The amount of money you receive will depend upon a number of variables, including the industry you work in and the number of years you have been employed.

Your retirement payment could include some cash benefits and what is known as an ‘Eligible Termination Payment ‘ or ‘ETP’. The government sets a limit on the amount of your retirement payment you can receive in cash - the remainder is paid as an ETP.

Your Cash Benefit
Your retirement payment may include all or a combination of the following cash benefits:

• part of your termination of employment payment;
• outstanding salary or wages (if your employment is terminated immediately); and
• any annual leave, long service leave or leave loading owing to you.

Your Eligible Termination Payment

The other part of your payment is called an Eligible Termination Payment (ETP). Your ETP will consist of your entire superannuation benefit and may include a discretionary payment from your employer. ETPs are subject to concessional tax rates and are the only portion of your payment that can be rolled over.

Rolling over means transferring your money from one approved rollover fund to another.

As part of the retirement planning process your financial planner will explain these components to you and recommend strategies to make the best use of the money you receive.