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 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 administration fee, account-keeping fee and investment costs, please refer to the VicSuper FutureSaver Product Disclosure Statement and Financial Services Guide. 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 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 VicSuper Fund.
Speak to your friendly account consultant on 1300 878 737 (1300 VSUPER)