Are you planning to transition out of the Australian Defence Force mid career?
It is an integral time to get financial guidance.
In helping members with this transition, here at CTWealth we find more often than not, this type of transition does not require personal advice but rather an understanding of the factual issues and considerations that you will face, along with general advice and perhaps scaled advice from your new super fund.
These issues may include, but not be limited to:
- Choices on what to do with your current superannuation fund, whether it be MSBS or ADF Super.
- Understanding the benefits that are going to be lost on exit from the ADF. This includes the inbuilt insurance cover that will change. This is treated differently between the MSBS and the ADF. The insurance issue is a very important one for members with either a current or planned family, where the need to continue providing protection is paramount.
- How your super will be invested post exit and up to your accessibility age. The MSBS has components that are treated differently to each other on exit and this needs to be understood.
- At claim time what are your options going to be and how this compares to your new super options, ie Guaranteed Indexed Lifetime Pension vs a market linked pension.
- At what age will you be able to access your preserved military super.
- Can you continue to contribute to your current super account on exit.
- What investment options you currently have and understanding the best option for you.
- Finding the best super fund for your new Civilian role and the impact on retirement from not getting this right.
- Discussing your new employer default fund and any attached benefits vs electing choice of fund and missing out on default benefits.
- If you know your new employer default fund, we will discuss this in our meeting also.
ADF Transition Program
To help ADF members deal with this transition we provide a service that involves a meeting prior to exit to explain the issues that need to be considered and then we conduct a follow up meeting 12 months after exit to ensure the process have been completed with all issues considered.
There are a number of factual advice issues that we will discuss in these meetings along with general advice.
The cost of this transition program is $1000 and covers the two meetings.
You may be eligible to access $1,000 towards professional financial advice through the Defence Force Transition Program. Talk to your transition coach for more information and approval.
If personal advice is required, this will be identified and quoted on separately. If any personal advice is identified to be limited in nature it may be covered as part of your new funds normal fees and we will direct you to take advantage of these benefits where required and available.
We offer a complimentary and obligation-free 10 minute phone discussion to explore likely advice needs prior to committing to an initial appointment.
We are a listed adviser to the ADF Financial Services Consumer Centre linked here.
Information discussed will be general advice only.
