Busting super myths
Some of the things people say and hear about super aren’t always correct. To help you separate fact from fiction, we’ve busted a couple of common super myths.
Whether you like to go all out with roses and champagne on Valentine’s Day or think it’s an event created by retailers to boost sales in the post-Christmas slump, the time around February 14 can be the perfect occasion to talk to your partner about your super.
Though you and your partner have separate super accounts, you’ll probably be making the most of it in retirement together, so it’s important to know and discuss the basics to help get you on the same page.
Here are some things you and your partner may want to think about this Valentine’s Day:
Swiped right for the last time and off the dating apps for good? If a special someone has come into your life over the last few years, it may be worth reviewing the beneficiaries you’ve nominated to receive your super benefit in the event that you die.
While it’s not exactly the most romantic topic for Valentine’s Day, it’s an important one. There’s a common misconception you can leave your super to anyone but, legally, your super is designed to be passed to your dependants. A dependant could be your spouse, children, financial dependant, or interdependant.
If you die without nominating a beneficiary, Qantas Super will distribute your money between your dependants and/or your estate, via your legal personal representative. Leaving clear instructions about who gets your super, and making sure these instructions are up to date to reflect any big changes in your personal life, is one of the most important things to do.
You can review and update your beneficiaries online.
Most of our members have insurance cover that’s built into their super – this means you’re automatically covered for death (including terminal illness), total and permanent disablement and, depending on your division, income protection.
However, it’s important to review your insurance cover when your personal circumstances change to ensure you have the right level of cover for you. A difference in your personal circumstances, such as a new addition to the family or a new mortgage, for example, could mean your insurance needs change.
Our friendly Helpline can help you work out the level of cover that is right for you and your loved ones by talking through factors like your age, dependants, and financial situation. You can also assess your insurance needs with this calculator:
Some of the things people say and hear about super aren’t always correct. To help you separate fact from fiction, we’ve busted a couple of common super myths.
This International Women’s Day, we’re celebrating the contributions of the women in the Qantas Super team and looking at how they’ve taken control of their super.
Your parents probably taught you that you shouldn’t compare yourself to others, but sometimes it can be fun to look at what others are up to – particularly when it comes to money.
If you need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.