Targeted Voluntary Separation Package
If you are over 55 and take a Targeted Voluntary Separation Package you will receive a retirement benefit.
If you take a Targeted Voluntary Separation Package before age 55 you can choose between your resignation entitlement or an immediate lump sum payment.
It’s important you’re aware that any part of your Rollover Account that was subject to preservation before it was rolled into the Lump Sum Scheme will still be subject to Commonwealth preservation rules. Also, the Superannuation Guarantee (SG) portion of your Employer Component is subject to Lump Sum Scheme preservation rules. This means that, depending on your age and circumstances, you may have to wait longer to access these portions of your entitlement.
You have the following options for your lump sum payment:
- take the unpreserved amount in cash
- preserve your entire entitlement in the Lump Sum Scheme until age 55
- roll your fully preserved entitlement into a complying super fund, such as the Super SA Flexible Rollover Product.
If you wish to cash your unpreserved entitlement you must apply within three months of finishing work.
Regardless of your age or when you resign, your preserved entitlement can be rolled over into a complying super fund, like the Super SA Flexible Rollover Product, at any time.
You should also consider getting some professional financial advice to help you make decisions right for your circumstances.