Being made redundant can be a devastating experience, but it’s important to know what happens with your super.
If you’ve been retrenched, it’s likely you will receive a redundancy payment. How much you’ll be paid depends on your salary and years of service.
Think carefully about how to use this money – there are no guarantees you’ll find another job quickly. If your redundancy payment is large, it can be worth talking to one of our financial advisers about the best way to use the money.
Accessing your super
While you’re looking for work, income support payments can be available through Services Australia. If you face a prolonged period between jobs and start to experience financial hardship, there may be opportunities to access your super early. This calls for consideration as dipping into your super early can leave you with less to live on in retirement.
If you’ve been made redundant in your mid-50s or later, you may decide to bring forward your retirement – or perhaps dial down the number of hours you’d like to work. Generally, you can access your super once you reach preservation age – between 55 and 60, depending on your birth date. If this sounds like you, we can explain the different ways to use your super in retirement.
This website is provided by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321) (Active Super). The information shown on this website is general information only and does not take into account your investment objectives, financial situation or particular needs. Accordingly, you should consider your own particular circumstances, refer to the relevant Product Disclosure Statement and consider seeking professional personal advice before making any financial decisions. Refer to the relevant Target Market Determination for an outline of the target market the product has been designed for.