COVID-19 FAQs

If you have financial concerns, call us - we can spend time understanding your circumstances and discuss options for how we can help.

For banking or home loans: call 13 30 30
For super, insurance and pensions: call 131 267

If you, or any of your loved ones are struggling emotionally, please get help from your local GP, or call one of the numbers below.

National support networks include:

• Lifeline: 13 11 14
• Suicide Call Back Service: 1300 659 467
• Beyond Blue: 1300 22 4636
• Mental Health Line: 1800 011 511
• Kids Help Line: 1800 551 800
• Mensline Australia: 1300 78 99 78
• GriefLine: 1300 845 745

There are different advice options available to you depending on your needs. Find out more

Once you log into My AMP, you'll be on the Overview screen. You'll find ‘Change Investment Mix’ in the ‘I want to' menu on the right hand side of this page. You'll also find it in the menu on your Superannuation overview and Product overview pages.

Click on 'Forgotten username or password? in the login screen and follow the prompts. Or contact ampeservices on 1300 300 465 from Monday to Friday, 8.30am to 7pm (AET) or email ampeservices@amp.com.au.

If you’re not sure what’s happening with your application, you can call the Australian Taxation Office on 13 10 20 between 8 am and 6pm Monday to Friday, and 10am to 2pm Saturday (Sydney time).

You’ll receive notification via myGov within 2-3 days or the ATO will send you written confirmation.

The ATO is aware of people receiving an email or SMS message about being approved for the COVID-19 early release when they haven’t lodged an application.

This could be sent to someone who didn’t request it when:

- the person applying for the early release enters an incorrect mobile number in the online application
- if the application is by phone, the ATO consultant hasn’t correctly entered the mobile number provided
- The ATO holds a mobile number from a previous tax return that’s no longer the person’s number
- someone else has attempted to lodge an application without the person’s consent.

If you receive a suspicious email or SMS claiming to be from the ATO you can:

- forward the entire email to ReportEmailFraud@ato.gov.au
- take a screenshot of the text and email it to ReportEmailFraud@ato.gov.au
- delete the email or text.

Don't click on a link, open an attachment or download a file you find suspicious. You can phone the ATO on 1800 008 540 to confirm if an application has been made in relation to your super account and the contact you received is genuine.

If you haven’t applied for COVID-19 early release of super and you’ve received a text message from AMP, contact us on 1300 050 591 and we’ll look into it, then will be in touch with you.

If your account balance is less than the release amount approved by the ATO, we’ll complete a full withdrawal and pay you the full balance. This will close your account (we’ll send you an exit statement to confirm), and any other benefits linked to your account will stop, such as insurance.

For example, if you apply to the ATO for $10,000 but your account balance is only $8,000, we’ll complete a full withdrawal of $8,000 and close your account.

No – the payment will be tax free.

The ATO will collect your bank account details in the application form on myGov. It’s important to make sure you provide the correct details as this is where your payment will be sent.

Once we receive your approved request from the ATO, we’ll process your payment as quickly as possible. We’ve been preparing for this process since the government announced the change a few weeks ago, but we expect a high volume of requests and are mainly working from home, so it may take a few extra days than usual to process your payment. 

If your super account has insurance attached to it, the insurance will remain in place unless:

a) your super account is closed as a result of the withdrawal, in which case the insurance cover will stop.

b) after the withdrawal, your super account balance isn’t enough to cover the cost of your insurance premiums. In this case, your insurance will be cancelled unless you can make additional contributions into the super account to cover the premiums when they’re due.

c) Your super account becomes inactive (no contributions or rollovers received into the account) for 16 months, unless you’ve previously requested to keep the insurance even if this happens. Learn more at https://www.amp.com.au/insurancecancellation

If your insurance is cancelled you may be able to reinstate your cover by contacting us within 30 days, however conditions may apply and there may be a period between the cancellation and reinstatement of your insurance, where you’re not covered.

If your insurance is cancelled you may be able to reinstate your cover by contacting us within 30 days, however conditions may apply and there may be a period between the cancellation and reinstatement of your insurance, where you’re not covered. To reinstate your insurance you may need to open a new account (if your existing account is cancelled) and you may also need to go through underwriting to apply for cover by supplying health information. This information would need to be assessed as part of your application.

It is also possible that reinstatement of your insurance may not be provided on the same terms or at the same price. And, in some circumstances, you may not be able to reinstate your cover at all. It can be complicated for certain people to get insurance cover. For example, if you have a pre-existing medical condition or work in a dangerous occupation. The product disclosure statement provides more information about the terms of your insurance.

You should consider this information when deciding how much you wish to withdraw from your super.

No. Your balance must be held by a super fund to be paid out under this condition of release. You can request a transfer of any super balances held by the ATO to a super account of your choice and then request a payment from that fund. Both requests can be submitted using your myGov account.

