How to Transfer Superannuation to Another Fund

Australia’s superannuation system is designed to facilitate retirement savings, with employers contributing a percentage of earnings into a designated fund. Superannuation, or ‘super,’ is a long-term investment that grows until an individual meets conditions for withdrawal. A superannuation transfer, also known as a rollover, moves accumulated balances between funds. This process allows individuals to consolidate multiple accounts.

Preparing for a Superannuation Transfer

Initiating a superannuation transfer requires careful preparation. A primary step involves identifying all existing superannuation accounts, including any forgotten or ‘lost’ ones. The Australian Taxation Office (ATO) provides online tools via MyGov to view balances and locate lost super. Alternatively, individuals can directly contact previous employers or superannuation funds to inquire about past accounts.

Once accounts are identified, gather specific details from each fund intended for transfer. This includes the fund’s full legal name, Australian Business Number (ABN), and Unique Superannuation Identifier (USI). The USI is an identifier used for electronic transactions under the SuperStream system. Also necessary are the member’s account number and current balance. Consider any existing insurance coverage, as it may cease upon transfer.

Individuals should also determine the details of the superannuation fund they wish to transfer savings into, including its ABN and USI. Ensuring personal details, such as name and Tax File Number (TFN), are identical across all funds and with the ATO is crucial, as discrepancies can delay or prevent a rollover. Transfers can be full, moving the entire balance and usually closing the old account, or partial. MyGov typically facilitates full balance transfers, while partial transfers often require direct engagement with the superannuation fund.

Executing Your Superannuation Transfer

With all necessary information assembled, the transfer of superannuation can be initiated. The most common method is through the Australian Taxation Office (ATO) online services, accessible via the MyGov portal. After logging into MyGov and linking to the ATO, individuals can navigate to the ‘Super’ section, select ‘Manage,’ and choose ‘Transfer super.’ This online platform displays identified superannuation accounts, allowing users to select which accounts to transfer from and to which receiving fund.

When utilizing MyGov, the system largely pre-fills personal details. MyGov typically facilitates whole-of-balance transfers, moving the entire sum and potentially closing the transferring account. For partial transfers, or if online services are not preferred, individuals must directly contact the superannuation fund they wish to transfer from. Funds often provide specific paper forms or online portals for members to request a rollover, requiring previously gathered details of both sending and receiving funds.

Regardless of the method chosen, providing explicit consent for the transfer is mandatory. This consent ensures the superannuation fund has the necessary authorization to process the request. Rollovers are legally required to be processed electronically using the SuperStream system, which involves a data message and a separate payment transfer. This electronic standard aims to improve the efficiency and accuracy of superannuation transactions. Funds must ensure all member and fund details are accurate and identical across all parties to prevent delays.

After the Transfer is Complete

Following a superannuation transfer request, monitoring the process confirms its successful completion. Superannuation funds are legally required to process rollovers electronically and aim to complete them promptly. Trustees must process the rollover no later than three business days after receiving all required information. However, the overall time for a transfer to be reflected in the new account can vary, typically taking two to three weeks from the initial request.

Once the transfer is initiated, individuals may receive notifications from the old fund confirming the transfer out, or the new fund confirming receipt of funds. To verify the transfer, check new superannuation account statements or online portals to confirm funds have arrived and been correctly allocated. If funds do not appear within the expected timeframe, or if there are discrepancies, contact the receiving superannuation fund directly.

When contacting the fund, have all transfer request details readily available, including submission date and any reference numbers. Delays can occur due to mismatched personal details or incomplete information. In such cases, the fund can provide guidance on what information is needed or steps to resolve the issue. Additionally, ensure your employer is updated with the new superannuation fund details to direct future contributions to the correct account.