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As a member of an ESSSuper Defined Benefit fund (ESSSDB), changing jobs has various implications for your super. If you change roles, but remain with your current employer, your ESSSDB fund will continue to grow based on your contribution rate. If you change employers and move to a different industry, you can no longer contribute to the ESSSDB fund. On leaving, you’ll be entitled to a benefit subject to the fund rules. However, members are able to leave their super with ESSSuper by opening an ESSSuper Accumulation Plan account, which can accept super guarantee contributions from your new employer.
If you marry or enter a de facto relationship, it’s good to share information about each other’s super arrangements, such as whether you both hold life or income protection insurance through your super.1 You may also want to review and update your ‘beneficiaries’, to reflect the priorities of your new relationship. Member’s spouses also have access to the ESSSuper Accumulation Plan. Depending on your partner’s income, you may be able to make spouse contributions to their super account or use contribution splitting to split some pre-tax contributions with your partner.
If you take parental leave under a ESSSDB fund, it’s regarded as ‘normal service’, and your super benefit will continue to accrue at your chosen contribution rate. This ensures you’re not disadvantaged by caring for a young family. As the kids grow, regularly review your insurance, so it continues to reflect your and their needs. If you take a longer career break, or decide to work part-time, your super will slow considerably. Check if you are able to take advantage of the government co-contribution scheme, which can help to keep your super growing during these times.
1. Marriage and divorce, Super Guru ASFA, FYA.org. 2. ESSSuper Financial Advisers are authorised representatives of Adviser Network Pty Ltd (Adviser Network). Adviser Network holds a current Australian Financial Services Licence No. 232729 and is responsible for the financial services provided to you. ESSSuper has an arrangement with Adviser Network Pty Ltd to provide financial advice to ESSSuper members. ESSSuper pays Adviser Network a fee for this service. Neither the Board, nor the Victorian Government, guarantee or endorse any recommendations made by Adviser Network, or are responsible for the advice and actions of Adviser Network The information contained in this article is of a general nature only. It should not be considered as a substitute for reading ESSSuper’s Product Disclosure Statement (PDS) that contains detailed information about ESSSuper products, services and features. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available on our website or by calling 1300 650 161.
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