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ANZ Smart Choice Super and COVID-19 FAQs

To learn more about ANZ’s response to COVID-19, visit anz.com/covid-19

Published 27 March 2020

We understand there’s a lot of uncertainty right now. As the world reacts to the coronavirus (COVID-19) pandemic, we want to reassure ANZ Smart Choice Super customers we’re here to help. 

Your top questions answered

Log in to ANZ Internet Banking. Your ANZ Smart Choice Super account balance will be listed together with your other ANZ accounts, if any.

Click on your super account to then access further functionality relating to your ANZ Smart Choice Super account, such as transaction history and investment performance.

Financial markets dislike uncertainty, and COVID-19 has delivered a lot of uncertainty worldwide over the past few months. This has triggered a correction from the unusually strong performance of some markets in 2019, and in other asset classes a significant drop in value. 

This can create concern, but unless you had planned to take your money out as a lump sum in the near future, it’s generally best to stick to your original investment strategy and still be in the market for the anticipated rebound. 

You can read ANZ Smart Choice Super’s investment house view on COVID-19 for more information.

Take comfort knowing that your ANZ Smart Choice Super Lifestage option automatically adjusts the mix of investments to become more conservative the closer you get to retirement. As you approach retirement, the investment mix changes to a more defensive portfolio anchored by cash and bonds. 

If you have chosen your own investment mix within ANZ Smart Choice Super, your preferences remain the same.  You can login via Internet Banking on anz.com and change these if you wish.

Your super typically needs to last you a good 20-30 years, so if you choose to react to the market volatility and move all your investments to cash during a downturn, you will crystallise your losses and may miss out on the benefits of any subsequent rebounds. 

If you’re really concerned about what your super is invested in, you should talk to a financial adviser about your investment strategy and the suitability of your investments.

While the news headlines can make it hard not to feel panicked, it’s important to take a calm and considered approach to your superannuation. Super is an investment vehicle for your retirement; when you’re young, you’re likely to have your investments mainly in growth assets such as shares. These are designed to provide potential higher returns over the long term, with enough time to ride out any dips or rapid fluctuations in markets. 

A long-term focus is critical during times of market turbulence and history has shown that markets have the ability to recover from significant downturns. So, while the coronavirus is clearly impacting the global economy now, we will likely see a recovery in the medium term.

However, if you’re really concerned about what your super is invested in, you should talk to a financial adviser.

That depends on your eligibility. The government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in the first three months of 2020-21.

If you believe you are eligible, you will need to apply directly to the Australian Tax Office. You will need to provide your bank details and it is anticipated you will be able to apply for early release of your superannuation from mid-April 2020.

For more information, please visit treasury.gov.au/coronavirus or speak with your financial adviser.

The government has announced a temporary reduction of superannuation minimum draw-down requirements for account-based pensions and similar products by 50 per cent for the 2019-20 and 2020-21 income years.

Where relevant, you should contact us if you wish to change your pension draw-down.

Insurance within super

For ANZ Smart Choice Super, your insurance cover is held through trustee-owned group insurance policies with insurers. These policies do not have a direct pandemic/epidemic exclusion. Contact us if you would like more detail on the policy which applies to you. There are a number of insurers that provide insurance arrangements for ANZ Smart Choice Super. The policy that you have taken out individually may have different terms and conditions, so you should speak to a financial adviser to understand the details.

In this uncertain time, the trustee has reached out to a number of its service providers, including insurers and they are appropriately responding and taking prudent actions to continue their operations, minimise disruption and importantly, deliver services to our members. They are watching circumstances closely and if there are changes, their responses may also change. Any insurance claim is subject to assessment and eligibility for cover.

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“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 113kB)ANZ Smart Choice Super for employers and their employees (PDF 122kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 124kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at anz.com/smartchoicesuper. ANZ Smart Choice Super is part of Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the IOOF Group of companies, comprising IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the IOOF Group of companies (including OPC) are not related bodies corporate. ANZ does not guarantee these products.

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

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Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880. For a copy of the latest SuperRatings research, click here (PDF 452kB).

For more information, visit moneymag.com.au, selectingsuper.com.au and superratings.com.au SuperRatings does not issue, sell, guarantee or underwrite this product. Learn more about SuperRatings' criteria.