TelstraSuper can be your fund for life. You can take your TelstraSuper account with you when you change jobs, stop working or retire.

When you leave Telstra or a related company, your super's automatically transferred into TelstraSuper Personal Plus. You'll continue to enjoy uninterrupted TelstraSuper membership.

Should you be ready to retire, you have a number of options including opening a RetireAccess account.

The following outlines some of the key things to think about when you are going through a redundancy. 

1. Your insurance cover

When you transfer to TelstraSuper Personal Plus there are some changes to your insurance cover. If you’re over age 25 with more than $6,000 in your account on the date of transfer, your Death only or Death and Total & Permanent Disablement (TPD) cover held in your previous account (excluding any voluntary Death only or Death and TPD cover you may have had) will be retained in your new TelstraSuper Personal Plus account^ as default cover, however new premium rates will apply. Any voluntary cover that is transferred will be based on the applicable TelstraSuper Personal Plus voluntary cover rates.

If you’re under 25 or your account balance is less than $6,000 on the date of transfer and you haven’t previously opted-in, you’ll be required to complete an Opt-in Member paid default insurance cover form within 120 days from the day you leave your employer to transfer into the new arrangement and retain this insurance cover. There are some things to consider:

• Insurance premiums – your employer may have been paying some or all of your insurance premiums. In TelstraSuper Personal Plus, new premium rates will apply and these premiums will be member paid and deducted quarterly in arrears from your super account for your insurance cover. Any default Death only or Death and TPD cover that has been retained in your TelstraSuper Personal Plus account, excluding any voluntary cover, will be based on a weekly unitised rate. Any voluntary Death only or Death and TPD cover that you had will be based on the applicable TelstraSuper Personal Plus voluntary cover rates. You can see how much cover you have and the premiums you're paying by logging into your online account.

• Review your cover amount – when you experience a significant change in your life circumstances it's a good opportunity to review your insurance cover. You can change your cover or cancel it if it's not suitable anymore.

Keep your Income Protection cover

TelstraSuper Corporate Plus and TelstraSuper Division 5 members with existing Income Protection cover who leave their Telstra Group or eligible Telstra-approved employer, will have their Income Protection cover transferred‡ into TelstraSuper Personal Plus, however new premium rates will apply.

If you’re under 25 or have an account balance that is less than $6,000, you’ll be required to complete an Opt-in Member paid default insurance cover form in order for your cover to transfer into the new arrangement and retain your cover. If you’ve previously completed the Opt-in form, or otherwise made an election, this won’t be required.

For the cover to be retained, you need to have:

• commenced new employment as a permanent employee and provided TelstraSuper with the Continuing Income Protection form within 120 days of leaving your previous Telstra Group or eligible Telstra-approved employer, and

• received a Superannuation Guarantee (SG) contribution from your new employer into your new TelstraSuper Personal Plus account within 180 days of leaving your previous Telstra Group or eligible Telstra-approved employer, and

• made an election to opt-in, if applicable (see above).

Eligible former members of Division 2 can apply for Income Protection Cover, as outlined above.

For more information read the TelstraSuper Personal Plus PDS and Insurance Guide.

† Subject to the ‘active employment’ requirements contained in the relevant insurance policy.

‡ Subject to the At Work Requirements and other eligibility criteria and exclusions contained in the Policy.

Find out more about changes to your insurance cover

Insurance to be cancelled on inactive accounts

Under the Protecting Your Super legislation insurance is cancelled on accounts which are deemed 'inactive'.

Accounts that have received no contributions or roll-ins for a continuous period of 16 months are considered inactive and any insurance will be cancelled unless the member notifies us that they wish to keep this insurance.

If your cover is cancelled due to inactivity, you will have the opportunity to recommence your cover by requesting this in writing within 60 days of the date the cover was cancelled and making a payment into your account, if applicable.

If you have made an election to maintain your insurance cover, that election will permanently apply subject to eligibility conditions (regardless of whether you move from one division of the Fund to another), unless you tell us that you no longer wish to be covered.

More information on Protecting your super legislation

2. Investment choice

When you move to Personal Plus your investment options move with you so you will remain invested in the same options you had while you were in the corporate division.

If you're unsure what you're invested in you can review your investments via your online account. You can also make investment changes online.

Review my investments

3. Understanding your payment

When you're made redundant you'll receive information about your redundancy payments from your employer. Your payment will consist of up to three components which will all be taxed differently:

• genuine redundancy payment (tax free up to a limit). Note if you're over pension age, you may not be eligible for a genuine redundancy payment and your entire payout may be treated as an ETP.
• an employment termination payment (ETP), and
• other redundancy payments such as unused annual and long service leave.

TelstraSuper Financial Planning can help you understand your payout and how to maximise it for the long-term. To speak with an Adviser call 1300 033 166.

Find out how your payment is taxed

4. Accessing your super

Super is designed to help you save for retirement. As a result there are rules around when you can access your super.

Generally, you can access your super:

• When you turn 65 (even if you’re still working)
• When you reach preservation age (the age the Government allows access to super) and you permanently retire from the workforce.
• When you reach preservation age and commence a transition to retirement income stream (this is where you can draw down on your super before you are retired)
• If you meet another "condition of release" (limited circumstances such as financial hardship or compassionate grounds)

If you're retiring you can pay yourself an income through a RetireAccess income stream.

Find out more about accessing your super

5. Options for your lump sum payment

Your redundancy payment could be one of the biggest payments you'll ever receive. TelstraSuper Financial Planning can help you work out the best long-term strategy for your money. Here are some possible options to consider.