A change in employment can be the perfect time to think about your super, because you’re generally thinking about changes in financial circumstances already. Here are a few tips and things to think about.
When you change jobs, your new employer will probably set up another super account for you unless you give them some instructions on where you’d like your super paid. Most employees can choose which account their super is paid to, even if the employer has a 'default' fund that they contribute to.
As a member of our fund, you can keep your membership even if you leave the Commonwealth Bank Group – and you can ask your new employer to contribute to your Accumulate Plus account. Find out more about asking your employer to contribute or compare us with another fund.
If you’re a Defined Benefit or Retirement Access member and you’d like to receive contributions from other employers, you can use an Accumulate Plus account. Find out more about opening an account if you don’t have one already.
If your new job has also come with an increase in salary, you may want to consider adding a bit extra to your super. Taking small steps now could add up to thousands of extra dollars over time. Even small amounts can make a huge difference when you do it regularly!
Find out more about contributing to super.
It can be great being your own boss, but one thing to consider is that you may no longer have an employer making regular super contributions for you. To minimise any impact to your super savings over the long term, you should consider whether to make your own contributions to your super.
You can make after-tax contributions to your super, and you may be eligible to claim a tax deduction – these are called personal deductible contributions. Find out more in the Reference Guide: Contributing to your super for Accumulate Plus.
If you’re now earning a lower income and you make after-tax contributions to your super, you may also be eligible for a super co-contribution from the government or a low income superannuation tax offset. Find out more in the Reference Guide: Contributing to your super.
When you work long hours running your own small business, there’s often little time to plan for retirement. Here are some things to consider. (Source: ASIC MoneySmart)
Different work patterns and incomes mean that Australians don’t end up with the same super balances when they retire. (Source: CommBank)