Yes, if you meet the requirements you may be able to access your super under a number of options including severe financial hardship

– you can find out more at amp.com.au/superannuation/accessing-your-super-early

The ATO has published further information on:

Dealing with disaster

Early access to your super

Temporary early release of super fact sheet

The legislative changes are effective now. For the current financial year, if you’ve chosen to receive the minimum this will remain in place. However, if you’d like to receive the new reduced minimum, contact us and we can apply it to your account. For the next financial year starting July 2020 it will automatically be applied, unless you let us know before July that you don’t want it.

We won't make any changes to your pension payments for the rest of the 2019-20 financial year unless you ask us to. You can choose to reduce any future pension payments you receive to the reduced minimum payment amount.

Any accounts opened after 30 March 2020 will have the new minimum pension rates automatically applied for the 2019-20 financial year if you elected to receive the minimum payment. You can choose to receive a higher payment if you prefer - please refer to Question 5 to find out how to make changes.

If you’ve chosen to receive the minimum pension payment, the new minimum pension rates will be automatically applied to your account for the 2020-21 financial year. You can also choose to receive a higher payment if you prefer - refer to ‘How do I update my income payment amount?’ for information.

Yes, if you’ve already received the reduced minimum income amount for this financial year, you can choose to cancel further pension payments until 30 June 2020.

For MasterTrust products (this includes AMP Flexible Lifetime Allocated Pension, Flexible Lifetime Term Pension, Flexible Super Retirement and SignatureSuper Allocated Pension) you can amend your income payment at any time by completing this form and returning it to:

AMP Super
PO BOX 300
PARRAMATTA NSW 2124

Alternatively, you can return the form by email or you can call and make changes over the phone:

MasterTrust:

Call: 136 267 option 4
Email: ris_enquiries@amp.com.au

For Resolution Life Australasia products (this includes Multifund Flexible Income Plan and Flexible Income Plan) you can send us a signed letter and return it to:

Resolution Life
GPO BOX 5441
SYDNEY NSW 2001

Alternatively, you can return the letter by email or you can call and make changes over the phone:

Resolution Life:

Call: 133 731
Email: askus@resolutionlife.com.au

If you have a term-allocated pension, the reduction applies to the 2019-20 financial year, and your annual payment will be calculated on 1 July. You can choose between 45% and 110% of your annual amount. If you’d prefer to receive a lower payment than what’s calculated for you, you can reduce it.

Yes.

Your annual income review statement will include the new minimums. To find out more you can:

• visit our COVID-19 hub
• download the ‘providing support for retirees’ fact sheet
• call us: 
  • 136 267 option 4 (MasterTrust)
  • 133 731 (Resolution Life)
• contact a financial adviser.

Since the end of February 2020 financial markets have experienced extreme volatility, on the back of the development and spread of the COVID-19 (coronavirus). Markets remain uncertain as they are fluctuating daily.

This means there may be daily movement in the account balances of your investments. If you're concerned about this or would like more information, it's best to speak to your financial adviser.

If you're concerned about the impact on your investments, check out our practical ways to weather market volatility and stay focused on your long-term goals.

It's also a good idea to speak to your financial adviser, who can provide you with quality financial advice and services based on your current situation and future needs. If you don't have an adviser, we can put you in touch with one.

Generally speaking, economic experts have been reminding people that selling shares after a fall may lead to lock in a loss. This could mean you’re selling shares at a lower price and if you decide to buy-back the shares later on, there’s no guarantee you’ll pay less than what you sold them for. If you have a long-term investment strategy it may be best to turn down the external noise during times like this and speak to an adviser.

If you're experiencing financial hardship and need access to funds, please get in touch with us.

For banking or home loans: call 13 30 30
For super, insurance and pensions: call 131 267.

There are some specific circumstances where the law allows you to draw on your super early, such as on compassionate grounds. Find out more

It's best to speak to your financial adviser, who can provide you with quality financial advice and services based on your current situation and future needs, including moving money from one fund to another. If you don't have an adviser, we can put you in touch with one.

If you want to move or switch into other funds, our switch forms are available at amp.com.au/findaform.

It's best to speak to your financial adviser, who can provide you with quality financial advice and services based on your current situation and future needs. If you don't have an adviser, we can put you in touch with one.

The cost of switching between investment options can vary and is outlined in your PDS, available at amp.com.au/pds.

There is no switch fee for AMP MySuper funds.

You can choose to make a switch on your investment at anytime. It's best to speak to your financial adviser, who can provide you with quality financial advice and services based on your current situation and future needs.

It's best to speak to your financial adviser, who can provide you with quality financial advice and services based on your current situation and future needs, including moving money from one option to another. If you don't have an adviser, we can put you in touch with one.

It's best to speak to your financial adviser, who can provide you with quality financial advice and services based on your current situation and future needs, including moving money from one option to another. If you don't have an adviser, we can put you in touch with one.

It's best to engage your financial adviser so you can receive advice that’s most appropriate for you. Fund managers can't speak directly to clients and investors as they're unable to take into account your overall financial position.

If you don't have an adviser, we can put you in touch with one.

