Financial Considerations for Redundancy
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- Todd Cummings
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1 Financial Considerations for Redundancy 16 September, 2013 The information contained within this presentation is intended to provide general advice only. It has been prepared without taking into account your objectives, financial situation or personal needs. Prior to making any investment decisions, you should speak with a financial adviser to consider whether this information is appropriate for your needs, objectives and circumstances. You should obtain a copy of the relevant product disclosure statement (PDS) prior to making a decision regarding any investment in any financial product. This information is current as at July 2013 and is based on our understanding of legislation at that date. Information relating to the 2012/13 & 2013/14 Federal Budgets, and announcements made by the Federal Government on 5 April 2013 is based on our understanding of the proposals. The information provided in this presentation in relation to these announcements is subject to change and certain proposals may not become effective until they are enacted by Parliament. You should not rely on this information and it should be verified prior to making any decision The information contained in this presentation is not legal, taxation or accounting advice. Professional advice should be obtained before making any decisions. Whilst care has been taken in the preparation of this information, the accuracy or completeness of the information is not guaranteed. This presentation was prepared and issued by UniSuper Management Pty Ltd ABN , AFSL No: , which is also the administrator of, and wholly owned by, the UniSuper Superannuation fund (ABN ). UniSuper Limited (ABN ) is the trustee of the fund. If you would like to contact us please do so on or alternatively send us an to enquiry@unisuper.com.au 2 1
2 Outcomes of this session How your entitlements are taxed Organise to replace your income Important decisions to make now Stay with UniSuper Sources of further information 3 Your leaving work benefits Employer Lump sum Superannuation Access depends on your age Redundancy payment Long service leave Pension Lump sum Pension & lump sum combination Annual leave 4 2
3 Redundancy payment Your entitlements may be based upon a combination of: Contractual or statutory provisions of employment Gratuity payments or payments in lieu of notice Unused RDO s or sick leave (if applicable) 5 Taxation of Redundancy payment Based on: The tax components of the payment Your age Your length of service You will receive a quote from your employer showing the before and after tax payment 6 3
4 Taxation of Redundancy payment ETP = Employment Termination Payment 46.5% tax Over ETP cap of $180,000* Taxable portion of ETP Under age % tax Over age % tax Up to ETP cap of $180,000* Tax free portion of ETP Tax free amount* 0% tax 0% tax Relates to portion of pre 1/7/1983 service First $9,246 + ($4,624 x complete years of service) * Based upon 2013/14 rates. No tax free amount if age 65 or over /14 tax rates Taxable income Salary sacrifice 0-$18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 - $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,
5 Tax on other payments Type of payment Tax deducted by employer at the lower of Long Service Leave* Marginal tax rate OR 31.5% Annual Leave Marginal tax rate OR 31.5% Payments must be taken as cash * If your employer service period pre-dates 16 August 1978, you may pay less tax on the Long Service Leave portion of your payment. 9 Example 1 Mark Age: 46 Service: 12 years & 6 months Redundancy payment: $50,000 Annual Leave: $8,000 Long Service Leave: $26,000 ETP $0 Tax free amount $50,000 Annual Leave $5,480 LS Leave $17,810 Tax on Redundancy payment = $0 Calculate Tax Free Amount $9,246 + ($4,624 x 12) = $64,734 Tax on Annual Leave $8,000 x 31.5% = $2,520 Tax on Long Service Leave $26,000 x 31.5% = $8,
6 Example 2 Net cash payment = $154,140 Sarah Age: 58 Service: 15 years & 9 months Redundancy payment: $110,000 Annual Leave: $18,000 Long Service Leave: $54,000 ETP $26,214 Tax free amount $78,606 Annual Leave $12,330 LS Leave $36,990 Tax on Redundancy payment $31,394 x 16.5% = $5,180 Calculate Tax Free Amount $9,246 + ($4,624 x 15) = $78,606 Tax on Annual Leave $18,000 x 31.5% = $5,670 Tax on Long Service Leave $54,000 x 31.5% = $17, Example 3 Net cash payment = $158,325 Peter Age: 66 Service: 25 years & 2 months Redundancy payment: $195,000 Annual Leave: $0 ETP over cap $8,025 ETP under cap $150,300 Tax on Redundancy payment $15,000 x 46.5% = $6,975 Tax on Redundancy payment $180,000 x 16.5% = $29,700 Long Service Leave: $0 Tax free amount $0 No Tax Free Amount as over age
7 Income options available You may choose to source your ongoing living needs from Drawing on your Redundancy lump sum Part time / casual / contract work Centrelink benefits Lump sum withdrawals* from super A pension* commenced with your super A combination of the above *Subject to age and work status 13 Age Pension eligibility Current arrangements Men Women Qualification Age Date of birth Qualification Age Before 1 January 1949 Age reached 65 years 1 January June years Note: After 1 July 2017, the qualifying age for an Age Pension will be increasing progressively from 65 to 67 years of age. 14 7
