Redundancy and super

Your First Super account will remain open, even if you are not working as long as your balance is over $6,000.

If your account balance is below $6,000, and inactive then your account will be transferred to the ATO.

What is an inactive account?

• your account balance is less than $6,000; and
• we haven’t received a contribution to your account for 16 months; and
• you haven’t changed your insurance cover, switched investments, made or amended a binding beneficiary nomination on your account, or told us in writing that you don’t want to be transferred to the ATO.

If your account is currently below $6,000 and you are currently not receiving contributions from your employer, there are simple things you can do to keep your account with First Super. Act now before your super is transferred to the ATO.

Your money will stay invested in the investment option you have selected or in the default Balanced investment option.

Over time you may continue to receive investment returns. Be aware returns may go up and down due to market volatility.

You can check your investment choice with First Super via firstonline or by calling our Member Services Team on 1300 360 988.

Or download the First Super mobile app to keep track of your super and update your details.

Yes. You wouldn’t normally open a new bank account when starting a new job and it’s the same with your super.

When starting a new job, let your new employer know that you want your super paid into your First Super account.

Complete the Employee choice of fund form and give it to your employer.

Yes, you can make an additional contribution to your First Super account. Remember, our Member Services Team can help you with your questions about boosting your super.

You also have a range of contribution options available to you. You don’t have to rely solely on the superannuation guarantee payments from your employer.

If you have held more than one job in the past, you may also have more than one super account. Finding other super accounts and combing these with your First Super account can help reduce fees and grow your retirement savings¹.

At First Super, we have a team of qualified Financial Advisers who can help you achieve your financial goals – whether this be cash flow management (budgeting) and helping you to choose the right type of contribution for your situation making contributions.

If you have reached your Preservation Age and decided to stop work permanently, you can open a First Super Retirement Income account.

This account allows you to:

• receive a regular income
• choose the frequency of payments
• receive tax-free investment earnings
• withdraw lump sum payments when needed

If you have reached your Preservation Age and want to continue working, you can open a First Super Transition to Retirement account.

This allows you to:

• reduce your working hours
• retain the same level of take-home pay, if required
• boost your super
• benefit from tax advantages

Remember you can speak with our Financial Advice Team to support you with your retirement planning.

Many members receive the advice they need without extra cost, as Limited Personal advice is covered within your First Super membership.

Our qualified Financial Advisers can help you to achieve your financial goals, whether this be using your super to supplement your take-home pay, maximising any Centrelink benefits for which you may qualify, and discussing salary sacrifice contributions that may reduce your income tax while boosting your super balance.