COVID-19 member FAQs
Important
We understand that many Media Super members are now facing significant financial uncertainty.
A number of support measures have been brought in by Federal and State Governments to help both workers and businesses get through these difficult times, including early access to super.
Withdrawing money out of your super now could have a significant impact on your insurance and the super you have to support you in retirement. We would urge members to consider the broad range of support available and only take money out of super as a last resort.
We’ve estimated* the impact withdrawing $20,000 now could have on your super balance at retirement, based on your current age:
- Age 25: you could lose about $45,000
- Age 35: you could lose about $37,000
- Age 45 you could lose about $30,000
This shows just how important this decision is. Make sure you read and understand the section What should I consider before applying? and contact us if you need help.
You can read an early access fact sheet with examples in other languages as well.
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*Source: Media Super, figures updated from 30 April 2020 to replace 'future' dollars with 'today's' dollars. The calculation is provided for illustration purposes and is based on certain assumptions including, but not limited to, the following: Age 25 – starting balance of $22,000, salary of $50,000, and projected balance at retirement of $342,000. Age 35 – starting balance of $60,000, salary of $70,000, and projected balance at retirement of $395,000. Age 45 – starting balance of $85,000, salary of $90,000, and projected balance at retirement of $340,000. Assumes administration fees of $104 (inflating at CPI) plus 0.19% of account balance per year, default insurance cover of 4 units (Manual), a 2.5% per year rise in CPI and a further 1% per year additional rise in living standards. Investment returns are based on the Media Super default investment options – Growth (MySuper) during accumulation and Conservative Growth during draw down.
Past performance is not a reliable indicator of future performance. You should look at your own financial position, objectives and requirements before making any financial decisions.