Redundancy support for members


Being made redundant can be one of the most difficult situations someone faces during their working life. As the Industry SuperFund for your sector, First Super is here to help you during this uncertain time and through to the next phase for you, whatever that may be.

WHAT IS REDUNDANCY? 


HOW FIRST SUPER CAN HELP

First Super offers a Redundancy Assist Program to support and guide you following a redundancy.

Whether you are moving into a new job, looking for new employment, or planning to retire, we can
help you with the following steps:

  • Reviewing and managing your household expenses
  • Making the best decisions with your financial options and superannuation
  • How to access super if you’re retiring
  • Taking your super account to your next job


NEED SUPPORT? GET IN TOUCH TODAY

To book an appointment click on the button below.

 

FAQs

Will my super account remain open if I’m not receiving employer contributions?

Your First Super account will remain open, even if you are not working, unless your balance is below $6,000 and in the past 16 months none of the following events have taken place:

  • no contributions were received into your super account; and
  • you haven’t changed your insurance cover, switched investments, made or amended a binding beneficiary nomination on your account, or completed an ATO declaration form.

If your account meets the above criteria, it will be transferred to the Australian Taxation Office. Click here to learn how to keep your super account active.

Will my super keep earning investment returns?

Yes. Your money will remain invested in your selected investment choice and will continue to receive investment returns (positive or negative) at the end of the financial year. You can check your investment choice with First Super via firstonline or by calling our Member Services Team on
1300 360 988.

What happens to my insurance?

If you have insurance with First Super, your cover will continue while there is enough money in your super account to cover the cost of your premiums each month. To ensure your insurance cover continues or to discuss your cover options contact our Member Services Team on 1300 360 988 or mail@firstsuper.com.au.

Can I take my First Super account to my next job?

Yes. You wouldn’t open a new bank account when starting a new job. 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.

Can I make an additional contribution to my super when I’m not working?

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 and rolling in your lost super can help it to grow faster, too.

At First Super, we have a team of qualified Financial Planners 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.

Visit firstsuper.com.au/advice/financial-planning-team to book an appointment today.

If I want to retire for good, what happens to my super?  

If you have reached your Preservation Age and decided to stop work permanently, you can open a First Super Allocated Pension Account.

This account allows you to:

  • receive a regular income
  • draw lump sum payments
  • take care of beneficiaries.

Remember you can speak with our Financial Advice Team to support you with your retirement planning. At First Super, our qualified Financial Planners can help you to achieve your financial goals, explain any tax advantages available as you step into retirement, and maximise any Centrelink benefits for which you may qualify.

Visit firstsuper.com.au/advice/financial-planning-team to book an appointment today. For more information about opening a First Super Allocated Pension Account click here.

If I want to work casually and retire, what happens to my super?

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. At First Super, our qualified Financial Planners 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.

Visit firstsuper.com.au/advice/financial-planning-team to book an appointment today. For more information about Transition to Retirement click here.

 

WE’RE HERE TO HELP

If you have any questions about redundancy please contact our Member Services Team on 1300 360 988 or mail@firstsuper.com.au.