Managing your super during COVID-19

Finally, a super fund that works for all sorts of self-employed people like freelancers, tradies, photographers, consultants, drivers, creatives, independent contractors, coaches, small business owners...and anyone else who works for themselves.


For many people, the Coronavirus (COVID-19) is having an unprecedented impact on all aspects of life. From how we work, to our social conduct, and also our financial security.

Part of that financial security is, of course, superannuation – which may have felt like it took a beating when the Australian stock market dropped by over 30% back in Feb-March.

Even though the recovery has been quite significant since then, we understand that everyone is experiencing this impact in their own way and we want to let you know that we’re here to provide support. You will find all the latest information and updates on this page as the situation evolves.

Important things to consider

[Update 21/7/2020] - phishing scam


COVID-19 email and sms phishing scams
Keep an eye out for COVID-19 themed phishing emails and SMSs looking to provide assistance with early release services. The Australian Taxation Office (ATO) is managing all claims for the early release of super. Furthermore, these claims can only be made through your myGov account.

COVID-19 early release of super


Early release details
If COVID-19 has significantly impacted your financial situation in a negative way, you may be able to access some of your superannuation early.

The Government is allowing early access to super savings for people affected by Coronavirus (COVID-19). If eligible, you can apply online through myGov to access up to $10,000 of your super before 1 July 2020, and a further $10,000 from 1 July 2020 to 24 September 2020.

To apply for early release of your super, you must satisfy certain criteria. You can find the full list of criteria on the ATO website.

Where to apply
Early release claims can only be made through your myGov account. However, you can use your GigSuper account to check your latest super balance before you apply. Please make sure your personal details are up to date – this will make it smoother to process your claim.

How it works
If the ATO approves your early release of super, we’ll process your payment as soon as possible and send it to your nominated bank account.

Impact on your investments


What can I do to protect my investments?
For most people, protecting your super means sitting tight. Time is on our side, and history shows that markets recover. To experience those gains, your investments also need to be exposed to the downturns, however scary that may feel.

So when you see the impact to your super balance, we encourage you to consider it in respect to your long-term needs.

Globally much of the markets’ gains over the last 5 years have been lost and, as we saw in the GFC, it’ll take time for them to recover.

Looking on the positive side, however, for most of us there's time to ride it out.

Should I make voluntary contributions to super now?
The idea of superannuation is to have money when we can no longer work.

If you’re struggling to make ends meet right now, then of course it’s important to look after your current situation.

However, if you’re financially secure and you can still contribute to your super, then it’s worth keeping in mind that the tax benefits of super still remain the same.

Insurances inside super during this time


Can I make a claim resulting from a pandemic?
GigSuper members are fully covered for death, TPD and income protection claims resulting from COVID-19.

Normal terms and conditions and waiting periods apply. Please see our Insurance Guide for details and Contact Us if you have any questions if you are looking to make a claim.

Does a loss of employment or reduced income result in changes to my cover?
There may be some circumstances where a loss of employment or reduction in your income impacts your cover. These include (but are not limited to):

  • Your Default Life and TPD Cover will be for New Events only for the first 24 months. However if you are not at work continuously for 60 consecutive days immediately prior to the end of the 24 months period, then New Events Cover will continue until you have been at work for 60 consecutive days.
  • Your income protection insurance will only cover up to 75% of your pre-disability income. If your income has dropped as a result of COVID-19 you should check to make sure that you’re not paying for cover that is more than 75% of the income that you’d be able to prove in the event of a claim

Can I make a claim on my income protection cover if I have COVID-19 and can’t work?
You may be able to claim on income protection cover to help you through this period if you already have income protection cover in place and are unable to work due to this illness. There are no exclusions applied specifically in relation to COVID-19, however, your eligibility to claim will depend on your personal circumstances.

If you don’t have income protection in place, you may wish to apply for cover. You would not be able to claim on income protection cover if you stoped work due to the illness before applying to have the cover.

Can I get additional insurance cover and will it cover COVID-19?
Yes. In particular we are pleased to support our members who are healthcare workers as they support the community through the COVID-19 pandemic. Normal terms and conditions and waiting periods apply. Before making decisions, please see our Insurance guide for details.

For more information about Insurance please visit the Insurance section of the website.

In what circumstances could I lose my cover?
If you withdraw your full balance, your super account will close and any insurance cover you have through your super will stop.