How to rollover superannuation entitlements?

If you have smaller superannuation balances from various other employments, they should be consolidated to save on annual administration fees. Follow the guide below to rollover super to your fund bank account:

  • Contact the retail or industry super fund and  request for a benefits transfer form;
  • Complete the form and nominate the name of your SMSF as the “transferee fund”;
  • Return the form to the retail / industry superannuation provider;
  • Cheques received from request to rollover super to SMSF should be deposited into the self managed superannuation bank account, and not personal accounts.

Depending on the requirements of the superannuation fund provider, certain documentation and proof of identification may be requested. One of those documentation will be the SMSF trust deed. An electronic copy (PDF) of the superannuation trust deed with a photocopy of the signatures should suffice. In other cases, a copy of the fund’s certificate of compliance may also be requested.

Certain managed super products include life insurance. This can be substituted, as self managed super funds can purchase life insurance cover.  The life insurance premium is tax deductible. This highlights the added benefits of self managed superannuation and reason why rollover superannuation to DIY super funds is becoming more cost effective.

Still unsure? Contact SATO SMSF Administration® for a more detailed understanding as to how to establish and maintain a self managed super.



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