NESS Super

Dealing with Life Changes

What should I do?

There are many things that can affect you and others around you. Please see the below for information on dealing with these changes that might have occurred to you.

Get your super in shape early

If you’ve just entered the workforce, you probably have a lot of paperwork to fill out. It’s easy to think you’ll deal with super later, but don’t put it off. There are a few things you can do now that could make a huge difference to your future financial security. And the earlier you start the better.

Think about how you want your super invested

Contributions to your super fund account, by your employer and yourself, are invested by your super fund. When you join NESS Super you can choose from a range of investment options . The option you choose will depend on how much return you want on your investment and the level of risk you are willing to take.

Risk and return

If you don’t choose an investment option when you join NESS Super, your super will automatically be invested in our default option, NESS MySuper.

NESS MySuper

Think about how much Insurance you need

Now that you are working and earning an income, it’s important to make sure you have the right level of insurance should something unexpected happen to you.

Default Income Protection Cover (IP Cover) - When you join NESS Super, and your employer pays your Superannuation Guarantee (SG) contribution to NESS Super, prior to the first quarterly SG Legislation deadline you will be automatically provided with IP Cover of up to 85% of pre-disability income (up to 75% of your Income payable to you plus up to 10% payable as a contribution to your NESS Super account) for up to a period of 2 years (104 weeks) (or until you turn 65), provided you are ‘actively at work’ (meaning you are capable of performing all duties/hours of your usual occupation without restriction). The standard waiting period is 30 days. The cost of this cover is 1.76% of each SG contribution submitted to NESS Super.

Options to change Income Protection Cover - You have the option to increase your waiting period to either 60 or 90 days if you wish to reduce the cost of cover. You have the option to increase your period of cover from 2 years (104 weeks) to 5 years (260 weeks) for an additional cost. 

Default Death and Total and Permanent Disablement (TPD) 

Death cover provides a lump sum benefit if you die or have a Terminal Illness. Cover is available until you turn 70. You can advise the Trustee of the person you would like to receive your death benefit if you die. You can either make a Preferred Beneficiaries Nomination which tells the Trustee your wishes but leaves the Trustee with the final discretion, or a Binding Death Benefit Nomination which requires the Trustee to follow your wishes when a benefit is paid on death (conditions apply).

TPD cover provides a lump sum benefit if you are Totally and Permanently Disabled. Cover is available until you turn 65.

When you join NESS Super, and provided you meet the eligibility conditions for default insurance cover, you are automatically provided with:
• 2 units of Default Death cover. The amount of cover that you get varies according to your age.
• 2 units of Default Total and Permanent Disablement (TPD) cover. The amount of cover that you receive varies according to your age.

For more information about insurance options please refer to the NESS Super PDSOpens in new window Opens in new window and the NESS Super - Employed Division Insurance Guide.Opens in new window

If you are a Self-Employed Member, please refer to the NESS Super - Personal Division Insurance Guide .Opens in new window

Consider making additional contributions

You may not be earning much just yet, but the earlier you start contributing to your super the better.

The Super Guru website shows you how to boost your super by making only small changes to your budget.

Find out moreOpens in new window

And if you make after-tax contributions to your super, you may also be eligible for the Government co-contribution schemeOpens in new window for low or middle-income earners.

Combine your super

If you’ve had casual or part time jobs in the past, you may already have some super. Combining all your super into the one account makes a lot of sense. It makes it easier for you to manage your super and saves you paying more than one set of fees and costs, which means more for you in the long term.

Combine your super

It’s a good time to take a look at your super

When you’re responsible for other people’s financial wellbeing, it’s important to have adequate insurance should something happen to you.

Applying for more or new cover – Life events

We understand that personal circumstances change, and you may find that the level of insurance that you had thought was enough does not provide for your current situation. With NESS Super’s Death and TPD cover, you can increase the level of cover you have by unit for each type of cover you hold, when certain ‘Life events’ happen, namely:
(a) You get married;
(b) You get divorced;
(c) You or your partner gives birth to or adopts a child;
(d) Your purchase a house in Australia that has a mortgage of more
than $100,000; or
(e) You take out a new business loan for more than $100,000.

If you hold both Death and TPD Insurance, you can increase your cover for both insurances by one unit. If you hold only Death insurance, you can only increase your cover for Death insurance by one unit. If you have fixed cover insurance, you can increase your cover to the equivalent value of one unit based on your age. Subject to certain conditions, refer to the NESS Super - Employed Division insurance GuideOpens in new window for more detail.

Insurance Cover

Think about who you would like to receive your Death Benefit if you die

You can choose the person you would like to receive your death benefit. You can make a Preferred Beneficiaries Nomination telling the NESS Super Trustee your wishes but leaving the Trustee with the discretion regarding beneficiaries, or you can make a NESS Super – Members’ Binding Death Benefits Nomination FormOpens in new window , which requires the Trustee to follow your wishes when a benefit is paid on death (conditions apply).

