My wife is being made redundant at her place of employment, can she roll her super into my account or does she have to put it into a rollover account? - Brian
Your wife cannot transfer her super to your account. An application to split super contributions could be applicable to you but would not result in a full transfer of super benefit.
If your wife is a member of Media Super and does not apply for a super split and does not roll over her money from her Media Super account, she will remain a member of Media Super. Her money will still be invested in the concessionally taxed super system.
If your wife is a member of Media Super and was an employer-sponsored member – in other words, she didn’t have to make a super choice, Media Super was her employer’s default fund – she will become a personal account member after her redundancy. If your wife was already a personal account member, her account will not change. The distinction is important, especially when it comes to insurance. If your wife is insured through her Media Super membership, she may need to complete an insurance form.
For more information, call us on 1800 640 886 or contact your local Relationship Manager.
Redundancy can be a complex, confusing situation and you may benefit from some financial advice. Media Super members can access some free limited advice from Industry Fund Financial Planning. For more details, see Financial Planning.