These can be uncertain times, particularly as you consider the effect on your financial wellbeing – now and for the future. It may be worth taking stock to see where you currently stand, and to help you prioritise your next steps.

Here are a few 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. 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 super contributions optimiser calculator may be helpful. It might also be a time to consider topping up your super with personal contributions, if this is something you can afford to do.

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.

These are likely to be times of considerable worry, grief or uncertainty for you and your family, so our goal is to help you through the process as easily as possible.

If you need to talk to 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.