An important first step is to understand your options for your super. Following your redundancy, your super's automatically transferred to TelstraSuper Personal Plus, where you can continue to enjoy the many benefits to being a members of TelstraSuper. If you start a new job it's also easy to get your new employer to make contributions into your TelstraSuper account.
Redundancy checklist: what to do and when
When you're considering your redundancy options, prioritising your tasks is essential. Knowing what you should do now and what can wait a while, can help take some of the pressure off.
Things to do now
Your redundancy payment is a limited amount, so making the most of this payment is important. Here are some tips to help you:
Park your funds
While it may be tempting to spend some of your redundancy payment on paying off debts or purchasing new items, you should remain as financially flexible as possible during this period of transition, while you consider the next steps in your life. Consider placing unused leave, long service leave and tax-free redundancy payments into a cash management account that offers a regular payment facility (this acts like income). It's also important to understand how your payment will be taxed.
Set a budget
Preparing a budget will give you an idea of the cash reserves you're likely to need in the coming months. Use our Budget planner and remember to take into account the length of time it may take you to find new employment and include any entitlements to Centrelink payments you may receive.
Get the right advice
Getting advice early on is important. TelstraSuper Financial Planning has a team of phone based Advisers who can provide you with general and simple personal advice over the phone or more comprehensive personal advice with the aim of developing a financial strategy suited to your needs. To discuss your advice needs, please call 1300 033 166 or request a call online.
Find out about Centrelink payments
You may be eligible to receive Centrelink income assistance. Waiting periods may apply, so you should contact Centrelink as soon as possible to get the right information. Contact Centrelink online or call 13 28 50 (Employment Services) or 13 23 00 (Retirement Services).
Things to do within 30 days
Review your insurance
If you’ve been made redundant from Telstra or a Telstra-associated employer, your super's automatically transferred to a TelstraSuper Personal Plus account. Your death insurance and TPD cover (if applicable) continues unchanged. Your income protection cover continues provided you have a contribution made into your account by your new employer and you provide your new salary details and other required information within 120 days of transferring.
For detailed information on what happens to your insurance cover when you leave your employer, read the TelstraSuper Personal Plus Insurance Guide.
Things to do within 60 days
Employee Share Ownership Plan (Telstra employees only)
If you have Telstra shares under the Employee Share Ownership Plan, it's up to you to contact the share registry Link Market Services and provide instructions for your shares. You have 60 days to provide instructions regarding your shares when you finish employment with Telstra.
Have a new job?
If you have a new employer and want them to make contributions into your TelstraSuper account - it's easy to do. Simply fill in a choice of fund form and give to your employer.
If you're not planning on working again it's important to get the help you need to make sure you're finances are set up to support you throughout your retirement. TelstraSuper Financial Planning can develop a financial plan for you that takes into account your needs and goals. To speak to an Adviser from TelstraSuper Financial Planning call 1300 033 166 or request a call back through our online form.
Where can I get help?
Whether you have a general query or question, would like to see an adviser from TelstraSuper Financial Planning or attend a group seminar, you’ll find all the help you need right here.
Attend a purpose-built information seminar
At TelstraSuper, we have a specialist team that regularly holds seminars for Telstra Group staff. We're committed to providing all Telstra business units impacted by redundancy with timely, relevant and appropriate seminars to assist you and answer your questions face to face.
If you’ve recently been advised that you will or could be impacted by redundancy, see your line manager or HR Business Partner to find out if a seminar has been arranged for your business unit. Alternatively, use our online contact form to contact us and include your business unit, your member (employee) number and contact phone number and we'll get right back to you.
Email us your questions
You can submit a query via our online contact form.
Speak to TelstraSuper Financial Planning
When you contact TelstraSuper Financial Planning, an Adviser may ask you some initial questions about you and your family, your current financial position as well as your future goals so they can determine the scope of the advice to be provided. From here, the Adviser may be able to answer your questions or provide advice on the spot, recommend that you have a telephone appointment or attend the office to obtain comprehensive personal advice. To discuss your advice needs, call TelstraSuper Financial Planning on 1300 033 166 or request a call online.Request a call