Leaving a job or facing retrenchment can be a major life change — emotionally, financially and everything in between. While your regular pay may stop, your super doesn’t disappear.  

Knowing what happens to your super and insurance at Verve can help you stay in control, protect what you’ve built, and plan your next move with confidence.  

• When your employment ends, your employer contributions stop – but your existing super stays right where it belongs: in your account. 

• Your super fund and investments remain active, and your balance continues to move with investment markets. 

• Your account remains preserved, meaning you can’t access your super until you meet a condition of release — such as reaching age 60 and retiring, or turning 65. 

If you have been retrenched, your redundancy payment will be paid directly to you and is unlikely to include super contributions. The tax treatment of redundancy payments is different from regular income tax – so it's a good idea to seek advice from a licenced tax professional if you need support. 

Being out of work often means that every dollar matters. For many people, making extra contributions to super simply isn’t possible, and that’s OK. Prioritising immediate financial security and stability comes first. 

If you do have capacity, or if your circumstances change, you can still make contributions to your super even if you’re not currently working. 

If you are under age 75, there is no ‘work test’ that applies to making contributions. You can contribute directly via BPAY. Contributions during this time are optional. 

Most contributions made while you’re not working are treated as non-concessional (after-tax) contributions. In some cases, you may be able to claim a tax deduction by completing a Notice of Intent form. This must be lodged before you complete your tax return. This can turn your contribution into a concessional (before-tax) contribution. 

It’s up to you to ensure that you stay within the relevant contributions caps.  

Concessional (before-tax) contributions are generally taxed at 15%, and you’ll need to stay below the $30,000 per financial year cap, this includes any employer contributions that were made in the financial year. 

If you’re able to make contributions and your total super balance is below $500,000 you may be able to use unused concessional caps from the previous five financial years. This is known as a ‘carry-forward’ contribution. Our Coach team can help you work through whether this applies to you.  

Non-concessional (after-tax) contributions are capped at $120,000 per year, or up to $360,000 using the bring-forward rule. 

These options are only relevant if you have surplus savings and don’t expect to need access to the money in the near term. 

Remember: money that you add to your super generally can't be accessed until you meet a condition of release, such as retiring after age 60. Always check with your super fund or a licensed adviser before making large contributions. 

If you hold insurance through your super, it’s important to understand how your cover may change after your employment ends. 

Life and Total & Permanent Disablement (TPD) cover will usually remain valid. However, if your balance drops too low or contributions stop for an extended period, your insurance could lapse under the Protecting Your Super rules. Keeping your balance above $6,000 is key to maintaining cover. 

Income protection insurance is designed to replace part of your income if you can't work due to illness or injury. If you’re not currently working, this cover may no longer apply, however, keeping it in place for when you do begin work again can be helpful. Retrenchment isn’t covered under Income Protection insurance, so you can’t make a claim for being out of work.  

• Log in to your account to check your current cover, premiums, and options to adjust or maintain your insurance. 

• If you’re unsure what cover you have - or want help understanding your options, our Coach team is here for you.  

• Keep in mind: if you cancel insurance, restarting it later might require medical checks. 

• Keep your contact details up to date; double-check your personal email attached to your account 

• Review your investment mix — now could be a good time to get support with your investment choice through our Coach service 

• Review your contributions – even small personal contributions can keep your balance growing and make sure your insurance is retained 

• Avoid paying duplicate fees by consolidating multiple super accounts if you have them – remember, moving your super can result in losing insurance held in the fund you are leaving. You should check the fees and costs and seek professional advice for support.

Small proactive steps can make a big difference to your long-term balance. 

When you start a new job, simply give your new employer your existing Verve Super fund details so your contributions continue to grow your balance over time. 

If you’ve recently lost work, you don’t have to navigate all this on your own. 

Our Coach team is here to help you understand your options and make informed decisions about your super.  

Key takeaways 

• Your super remains yours – even when your job changes 

• If you’re under 75, you can continue contributing to your super, if you want. 

• Checking insurance for your personal situation is a good plan 

• Getting the right advice can help keep your long-term financial goals on track 

Your super stays in your account and remains invested. While employer contributions stop, your balance continues to move with investment markets until you start working again or meet a condition of release. 

Yes. If you’re under 75, you can make personal contributions even if you’re not working, if you’re able to - as long as you stay within contribution caps. 

Not necessarily. Life and TPD insurance may continue, but Income Protection usually won’t apply if you’re not working. It’s important to monitor your balance to avoid insurance lapsing. 

No. You can keep your Verve Super account and simply give your new employer your existing details when you start a new role. 

Verve’s Coach team can help you review your super, contributions, investments and insurance — especially during periods of change.