Save on health insurance

As a member of NESS Super, you also get a great deal on private health insurance though nib. If you’re thinking of getting cover for your family – or want to compare premiums – talk to nib.

Find out moreOpens in new window

Boost your super

The earlier you start contributing to your super, the less you need to contribute overall (to get to the same savings target). Even if money is tight, it’s worth thinking about ways you could make even small contributions to your super.

The Super Guru website shows you how to boost your super by making only small changes to your budget.

Find out moreOpens in new window

Take advantage of cheaper banking

As a NESS Super member you can access discount banking, personal loans and personal and home loans through ME Bank. ME Bank is a licensed bank owned by Australian industry funds.

Find out moreOpens in new window

When your work status changes, you need to think about your super

A change in your job status can affect your super, please take a moment to consider the best way to manage your super going forward.

I’ve got a new job but do not want to lose my insurance cover in NESS Super

You can stay with NESS Super, no matter what type of work you’ll be doing in your new role. As long as you have sufficient money in your account to pay premiums and administration fees, your insurance cover with NESS Super will continue. The amount of Death and TPD insurance cover will vary according to your age.

I’ve got a new job but want my new Employer to contribute to NESS Super

Just tell your new employer that you want to stay with NESS Super. Simply complete a Super Choice FormOpens in new window and give it to your employer

I’m going to be self-employed

If you start working for yourself, NESS Super cannot accept contributions from you on a pre-tax basis. You can, however, still keep your accumulated super with NESS Super. As long as there is sufficient money in your account to pay premiums and administration fees, your insurance cover with NESS Super will continue.

I’ve been made redundant

If you are made redundant and receive a termination payment, you might want to consider getting financial advice . There is a lot to think about when this happens, including tax, social security entitlements, insurance and superannuation.

If you become redundant after reaching your preservation ageOpens in new window , you may be able to access your super.

I’m suffering severe financial hardship

If you are suffering financial hardship, you may be able to apply to the NESS Super Trustee to access your superannuation. However, the maximum amount you can access is $10,000 a year and you need to satisfy conditions set out by the government before the Trustee can release your benefit (for example, you have received Commonwealth benefits for 26 continuous weeks but are still unable to meet immediate living expenses). For more information go to the ATO website.

Find out moreOpens in new window

Divorce and Super

If you’re considering getting divorced or ending a de facto relationship it’s helpful to understand how your super will be affected.

Splitting super

Australian family law treats superannuation as property that can be divided or split when a marriage or de facto relationship ends.* Any super you split is still preserved until you reach your preservation ageOpens in new window . Your superannuation can be split by a superannuation agreement or court order as part of a property settlement. You can even enter a superannuation agreement before you separate, although you do need to consult a solicitor to do so. The splitting laws are very specific about the process couples must go through in order to split their super, as well as the things a super fund’s trustee must and must not do.

*Western Australia has different laws in relation to de facto relationships.

Costs

There are costs associated with splitting your superannuation. In addition to legal fees, super funds charge fees for some of the things we need to do to split super. NESS Super charges a fee for the lodgement and processing of a family law split (known as a Family Law Fee) as well as a Contribution Splitting Fee. There is no fee for flagging a benefit is to be split before a superannuation agreement is made, find full details below.

Additional InformationOpens in new window

More information

For general information go to the Family Law Courts websiteOpens in new window , otherwise please contact us if you need any forms related to super splitting.

I need to make a claim

If you can’t work due to illness or injury, you may be eligible to make a claim on your NESS Super Insurance or you may be able to access your account balance through applying for an early release of your benefit. Go to the MoneySmart website for more information.

Find out moreOpens in new window

To make a claim please contact NESS Super on 1800 022 067.

What insurance cover options are available to me?

NESS Super offers a range of insurance cover options.

Find out more

Need help?

Need help with making a claim or want to know more about the insurance we offer?

NESS Super can help you plan ahead

Whether you’re 10 years or 10 weeks from retirement, there’s plenty you can do to prepare.

Explore your options

There are different ways to use your super to provide an income in retirement. NESS Super offers account-based pensions, which enable you to draw a regular sum from your super while leaving it invested with the fund.

NESS Pensions

Get financial advice

It’s important to get financial advice before making any decisions about retirement. Even if you’re close to retiring, a qualified, licensed financial planner could help fine-tune your plans. For example, a financial planner could help you:

  • Calculate whether you have enough saved to retire
  • Consider whether a Transition to Retirement Pension could be an option in the lead-up to retirement
  • Work out the most tax-effective way to structure your retirement income (which may involve liquidating assets and moving the funds into superannuation), and
  • Maximise your eligibility for the Government Age Pension.

Boost your super with salary sacrifice

If you’re not doing it already, you might want to start making salary sacrifice contributions to your super.

Find out more

Combine any super you have

Now’s a very good time to make sure all your super’s in the one place.

Find out more

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