I have just been made redundant. I am 50. My husband gets the aged pension and I receive the blind pension. We have been living off that for that past year while I was off on medical leave. I have received a payout of almost $100K from my employer. My super fund says because I was made redundant I can receive a pension for life from my super. I can also take a lump sum or just leave it until later. Not sure how this will effect taxes or my husband's pension? Any advice is appreciated.

Hi Lynda,

There is a number of things to consider here and I would strongly suggest you seek advice. I would suggest advice from your superannuation fund would not be adequate for you at this stage.

My understanding is that your blind pension is not subject to the income and assets test, however your husbands age pension is. Therefore, you taking a pension now, may have an effect on your husbands age pension. Being only 50, and eligible for a pension (as your super fund has said), I'm guessing you were a government employee with a pss or css superannuation and there is options available to about how you take your pension. Or perhaps your superannuation is referring to take a pension under early release due to disability, which would have nothing to do with redundancy.

Also, an important part of what you do, is about ensuring you can achieve your goals. If you were to delay taking a pension from your superannuation, will you have enough income to meet your requirements? What do you want to be doing in your retirement?

Anyway, I would strongly urge you to seek quality advice that can look at all the details and your situation and provide you with appropriate advice.