Redundancy and superannuation

If you have an Accumulation account and move to a new job, you can keep your account open by giving your new employer your QSuper details. It's important to make sure your account receives contributions at least every 13 months so the Australian Taxation Office (ATO) knows your account is active.

Redundancy can affect any insurance you may have with your Accumulation account. For more information, check our frequently asked questions about insurance or see our QSuper Insurance Guide (pdf).

View your current level of cover in Member Online, and use our Insurance Needs Calculator to check you have the insurance you need.

If you plan to retire upon your redundancy, consider retiring with QSuper for a more financially secure retirement. Our Retirement Income account provides the flexibility to make withdrawals, and our Lifetime Pension is designed to provide you with an income for life.

If you have a Defined Benefit account and you accept a redundancy package, your benefit will usually be transferred to a QSuper Accumulation account. You need to send us a Transfer Your Defined Benefit to an Accumulation Account form to let us know how you want to invest your benefit and whether you would like insurance through your super.

You may be able to keep your Defined Benefit account open if you get a new job with a Queensland Government employer within 1 month and you haven't withdrawn any of your benefit yet.

Ask your payroll or HR department whether your new employer can provide for your defined benefit.

If you have any unrestricted non-preserved (cashable) super, you can withdraw this. The rest of your super stays in your account until you retire or meet the release conditions.

If your new job pays less, reducing the superannuable salary used to calculate your final benefit, you may be entitled to a salary reduction benefit. Find out more in our Defined Benefit account FAQs or our Defined Benefit Account Guide (pdf).

What happens to your Defined Benefit account insurance after your redundancy depends on whether or not you keep that account open. For more information, check our Defined Benefit account FAQs or our Defined Benefit Account Guide (pdf).