How to Transfer Your Super to Another Fund

Superannuation, often called “super,” represents a compulsory savings scheme designed to provide retirement income. Many individuals accumulate super across different accounts throughout their working lives. Transferring these accounts is a common financial activity, allowing for consolidation and streamlined management of retirement savings. This article provides practical guidance on the super transfer process.

Common Scenarios for Transferring Super

Individuals transfer their superannuation for various reasons, often linked to personal circumstances or financial planning. A common scenario involves changing employers, which can result in a new super fund being opened, creating multiple accounts. Consolidating these accounts into a single fund can simplify administration and potentially reduce fees.

Another motivation for transferring super is to seek a fund that aligns with specific financial goals. This might include a fund offering lower administrative fees, a wider range of investment options, or more suitable insurance coverage. Evaluating fund performance and features can help optimize retirement savings.

Gathering Necessary Information

Before initiating any super transfer, it is important to gather all relevant information and documentation. This preparatory step helps ensure a smooth and efficient process. You will need your full legal name, date of birth, current address, and contact details. Providing your Tax File Number (TFN) is also important, as it helps the funds and the Australian Taxation Office (ATO) identify your accounts and apply correct tax treatment.

You will also need specific details for the super fund(s) you intend to transfer from, known as the source fund(s). This includes the fund’s name, its Unique Superannuation Identifier (USI), and your member account number within that fund. A current balance for each source account is also useful. This information can typically be found on your annual member statements or by logging into your fund’s online portal.

Furthermore, you will need the corresponding details for the super fund you wish to transfer your savings to, the target fund. This includes the target fund’s name, its USI, and your member account number if you already have an existing account. If opening a new account with the target fund, you will complete their new member application process. Some transfers may require proof of identity documents, such as a driver’s license or passport.

The Super Transfer Process

Once all necessary information has been gathered, you can proceed with initiating the super transfer. Several methods are available. One common method for consolidating existing accounts is through the ATO’s online services via myGov. You log into your myGov account, navigate to the Australian Taxation Office section, and select the ‘Super’ option to view accounts and initiate a transfer.

Alternatively, you can initiate a direct transfer through the online portal or mobile application of your chosen target super fund. Many funds offer a dedicated section for managing rollovers or transfers, allowing you to input the details of your source fund(s) directly into their system. This method streamlines the process as the target fund often manages the communication and transfer request with the source fund on your behalf.

For situations where online transfer is not feasible, a paper-based transfer option remains available. You can obtain a “Request to Transfer Your Super” form from your target fund or the ATO website. This form requires you to manually fill in the previously gathered details of both the source and target funds. Once completed, the form must be submitted to the target fund, via mail, for processing.

Post-Transfer Confirmation and Records

After submitting a super transfer request, monitor its progress and confirm successful completion. Both the source and target super funds, along with the ATO, will issue confirmation notices once the transfer has been finalized. These confirmations may arrive as letters, emails, or updates within your online member portals.

You should verify that the funds have successfully moved by checking your account balances with both the former and new super funds. This can be done by logging into their respective online platforms. Check your linked myGov and ATO account, as it provides an overview of your superannuation holdings and should reflect the updated balances.

The source fund is required to issue a “rollover statement” which provides a detailed breakdown of the amount transferred, including any associated tax components. Retain this statement for your financial records and tax purposes. While the timeframe for a super transfer can vary, usually taking a few days to a couple of weeks, contact your target fund, then the source fund, and if necessary, the ATO for assistance if the transfer does not go through within the expected timeframe.