Important information to read before completing a rollover form
- THINGS YOU NEED TO CONSIDER WHEN TRANSFERRING YOUR SUPERANNUATION
When you transfer your superannuation, your entitlements under the FROM fund may cease. You need to consider all relevant information before you make a decision to transfer your superannuation. If you ask for information, your superannuation provider must give it to you. Some of the points you may consider are:
- Closure of Account – This transfer may close your account (you will need to check this with your FROM fund).
- Fees – your FROM fund must give you information about any exit and withdrawal fees. If you are not aware of the fees that may apply, you should contact your fund for further information before completing this form. The fees could include administration fees as well as exit or withdrawal fees. Vision Super does not charge any fees for transferring your super into your account with us. Differences in fees funds charge have a significant effect on what you will have to retire on. For example, a 1% increase in fees may significantly reduce your final benefit.
- Death and disability benefits – your FROM fund may insure you against death, illness or an accident which leaves you unable to return to work. If you choose to leave your current fund, you may lose any insurance entitlements you have. If you have existing Death only or Death and Disability cover (e.g. through another superannuation fund), you can apply to transfer your cover to your Vision Super account. Any transfer is subject to acceptance by the Insurer. To transfer your existing cover contact Vision Super for an Insurance Transfer Form. It is important you do not cancel existing cover until any application for transfer has been accepted by our insurer. You will have 60 days to cancel the accepted cover approved by the insurer.
- THIS FORM CAN NOT BE USED TO:
- Transfer benefits if you don't know where your superannuation is;
- Change the fund to which your employer pays contributions on your behalf. The Standard Choice Form must be used;
- Open a superannuation account; or
- Transfer benefits under certain conditions or circumstances, for example if there is a superannuation agreement under the Family Law Act 1975 in place.
- WHAT HAPPENS TO MY FUTURE EMPLOYER CONTRIBUTIONS?
Using this form to transfer your benefits will not change the fund to which your employer pays your contributions and may close the account you are transferring your benefits FROM. If you wish to change the fund into which your contributions are being paid, please complete the Standard Choice Form available on our website, under member forms, and return it to your employer.