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If you leave your employer and don’t provide instruction to Plum, your super benefit will be transferred to the Plum Personal Plan and will continue to be invested in the same way as it was before leaving your employer, as well as your standard death and Total and Permanent Disablement (TPD) cover continuing. However, your existing contribution arrangements and income protection/salary continuance cover will cease.
Something to keep in mind …
One of the keys to successful superannuation investing is allowing investments to mature over the long term. An ongoing relationship with your super provider can be one of the most effective ways to achieve your desired retirement goals.
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Plum Personal Plan (PPP)
The Plum Personal Plan is designed to enable members to stay with Plum, even after they have left their employer. There are plenty of potential benefits associated with joining the Plum Personal Plan. These include:
- Investment control – in most instances, you can continue investing your super in exactly the same way that you do now. In fact, you may have more investment options to choose from in the Personal Plan. And if you want to change your strategy, you can still do this at any time either via the website or by calling a Plum Member Services Consultant;
- Insurance cover - most insurance arrangements you had as a member of Plum automatically transfer across when you join the Personal Plan. This means you don’t have to undertake a medical examination to take out a new insurance plan and, the premiums you pay are often lower than those you may pay if you were to take out insurance outside of superannuation (due to the buying power of all Personal Plan members);
- Contribution choice - you can continue - or even start - to make voluntary contributions into your Personal Plan account in order to boost your savings effort. In fact, you can even ask your new employer to make their regular Superannuation Guarantee (SG) contributions into your Personal Plan account – keeping your super in one spot;
- Consolidate – if you have super accounts with other super providers, why not consider rolling them into the Personal Plan? Having multiple super accounts is complicated, time consuming, can be costly…and is a big step towards you truly losing control of your super; and
- Family affair – and if you like the idea of ‘seamless super’ why not use the Personal Plan as a vehicle to establish a super account on behalf of your spouse, or even for your children? By doing so, you have one set of fund rules to understand, one fee structure, one contact centre, one website, and your benefit statements are mailed at the same time, twice a year – helping you time your appointments with your tax adviser.
Are you transitioning to retirement?
Did you know, upon reaching age 55 you may transfer into the Plum Pension and continue to take advantage of member services, education and ongoing support throughout your retirement?
For more information, click on the Plum Pension link on the Plum website at www.plum.com.au or call a Plum Member Services Consultant on 1300 55 7586
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Next steps
To direct your new employer’s payments into the Personal Plan
Call 1300 55 7586 for an ‘Instruction for employers’ form. Hand the completed form to your new employer on joining – they’ll look after the rest!
To change your investment options in the Personal Plan
Go to the ‘Investment strategy’ area of the secure member section of our website. You can access this section via the ‘Login here’ button on the home page of the site. You’ll need your member number and PIN.
To change your insurance cover in the Personal Plan
Go to the ‘Forms and publications’ area of the secure member section of our website and download a ‘Your insurance election form – Plum Personal Plan’ form.
To make voluntary contributions in the Personal Plan
Go to the ‘Forms and publications’ area of the secure member section of our website and download a ‘Voluntary contribution’ form. Alternatively, you can make additional contributions via BPAY®.
To consolidate other super funds into Personal Plan
Go to the ‘Forms and publications’ area of the secure member section of our website and download a ‘Request to transfer superannuation benefits’ form. Before you make any decisions, you should consider all exit fees and other charges that may be applied and any changes to insurance benefits. Additionally you should consider the impact this could have on insurance entitlements. When considering changes to your superannuation, we recommend that you seek financial advice.
To establish an account on behalf of your spouse or child in the Personal Plan
Call a Plum Member Services Consultant on 1300 55 7586 who will send you a Product Disclosure Statement and the associated form to complete.
Important:
For some plans, a transfer to the Personal Plan is not automatic and requires an application to be made. To find out if your funds will be automatically transferred into the Personal Plan call a Plum Member Services Consultant on 1300 55 7586.
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