I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Condition of Release

The most common one is superannuation or retirement from work. There are several other conditions of release described in super legislation --- for instance, death and invalidity. If you aren’t in the workforce, the condition of release is once you reach the age of 65.

Growth phase

A super interest is supposed to be in what’s called the “growth phase” before a member spouse has met a condition of release as well as before any cash has been settled out of the interest on account of the member reaching a condition of release.

You should know that a super interest can still legally be within the growth phase regardless of the fact that a member could’ve collected some payment. For instance, a member receiving payment on the grounds of monetary hardship doesn’t imply that the super interest has ceased being within the growth phase simply because that settlement has been paid.

Payment phase

A super interest is supposed to be in what’s called the “payment phase” when a member spouse has met a condition of release. Furthermore, the condition of release is reached once cash has been settled out of the interest --- either as an income stream or a lump sum, or a union of the two.

Allocated pension

This type of pension is a speculation for your super savings that offers you a regular salary when you leave the workforce. A lump sum is invested in a super account that accrues investment earnings, as well as from which you withdraw regular salary payments within maximum and minimum limits fixed by the government annually.

Separation declaration
You can create a super agreement or arrangement at any moment during or before your de facto relationship or marriage, or after your de facto relationship or marriage has stopped working.

When you need the arrangement to work, you’ll also have to pronounce a separation declaration. This particular affirmation needs to be served on the super fund’s trustee with the super agreement or else the agreement will not bind on the fund’s trustee. The declaration needs to be pronounced just 28 days prior to serving it on the fund’s trustee. If you stated a previous separation declaration, you'd need to pronounce a new declaration in order to serve on the fund’s trustee. What it has to say will depend on the superannuation interest/s’ value that you’re dealing with.

Payment splitting
Under the laws of superannuation splitting, a court order or agreement to split super is, basically, an order or agreement for split payment. What this implies is that when and as a fee from a super interest will be paid to the member spouse --- typically because the condition of release is already met --- the non-member spouse will receive a particular amount of money; the member spouse will receive the remainder.

The split payment done in accordance with a court or order agreement doesn’t generate a new super interest on behalf of the non-member spouse.

More information on the condition of release can be found at www.australiansuperfinder.com.au

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