What happens to your super if you’re made redundant or stood down
- Consolidation of Super Accounts - Having multiple super accounts means incurring multiple sets of fees and dealing with varied administrative requirements. It's crucial to locate any super accounts that may have been forgotten or lost over the years.
- Insurance Coverage Within Super - If your account is not receiving contributions, your insurance cover may cease after 16 months. It's worth using this time to check your insurance needs.
- Early Access to Super - Under certain conditions, such as severe financial hardship or specific medical conditions, you might be eligible to access your super early. This option should be considered carefully, weighing the immediate financial relief against the long-term impact on your retirement savings.
- Ongoing Fees - Remember, your super account will continue to accrue administration and investment fees, even in periods of inactivity. It's important to understand these fees as they can erode your super balance over time.
- Death Cover (also known as Life Insurance): Provides a lump sum payment to your beneficiaries when you die or if you have a terminal illness with a short life expectancy. This cover helps secure the financial future of your dependents.
- Total and Permanent Disability (TPD) Cover: Offers a lump sum payment if you become seriously disabled and are unable to work again. The criteria for what constitutes "total and permanent disablement" can vary between policies.
- Income Protection Cover: Provides a regular income for a specified period if you are unable to work due to temporary disability or illness. This type of cover typically pays up to 75% of your regular income for a defined time frame, which can be from a couple of months to a few years, depending on the policy.
- Severe Financial Hardship: Continuous receipt of government income support payments for 26 weeks and unable to meet immediate family living expenses.
- Compassionate Grounds: For covering medical treatment, mortgage assistance, palliative care, or expenses related to a death, funeral, or severe disability.
- Terminal Medical Condition: Certified by two doctors, one being a specialist, that you have a life expectancy of less than 24 months.
- Temporary or Permanent Incapacity: Unable to work due to a physical or mental condition, either temporarily or permanently.
- COVID-19 Early Release Scheme: This was a temporary measure and is no longer available.
- First Home Super Saver Scheme (FHSSS): For first-time homebuyers to save for a home inside their super fund, with the ability to withdraw these savings.
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Disclaimer
The information on this website is General Information only and therefore does NOT take into consideration your personal financial situation, objectives and needs. Prior to acting on any information on this website you should consider what is appropriate for your own personal financial situation, objectives and needs. Aus Super Solutions is not associated or affiliated with any super funds, we aren’t a financial advisory firm, we do not sell financial products nor do we give financial advice. Our role is to connect clients with fully licensed financial advisors that operate compliantly under an Australian Financial Services Licence. Aus Super Solutions does not take in any way responsibility for any advice or recommendations provided by the financial advisors. Prior to acting on any advice provided by the financial advisor you should and can ask as many questions as you deem necessary to ensure you have received the right advice for your personal financial situation. All fees and costs must be clearly explained and after speaking with a referred advisor you are under no obligation to commit to any recommendations made nor cost payable to Aus Super Solutions should you decide against the advice provided. Before making any decisions regarding your super you should obtain the super fund’s Product Disclosure Statement (PDS) and consider its contents. However our goal and mission is to only recommend and connect clients with fully licensed financial advisors and firms with established, positive track records in enhancing and servicing their clients financial situation, objectives and needs.
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