Superannuation

Do I need to do anything?

Now is the ideal time to review your superannuation arrangements, to ensure they are the best for you. Some super funds require you to move your benefit to a new fund following termination of employment. In other cases it is better to leave your super where it is.

Can I access my benefit?

Ideally, superannuation should be maintained until retirement. However, depending on your age and the components of your super account, it may be possible to access some of your benefit before retirement. Limited amounts can be accessed in cases of severe financial hardship.

If you are over 55, you can commence a pension from your super fund. You can do this even if you are still working, or looking for work. This is called Transition to Retiement.

Fact Sheet: Transition to Retirement (143 kB, Aug 08)

Insurance

This is also a good time to review your insurances, as some disability policies apply different definitions of incapacity to those who are not employed. Life and disability insurance is often a part of superannuation cover. When moving from one fund to another, it is important to ensure appropriate insurance cover is maintained.

Need advice?

The financial issues associated with redundancy can be complex. Your IFFP planner can help you through this difficult time. Book a free initial appointment