Spring clean your super

A new job

• Let your new employer know the details of your Brighter Super account so they can make contributions on your behalf. Complete the form on our changing jobs page.
• If you’ve provided an email address or phone number that relates to your previous job, update these on Member Online as soon as possible so we don’t lose touch with you.
• If you have a super account elsewhere, consider consolidating them into one account to save money on administration fees and reduce unnecessary paperwork. 

Keep in mind… before consolidating, it’s important to consider what is best for your situation. Compare your super funds and choose the one you think will give you the best long-term outcome. You should also check whether this could have an impact on your contributions, fees, tax situation or insurance cover.

A pay rise

• Log in to Member Online to check that your employer is making the correct SG contributions on your higher salary.
• Consider asking your employer to salary sacrifice some of your extra pay directly into your Brighter Super account. By putting money into your super this way, you can reduce your taxable income, accumulate more money for retirement, and potentially take home more pay.

A career break

• If you’re eligible, consider making a voluntary super contribution from after-tax money to potentially receive a co-contribution from the Australian Government of up to $500.
• If your partner needs to take time out of the workforce, consider making a spouse contribution directly to their account, or splitting contributions made to your own account with your partner.

Redundancy

• Consider allocating a portion of your redundancy payment to your super. You may be able to claim a tax deduction on after-tax contributions, providing you stay under the concessional contributions cap ($30,000 for the 2024/25 financial year).
• If you’ve reached age 60 and stop working or change jobs, you may be able to access your super as a lump sum or pension (or combination of both).
• Discuss your options with your financial adviser, or contact us to meet with a Brighter Super financial adviser.

Reaching your preservation age

• Explore options like a Transition to Retirement (TTR) Pension account to ease into retirement while still working part-time.
• If you change jobs after 60, permanently retire, or turn 65, you can open a Brighter Super Pension and won’t pay any tax on your investment earnings.

Take advantage… turning 60 opens the door to several opportunities for your super. Head to our ‘turning 60’ page or view our Brighter approach to retirement video featuring retirement advocate, David Koch, and Brighter Super’s Head of Retirement, Jen McSpadden.

Finding your life partner

• Log in to Member Online to update your profile, potentially including your name, address and contact details.
• Review your superannuation beneficiary and, if relevant, consider making a Binding, Non-lapsing Death Benefit Nomination. Without it, your super could end up in the wrong hands.
• Review your insurance cover with Brighter Super – as well as any insurance cover you have outside the Fund – to ensure it’s suitable for your new relationship and financial position.

Starting a family

• Discuss the impact of parental leave on your super, and the potential to make a spouse contribution or split super contributions with your non-working partner.
• Make a voluntary super contribution from after-tax money, if you’re eligible, to potentially receive a co-contribution from the Australian Government of up to $500.
• Review your insurance cover with Brighter Super – as well as any insurance cover you have outside the Fund – to ensure it’s suitable for your new financial obligations.

Separating from your partner

• Superannuation can be divided as part of a property settlement so seek legal advice to discuss your options.
• Replace your ex-spouse as a beneficiary and nominate a new beneficiary for your super benefits.

Taking out a mortgage

• When you move into your new home, log in to Member Online to update your profile with your new address and contact details.
• Review the insurance cover within your Brighter Super account – as well as any insurance cover you have outside the fund – to ensure it’s enough to cover your increased level of debt.

Did you know? If you’re a first home buyer, you may be able to take advantage of the Australian Government’s First Home Super Saver Scheme to help save for a deposit through your super.

Receiving a windfall

• If you receive a financial windfall – perhaps a healthy tax return, an employment bonus or an inheritance – consider topping up your Brighter Super account. This will grow your super savings faster and give you more money to live off in retirement.

Downsizing your home

• If you’re over age 55 and sell your home, you can contribute up to $300,000 ($600,000 per couple) to super and give it a major boost in the lead-up to retirement.