A number of scenarios can affect your super in your working life. It pays to be across how you could manage these changes to keep on track for a great retirement.
Changing jobs
Did you know you can keep your super with us—even if you change jobs or industry?
When you change jobs, your new employer will ask you if you have a preferred super fund or want to join their preferred fund. It’s your choice which fund you want your super paid into.
Changing jobs can involve a lot of change and paperwork. But it’s also a great time to be proactive about managing your super and making sure it’s set up to benefit you.
Stapling – what is it?
On 1 November 2021, ‘super stapling’ rules started as part of the government’s Your Future, Your Super laws.
This means, in most cases, that your existing super account will follow you from job-to-job. Simply put—no new super accounts are opened for you when you start a new job, unless you ask for one specifically.
It’s managed by the Australian Taxation Office (ATO), and they ‘staple’ (or link) your super account to you, so your super automatically moves with you when you change jobs. The aim is to stop people opening new super accounts and paying fees for each account.
It’s important to note the ATO decides your stapled account, so if you’re a member of more than one super fund, it might not link the account you want. For more information about how it chooses stapled funds, please visit the ATO website.
Career break and your super
Thinking of taking some time off, or going on parental leave?
You can’t always plan for every financial decision, but it helps to understand how different times of your life may impact your financial future. While you’re working, and if you’re eligible, you’ll receive superannuation from your employer. What you may not know, is that super isn’t usually paid if you take time off work. If you continue to take time off with a significant career break, this break from super contributions can reduce your retirement savings significantly.
Finding ways to contribute to your super before, during and after your break can keep your balance growing while you’re not receiving employer super contributions. You could consider making extra payments towards your super with salary sacrifice payments—either before or after your career break.
Redundancy and super
The loss of a regular income can be challenging—and you’ll likely need to make some important decisions about your finances. If you’re made redundant, you could be eligible to receive a redundancy payment based on how long you’ve been employed at the company.
It’s important to remember that you can keep your super account, even if you’re no longer receiving contributions into your account. When you get a new job, you can give your new employer your super details.
When deciding how to manage your super after a redundancy, you should think about your financial goals, and future retirement plans. In the short term, you could:
- review any scheduled personal contributions
- review your insurance cover
- rollover or find any lost super.
It might be a good idea to seek financial advice to help you make informed choices. We can help you focus on planning for the uncertainties and opportunities a redundancy can bring. Contact us on 1800 823 842 or advice@unisuper.com.au.
Need help with your account?
Super isn’t set and forget. Changes to your working situation can be a timely reminder to review your super and make sure it’s still appropriate for you.
On top of checking on your insurance and investments, you may also want to consider things like your beneficiaries, finding lost super, whether you’ve provided your tax file number and topping up your super. You can stay on top of your account from wherever you are with the UniSuper app, available via the App Store or Google Play.
If you have questions about your super account, we’re here to help. Our super consultants can offer general advice and guidance on a range of topics including:
- Adding money to your super
- reviewing and/or nominating your beneficiaries
- information about your account
- setting up an online account or the UniSuper app
There's no extra cost for general advice—it's all part of being a UniSuper member.
Whether you prefer virtual, phone, or in-person meetings, we're here. Book your 30-minute appointment now to get started unisuper.com.au/advice.