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Things to consider when changing jobs and superannuation

Guide to changing jobs and superannuation

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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

AustralianSuper - Pre-mixed, Balanced Super Fund

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Compare super fund accounts

Name Product Past Performance - 1 Year Past Performance - 3 Years Past performance - 5 Years Calculated fees p.a. on $50,000 balance
AustralianSuper - Pre-mixed, Balanced option
17.03%
10.4%
9.41%
$461.18
AustralianSuper is an award-winning industry super fund and the largest super fund in Australia. The Balanced fund invests in a mix of different assets like shares, property and cash.
Sunsuper Lifecycle Balanced
15.35%
9.6%
8.99%
$533
Sunsuper is an award-winning super fund with more than 1.4 million members. Its Lifecycle Balanced option invests your super in a mix of growth assets, and reduces your risk when you're near retirement.
QSuper Lifetime - Aspire 1
14.54%
9.53%
8.96%
$395
QSuper is one of the largest member-owned funds in Australia. The QSuper Lifetime fund adjusts your investments each 7-10 years as you get older, so you're not taking on too much risk.
Virgin Money Super - Lifestage Tracker
21.02%
9.9%
N/A
$358
Virgin Money Super's Lifestage Tracker invests in a range of different assets in line with your age, reducing your risk as you get older, and has some of the lowest fees in the market.
HESTA - Core Pool
14.03%
9.02%
8.4%
$533.53
HESTA is an industry super fund for the health and community services sector and open to all Australians. The Core Pool invests in a mix of asset classes without taking on too much, or too little, risk.
Future Super Renewables Plus Growth
9.24%
N/A
N/A
$958.60
Future Super is Australia's first 100% fossil fuel free super fund and is certified by the Responsible Investments Association Australia. The Renewables Plus Growth option has a 20% asset allocation in renewable energy projects.
Australian Catholic Super Lifetime - Grow
14.25%
N/A
N/A
$588
A Catholic super fund open to all Australians and designed for people working in Catholic education, healthcare or aged care.The Lifetime One fund option changes your investment mix as you get older.
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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 2019.

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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