Sometimes things don’t always work out as expected, which means we may need to think differently about our current and future financial circumstances.

Retrenchment or redundancy

These can be uncertain times, particularly as you consider the effect on your financial wellbeing – now and for the future. One of the best things you can do is to take stock and see where you currently stand. This may help you prioritise any actions or decisions you need to take.

Here are a couple of things to consider in relation to your super:

• Are there any changes to your super? For Accumulate Plus members, these events will not generally trigger any major changes to your account. For Defined Benefit members, if you’re leaving the Commonwealth Bank, you may have some decisions to make about your super benefits – find out more about defined benefits.

• Is there any impact to insurance arrangements? For Accumulate Plus members, any existing cover will generally continue (although it may become fixed cover rather than linked to your salary), but you’ll need to make sure there continues to be enough money in your account to cover any premiums when due, otherwise you may risk your cover lapsing. For Defined Benefit members, there may be changes to your death and disability benefits depending on the rules for your division in the event of leaving employment – find out more about defined benefits.

• What’s the impact of not receiving regular super contributions? Without a regular income, it’s likely that there will be some disruption to how your super grows. Depending on your age, you may need to consider the effect that time out of the workforce might have on your long-term retirement savings – this career break super calculator may be helpful. It might also be a time to considering topping up your super with personal contributions if this is something you can afford to do.

Super and severe financial hardship

In certain circumstances, such as severe financial hardship or compassionate grounds, you may be eligible to access some money from your super. It’s important to keep in mind that because the main purpose of super is to provide for you in retirement, there are strict conditions around these types of early release of super benefits.

Find out more about eligibility for early access due to severe financial hardship or on compassionate grounds.

Illness, disability or death

We know that experiencing any of these are likely to be times of considerable worry, grief and uncertainty for you and your family, so we want to try to help you through the process as easily as possible.

In the event you need to talk with us about a claim for illness or disability, or if you are a family member or representative of a member who has passed away, please contact us as soon as possible so we can begin this process for you. You can also find out more about what to expect from the claims process.