Customer funds invested in AMP super are held in structures that are strictly regulated, and are separate from shareholder funds. These regulations are in place to help protect clients' interests.

AMP knows the importance of protecting our clients' interests, and has processes in place to make sure these regulations are upheld and adhered to.

Sharemarket fluctuations are to be expected during global-scale events.

AMP remains very well capitalised, with our recent capital raising and conservative approach to capital management putting us in good stead to manage the company through challenging business conditions.

Yes, there’s no pandemic exclusion in insurance offered through AMP. You’re eligible so long as the usual terms and conditions that apply to your insurance are met, for example, your premiums continue to be paid. Each matter is assessed on a case-by-case basis.

No, there are no special requirements relating to COVID-19. You need to meet the usual terms and conditions that apply to your insurance. These can be found in your product disclosure documents at amp.com.au.

Income protection insurance may pay you a benefit if you can’t work due to illness or injury. When we assess whether you’re eligible to receive income protection benefits we generally base it on the impact the illness or injury has had on you, rather than the illness or injury itself. So, if contracting COVID-19 leads you to take extended time off work and the other terms and conditions applying to your insurance are also met, you may be entitled to receive an insurance benefit.

Waiting period - Income protection insurance normally has a waiting period which differs depending on your plan. They’re usually 30, 60, or 90 days, and no benefits are paid during this time. If you still can’t work due to illness or injury after the waiting period, the income protection benefit will be paid if your claim is accepted.

If you’re eligible to receive an insurance benefit under your income protection cover, any JobKeeper payments will be offset against your income protection payments.

For example, if you were eligible to receive $5,000 in income protection payments but were also receiving $3,000 per month for JobKeeper through your employer, the JobKeeper payments would be deducted from the $5,000 claim payment. So, your monthly insurance benefits would instead be $2,000 per month.

No. Income protection insurance may pay you a benefit if you can’t work due to illness or injury, and you meet the usual terms that apply to your insurance. But, if you’re no longer working, you will not be eligible to claim income protection, as you no longer have an income to insure.

Please note that the following applies to members who are insured by Resolution Life Australasia who have a claim where the date of disability is between 29 February 2020 and 31 March 2021 only.

​Yes, if you were made redundant or stood down temporarily as a result of COVID-19, and you had suffered and injury or illness that you were eligible to claim for, then your TPD claim would have been assessed using the hours you worked as at 29 February 2020. Unless you hours worked and income earned were higher on the date of disability – in which case, that date would have been used instead.

 ​Please see question 7 for more information. 

Yes, if you are insured by Resolution Life Australasia you would have still been able to make a claim if you had been injured or became ill. And, any claims made, where your disability/injury/illness occurred between 29 February 2020 and 31 March 2021 would have been assessed in a way that makes sure your benefits weren’t reduced because of a reduction in your work hours. See below:​​

Group Income Protection (IP) cover: If you were covered on 29 February 2020 and remained employed but had your hours or income reduced as a result of COVID 19, your claim would have been assessed based on hours worked and income as at 29 February 2020. If your hours worked and income earned were higher on the date of illness/injury, that date would have been used instead. If you’re no longer employed, your income protection cover will have stopped when you lost your employment.

​​If you were impacted by COVID-19 and need to make a claim on your TPD or IP insurance, you’ll be able to submit a claim at any time (there’s no set timeframe) for the period between 29 February 2020 and 31 March 2021.

​​Total and permanent disability (TPD) cover: If your hours were reduced as a result of COVID-19 and you needed to make a TPD claim, you would have been assessed based on hours worked and income as at 29 February 2020. If your hours worked and income earned were higher on the date of disability, that date would have been used instead.​​​

It’s important to review your cover regularly to make sure it remains appropriate for your needs, especially if your circumstances have changed since you took out the insurance. It may be worth considering some adjustments to help reduce the cost of your insurance, including:

- reducing the sum you’re insured for

- removing benefits or additional cost options

- increasing the waiting period or reducing the benefit period (income protection)

- removing indexation or declining an annual indexation increase (will occur at the next policy anniversary) – indexation is where your insurance policy increases to keep up with inflation.

Options can vary so please refer to your insurance terms and conditions for more information about these benefits, or speak to a financial adviser. If you’re experiencing financial hardship and you’re worried about losing your insurance, please contact us to talk through your options on 131 267.

If you were on extended leave from work and had an agreed return date (eg parental leave) but you were unable to return because of the economic impact of COVID-19 at work, you may be eligible to receive insurance benefits. This is subject to your claim being accepted and you meeting the standard terms and conditions for your insurance. The short-term measures in question 7 don’t apply here.

What’s more, this only relates to claims made for any injuries or illnesses that happened between 29 February 2020 and 31 March 2021. Although you can lodge your claim outside these dates (subject to your standard policy terms and conditions). For example, you can lodge a claim in January 2021 for an injury you experienced between 29 February and 31 March 2021.

If you’re worried about how your cover may be affected, please contact us to discuss your options on 131 267.