8 Potential Centrelink entitlements Age Pension No waiting period Must be Age Pension age Satisfy income and assets test Full Age Pension Single $ pf Couple $1, pf Rates as at 1 July 2013 Includes supplement Single Couple (combined) Fortnightly income less than $1,773 $2,714 Homeowner s assets less than $735,750 $1,092,000 Non-homeowner s assets less than $878,250 $1,234, Potential Centrelink entitlements Newstart Allowance Under Age Pension age Full Allowance Single $ pf Couple $ pfeach Rates as at 1 July 2013 Waiting period based on Redundancy Undertake Activity Test (job search, volunteer, training) Satisfy income and assets test Single Couple (combined) Fortnightly income less than $ $ each Homeowner s assets less than $196,750 $279,000 Non-homeowner s assets less than $339,250 $421,
9 Accessing super - preservation age Your preservation age is one of the conditions of release for accessing your preserved super as a lump sum or pension. It is increasing progressively from age 55 to 60 and depends on your date of birth: Date of Birth Preservation Before 1 July July 1960 to June July 1961 to June July 1962 to June July 1963 to June After 30 June Super preservation You may be able to access your super benefits if Preserved Restricted Non-Preserved Meet a condition of release - Reach preservation age & retire; - Over age 60 & cease an employment arrangement - Over age 65 Leave your contributing employer OR Meet a condition of release (above) Unrestricted Non-Preserved You can access these funds at any time 18 9
10 Tax on lump sum super withdrawals Tax Free Component Taxable Component Under PA * 0% 21.5% Between PA * and age 59 0% First $180,000 Over $180,000 Over age 60 0% 0% 0% 16.5% * PA = Preservation Age. 19 Lump sum withdrawal example Diane is aged 56 and decides to retire after receiving a Redundancy package. She wants to withdraw $220,000 from her super to repay her mortgage. Her super has the following components: Tax free $50,000 Taxable $450,000 For this withdrawal, 10% is tax free ($50,000/$500,000) Components of $220,000 withdrawal: Tax free $22,000 Taxable $198,000 Tax on taxable component: = ($198,000 - $180,000) x 16.5% = $2,970 How much tax will she pay? 20 10
11 UniSuper pensions UniSuper offers three styles of pensions: Flexi Pension Commercial Rate Indexed Pension Defined Benefit Indexed Pension restricted to Defined Benefit Division (DBD) members who joined the Defined Benefit Division prior to 1 July UniSuper Pensions Flexi Pension Commercial Rate Indexed Pension Defined Benefit Indexed Pension Investment choice How is your annual pension calculated? Can you make lump sum withdrawals? How long will the pension last? What benefits are paid when you die? Member nominates pension amount (subject to annual minimum) # Fixed CPI indexed pension based on initial sum invested Fixed CPI indexed pension based on Trust Deed factors # Until the account balance is zero Remaining account balance paid as either a reversionary pension to spouse or child or lump sum to beneficiaries # Restrictions apply when taking a pension under transition to retirement rules Lifetime (10-year guarantee period) Joint pension paid to surviving spouse, or sum within guarantee period Lifetime To surviving spouse only (or dependent children) 22 11
12 Tax on Pensions Super Pension Investment earnings 15% 0% Annual pension income Taxable proportion Under age 60 Marginal tax rate (less 15% tax offset) Age 60 and over 0% Tax-free proportion 0% 0% 23 Tax on pensions Compare earnings of $50,000 p.a. as ordinary income versus pension income when under the age of 60 Ordinary income Pension income Other taxable income $50,000 - Pension income (100% taxable) - $50,000 Taxable income $50,000 $50,000 less tax* ($7,797) ($7,797) plus tax offset for pension (15% x $50,000) - $7,500 Net income after tax $42,203 $49,703 Medicare levy ** ($750) ($750) * Based on 2013/14 tax rates and does not include any tax offsets which may be available. ** Medicare levy has been included; however, the amount payable can vary between taxpayers depending on their own incomes, their combined family incomes & the number of dependent children (if any)
13 What happens when I leave my employer? 1. Your employer will notify UniSuper that you have left 2. Information pack on your UniSuper Benefit and Options - automatically sent by UniSuper 3. If a Defined Benefit Division member, you have 90 days from your employment finish date to let UniSuper know what you would like to do with your benefits 25 The first 90 days are important 1. Get new employment Defined Benefit Division (DBD) members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Defer DBD membership 5. Do nothing DBD benefit is transferred to an Accumulation 1 account Investment choice now important All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover
14 The first 90 days are important 1. Get new employment Defined Benefit Division (DBD) members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Defer DBD membership 5. Do nothing Withdrawal (lump sum if eligibl) Rollover to another fund All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover. 27 The first 90 days are important 1. Get new employment Defined Benefit Division (DBD) members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Defer DBD membership 5. Do nothing Defined Benefit Indexed Pension (if eligible) Commercial Rate Indexed Pension Flexi Pension All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover
15 The first 90 days are important 1. Get new employment Defined Benefit Division (DBD) members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Defer DBD membership 5. Do nothing Stay a member of the DBD (benefit growth limited age factor only) Possibly re-activate DBD membership at a later date Retain eligibility for DB Indexed Pension All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover. 29 The first 90 days are important 1. Get new employment Defined Benefit Division (DBD) members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Defer DBD membership 5. Do nothing DBD benefit is transferred to an Accumulation 1 account Investment choice now important All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover
16 The first 90 days are important 1. Get new employment Accumulation 2 members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Do nothing Participating employer Accumulation 2 can continue Other employer choice means you stay with UniSuper (Accumulation 1 account) All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover. 31 The first 90 days are important 1. Get new employment Accumulation 2 members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Do nothing Withdrawal (lump sum if eligible) Rollover to another fund All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover
17 The first 90 days are important 1. Get new employment Accumulation 2 members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Do nothing Commercial Rate Indexed Pension Flexi Pension All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover. 33 The first 90 days are important 1. Get new employment Accumulation 2 members 2. Withdrawal 3. Open a UniSuper pension (subject to age & work status) 4. Do nothing Accumulation 2 benefit is transferred into an Accumulation 1 account All of the options can affect your benefit entitlements and insurance cover. You should seek advice as to your appropriate level of cover
18 What if I start a new job? In the higher education and research sector - You can provide your UniSuper membership number for future contributions Outside the higher education sector - You have the option to elect UniSuper as your preferred super fund - If so desired, complete the Choice of Fund forms and provide to your new employer 35 Your UniSuper membership advantages Keep in mind that no matter what your next step is, you can remain a UniSuper member and benefit from: competitive fees a choice of investment options insurance cover (if applicable) access to UniSuper s pension products personal advice from UniSuper Advice (at competitive fee for service rates) 36 18
19 How UniSuper can help UniSuper offers 3 levels of advice: General Advice (phone-based) - Not specific to your personal situation Limited Advice (phone-based) - Single issue personal advice specific to your situation Comprehensive Personal Advice (face to face) - Full personal advice covering multiple issues specific to your situation 37 How UniSuper can help A UniSuper Private Client Adviser can help give you peace of mind The advice is charged at an hourly rate, with no commissions paid There is no charge for the first appointment Call UniSuper Advice today on for a complimentary initial assessment on the level of advice that might suit you 38 19
20 Need more information? Read through your Benefit Options pack and information UniSuper s website Call the UniSuper Helpline call UniSuper Advice direct on Talk to your Superannuation Officer Contact Centrelink s Financial Information Service 39 Any questions? 40 20
21 The Board s recent decision The Board has made its decision under Clause 34 of the Trust Deed Benefits members have accrued to date will not change The Board has decided to make a change to the way future benefits will accrue The change will affect Benefit Salary, which is part of the DBD formula The change will not take effect until 1 January What is the change? Current DBD formula Benefit Salary Current Average over three years Each of the three salaries is indexed by CPI From 1 January Average over five years No longer indexed by CPI 42 21
22 Further information... Go to: 43 Appendix Further detail on UniSuper Pensions 44 22
23 Flexi Pension account-based pension minimum commencement sum of $25,000 able to withdraw lump sums (commutation). You decide: how it is invested choice of investment option(s) payment frequency (fortnightly, monthly, quarterly, biannually or annually) pension amount (subject to minimums). 45 Flexi Pension The minimum pension is calculated upon commencement and at 1 July each year thereafter. It s based on your age and account balance. Age % factor (2013/14) % % % % % % % Example: On 1 July 2013, Carol is aged 66 and has an account balance of $400,000. Her minimum pension for 2013/14 is $16,000 (i.e. $400,000 x 4%) Carol nominates to receive a pension of $2,200 per month ($26,400 p.a.) 46 23
24 Commercial Rate Indexed Pension Lifetime pension purchased using super balance (minimum of $25,000) Monthly pension indexed in line with the Consumer Price Index (CPI) each July 10-year guarantee period Pension quote is based on interest rate and age factors. You decide: between a single or joint life pension if joint, reversionary pension of 100%. 47 Defined Benefit Indexed Pension Restricted to DBD members prior to 1 July 1998 Lifetime pension based on Trust Deed factors Monthly pension indexed in line with the CPI each July Spouse reversionary pension of 62.5% No residual capital to estate (if not survived by a spouse). You decide: whether to take part of the pension as a lump sum prior to commencement
