- 1
- When can I get my super?
- When you leave your employment in the waterfront industry or when you reach age 65.
- 2
- How much will my benefit be?
- That depends on why you are leaving. If you are:
- retiring at age 60 or older,
- being made redundant,
- leaving because of ill health or disability, or
- leaving after being a member for at least 5 years
- 3
- What will my benefit be if I just want to leave but haven’t been a member for 5 years?
You have a number of choices:
- If you want a cash benefit you will get your own contributions plus income earned. In addition, you will also get 20% of your employers’ contributions and income earned for each complete year of membership up to a maximum of 100% after 5 years.
- If you defer payment until you have been a member for at least 5 years (or age 60 if that comes first) you will also get your employers contributions and income earned.
- If you join another scheme outside the industry you can transfer your total account balance to that scheme. (There are some limitations on this.)
- 4
- Do I have to take a lump sum payment?
No you don’t. You have two other options.
- You can defer payment of all or part of your benefit for as long as you like. If you choose this option then the Trustees will continue to invest your savings for you but you can make part withdrawals from time-to-time including regular monthly withdrawals.
- You can use all or part of your benefits to buy a pension from the Fund which will be paid to you for the rest of your life.
- 5
- What happens to my benefits if I die?
- If you die while you are working in the waterfront industry and both you and your employer are contributing to the Fund, your estate will be entitled to the total value of your members account plus an additional death benefit based on your age, contribution rate and earnings. The Trustees will pay your benefits to the person that you have named as your executor (the person to look after your estate for you). If you are leaving your benefits to a spouse or partner your executor can choose to defer payment of the benefits and arrange for your beneficiary to make withdrawals in the future in the same way that you would have been able to.
- 6
- Can I withdraw any of my benefits while I’m working?
- Only if you are 65 or older or have been diagnosed with a terminal illness.
- 7
- Can I use my benefits as security for a loan?
- No you can’t. The Trust Deed strictly forbids this. Your superannuation benefits are for your retirement and no other party can have a claim on them.
