Five things to think about when you have a big life moment
From getting your first career or ‘grown up’ job to moving out, growing your family, buying a house, and more, life’s big Kodak moments just keep coming.
While your super may not be front of mind when they do, there are still a couple of important things to make sure you tick off the super to-do list.
Consider topping up your super if you go on a career break
Whether it’s finally doing that year abroad, taking time to care for a loved one, or going on parental leave, there may come a time when you take a career break.
Depending on what kind of break you’re taking, you may or may not be receiving super contributions from your employer, so it’s important to make sure your super will still be working for you while you’re away.
From making use of the government’s co-contribution to spouse contribution splitting and more, there are a number of tools you may be able to leverage to keep your super going while you or your partner take a career break.
Update your contact details
Whether it’s a new postal or email address, phone number, or change of name, it’s important to update your details with Qantas Super so we can get in touch with news and information about your super that you need to know.
You can easily update your contact details by logging in to your account. Alternatively, if you have changed your name you can complete and return a form advising us of this change.
Review your insurance cover
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 new addition to the family, or a 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.
Check your salary sacrifice arrangements when your role or pay changes
If you are making salary sacrifice contributions to your super, you may want to review your arrangement if your role or pay changes.
Depending on how you set up your contributions, you may be contributing either a set percentage of your pay, or a set dollar amount each pay period. Depending on your salary, or the pay cycle that your role’s relevant payroll runs on – or both – this could mean the amount you are contributing may change when you switch roles.
With this in mind, it’s also worthwhile reviewing your total contributions in line with the concessional and non-concessional contributions caps.
Nominate a beneficiary
While your super’s primary purpose is to help you live out your retirement, it also has the ability to create security for those you leave behind after you die.
That’s why it’s important to let us know who your loved ones are by nominating them as beneficiaries, and keeping these nominations up to date if your circumstances change.
