Leaving an AvSuper Corporate employer
As a Corporate member leaving Airservices or CASA employment, your account balance will be moved to a Public Offer account in AvSuper's accumulation division (effective from the day after you leave employment). You have 28 days to exercise another option if you wish - simply complete a Request for Superannuation Benefit form.
If you are a defined benefit member, your defined benefit is crystallised at the date of exit and the resulting amount moved to a new or existing Public Offer account in your name. Any super surcharge debt is also deducted at this time.
If you have a Corporate accumulation account, it will simply be transferred to a Public Offer account with no related charges although fees and insurance premiums will still apply.
Preserved amounts cannot be accessed until certain conditions are met, e.g. retirement from the workforce after reaching your preservation age. Such amounts may be rolled into another superannuation scheme. Non-preserved benefits in your account can be withdrawn at any time, in minimum amounts of $5,000. If your rollover account balance is less than $5,000 and you wish to make a withdrawal you must take the total of your account balance.
Depending on your age you may be able to take a retirement income stream.
Public Offer Accounts
AvSuper Public Offer accounts are accumulation accounts and therefore member investment choice applies.
With a Public Offer account, you can make personal (non-concessional) contributions from after-tax income and can roll in superannuation from other funds or other directed employer termination payments.
If you are taking up subsequent employment, your new employer can contribute to AvSuper if you are offered choice of fund. If your new employer permits, you may also salary sacrifice to this account.
Fees
There are no entry, exit or withdrawal fees to move into a Public Offer account. If transferring from a Corporate accumulation account, your membership fees remain the same; however, if you move from a defined benefit account, you will be required to pay weekly membership fees as your employer is no longer required to cover the octss of fees when you have ceased employment with them.
Please refer to the Product Disclosure Statement - Your guide to AvSuper's Public Offer Account for an up to date fee schedule.
Insurance
Any insurance cover you may have had while a Corporate member will continue in your new account providing your account balance remains at least $1,200. However the premiums may change.
Please refer to the AvSuper's Insurance Guide for more information on insurance.
