Step-by-step to rolling over your super

Okay, so you’ve decided to move your super to a new fund. How exactly do you go about it?

STEP 1. Locate current fund membership details
First, you’ll need the details of all your current funds. Dig out documents like statements or correspondence from your funds that will have your membership number and other details on them.

STEP 2. Download transfer forms
Next, visit the Savvy supermarket and find the listing for the super fund to want to join. Download the transfer form. If you’re rolling over from more than one fund, you will need a separate form for each fund you would like to roll over into your new fund.

STEP 3. Complete transfer forms
Complete these forms entering relevant membership details from your current funds.

STEP 4. Get some I.D.
Check the identification requirements of your new fund. Typically, you will have to provide proof of I.D. with your rollover applications.

I.D. can be EITHER one of these:
A. Your passport OR
B. Your driver’s licence issued by an Australian state or territory

OR you’ll need one of these documents:
D. Birth certificate or birth extract
E. Citizenship certificate issued by the Commonwealth
F. Pension card issued by Centrelink

PLUS one of these documents:
G. Letter from Centrelink regarding a Government assistance payment
H. Notice issued by Commonwealth, State or Territory Government or local council within the past twelve months that contains your name and residential address. For example:

• Tax Office Notice of Assessment
• Rates notice from local council.

All copied pages of ORIGINAL proof of identification documents (including any linking documents) need to be certified as true copies by any individual approved to do so (see below).

The person who is authorised to certify documents must sight the original and the copy and make sure both documents are identical, then make sure all pages have been certified as true copies by writing or stamping ‘certified true copy’ followed by their signature, printed name, qualification (eg Justice of the Peace, Australia Post employee, etc) and date.

The following can certify copies of the originals as true and correct copies:

• a permanent employee of Australia Post with five or more years of continuous service

• a finance company officer with five or more years of continuous service (with one or more finance companies)

• an officer with, or authorised representative of, a holder of an Australian Financial Services Licence (AFSL), having five or more years continuous service with one or more licensees

• a notary public officer

• a police officer

• a registrar or deputy registrar of a court

• a Justice of the Peace

• a person enrolled on the roll of a State or Territory Supreme Court or the High Court of Australia, as a legal practitioner

• an Australian consular officer or an Australian diplomatic officer
• a judge of a court

• a magistrate, or a Chief Executive Officer of a Commonwealth court.

STEP 5. Send it all to your new fund

Once you have verified your documents gather your forms and identification and send it off to your new fund. They will do the rest!!

Things you need to know about transferring your superannuation
When you transfer your superannuation, your entitlements under your current fund may cease.

You need to consider all relevant information before you make a decision to transfer your superannuation. If you ask for information, your superannuation provider must give it to you.

Two things worth thinking about:

• Fees – your current fund must give you information about any exit or withdrawal fees. If you are not aware of the fees that may apply, you should contact your fund for further information before completing this form. The fees could include administration fees as well as exit or withdrawal fees. Your new fund might also charge entry or deposit fees on transfer. Differences in fees funds charge can have a significant effect on what you will have to retire on. For example, a 1% increase in fees may significantly reduce your final benefit.

• Insurance – your current fund might insure you against death, illness or an accident which leaves you unable to return to work. If you choose to leave your current fund, you may lose any insurance entitlements you have. Your new fund might not offer insurance, or might require you to pass a medical examination before they cover you. When considering a new fund, you may wish to check the costs and amount of any cover offered.