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How to consolidate super funds

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I am seeking information on whether or not I am entitled to close a super fund of mine. My super fund is one from a well-known financial institution. Any information you could give me would be great.

You have used the term “closed” when I suspect you mean “rollover” where you roll out of your current fund into another. You could do the same from a self-managed super fund. Plenty of Aussies find self-managed super funds hard work and simply rollover into a managed super fund.

You can’t ‘close’ a fund until you retire but it can be done. If you really have terrible personal experiences, you can access your super fund pre-retirement but it’s a long and difficult process. You need to contact your fund and see what has to be signed to make the transfer.

Where do you transfer to? If you are looking for another fund go to websites such as SuperRatings and Morningstar and do some homework. You will find industry funds have been the best performers and many industry specific funds accept outsiders from anywhere. The switching process has been made easier because we now have Super Choice. The website — — has great info for super switchers. If you are in a defined benefit fund you wont be able to switch but you can open a new fund. Of course, if the matter involves significant money and issues, that could have a big impact on your retirement nest egg so think about some professional help. General education like this might not suit your exact circumstances.

Published on: Friday, March 09, 2012

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