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June edition - The Police Association Victoria

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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

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