I’m leaving the South Australian public sector
22 December 2023Section Heading
Section Heading
When you change jobs it’s a good time to think about what you’ll do with your super. Your super is your money no matter where you work. And now, you have even more options with Super SA.
How does changing jobs affect your super?
Historically, South Australian public sector workers had to join a different super provider when gaining employment outside of the public sector or becoming self-employed. This was a common reason members ended up with more than one super providers.
Some recent changes mean that you now have the option to stay with Super SA, even if you are leaving the public sector. This is our Limited Public Offer, and we’re proud to be providing more choice and greater flexibility around super.
Your super can stay, even if you’re no longer working in government
Super SA's Triple S scheme has advantages you won’t find at any other super fund.
As a public sector employee, it’s most likely that your employer contributions have been paid to Triple S. As a tax-deferred super fund, you haven’t paid any upfront tax on your contributions. This means more money has been going into your account to help you save for a better life after work. If you were to move your money to another fund, 15% tax will be deducted from any taxable (untaxed) component rolled out of Triple S.
Limited Public Offer
With our Limited Public Offer, you can direct your non-government contributions to Super SA Select. This option allows you to have all your money under the one roof and leave your untaxed dollars in Triple S to grow over time.Taxed fund
Super SA Select is an accumulation fund, but it’s taxed upfront. As a taxed fund it can provide employees with extra ways for growing super. To see if it’s right for you, see the Super SA Select Product Disclosure Statement.
It’s easy to stay
When you join a new workplace outside of government, your employer should give you a Superannuation Standard Choice Form (or you can get it online at the ATO website).
If your employer has supplied the form, it should include details of their default fund. You can use the same form to nominate your preferred super fund.
Before nominating Super SA Select, check if you’re eligible to receive non SA-Government employer contributions into a Super SA Select account.
Then all you have to do is open a Super SA Select account (unless you already have one). You can find the application form towards the back of the Super SA Select PDF.
Next, complete the Standard Choice Form given to you by your employer or our Pay my super into Super SA Select form.
Things to consider when switching to another fund
When deciding on a super fund, you should consider: investment performance, fees, insurance and investment options, and services.
Investment performance
What are the fund’s investment returns over a period of at least 5 years?
Fees
All super funds have fees, and they generally include administration fees, investment fees and transaction costs as a dollar amount or percentage, or both.
Investment options
Do they suit your priorities, risk appetite, and personal values?
Services
Is there a member care team you can call or visit to get help with your enquiries? What member education and online services do they offer?
Insurance
Before you leave a fund, check how it might impact any insurance you have. For example, any insurance you have in Triple S, ceases on termination of employment with the SA Government. It’s important to know the circumstances and conditions under which you may be able to maintain all or some of your cover.
Consider financial advice
Before making any decisions about your super, you should consider getting advice from a financial planner.
You can choose your own financial planner, or you can take advantage of the service available through Industry Fund Services (IFS). If you don’t have an existing relationship with a planner, you can contact the Financial Advice Association Australia (FAAA) and access their “Find a financial planner” service to locate an FAAA member near you. The financial planners at IFS can advise you about the options available to South Australian public sector workers.
Learn about super, your way
Your super may be the biggest investment you ever have, so it’s important you’re in control.
We have a range of tools and information available to help you stay on top of your super. Simply head to Tools and Resources, where you can book live information sessions, try our online calculators and read more about super.
Book live information session
Try our online calculators
Read more about super
Speak with a financial adviser
1 Fees may apply. Super SA has engaged Industry Fund Services (IFS) (ABN 54 007 016 195 AFSL No. 232514) to facilitate the provision of limited scope and comprehensive financial advice to members of the superannuation schemes administered by Super SA. Advice is provided by financial planners who are Representatives of IFS. Fees may apply. Further information about the services can be found in the relevant IFS Financial Services Guide, a copy of which is available from your IFS financial planner or by calling Super SA on 1300 162 348. IFS is responsible for any advice given by its Representatives. Super SA does not recommend, endorse or accept responsibility for products or services or products provided or recommended by third-party organisations, including IFS. Super SA does not accept liability for any loss or damage caused by the products and services or products provided or recommended by IFS.
