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Redundancy and your super

We'll continue to take care of your super

If you are contemplating redundancy, you will be faced with a number of financial and lifestyle decisions.

Super is one thing you don't have to worry about.

Your account will be automatically transferred to the Bluescope Steel Super Retained Benefits Division when your BlueScope Steel employment ceases.

Can't get to a BlueScope Steel Super Redundancy Seminar?

Read our Redundancy and your super fact sheet

We're here to help

If you have any questions or concerns, please call SuperConnect on 1300 130 434.

Frequently asked questions

What happens to my super if I accept a redundancy package?

Your BlueScope Steel Super account will be automatically transferred into the BlueScope Steel Super Retained Benefits Division. You will continue to access many of the features and benefits you enjoyed as an active member of the BlueScope Steel Superannuation Fund.

Additionally, you won't be charged an administration fee for your first two calendar months as a Retained Benefits Division member.

Do I have to take my super out of BlueScope Steel Super?

No. You can keep your super in BlueScope Super's Retained Benefits Division indefinitely, as long as your transferred benefit is $2,000 or more and stays above $2,000 while you are a member.

How will my super be invested?

You will have access to the same range of investment options as you did previously. You can make an investment switch at any time, but remember that your super is generally a long-term investment.

If you are a BlueScope Steel Super Defined Contribution Division member, your benefit will continue to be invested in the same investment option(s).

If you are a BlueScope Steel Super Defined Benefit Division member, your defined benefit will be invested in Option A on transfer to the Retained Benefits Division until you make an alternative investment choice. If you are a Defined Benefit Division member with an accumulation account (from additional voluntary contributions or rollovers), this account will continue to be invested in the same investment option(s).

What happens to my insurance cover?

If you are under 60, your existing Death and Total and Permanent Disablement (TPD) cover will continue at no cost for 60 days after your employment ceases. If you are 60 or older, your existing cover will continue at no cost for 30 days after your employment ceases.

After this time, if you are a BlueScope Steel Super Defined Contribution Division member you will retain the number of units of Death insurance cover that you had prior to transferring to the Retained Benefits Division. If you are a member of BlueScope Steel Super's Defined Benefit Division, you will receive the number of units of Death insurance cover required to provide you with at least the same amount of death cover you held previously.

You can cancel, reduce or apply to increase your Death insurance cover at any time.

The cost of this insurance cover will be deducted from your account each month.

You should read the insurance section of the PDS dated 1 July 2011, as this contains important information for members transferring to the Retained Benefits Division.

Can I continue to put money into my BlueScope Steel Super account?

Yes. You can make after-tax contributions to your BlueScope Steel Super account; as long as you are not over age 75 and you meet certain eligibility criteria from age 65 onwards. At this stage we cannot accept contributions from other employers.

I'm over 55 and not sure if I'll return to the workforce. What are my options?

If you are 55 or older, you may be able to access some of your superannuation through a superannuation pension. A pension provides a way to convert your super into an income stream that provides you with flexible, tax-effective income payments.

You don't have to permanently retire to be eligible. Under transition to retirement rules you could also use a pension to help you afford a move to part-time work.

While BlueScope Steel Super does not offer a pension, you are able to purchase a Russell iQ® Retirement (superscript ®) from the Russell SuperSolution Master Trust (subject to satisfying eligibility criteria). Please call SuperConnect on 1300 130 434 if you would like to know more.

Purchasing a pension is a significant financial decision, so you may wish to seek professional financial advice.

Can I pay an Employment Termination Payment into my BlueScope Steel Super account?

Employment Termination Payments or ETPs are not able to be rolled over directly into a superannuation account unless what are called the 'transitional arrangements' apply.

Generally, transitional arrangements only apply to a limited number of people. If you are eligible, this will be clearly noted on your ETP paperwork from BlueScope Steel.

If you are eligible to roll over your ETP to your BlueScope Steel Super account there are a number of factors to consider. You may wish to seek professional financial advice before you make a decision.

Can you put me in touch with a financial adviser?

Yes, we can refer you to a licensed financial adviser. Just call SuperConnect on 1300 130 434. Neither BlueScope Steel, BlueScope Steel Super or Russell Investments Financial Solutions Pty Ltd (who run the Adviser Referral Program) receive any commissions or fees for referring you to a financial adviser.

I have more questions - who can I talk to?

We're here to help. If you have more questions please call SuperConnect on 1300 130 434.


19 June 2016

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Disclaimer Issued by Total Risk Management Pty Limited (ABN 62 008 644 353 AFSL 238 790) as Trustee for BlueScope Steel Superannuation ABN 42 459 430 081.