28.09.2014 Views

June edition - The Police Association Victoria

June edition - The Police Association Victoria

June edition - The Police Association Victoria

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

FINANCE<br />

Superannuation and<br />

relationship breakdowns<br />

Will a relationship breakdown impact on your super?<br />

As an ESSSuper ESSS Defined Benefit Fund member<br />

you’re entitled to a great range of superannuation<br />

benefits and services. But in the unfortunate event of a<br />

relationship breakdown, do you know what will become<br />

of your superannuation?<br />

Since December 2002<br />

superannuation can be split in the<br />

same way as any asset in divorce<br />

property settlements, meaning<br />

that it can be divided by agreement<br />

or court order.<br />

This previously applied only to married<br />

couples, however Commonwealth laws<br />

that commenced on 1 March 2009 provides<br />

for the division of assets (including<br />

superannuation) for people in de facto (same<br />

sex and opposite sex) relationships.<br />

<strong>The</strong> split of a super entitlement can be<br />

decided by binding financial agreement<br />

between spouses or partners (with legal<br />

representation), or by court order through<br />

the family courts.<br />

amount is created within your ESSS DB Fund<br />

account. This debt will increase with interest<br />

until the defined benefit becomes payable<br />

to you. When a condition of release is met<br />

(e.g. such as resignation or retirement), the<br />

outstanding debt plus accrued interest will<br />

be deducted from your benefit entitlement.<br />

<strong>The</strong>re is also provision for your ex-spouse to<br />

make an application for information about<br />

your superannuation entitlement in certain<br />

circumstances. In these instances, your exspouse<br />

will be required to complete a number<br />

of forms and provide supporting documents<br />

before any information will be released by<br />

ESSSuper. You too may be entitled to request<br />

superannuation information from your exspouse’s<br />

super fund.<br />

an ESSSuper Accumulation Plan account or<br />

request a lump sum payment (if you meet<br />

certain conditions).<br />

We are here to help you through this difficult<br />

time. If you would like more information<br />

about family law matters relating to your<br />

super, please call 1300 650 161 and ask<br />

to speak to a Family Law Administrator.<br />

You can also access family law related<br />

superannuation forms, including helpful<br />

information sheets and guides, from our<br />

website www.esssuper.com.au.<br />

Important information<br />

> ESSSuper is the superannuation fund for current<br />

and former <strong>Victoria</strong>n emergency services employees,<br />

public sector employees and their spouses.<br />

> Before making a decision about an ESSSuper<br />

product or service you should consider the Product<br />

Disclosure Statement (PDS), available at www.<br />

esssuper.com.au or by calling ESSSuper’s Member<br />

Contact Centre, and the appropriateness of the<br />

product to your personal objectives, financial<br />

situation and needs. It may also be beneficial to seek<br />

professional advice from a licensed financial planner<br />

or adviser.<br />

Once a payment is made to a former spouse<br />

or partner in accordance with the terms of<br />

an order or agreement, an equivalent debt<br />

20 Protect Represent Support. www.tpav.org.au<br />

If in the event of a relationship breakdown<br />

you receive a super entitlement through<br />

an asset settlement, you can transfer it to

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!