Pssap consolidating super, we are not a super fund
Consolidating accounts The special nature of public sector super may require that you have more than one super fund. Simply enter in a few details such as your age, salary and current super balance. Watch this video to learn more Too many super accounts can mean too many fees, but with myGov, sinuca by gazeus online dating you can view and combine all your super accounts. Setting up a binding death benefit nomination means that your super will go to the right people if you die. The government has announced a number of changes in the Federal Budget that relate to superannuation.
This simply involves asking your employer to make extra contributions to your fund in lieu of part of your salary. You may wish to consult a licensed financial advisor. By keeping your binding death benefit nomination current you can be sure that your benefit will go to the right people. Accumulation plans are simpler and more flexible.
While the general advice is to consolidate into a single account, public sector employees may need a second account to salary sacrifice, or to contribute to while working in other sectors. Starting to save early can help. This means many public servants have more scope to salary sacrifice than they may have realised.
To make sure your super benefit goes to the right people, you need to set up a binding nomination. Making a binding nomination will help to provide peace of mind to you and your family. Both you and your employer can contribute, and your benefit is the total of contributions plus investment earnings. Before acting on any such general advice, you should consider the appropriateness of the advice, having regard to your own objectives, financial situation or needs. So a major consideration for public sector employees is to preserve their cover if they are changing employers, rather than simply rolling over their benefit into a new fund.
Each has their advantages. Income protection insurance is a high priority, and you may need to consider purchasing this insurance separately. However, unlike defined benefit funds, your account balance determines your final benefit and can be subject to movements in investment markets.
Projecting your final super balance is easy using our free calculator. So it pays to plan any moves carefully.
We are not a super fund
Defined benefit plans generally provide a pension income in retirement though you can opt for a lump sum. If you have recently changed your contact details, we want to know so we can keep you informed. How much super could you end-up with? But questions such as whether you return to your employer, and the timing of your return, can impact on your final benefit. So if you are leaving the public sector, consideration should be given to at least making up this shortfall.
However, a common misconception is that defined benefit members still employed in the public sector are unable to salary sacrifice because of the generosity of their notional employer contributions.
Super Fund Codes
You may also want to consider increasing your death and total disability cover above the default in any new fund. How much you can sacrifice depends on your existing level of contributions.
Your super may need adjusting as you switch between different roles and employers to ensure you are protecting existing benefits and maximising new opportunities. Members looking to leave their employer, either permanently or for a period, will need to consider how best to manage and maximise their defined benefit. The Brexit decision has led to some elevated levels of market volatility.
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