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Home Features Thought Leadership Shifting jobs? The five things you need to consider
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TAGS renumeration, insurance, Superannuation, Salary, super, Dixon Advisory, Salary packaging, Employee benefit, tax planning
Changing government jobs — or switching to the private sector — requires careful planning of renumeration, tax, super and other arrangements. Dixon Advisory offers some tips.
Changes to the traditional career path are opening up exciting opportunities for public servants to develop new skills and work experiences. But don’t forget your longer-term plans to provide financial security for yourself, your family, and your eventual retirement.
Here are five key things to consider if you’re changing jobs or planning future career moves …
If you are in a new-style accumulation fund such as PPSAP, changing jobs doesn’t have to affect your super. If your new employer cannot contribute to the fund, you can either leave your benefits to grow where they are or transfer them to the fund that your new employer will be contributing to — though care should be taken to protect existing insurance cover.
Defined benefit funds such as CSS and PSS are more complex. While both funds allow you to preserve your benefit if you leave the Commonwealth sector, you can’t continue to contribute. If you later return to the Commonwealth public service, you can recommence your defined benefit membership when you return.
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Nerida Cole is managing director of the Financial Advisory division of Dixon Advisory. She's a highly respected expert on superannuation, including self managed super funds, retirement planning and wealth-building strategies.
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