When you change jobs, 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. Consider immediately whether you want to continue the insurance cover you had under this Fund as a personal policy
When you leave Incitec Pivot, your life insurance (i.e. death cover) and TPD insurance automatically continues in the Retained Benefits Section of the Fund. The amount of this cover is fixed as the amount of insurance cover calculated on the date that you left Incitec Pivot. The cover continues, unchanged, in the Fund's Retained Benefits Section until the first of the following events occurs:
- you reach age 65;
- you have insufficient money in your account to pay insurance fees;
- the day on which your account is closed and your benefit is paid / transferred from the Fund;
- the day a letter from you requesting the cancellation of your insurance cover is received by the Fund administrator; or
- an insurance claim is paid to you.
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.
4. If you're retiring, you need to decide whether to take your super as a lump sum, or use all or part of it to buy a pension
You need to tell the Trustee where you want your money to be transferred or you can apply for an Account-Based Pension. You may want to talk to a licenced financial adviser to find out what's best for you.
What happens when I leave the Company?
When you leave, your super is automatically transfered to the Retained Benefits section of the Fund, as long as you are under 65. Fees apply in the Retained Benefits section of the Fund. Refer to the Additional information about IPE Super.
If you leave the Company and have opened a Spouse account in the Fund, your spouse must transfer their benefit to another complying superannuation fund or transfer it to the Fund's Retained Benefit Section or take their benefit as cash (subject to preservation rules). See more on preservation rules in IPE Super - Spouse members.
The Fund's Administrator will contact you. They will let you know how much super you have in the Fund and ask what you would like to do with your super benefit.
You can withdraw or transfer your super to another fund at any time. No exit fee applies.
Whilst you are deciding what to do with your super, it will continue to be invested in the investment options 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 from the Fund. If you choose to leave your super in the Retained Benefits section, you may change your investment options at any time.