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. Some of the points you may consider are:
- Fees – your FROM fund must give you information about any fees. If you are not aware of the fees that may apply, you should contact your fund for further information before completing the roll over form . For further information about our fee structure and other specified costs, please refer to the relevant Product Disclosure Statement.
- 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. Our 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 VicSuper FutureSaver Product Disclosure Statement.
- Tax file numbers - if assessable contributions such as Superannuation Guarantee (SG) or salary sacrifice were paid into your FROM super fund during the financial year or the previous three financial years and the fund didn't have your tax file number (TFN), the fund may be required to deduct or have deducted additional tax from those contributions unless you provide your tax file number prior to rolling over.
- You should seek advice from a financial adviser or tax consultant regarding any tax implications of rolling out of a fund into our fund.
Don't sit there wondering - our team members are here to help!