AvSuper when you leave Corporate employment
Continued AvSuper membership
Your super will be transferred to an AvSuper account in your name unless you provide alternative instructions to the Trustee within 28 days of ceasing Corporate employment. This transfer will take effect from the day after you ceased employment.
For a defined benefit account, your balance will be transferred into an accumulation account at the unit price applicable to your chosen investment option(s). If you have a Corporate accumulation account, it will continue as it was although insurance premiums may change.
If you have not made an investment choice* prior to leaving employment, your money will be invested in our Growth (MySuper) (default) option.
A. Members retaining at least $1,200 in AvSuper
If you cease employment with ASA or CASA, but stay in AvSuper as a super member, any death and TPD cover that you hold at the date you ceased employment will be converted to units of cover based on your age. Your income protection cover (if any) will remain the same as long as you are working at least 15 hours a week at a job started within 90 days of leaving ASA/CASA. Cover will then be subject to the terms, conditions and premiums applying to AvSuper voluntary insurance cover (these insurance arrangements are described in the AvSuper member insurance guide).
Fees are deducted from your account each month and cover ceases if your account balance falls below $1,200. If you don’t wish to continue the insurance, or if you want to vary your cover, simply complete a Reducing voluntary insurance cover form.
You will be allocated the default classification of “Light Blue collar” unless you inform us of any new occupation via our Change occupation class form.
B. Members fully exiting AvSuper or retaining less than $1,200
Any Death & TPD cover you hold will continue for 30 days from your date of ceasing employment.
Accessing your money
Generally you have to retire and/or reach your preservation age before you can access your preserved super amounts. Please complete a Retirement Income Stream Application (to transfer some or all of your money to an income stream) or contact us if you wish to access some of your money.
To safeguard the security of your super, we will request certified copies of documents that prove your identity before transferring your money to a banking account or another compliant fund.
* You can make a choice by completing a Nominate or switch investment options form, even if you don’t yet have an accumulation account.
Email: firstname.lastname@example.org | Local call: 1300 128 751 | Phone: 02 6109 6888 | www.avsuper.com.au
This information is of a general nature only and does not take into account your personal objectives, situation or needs. Before making a decision about AvSuper, you should consider your own requirements and the relevant Product Disclosure Statement (PDS). For a copy call us or visit the AvSuper website, www.avsuper.com.au. AvSuper Pty Ltd (ABN 46 050 431 797, AFSL 239078) is the Trustee of the AvSuper Fund (ABN 84 421 446 069). FS0115.11 05.2020