Rollover

Why Consider a Rollover?

There are several advantages to streamlining your super:

• Reduced Fees: Multiple super accounts often mean multiple sets of fees eating into your savings. Combining them minimizes these charges.
• Easier Management: Tracking contributions, investment performance, and insurance coverage becomes simpler with just one fund.
• Greater Investment Choice: Some funds offer a wider range of investment options. A rollover allows you to choose a fund that aligns with your risk tolerance and retirement goals.
• Potential for Lower Insurance Premiums: Holding multiple life or income protection insurances within super can lead to duplicate premiums. Consolidating your super may allow you to combine these insurances, potentially reducing costs.

The Rollover Process: Seamless Transfer

Initiating a rollover is generally straightforward. Here’s a breakdown of the steps:

1. Choose Your New Super Fund: Research and select a fund that aligns with your investment goals, fees, and features.
2. Initiate the Transfer: There are two main ways:
   • ATO Online Services: This is the easiest method. Sign in to myGov, link your ATO account, and navigate to the “Transfer super” section. This allows you to view all your super accounts and initiate a full transfer from each to your chosen fund.
   • Paper Form: Download the “Request for rollover of whole balance of super benefits between funds” form from the ATO website. Complete it and submit it to your current super fund(s).

Important Considerations:

• Partial vs. Full Transfer: The ATO online service only facilitates transferring entire account balances. If you want to keep some funds in your existing account, contact that specific fund directly.
• Exit Fees: Some super funds may charge exit fees for transferring your balance. Check your fund’s Product Disclosure Statement (PDS) for details.
• Transfer Timeframes: The transfer process typically takes between 3 to 10 business days, depending on the chosen method and the efficiency of the involved funds.

Maximizing Your Rollover Benefits

• Compare Super Funds: Research different super funds before choosing one. Consider factors like fees, investment options, past performance (while acknowledging past performance doesn’t guarantee future results), and insurance offerings.
• Check for Lost Super: The Australian Taxation Office (ATO) offers a free online tool to help you find any lost or forgotten super accounts. Consolidating these accounts into your chosen fund further streamlines your super.
• Review Regularly: Your financial goals and risk tolerance may change over time. Periodically review your superannuation to ensure it remains aligned with your needs.

Rollover: A Smart Move for Your Future

A superannuation rollover can simplify your super management, potentially reduce fees, and offer greater investment flexibility. By taking the time to research and choose the right fund, you can put your super on autopilot and work towards a brighter financial future. Remember, for the most up-to-date information and personalized advice, consult with a licensed financial advisor.