Water Corporation Superannuation Plan is a fund for life. If you leave Water Corporation employment, you can still continue your membership of the Plan.
When you leave employment with the Corporation, you will automatically be moved to the Retained Membership Section and we will write to you confirming the change.
What will happen to your account?
Your membership will automatically be transferred into the Retained Membership Section of the Plan and will remain there until otherwise instructed by you.
- Your benefit will continue to be invested in your current chosen investment options.
- Your insurance benefits will continue (conditions apply, see below for further information).
You have a new employer
Your new employer can contribute to Water Corporation Superannuation Plan on your behalf. If your new employer agrees, you can also choose to make additional contributions before or after tax, directly from your pay.
- Simply by arranging for the new employer to complete a Participating Employer agreement form.
- Personal and salary sacrifice contributions can be accepted either from an alternative employer or by cheque or money order.
What happens to your insurance?
Members are eligible for insurance if they continue their membership in the Retained Membership Section of the Plan
- Your Death and Total and Permanent Disablement (TPD) cover will automatically continue.
- The level of your Death and TPD insurance cover will be calculated at a fixed amount using your last known salary and a relevant insurance formula to age 65 at the date you ceased employment with the Water Corporation
- Your Death and TPD cover "sum insured" will continue whilst you remain a member of the Retained Membership Section, or until you reach the age of 65 years, whichever occurs first.
- Eligibility for Continued TPD cover in the Retained Membership Section may be subject to proof of full-time or eligible part-time employment. That is, if you are not engaged in full-time
or eligible part-time employment at the time of your disability, your claim may be rejected. Please refer to the Product Disclosure Statement (PDS) for the circumstances in which a claim will be paid.
- Salary Continuance Insurance cover will automatically continue and reverts to the DEFAULT
Standard A option. The benefit will be:
- 75% x last known annual salary at date of termination
- 90 day wait period with a 2 year benefit period.
- Eligibility for continued SCI cover in the Retained Membership Section may be subject to proof of full-time
or eligible part-time employment. That is, if you are not engaged in permanent full-time employment at the time of your disability, your claim may be rejected.
Please refer to the Product Disclosure Statement for further important details.
Premiums for insurance cover will be deducted from your account at the rate shown in the PDS.