Things to consider when changing jobs and superannuation

Guide to changing jobs and superannuation

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

AustralianSuper - Pre-mixed, Balanced Super Fund

AustralianSuper - Pre-mixed Balanced Super Fund Offer

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*To June 2019, according to Chant West. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
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Compare super fund accounts

Name Product Past Performance - 1 Year Past Performance - 3 Years Past 5 year performance Calculated fees on $50,000 balance
1.21%
7.56%
7.84%
$467.65
The Balanced option is a pre-mixed, MySuper fund that invests in a diversified range of asset classes.
AustralianSuper is an award-winning industry super fund and is the largest super fund in Australia.
1.9%
7.51%
7.47%
$523
The Lifecycle Balanced option is a MySuper product that invests your super in a balanced fund until you’re near retirement.
Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.
2.85%
7.57%
N/A
$395
The Lifetime option is a MySuper product that adjusts your investment mix each 7-10 years as you get older.
QSuper is a member-owned super fund and is one of the largest super funds in Australia.
-1.36%
N/A
N/A
$358
The Lifestage Tracker is a MySuper product that invests in a range of asset classes in line with your age.
Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.
1%
6.59%
6.39%
$598
The LGIA MySuper Lifecycle option aims for higher returns while you’re under 75.
LGIA is a medium-sized, member-owned super fund open to all Australians.
-0.22%
4.86%
5.43%
$603
The LifetimeOne investment option is a MySuper product that changes your investment mix as you get older.
A Catholic super fund open to all Australians and designed for people working in Catholic education, healthcare or aged care.
New Fund
New Fund
New Fund
$291.50
The Balanced Essentials fund invests in a range of shares, residential property and other assets and has a medium level of risk.
Superestate focuses on investing your super in physical residential properties and charges some of the lowest annual fees in the market.
1.14%
6.95%
6.73%
$549.42
This MySuper product will invest your super in a pre-mixed Growth fund until you’re 60, then it’ll switch to Balanced.
First State Super is a not-for-profit super fund with more than 750,000 members around Australia.
2.54%
7.21%
7.19%
$548.53
The Core Pool invests in a mix of asset classes and is an authorised MySuper product.
HESTA is an industry super fund open to all Australians and designed for employees in the health and community services sector.
-2.16%
5.03%
5.41%
$643
The MySuper Lifestage fund invests your super in a mix of asset classes depending on how old you are.
Westpac Group customers can manage their super alongside their day-to-day bank accounts.
-1.04%
4%
5.27%
$581.80
The Lifestage Fund readjusts your investment mix every few years to reduce your level of risk as you get older.
A retail super fund that offers access to personalised financial planning and advice.
0.63%
6.23%
6.24%
$497.60
The Core Strategy is a diversified investment portfolio that balances risk and return, and is an authorised MySuper product.
REST is an industry super fund tailored towards the retail sector and open to all Australians with almost two million members.

Compare up to 4 providers

The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at https://www.chantwest.com.au/financial-services-guide . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

*Past performance data is for the period ending December 2018.

The options when it comes to changing jobs and superannuation

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:

  • Easier to keep track: It can be all too easy to lose track of your superannuation funds and money if you have a variety of funds all over the place as a result of changing jobs on a regular basis. Having just one fund to manage means that you will find it easier and quicker to keep track of your money
  • Lower fees: Due to the fees associated with superannuation funds, having a range of funds could mean that you end up paying higher or multiple fees. By having just one superannuation fund by rolling over the money from other funds, you can cut back on hassle and inconvenience whilst also cutting charges and fees
  • Reduced paperwork: Having just one superannuation fund rather than have a range of them means that you will not have to wade through lost of documentation in order to keep on top of your finances. You will only have to deal with one superannuation fund and you will only have one lot of paperwork that you have to read through
  • Increased manageability: You will find that having just one superannuation fund instead of a number of different, separate funds, makes it easier to manage and control your funding

Things to consider when rolling over your super funds

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:

  • Checking whether your current superannuation fund will allow you to rollover from other funds
  • Whether you are able to move funds from your current super at a later time if you wish to do so
  • Whether there are any fees involved
  • What the implications of moving funds might be on tax or any insurance you have through your super
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4 Responses

  1. Default Gravatar
    AlanNovember 25, 2015

    I live and work in Australia from April 1st 1968 to July 1972 do I have any pension claim.
    Thanks for your time.
    Regards
    A.Bethell

    • Avatarfinder Customer Care
      ShirleyNovember 25, 2015Staff

      Hi Alan,

      Thanks for your question.

      This question is best directed at your employer at the time.

      Cheers,
      Shirley

  2. Default Gravatar
    OanhOctober 25, 2013

    After receiving the Super Choice Form, as Payroll Officer, list below what actions you need to take regarding superannuation.

    • Avatarfinder Customer Care
      ShirleyOctober 28, 2013Staff

      Hi Oanh,

      Thanks for the feedback!

      I’ve emailed you a link regarding your comment, we’ve also scheduled and improvement for this page to include your ideas.

      Hope this helps,
      Shirley

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