Making the decision to settle down with that special someone is a big step. Of course, there are many important decisions to be made but don’t forget to have a discussion about your super. It is important that you understand your partner’s superannuation arrangements including any insurance they may hold through their super fund. For example who is the beneficiary for their super and do they hold any insurance or income protection through their super fund?
If you and your partner wish to change the beneficiary arrangements for your super, you can contact your fund for assistance. Super Guru has more information on beneficiaries, in the Basics of Super section.
Although you can not combine your superannuation with your partner’s you can certainly make a retirement plan together and discuss how you plan to invest your super so that you can achieve the lifestyle that you want and deserve.
Now may also be a good time to discuss spousal contributions – especially if you/your partner are planning to take some time off work to start a family.
If you have taken the step to get married and you or your partner is changing their surname, be sure to let your fund know. Your fund will ask for the appropriate documentation, so be sure to have copies to send them.
Divorce and Super
The law says that superannuation benefits can be divided or split between parties if the relationship breaks down. This applies to both married and defacto couples - of the same or opposite sex.
The couple separating may be able to come to an agreement on how the super is split and issue a ‘super agreement’ which outlines how the super benefits are to be divided. Where the parties can not agree The Family Court will determine how the super payment will be split.
Super funds are required to provide information on a person’s superannuation benefits if the relationship breaks down. However they can not provide personal details such as address or phone number.
If you are currently going through separation or divorce you should talk to both your fund and your legal advisor about what options are available to you with regards to your super.
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