be obtained by calling Centrelink on 131021 and obtaining a Q230 letter, depending on your circumstance.

We recommend your friend giving our Customer Care team a call and they will be happy to explain the process and answer any further questions. They can be reached at 1800 813 327 8am-8pm AET Monday to Friday.

Kind regards

The Team at HESTA

Hi Raja

Thank you for your question. You can access your super if you’re a temporary resident leaving Australia permanently and don’t plan on returning. For more information go to:
https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-paying-tax/Super-information-for-temporary-residents-departing-Australia/

Kind regards

The Team at HESTA

Hi Laurie

Thank you for your question.

HESTA members can access advice about their super. To talk to an expert please visit our website at:

https://www.hesta.com.au/members/advice/speak-to-an-adviser.html

Please fill out the the form to organise for us to give you a call.

Kind regards

The Team at HESTA

Hi Lsy

Thank you for your question, and we’re sorry to hear about the delay. Please give our Customer Care team a call on 1800 813 327 between 8am-8pm Monday to Friday, and they will be able to look into your application.

Kind regards

The Team at HESTA

Hi Andy

Thanks for your question.

To find out if you are eligible for the First Home Super Saver Scheme, you can find more information at the following link:

https://www.hesta.com.au/firsthome

If you have any further questions, our Customer Care Team will be happy to assist you with the process. You can reach them at 1800 813 327 between the hours of 8am-8pm AET Monday-Friday.

Kind regards

The Team at HESTA