Updates25 March 20206 minute read

COVID-19 Frequently Asked Questions

Looking for answers relating to the COVID-19 pandemic and how Plenti is responding to its impacts? You’ll find them here.

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  • COVID-19
  • Losing your job
  • Illness or injury
  • Family violence
  • Natural disaster
  • A downturn in your business
  • Adjusting your repayment dates
  • A period of reduced repayments
  • Temporary early release of superannuation: 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 2020-21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
  • Temporarily reducing superannuation minimum drawdown rates: The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for 2019-20 and 2020-21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements.
  • Income support for individuals: Over the next six months, the Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This will be paid to both existing and new recipients of JobSeeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.
  • Payments to support households: The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession cardholders. The first payment will be made from 31 March 2020 and the second payment will be made from 13 July 2020. Around half of those that benefit are pensioners. This payment will help to support confidence and domestic demand in the economy. The second payment will not be made to those eligible for the Coronavirus supplement.
  • Adopted work-from-home arrangements for our Sydney and Adelaide-based staff to help protect our customers, partners and employees;
  • Brought many business processing functions onshore to ensure our quality customer service is uninterrupted; and
  • Conducted thorough reviews of information security arrangements to ensure our customers’ and partners’ data remains secure.

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Written byTeam Plenti
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