AustralianSuper - Pre-mixed Balanced Super Fund Offer
- 2019 Finder Awards Winner: Best Super Fund - Balanced
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- Australia's best performing growth fund over 10 years*
There are some people who will end up spending most of their adult lives in the same job, working for the same company and even in the same role until they retire. These may be people who really enjoy their jobs, who feel secure in their job and even those who may be interested in changing jobs but are unable to find another job. On the other hand, there are also many people who will change their jobs at least once – often far more – during their adult working lives and this could be due to promotion and progression, wanting to change career or finding another job after redundancy.
No matter what your reasons for changing jobs, there are a number of things that you need to take into consideration when you move to another job. This includes thinking about your superannuation fund and the money that is accumulated within it. Some people forget to take action when it comes to their superannuation fund and others simply assume that arrangements will be made for a cheque to be sent out to cover this. However, when you change jobs you need to know what your options are and you need to take action accordingly.
AustralianSuper - Pre-mixed Balanced Super Fund Offer
*Past performance data is for the period ending December 2018.
Within your superannuation fund you will have money that is made up of the superannuation guarantee along with earnings resulting from its investment and you may also have voluntary contributions that you have made. The money made up of the superannuation guarantee is generally preserved funds, which means that you cannot get at them until you either retire or under certain special circumstances. You might be able to make withdrawals on the voluntary contributions you have made – you should be able to work out the proportion of the eligible termination payment (which is the terms of the accumulated money in the superannuation fund) that is made of up voluntary contributions simply by checking the statement of termination payment. However, before you make up your mind with regards to withdrawing any money from your superannuation fund, it is advisable to check with a financial expert with regards to how this will affect your fund and finances in terms of tax.
When you leave your present job and move to a new job you have a couple of options with regards to the money that is preserved towards your retirement. If you choose to, you can leave this in the existing superannuation fund. Alternatively, you can roll the accumulated funds over to another superannuation fund. If you decide to leave your funds in the existing superannuation fund and if you change jobs quite regularly, you could end up with a variety of different funds. Many people, particularly those who change jobs fairly regularly, prefer to roll over the funds to another superannuation fund, as this can be beneficial for a number of reasons. Some of the benefits of rolling over your existing super to another fund include:
Whilst there are many benefits to rolling over your superannuation funds into one fund, there are things that you need to consider before you rollover your funds. This includes:
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