Main region

What happens to your Defined Benefit when you leave your employer?

Media release - 30 Oct 2023

When you leave your employer, you will become entitled to a defined benefit calculated according to the rules of your Plan. You will have some options available to you regarding how you’d like to receive your benefit. Once we receive notice from your payroll team and any final contributions from your employer, we’ll write to you, setting out your entitlement and options. To learn more about your options, visit your employer microsite and read the Defined Benefit Handbook and any supporting information.

When you leave your employer, your options letter will include a form for you to instruct us. It will also explain how we will process your benefit if you don’t tell us what you’d like us to do with it within the specified time.

When can I access my Defined Benefit?

Superannuation law restricts your ability to receive a lump sum benefit in cash until you meet a condition of release – like reaching your preservation age (it’s now age 60 for most people) and retiring or reaching age 65. You can find out more here.

If you don’t meet a condition of release, and you are under age 60, you will need to transfer your lump sum into an accumulation account, where it will grow through compounding investment returns.

If your benefit is transferred to an ART Super Savings account, your lump sum will be invested in the same way as your current investment choices, and your Death and TPD cover may be automatically transferred to this membership. Note that any Income Protection cover you have in place will cease unless you take up new employment and contact us to have it reinstated.

How to check the size of your Defined Benefit

If you’d like to see how much money is in your Defined Benefit, you can log in to Member Online or call us on 13 11 84 and we can calculate it for you.

Find out more

To learn more about the specific rules that apply to your Defined Benefit, including how your benefit is calculated, please read the Defined Benefit Handbook available at your plan microsite. Can’t find your microsite? Contact your payroll team or call us on 13 11 84.