Redundancy and Super

You don’t need to take any immediate steps with your super. Here are some answers to frequently asked questions about super and redundancy.

 

What happens to my super when I’m made redundant?

What happens to your super depends if your balance is above or below $6,000. To check your balance log in to your firstonline account or call us on 1300 360 988.

If your balance is above $6,000, your First Super account will remain open, and you will continue to receive investment earnings. If you have insurance with First Super, your cover will continue while there is enough money in your super account to cover the cost of your premiums each month. To discuss your cover options contact our Member Services Team on 1300 360 988 or mail@firstsuper.com.au

If your balance is below $6,000 and your account has been inactive for 16 months or more, we may have to transfer your super to the Australian Taxation Office (ATO) – go to our ‘Hold on to your super page’ for more information and to find out how to keep your account with us.

How do I take First Super to my new job?

In almost all cases, you can take your First Super account with you to your new job. Simply complete the Employee Choice of Fund form and hand it to your new employer.

It’s also worth finding and combining any other super accounts you may have to your First Super account. This will save you paying multiple sets of fees and makes it easier to manage your savings. Before transferring out of any other super fund it’s important to consider the appropriate level of insurance you need, any fees that may be applicable, if you’re in a defined benefit account, and the quality of service you can expect. Find out more.

How do I access my super if I’m thinking about retiring?

You can keep your super with us as you transition to, or permanently move into, retirement. Following are some options to access your super if you’ve reached preservation age

Interested to move to part-time work?

If want to move to part-time work, you can open a First Super Transition to Retirement account.

This allows you to:

• reduce your working hours
• retain the same level of take-home pay, if required
• boost your super
• benefit from tax advantages.

Decided to stop work permanently?

You can open a First Super Allocated Pension account. This allows you to receive a tax-effective income during retirement.

Our Advice team can talk you through how to access and use your super for retirement and how to make super contributions from your redundancy payment – call 1300 360 988 or book an appointment online.