Once your employer has told us that you’re no longer their employee and you’re a Plum Super member—you’ll be transferred to the Plum Personal Plan.
Leaving your employer, can be a busy and demanding time. The one thing you don't have to worry about is your super with us, because you may be able to keep your investments and insurance in the Plum Personal Plan (the Plan) or the Plum Pension.
The Plum Personal Plan lets members stay with Plum Super after leaving their employer. This means you can continue to take advantage of the many benefits of Plum Super, even though you’ve left your employer.
Keeping your super in one account will mean you only pay one set of fees and you'll only have to deal with one set of paperwork.
Important information: You can find out more information about the fees, charges and insurance conditions in the Plum Personal Plan's Product Disclosure Statement.
Some of the key features of the Plum Personal Plan includes:
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If you leave your current employer, we generally move your account balance into the Plum Personal Plan. If you have insurance cover when you leave your employer, you'll usually be able to keep it.
Once you leave your employer, we’ll cancel your Salary Continuance Insurance (SCI). If you’d like to keep your SCI cover, you can reinstate it within 60 days by completing the form by logging in to your account.
If you decide to reinstate your SCI cover, the default 90-day waiting period and maximum 2-year benefit payment period will apply—unless you’ve previously applied and were accepted for a different waiting period and/or benefit payment period in your employer plan.
Before you reinstate your SCI it’s important to consider:
If you don’t have insurance cover at the time you leave your employer, or if you’d like additional insurance, you can apply for it when you join the Plum Personal Plan. This insurance cover is provided by MLC Limited, which means that you may need to satisfy the insurer’s health evidence requirements.
If you’ve reached your ‘preservation age’, a Transition to Retirement (TTR) strategy may help you ease into retirement by allowing you to access some of your super whilst you’re still working. You’ve already reached your preservation age if you’re born before 1 July 1963. If you’re born on or after this date, your preservation age will be when you turn 59 or 60.
With a TTR strategy you can receive an income to maintain your living standard when winding back your work; and pay less tax. TTR pension payments attract a 15% tax offset between preservation age and 59, and are tax free1 at age 60 or over.
Get the advice that’s right for you
Determining when to retire and how to access your super requires careful planning. We recommend that you speak to your financial adviser before making any decisions.
1 Assume the TTR pension is commenced from a taxed super fund.
Insurance cover and costs
Cost of premiums