Moving money that’s already in super is called a ‘rollover’. This happens when you move some or all of your super money from one fund to another for example.
How we roll
The main ways super money can move from one fund to another:
- Contact the Existing super fund: Phone, email or search the fund's website for the form (often called a rollover form). Complete this and return to the existing super fund (the details will be on the form).
- Contact the Proposed super fund (if you know it). Sometimes the the preferred super fund is more helpful with rollovers than the Existing fund, because it's keen to get your funds under management.
- Outsource. Ask a financial adviser to help (they may charge a fee for the service).
- Use the ATOs Standard Rollover Form if rolling over 100% of the balance.
- Lost your super or have more than 1 super account? Log into MyGov and go to ATO > Super > and check if you've lost any. Use the ATO's super options and they'll do it for you (it's quick and easy).
Time to roll
Super fund trustees must complete the rollover no later than 3 business days after receiving all the required information.
Any costs with that?
There are generally no costs incurred for the actual rollover of super itself. However, there may be costs relating to the rollover. For instance, for your current super fund to sell your investment option and your proposed super fund to purchase your investment option, there could be transaction costs, such as buy/sell spreads and brokerage.