BUSSQ DURING COVID-19
Please note - if you are waiting on the release of your funds obtained from early access of your super due to Covid-19, you can expect to receive them within 5-7 business days of the ATO approving your application.
The current global COVID-19 health crisis has caused significant disruption to world financial markets, and increasingly likely wider social impacts to our daily lives.
We've put in place plans to continue to provide our members and employers with the service they are used to, but anticipate that if the current situation worsens, we may experience unavoidable disruptions or delays due to higher than normal call volumes and/or a reduced workforce.
We have therefore put in place alternative ways you can access information online and assistance. Please visit this page for the latest updates as we will be communicating any relevant information as it becomes available.
We've plans in place to continue to provide our members and employers with the service they are used to, but anticipate that if the current situation worsens, we may experience unavoidable disruptions or delays due to higher than normal call volumes and/or a reduced workforce.
Find out more here
Investment and market updates
COVID-19 has caused a great deal of instability on markets around the world and has unfortunately had significant impact on super for members of all super funds. Our Chief Investment Officer Simon Mather will continue to provide you with regular market updates.
See more here
Information for income account holders
Early access of your super
The Government has made temporary changes to the rules around early release of super under compassionate grounds as part of its Covid-19 response.
Compliance remains one of the ATO's priorities to ensure the integrity of the tax and super system. The ATO have advised they will take action where people deliberately exploit the system.
Find out more about early access and BUSSQ here.
Financial support and assistance
Approved Paid Leave
If you are on paid leave and your employer continues to make Superannuation Guarantee contributions on your behalf, your insurance cover will be unaffected.
Approved Unpaid Leave
If you are on unpaid leave for a period of less than 12 months your insurance cover will remain unaffected provided you have enough funds in your super account to pay any premiums that become due, while you are on leave.
If your approved unpaid leave extends more than 12 months, your insurance cover may be affected. Protecting Your Superannuation legislation prevents funds from continuing to provide default insurance cover if your account becomes inactive, (no contribution received for 16 months). If you are on extended leave and wish to continue to retain your insurance cover please contact BUSSQ on the details below to advise us. Your options would be:
• to make an election to retain your cover, or
• you could make regular contributions to your super account to keep it from becoming inactive,
Please note: You need to keep enough funds in your super account to pay premiums as they become due.
Reduced Working Hours
If you continue to work more than 15 hours per week on a permanent basis for 6 consecutive months immediately prior to date of disablement, your Death, Terminal Illness and TPD cover will be unaffected, and any claim for TPD will continue to be assessed based on whether you are able to return to any occupation for which you have relevant education, training or experience.
If you continue to work more than 15 hours per week (permanent and self-employed employees) or 30 hours per week (casual employees), any income protection insurance cover you hold will not be affected. If your employment ceases, your cover will remain unaffected provided you have sufficient funds in your account to pay premiums. Depending on the circumstances of your employment ceasing you may be ineligible for TPD or Income Protection cover while you are not working. For further information please refer to the Insurance Handbook on our website.
A Skylight Financial Solutions financial planner can assess whether your insurance cover continues to meet your personal situation and can advise on various insurance options available to BUSSQ Members. Skylight Financial Solutions was built by BUSSQ because we care about workers and their families in building and construction. Contact 1800 759 544 or visit skylight.com.au for more information
Insurance Cover will cease in the following circumstances
1. You choose to cancel your insurance cover
2. You close your account with BUSSQ
3. Insufficient funds in your account exist to pay insurance premiums.
4. You reach:
a. Death cover for MySuper and Premium Choice members
b. age 70 for TPD cover for Premium Choice member
c. age 65 for unitised TPD cover for Premium Choice members
d. age 65 for TPD cover for MySuper members
e. age 56 for TTD cover for members in 'manual' occupations, and
f. age 65 for Income Protection members
5. If you are not an Australian or New Zealand citizen or permanent resident and you are no longer permanently living in Australia or eligible to work in Australia
6. You choose to cancel your cover
7. If a TPD benefit payment is payable or paid which is equal to the amount of your Death benefit
8. If a Terminal Illness benefit is payable or paid which is equal to the amount of your Death benefit
9. On your death
10. If you commence active duty with the armed services of any country or are subject to a call out order under the Defence Act 1903 (Cth) if you are a member of the defence force reserve
11. If your account has been inactive for 16 consecutive months, no contributions have been received and you have not advised us to keep your insurance cover even if your account is inactive.
BUSSQ does not impose an exclusion or restriction on cover for members diagnosed with any illness that has been declared as pandemic.
If you claim the entire balance of your superannuation account, your account will become ‘inactive’, be closed, and any insurance attached to your account will cease. If further contributions are received on your behalf within the first 6 months of your account being ‘inactive’, your account will become ‘active’ and your insurance cover will commence again from the date of the new contribution but please note, there will be a gap in cover and you will not be able to claim for any injury or illness during the period of unclaimed premiums. After 6 months of your account being ‘inactive’, your account will be closed.
If a new contribution is received for you after 6 months of your account closing, a new account will be opened and you will be required to meet the fund requirements for default cover to commence.
We are here to help
At BUSSQ we understand that claiming on your insurance cover is a stressful time. We are committed to ensuring that every member has as much support as they need during the claims process. We are available to answer your questions and actively work with the services listed below to ensure that any of our members who experience communication difficulties have equal access to information about how to claim or the progression of their claim.
Contact us on:
Phone: 1800 692 877 during business hours
Member Web Chat: www.bussq.com.au (click the box in the bottom right hand corner of the screen)
Organisations also providing Member Support
National Relay Service:
Voice Relay number: 1300 555 727
TTY number: 133 677
SMS relay number: 0423 677 767
Translating and Interpreting Service
Phone: 131 450
Our Promise to you
• Make the claims process as straight-forward as possible for you
• Help you to navigate the process and explain our answers and actions clearly
• Be helpful, compassionate, and respectful
• Advise you of your rights and obligations
• Be honest and transparent
• Explain our decisions in writing
• Give you the opportunity to review your eligibility if your claim is not accepted initially
• Provide you with information on our complaints process if you are unhappy with the outcome of your claim
• Ensure that our third-party providers continue to align with our philosophy and adhere to relevant industry codes of practice
• Ensure our staff are suitably trained to provide their services competently and professionally
• Adhere to all relevant legislation
• Adhere to and support the Insurance Voluntary Code of Practice