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frequently asked questions

will you help me find work?

what is a temporary pay office?

A temporary pay office is a concept we have developed to help people manage their money between jobs.

Basically, we work out with you what your short-term financial considerations are (eg bills and repayments), your living expenses, tax issues and if you are eligible for any income support from Centrelink.

We then help you structure your accounts to ensure your financial commitments are covered and you know how much you can withdraw every week, so you know what your limits are and how long the redundancy payout should last.

what sorts of decisions do I need to make now?

You will need to make decisions around your:

~ final payment and cash flow
~ superannuation arrangements
~ insurance cover, and
~ salary package benefits, eg laptops, novated leases, employee shares.

For instance, you may be offered to keep your laptop for a certain amount. You need to work out if it is better to keep it or buy a new one.

A financial adviser will help you understand your options and guide you towards making the right decisions.

what will happen to my superannuation?

On average you have 90 days to make decisions in relation to your superannuation, although we suggest you take control and make decisions earlier.

Professional advice will help you understand the various choices you have, you may even be able to access some of your superannuation now, perhaps even tax free.

what will happen to my insurance cover?

Generally you will be given up to 30 days to voluntarily continue the insurances your employer previously provided, although in some cases the cover may stop as soon as you leave.

It may be beneficial to continue these insurances if you can as they are provided without medical tests.

am I entitled to any Centrelink benefits?

You may be entitled to some Centrelink benefits. Generally, a NewStart Allowance will not commence until your redundancy payment runs out, although waiting periods have been reduced.

An adviser will be able to help you calculate your waiting period and potential for entitlements so you can decide if you want to pursue an allowance.

how much will this service cost?

The initial meeting is obligation free and there is no cost. This gives us both the opportunity of getting to know one another and for you to decide if you wish to work with us.

There may be fees involved which your adviser will outline before you agree to any future work being done for you.

do I need this advice if I’m close to retirement?

We argue it is the best time to get some financial advice.

It is more complex, with more options and strategies available for you, especially if you are over your preservation age, which is currently age 55. You may be able to use your superannuation and salary sacrificing to invest more into your super without compromising your income.

If you are looking at working for yourself (eg as a consultant) you probably won’t receive superannuation guarantee payments – which you should consider when working out your rates. You will be able to make tax deductible contributions and if over age 55, take advantage of the types of strategies available to improve your super savings.

what do I need to bring to my meeting with a financial adviser?

You will need to bring:

~ Details of your retrenchment package.
~ Details of your previous remuneration package.
~ Your latest superannuation statements.
~ Details of other investments and superannuation policies.
~ Details of any employee share schemes, car lease or other benefits provided.

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