The new year is synonymous with a fresh start, so it’s not surprising that January and February are the most popular months to be looking for a new job! And if you’re thinking of changing jobs, you’re not alone. According to the Australian Bureau of Statistics, over one million Aussies change jobs each year.
Other research indicates that the ‘job for life’ is a thing of the past – the average time spent in a job is 3.3 years, with around one in five Aussies changing jobs each year.*
Source: Household, Income and Labour Dynamics in Australia (HILDA) Survey 2019.
Lifetime membership in an industry super fund
In the excitement of changing jobs – a new role to settle into, a new routine and even getting to know your new colleagues - super can often be overlooked.
The good news is that when you change jobs, you don’t have to change super funds. After all, who wants the headache of having to fill in new forms, choose a new investment strategy, nominate beneficiaries, to name a few?
Maritime Super offers lifetime membership, so you can take your account with you to your new job – even if you move on to a different industry!
By staying a member, you’ll continue to benefit from being in an industry super fund that is committed to putting members first.
Moving to another job in the maritime industry
If you’re moving to another job in the maritime industry, there’s a good chance that your new employer will already be a Maritime Super employer.
All you need to do is give them your Maritime Super membership details. They will be able to start paying your super into your account. Easy!
Changing industries altogether
If you have decided on a new career in a new industry, you can ask your employer to direct their contributions into your Maritime Super account.
Your employer will give you a Standard Choice form – all you need to do is fill this in with your membership details, and your new employer will pay your super directly into your Maritime Super account.
Here are the Maritime Super fund details you’ll need to know:
Unique Super Identifier (USI): 77455663441001
Superannuation Product Identification Number (SPIN): MSL0001AU
ABN: 77 455 663 441
Fund contact details: Locked Bag 2001, QVB Post Office NSW 1230. Phone 1800 757 607
Download our certificate of compliance here.
If you don’t make a choice about your super, your new employer will automatically pay your contributions into their default fund. That means that you’ll end up with two accounts, paying two sets of fees, and so on.
Becoming your own boss
You may decide on a complete career change and become your own boss! If you’re self-employed, there’s so much to manage in the day-to-day running of a business that paying yourself super is often overlooked.
The good news is that you can remain a Maritime Super member, so it’s one less thing to have to deal with.
Give Member Services a call on 1800 757 607 to find out more.
Don’t get lost!
Did you know?
At last count, there’s almost $21 billion* in lost and unclaimed superannuation across Australia – is any of it yours?
Changing jobs is one of the main culprits for super ending up lost and held by the ATO as ‘lost super’.
Source: ATO as at November 2019.
If you’ve worked in different jobs and industries, you may have super in more than one account. That means several sets of fees to pay, multiple investment strategies to manage as well as the paperwork associated with multiple accounts and correspondence from each fund. Plus you run the risk of losing track of your accounts.
By combining accounts, it’s easier to manage and have oversight over your money – plus you save on fees.
On top of that, many Australians have several super accounts which is unfortunate as they’ll be paying several sets of fees and possibly paying for insurance cover they can’t use.
The good news is that you can quickly and easily find lost super and consolidate your super accounts through MyGov – just log in to your MyGov account and follow the steps to submit your request.
Changing jobs – handy resources
Learn more about changing jobs here.
Watch the changing jobs video here.
The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.