To switch (rollover) your super fund follow the steps below.
Step 1 - Join the new super fund as a member. You can do this by pushing the (+) icon in the Super Fund Comparison section of the platform. This button will take you to the online sign up page of the super fund. You will need your TFN handy, and know what investment option you want your super invested in. You should also consider if you want insurance in the new fund and who to select for your binding nominations.
Step 2 - Rollover your super to the new super fund. Once your account is created, the new super fund will be able to manage the rollover or consolidation of your super into the investment option you selected. Most funds enable you to do this online through their member portal. If you can't do it online, give your fund a call. To rollover your super you will need to USI of your old fund. You can find the USI in the Roll-it Super platform, or alternatively by visiting the fund website.
Step 3 - Update your employer of your change of fund. Your employer will need to pay your super contributions into your new super fund. The Roll-it Super platform can generate these documents for you - simply head to the 'actions' section. Once you receive the pre-populated choice-of-fund form via email, check it is the correct super fund, sign it and return it to your employer. If you don't send the form to your employer, your super contributions will continue to go to your old fund. If your account is closed with your old fund, your super money will not get invested and will be returned (slowly) to your employer. Which can be a bit of a mess!
Want to know more?
- How do I compare funds?
- Insurance considerations before switching
- I can't find the fund I'm looking for
General advice disclaimer
This is general information only and does not take into account your personal objectives, financial situation or needs. You should assess whether the information is appropriate for you having regard to your objectives, financial situation and needs and consider obtaining independent professional advice before making an investment decision. If information relates to a specific financial product you should obtain a copy of the product disclosure statement for that product and consider that statement before make a decision whether to acquire the product.