Life and super go hand in hand

Babies, toddlers, teenagers

Nothing changes things like having kids. If you take parental leave under an ESSSuper DB fund, your benefit won’t be affected, as it’s regarded as ‘normal service’. During this period, your super benefit will continue to accrue in line with your chosen contribution rate. This helps ensure you’re not disadvantaged by caring for a young family. However, taking further unpaid parental leave will affect your contribution rate and limit your insurance cover. As the kids grow from toddlers into young adults, you need to check that your financial arrangements, such as insurance, continues to reflect your needs.

Relationships   

Relationship breakdowns are an unfortunate reality some of us have to face. It’s a time to be pro-active by doing a financial stock take of your situation. It’s also a good idea to check your will, your life insurance and super. Do you need to update the beneficiaries you have previously nominated? Because things can get complicated if something were to happen to you after the split. If you want control over who receives your super benefit, you need to consider whether  a ‘binding” death benefit nomination is appropriate for your situation. 

Do you have a question? 

If you’d like to know more about a specific super related topic, just call the ESSSuper Member Service Centre on 1300 650 161 (Emergency services) or 1300 655 476 (State super).

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1. The New Work Smarts Report – Thriving in the new work order. FYA.org.
2. Benefits in ESSSuper’s Accumulation Plan, Income Streams and Beneficiary Account products are not guaranteed or underwritten by the Victorian Government or ESSSuper, and ESSSuper does not come under the jurisdiction of the Superannuation Complaints Tribunal. 
3. There are maximum limits on before and after tax contributions which are set by the Government, and if these limits are exceeded you may be liable for additional tax.  It is important that you monitor your contribution levels as they may change from year to year. Please read the Product Disclosure Statement relevant to your particular fund for more information. 
 
The information contained in this article is of a general nature only. It should not be considered as a substitute for reading ESSSuper’s Product Disclosure Statement (PDS) that contains detailed information about ESSSuper products, services and features. Before making a decision about an ESSSuper product, you should consider the appropriateness of the product to your personal objectives, financial situation and needs. It may also be beneficial to seek professional advice from a licensed financial planner or adviser. An ESSSuper PDS is available on our website or by calling 1300 650 161.