Life changes and your super

Key learnings covered in this topic

1. How to stay with CareSuper when you change jobs
2. Changing your insurance cover through life changes 
3. How CareSuper can help you.

We’ve outlined some common life changes that might warrant a closer look.  

"I've just started a new job" (or will soon)

First of all, congrats!  It can be an overwhelming time: learning new skills and processes, meeting your new colleagues, and completing paperwork. One item to keep a close eye on is to make sure you tell your employer where you’d like your super paid. After all, your super accounts for 11% of your total salary, meaning if you earn $100k per year, you’d be generally entitled to $11,000 in super contributions per year. Whatever the amount is for you, it’s YOUR money and in most cases, you have choice of fund. 

Following some super reforms the government introduced in 2021, employers are now required to look up a register held by the ATO and pay your super to your ‘stapled fund’. This aims to stop new super accounts being opened every time you start a new job. The only downside is that if you already have more than one super account, your new employer might not link your preferred super account. 

To make sure you stay with CareSuper when you change jobs, give your employer a completed copy of our Choice form, or give them our super fund details, as follows:

Find your member account number on the top of your annual statement. A copy is available in MemberOnline.

"I've become self-employed"

Recently become your own boss? While in most cases it’s not compulsory to pay yourself super when you’re self-employed, any contributions you make now will benefit ‘future you’, when you become reliant on a retirement income. 

The good news is, making contributions isn’t difficult. You can make regular or lump sum payments to your CareSuper account as a personal contribution (after-tax/non-concessional contribution). This can be a handy way to boost your super, depending on your cash flow each month, quarter, or year. 

The quickest and easiest way to boost your super is making a payment via BPAY. Here’s how: 

• Step 1. Find your BPAY® member details and tax file number (TFN) via your MemberOnline account, or call us on 1300 360 149. (We’ll need your TFN on record before we can accept contributions from you.)
• Step 2: Log in to your online bank and make payment. Then select BPAY® and enter your details — it’s that easy!

Find more info here about making BPAY payments.   

How much should you contribute? Make use of these tools to help guide the amount that’s right for you include the: 

• Super balance comparison tool – checks how your current balance compares to people your age, and if you’re currently on track for a comfortable retirement 
• Spare change calculator – shows how much you could afford to contribute, and the
• Retirement income calculator – estimates what your future income could look like.

“I've had a change in my personal life"

It’s a good idea to check your current insurance arrangements and make sure your cover types and amounts are aligned to your changed circumstances. You can see your current death, TPD and income protection cover arrangements in MemberOnline and you can apply to tailor your cover to match your circumstances.

We also recently introduced Life events insurance cover, so you can increase your current death, TPD and income protection cover if you experience a certain milestone event. Find more information, including the events covered and how to apply, in your Insurance Guide.

Depending on the life change, it might also be a good time to review your beneficiary details. 

“I will be going on parental leave"

If you hold insurance cover with us, you may be eligible to have your death, TPD and income protection insurance cover fees waived for up to 24 months while you’re on approved parental leave. Yes, you’d still be covered, but won’t pay insurance fees from your account – meaning more super stays in your account for your tomorrow. See your Insurance Guide for more information and complete and return a Parental leave insurance fee waiver form.

“My income/savings are looking rosier this year" 

Received a pay bump? Or received a bonus or inheritance? Whatever the story, lucky you! Before you go and splash it all on the Next Big Thing, it’s a good idea to consider if ‘Future You’ could do with a boost. As a long-term investment, one dollar invested in your super now will be more valuable than one dollar invested later – thanks to the benefits of compounding returns over time.

You could consider setting up a salary sacrificing arrangement through your employer, where they will pay part of your before-tax salary into your super. This can save you tax, and is essentially an automated super savings strategy, meaning your balance will grow in the background without you having to think about it. 

Alternatively, you could consider making a personal (after-tax) contribution to your super account. It’s an easy way to add to your super by making a one-off contribution or setting up an ongoing payment though your bank. See ‘How to make a BPAY payment’ above.

Beware the annual contribution limits  and contributions caps, ensure you consider them for your personal circumstances.

“I'm now in a professional/management position at work"

It’s a good idea to review the occupational category you’re in for your insurance cover, to see if you’re in the right one for your circumstances. Your occupational category is a factor that can influence the amount of age-based insurance cover you receive. And if you have fixed cover or income protection, it can also influence your insurance fees. Find out your current occupational category in MemberOnline, and complete and return the Changing your occupational category form if you believe you’re eligible to change your category. 

“My contact details have changed"

If you’ve moved house, changed your phone number or have a different email address, it’s a good idea to update these details in the ‘Personal details’ section of MemberOnline. That way we can keep in touch when we have important updates about your super. 

To sum up

Remember, you have access to financial advice over the phone as part of your membership.* We’ll help you get the answers you need to manage your super and insurance in line with your changed circumstances. Request a call-back – we can’t wait to speak to you. 

After some extra pointers to help you supercharge your future and take control of your super this year? Check out our top 10 super tips.
 

Information correct as at 5 February 2024.