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Coronavirus, your super and you

At Statewide Super, our members have always been our number one priority.

To ensure we continue to look after your best interests during the Coronavirus pandemic, we've introduced a number of measures to help protect you, your super and our team. Below you'll find the answers to a number of frequently asked questions in relation to the Coronavirus, along with the new measures in place to protect you and our team.  

 
  • Statewide Super is a unitised fund

    Statewide Super is a unitised fund. This means that you purchase units every time you contribute to your account. You subsequently sell these units when, for example, you make an investment switch. In effect, you are selling off your units to purchase units in another investment option. All assets will gain or lose value over time, depending on the demand for them. The change in the value of these assets is called 'fluctuation'. This means, when the markets drop, units can be purchased at a lower price, and when markets rise, units become more expensive.

    For example, if you make a switch from one investment into another, when the market moves up or recovers the unit price, the investment option you have switched into is likely to be higher than the original purchase price.

    To find out about our investment options, read our How we invest your money booklet.

    With a range of investment options to choose from, it’s important you:

    • understand the asset classes and risks associated with them;
    • review your investment options;
    • make your choice.
  • What’s happening in the market?

    We understand that when markets are falling dramatically, a normal reaction is to think about changing your investment to cash or a lower risk labelled option.

    In a falling market, by switching, you may mitigate any further declines in value, but potentially could be locking in declines that may have already happened. 

  • Remember your long term strategy

    The latest market update, up until Wednesday 18 March 2020, indicated that the Australian share market is down over 30 per cent from its peak in February 2020. The MySuper option has fallen approximately 13 per cent in the same time (however there may be delays in pricing some assets).

    Further falls could be proportionately less due to the diversification of the MySuper option. Diversification means that Statewide Super holds a range of different asset classes including shares, bonds, cash, property and infrastructure. Each of these assets offers a different level of risk and return. There is no such thing as a risk free investment. It is the mix of assets that makes the MySuper option a diversified one.

    The chart below shows the impact on the Australian share market during the GFC and over the last 20 years. What we can see is during this time the markets fell dramatically, but they recovered, and the long-term trend showed shares recovering.

    20 Year Australian Share Market Graph Feb 2020

    Source: S&P Dow Jones Indices. Returns assume dividends are reinvested and are based on the All Ordinaries Total Return Index.

    Our team of Investment Managers actively manage how we invest in various assets to respond to risks and opportunities, working to ensure the retirement savings of our members are protected for their futures.

    It’s important for you to be aware of which investment option your superannuation is currently invested in and whether it’s the best option for your personal circumstances and stage of life.

    When becoming a Statewide Super member you are automatically placed into our diversified MySuper option, which has returned an average of 8.8% pa over the past 5 years, unless you tell us otherwise.

    If you are unsure of your current investment option, login to your secure Statewide Super online portal and click on ‘Investments’ to view your option and balance.

  • Reviewing your super

    If you’re concerned about your personal situation and wish to review your investment options and strategy, our Financial Planning and Member Services Team are here to help.

    Call us on 1300 65 18 65 within Australia, 08 7915 4800 in the Northern Territory or +61 8 8217 8570 from overseas from Monday – Friday, 8:30am – 5:00pm for assistance.

  • Suspension of face-to-face member servicing

    All face-to-face member interaction in our Adelaide and Darwin offices will temporarily cease at 5:00pm Friday, 20 March 2020.

    From Monday, 23 March the Statewide Super Hub located on Victoria Square, Adelaide, and the Darwin office, will not be open to members or the public until further notice.

    Our call centre will remain open from 8:30am-5:00pm Monday to Friday. You can call us on 1300 65 18 65 or email info@statewide.com.au. We’re experiencing unusually high call volumes so we ask for your patience.

    Remember, you can also check your account balance and transact online via the Statewide Super online portal.

  • Cancellation of events & information sessions

    Being mindful of the risks associated in bringing large groups of people together at this time and the need for social distancing, we have cancelled the following events in order to protect our members and staff until further notice:

    • Retirement Club (scheduled for 24 March 2020);
    • Metropolitan and regional Financial Planning Seminars, (scheduled from 18 March 2020);
    • Information sessions held at the Super Hub, (scheduled from 17 March 2020).
  • Cancellation of workplace visits

    To minimise the risks for our employers and their staff, our Relationship Managers and supporting staff (eg. Financial Planners) will no longer attend workplace appointments, for the foreseeable future.

    During this time, your Relationship Managers will make themselves available via phone, email and, where possible, Zoom meetings, to ensure there is no disruption to the level of service you have become accustomed to.

    Additionally, we will be recording some key education sessions and providing employers with a link in due course, to ensure their employees aren’t missing out on important superannuation education. 

  • Financial Planning Appointments

    If you have a pre-scheduled financial planning appointment with a member of our team, you will be contacted prior to your appointment in relation to your recent travel history and current health status to ensure everyone’s safety, prior to attending a face-to-face appointment.

    If there are any concerns from either party, technology options such as a teleconference or video conference can be used to carry out the appointment.

  • Important information

    The information provided contains general advice which does not take into account your specific objectives, financial situation or needs. Before investing, you should consider the appropriateness of this general advice with regard to your personal circumstances. You may also wish to obtain independent financial advice. This information is not intended to be, and should not be construed in any way as, investment, legal, or personal advice.

    Investment returns can go up and down and are not guaranteed. All investments have risk, and past performance is not a reliable indicator of future performance. For more information on risks associated with investing, consider the Risks of Super and How we invest your money booklets.

    Statewide Super holds an Australian Financial Services Licence (AFSL) that allows it to provide general and personal financial advice. Statewide Super Financial Planners are employees and Authorised Representatives of Statewide Super, who is responsible for any advice given to you by them. Statewide Super also has an associated network of financial advisers (“Associated Advisers”) based locally and regionally. Advice provided to you by these Associated Advisers will be provided under the AFSL held by a third party. That third party is responsible for the financial advice given to you by an Associated Adviser.