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At the end of a marriage or long-term relationship, it is important to get the right advice to make informed decisions that will impact your financial future. When it comes to superannuation, these seven actions can help keep your superannuation up to date.
it is important to understand how super is dealt with at the end of a relationship, as it is treated differently from other property of the marriage.
Super interests are treated as a different type of property and not as a financial asset for the purposes of court orders and settlement agreements. This lets separated couples value and split their super interests and come to their own agreement. The courts will only get involved if an agreement can’t be reached.
You need to know the balance of your and your partner’s super accounts to agree on a fair settlement.
Your superannuation fund can give you information on your account and can also give you information if you’re the spouse of a member, or a person entering into a superannuation agreement with a member.
You will first need to fill out a Family Law Declaration and Request for Information form.
Find out more about superannuation splitting.
Divorce or separation may involve a change of address, so ensure you keep your superannuation account contact details up to date. As a QSuper member, updating your contact details can be done either through Member Online or by calling our Contact Centre on 1300 360 750.
If you’re currently employed by the Queensland Government, you should also let your payroll office know about your new address. Each fortnight, your payroll details are sent to us, and they may overwrite the changes you make on our website.
If your divorce or separation requires a name change, you can provide QSuper with certified identification in your current name and a certified copy of one of the following documents that supports your name change:
If you’re currently employed by the Queensland Government, please also let your payroll office know about your name change. As with your contact details, your payroll details may overwrite the changes you make on our website.
Superannuation doesn’t automatically form part of your estate, and it can’t be included in your Will, so separation is a good time to review who you have nominated as a beneficiary on your super and whether you need to change this.
Find out about super beneficiaries.
An Enduring Power of Attorney, sometimes called an EPOA, is a legal document that gives someone else the power to make personal or financial decisions on your behalf, while you're alive. If you lose the capacity to make decisions for yourself, it makes sure those decisions are made by someone you know and trust. Separation is a good time to review any EPOA you have in place.
If you have previously given QSuper the authority to release information about your super accounts to your former partner, via an Authority to Release Information form, you may also wish to withdraw this authority. You can do this by writing to us.
As a single person, your life insurance needs (including income protection insurance) may be quite different to the needs you had as one half of a couple. You can review the current level of insurance cover you hold with QSuper via Member Online or by calling our Contact Centre on 1300 360 750.
Financial advice may be one of the most beneficial calls you can make to help you take control of decisions you may need to make about any assets or debts, your home, money for looking after children, as well as money for you and your future.
You may want to consider financial advice as well as legal advice if you separate or find yourself suddenly single.
QSuper members have access to financial advice about superannuation and managing your money through QInvest.1
Take control of your finances with the support of financial advice. Have the confidence that comes from working with a financial adviser to help you reach your financial goals.
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1 QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. When you receive personal advice from QInvest, the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions and advice fees may apply. Refer to the Financial Services Guide for more information.
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