I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Redundancy in Super

There are loads of important issues about super and redundancy that you ought to consider at this time.

What Will Occur To My Superannuation Once I Withdraw from My Employer?

Your employer-sponsored superannuation

If your superannuation contributions are now going to the account you have in Media Super; your existing superannuation will not be affected by the redundancy. Costs and fees, investment performance, insurance cover and contributions will stay the same, providing you have more than $1,000 in your super account.

If your superannuation contributions are now being redirected to a special corporate master trust, it's possible that your overall superannuation balance will be moved to trade or personal strategy operated by the same administrators as the business strategy. If such a case occurs, think about the new plan's features and make sure that you aren't penalised by bigger fees, reduced insurance or lower investment performance.

Make sure that you remain in charge of your retirement savings. Investing your superannuation in a high-performing, low-cost fund can considerably affect your lifestyle during retirement.

Payments for Employment Termination

A lump sum payment made due to job termination is called an "employment termination payment." This payment can take in:
• amounts for unused rostered days off;
• amounts instead of notice;
• a gratuity;
• invalidity payment of an employee (for permanent disability, aside from personal injury compensation), and
• certain payments following an employee's death.

Employment termination payments do not include:
• Payment for unused long service leave or unused vacation, or
• the tax-exempt part of an actual redundancy payment or payment for an early retirement scheme.
• Employment termination payments can't be contributed or overturned into superannuation and therefore, should be withdrawn as cash.

Consolidating your super becomes easy with www.australiansuperfinder.com.au. Just call their service hotline at 1300 252 167

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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