Roll over your super
VicSuper allows you to roll your super from other complying super funds into your VicSuper Scheme or VicSuper Beneficiary Account.
If you've had more than one employer, you may have more than one superannuation account. This can make it difficult to keep track of your super and may mean that you're paying unnecessary fees that could be eating into your savings.
One way to avoid this is to roll over your super into one low-cost account.
|Unsure if you have super elsewhere?|
|Check out the ATO's 'Super Seeker' online tool to see if you have any lost and unclaimed super.|
Benefits of consolidating your super:
- Only one super account to keep track of.
- As you have only one account, you're likely to pay less in fees, and therefore build your savings more quickly.
- No fee to roll your money in or out
- Grow your super in a low-cost account
- Easy to monitor your super via VicSuper MembersOnline.
How to roll over your other super into VicSuper
Roll over online
Complete your rollover online and be guided through each step of the process.
Download the form
Complete a Rollover your super to VicSuper Fund form (V303) for each rollover, available from our forms page, and return it to us with a certified copy of your proof of identity. See list of people who can certify your documents. To have a copy of the form sent to you, please contact our Member Centre on 1300 366 216.
Once we receive your completed form, we'll do the rest, although some of your old super funds may require you to fill in a form before they are willing to release your money.
What happens to your future employer contributions
When you roll over to transfer your benefits, the fund to which your employer pays your contributions will not change and the account you are transferring your benefits from may close. If you wish to change the fund into which your contributions are being paid, you will need to speak to your employer about choice of super funds. For the appropriate forms and information about whether you are eligible to choose the fund to which your employer contributions are made, call the Australian Taxation Office on 13 10 20.
Things you need to consider when transferring your superannuation
When you transfer your superannuation, your entitlements under that 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. Before you roll your money over from another fund, you should check for any exit fees, any tax implications and how any insurance cover or other benefits you may have with your other fund will be affected. Some of the points you may consider are:
- Fees - your FROM 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. VicSuper does not charge entry or deposit fees on transfer. For further information about VicSuper's fee structure, please refer to the relevant Product Disclosure Statement (PDS) available on our Publications page. 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.
- Death and disability benefits - your FROM fund may 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. VicSuper Fund provides members with access to a range of insurance options. Insurance cover may be subject to the Insurer's approval. For further information please refer to the relevant PDS available on our Publications page
- Tax file numbers - if concessional contributions such as superannuation guarantee (SG) or salary sacrifice were paid into your super fund and the fund doesn't have your tax file number (TFN), the fund may be required to deduct additional tax from those contributions.
- Possible tax implications - you should check with your FROM fund about possible tax implications that may result from the rollover.
Need to assess your situation before rolling over?
A VicSuper adviser can help you out. It's a no obligation and no commission service. Here's what you can do at your appointment:
- discuss your personal financial situation and your goals
- discuss tax-effective strategies to maximise your super savings
- determine your risk profile and discuss VicSuper investment options
- get your documents certified and submit your rollover application form on the spot (if you decide to proceed).
Need help? Want to make an appointment with a VicSuper adviser?
Call our Member Centre on 1300 366 216 between 8.30am - 5pm, Monday to Friday. You can also book a personal advice interview online