When you leave your employer it's easy to lose track of your super. Use the checklist below and consider talking to a licensed financial adviser about the best approach for you.
1. Make sure all your personal details are up to date
This will enable us to get in touch with you about your super benefit. Go to the Member Centre to update your details online.
2. Decide where to transfer your preserved super
If your super is less than $200 it will be paid to you in cash, otherwise if you're going to a new company, you may be able to arrange to roll your super into their fund when you start otherwise you will need to select another super fund to accept the balance of your super.
3. Consider whether you would like to take any of your non-preserved super in cash
If you cash out your non-preserved super, you may be liable for superannuation tax. Speak to a licensed financial adviser if you are unsure of the best approach for you.
One of the features of the Plan is that it provides you with an annual lifetime pension when you retire.
4. If you are eligible to receive a retirement benefit, you must take at least 50% as a lifetime pension. You need to decide how to take the rest of your super
You need to tell the Trustee how you want your money. You can take the remainder of your benefit as a lifetime pension or as a lump sum. You may want to talk to a licenced financial adviser to find out what's best for you.
The Plan's Administrator will contact you. They will let you know how much super you have in the Plan and ask what you would like to do with your super benefit.
Whilst you are deciding what to do with your super, your defined benefit accounts will be invested in the Plan's Market Linked investment option and any VSP Accounts will continue to be invested in the investment option you chose before you left. This means that the value of your super may go up or down until we receive your instructions and the benefit is paid.