25 Additional Federal Government Announcements 2013/14 Federal Budget April 2013 Announcements 2012/13 Federal Budget /14 Federal Budget Announcement Pilot Proposal: Housing Help for Senior Australians Means test exemption for Age Pension recipients downsizing from their family home - Home must have been owned for at least 25 years - At least 80% of sale proceeds (up to $200,000) to be deposited into a special account - Funds deposited (plus interest) exempt from means testing for up to 10 years provided no funds withdrawn for life of account 50 25
26 2013/14 Federal Budget Announcement Pilot Proposal: Housing Help for Senior Australians Exemption also applies to people assessed as homeowners who move to a retirement village or granny flat - Does not apply to those moving into residential aged care Pilot will commence on 1 July 2014 and be closed to new customers from 1 July Contributions and caps Changes to higher concessional contribution cap Individual s aged 60 and over to receive a higher concessional contribution cap from 1 July Applies to individual s age 50 and over from 1 July 2014 Higher cap applies regardless of account balance Financial Year Concessional Contribution Cap Under age 50 Age 50 to 59 Age 60 and over 2013/14 $25,000 $25,000 $35,000** 2014/15 $30,000* $35,000** * Likely increase through indexation ** Unindexed 52 26
27 April 2013 Federal Government Announcement Proposal: Cap tax exempt earnings for superannuation income streams Includes earnings from dividends, interest and some measure of assessable capital gains Applies to all superannuation income streams including defined benefit pensions Income Stream Earnings Current tax treatment Proposed tax treatment from 1 July 2014 Up to $100,000 p.a. Nil Nil Over $100,000 p.a. Nil 15% Exact details of how the tax will work has not yet been finalised 53 April 2013 Federal Government Announcement Proposal: Cap tax exempt earnings for superannuation income streams Application to defined benefit pensions: - Notional earnings to be calculated each year per defined benefit pension member - Calculations to be based on actuarial calculations, and will depend on the size of the member s pension and their age - Amount of notional earnings will reduce as member grows older Exact details of how the tax will work has not yet been finalised 54 27
28 New Treatment for Excess Concessional Contributions Applies to excess concessional contributions from 1 July 2013 Eligible individual s can withdraw up to 85% of excess concessional contributions made from 1 July 2013 Special conditions apply to Defined Benefit members Concessional Contributions from 1 July 2013 Tax on Contribution Up to the CCC 15% Over the CCC and remaining in superannuation account Over CCC but withdrawn from superannuation account Amount included in assessable income and taxed at marginal tax rate plus interest charge payable to the ATO CCC = Concessional Contribution Cap 55 April 2013 Federal Government Announcement Proposal: Deeming rules to apply to income from accountbased pensions For the purposes of calculating Centrelink Pension entitlements under the Income Test Applies to all account-based pensions commenced from 1 January 2015 Account-based Pension Commencement Date Before 1 January 2015 Assessment of pension income under Centrelink s Income Test Annual Pension less deduction amount 1 January 2015 onwards Annual Pension deemed 56 28
29 April 2013 Federal Government Announcement Proposal: Deeming rules to apply to income from accountbased pensions Example: Margaret, aged 65 and single, commences an account based pension with $500,000 drawing an income stream of $35,000 p.a. Account-based Pension Commencement Date Before 1 January January 2015 onwards Assessment of pension income under Centrelink s Income Test $11,873 ($35,000 ($500,000/21.62)) $19,319 (45,400 x 2.5%) + ($454,600 x 4%) 57 April 2013 Federal Government Announcement Other proposals Further reforms to the arrangements of lost superannuation Establishment of a Council of Superannuation Custodians - to ensure future changes are consistent with an agreed Charter of Superannuation Adequacy and Sustainability Extending concessional tax treatment to deferred annuities 58 29
30 Reduced tax concessions for high income earners New tax rules apply to individuals with income above $300,000 p.a. Income includes concessional contributions to superannuation Concessional contributions maybe taxed at an extra 15% - Does not apply to Excess Concessional Contributions subject to Excess Concessional Contributions Tax /13 Federal Budget Announcement Employment Termination Payment (ETP) Tax Offset Changes to the tax offset applied to Employer Termination Payments for affected ETP s (e.g. golden handshakes) - Only the part of the ETP that takes a person s taxable income (including the ETP) to $180,000* receives tax offset - Existing arrangements for ETP s relating to genuine redundancy, invalidity, compensation due to an employment related dispute or death are likely to remain unchanged. * For the 2012/13 financial year 60 30
31 2012/13 Federal Budget Announcement Mature Age Worker Tax Offset To be phased out for workers born on or after 1 July 1957 Offset to remain available for tax payers who are aged 55 or older on 30 June Maximum benefit is $500 and you must be receiving income from working (within certain limits) 61 31
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