Step by Step on Switching your Super fund
Over the past few years, more rules and systems have been implemented to make it easier for Australians to switch to a Super fund that suits them.
This includes eliminating exit fees when switching from one Super fund to another, meaning it is free for you to rollover or switch to a new Super fund, and the re-introduction of SuperMatch means you can find all of your active Super fund accounts, including lost or ATO-held accounts, on your own. In many circumstances, you don’t even have to call your existing Super fund(s) when choosing to switch providers. Below are the steps to take when you’re ready to switch Super funds.
1. Open an account with the new superannuation fund
Some Super funds may require you to open an account through their website or on the phone. While others such as Raiz Invest Super will let you sign up directly through an app. We are obviously going to use Raiz Invest Super as the example here, but the steps are similar for many other Super funds. For more information on Raiz Invest Super, including investment risks and fees, please read the PDS.
If you are not sure of the best way to open an account, you can usually refer to the Super fund’s product disclosure statement for more information or contact their customer support.
2. Review the life insurance options
If you are rolling over from another Super fund, this may automatically cancel your existing life insurance policy you had on the previous fund. This means if you would like to continue having life insurance, you may need a new policy or check if the new Super fund may also let you roll over your life insurance policy. At the moment Raiz Invest Super does not have this option, however we do offer life insurance cover.
For example, Raiz Invest Super allows you to opt-in or opt-out of life insurance cover as part of the sign-up process. Please refer to the PDS for more information.
Otherwise, you are also allowed to look for a life insurance policy outside of the default one offered by the Super fund, or depending on your circumstance, you can also choose to not have any life insurance policy.
3. Roll over your funds from other account(s)
For most people, it makes sense to aggregate all your Super funds into one account so there’s no double-up in fees. It can be as easy as informing your new Super fund provider to roll over your funds on your behalf.
For example with Raiz Invest Super, you can simply fill in this form with the details of the other Super fund(s) you want to roll over and email it to our Customer Support support@raizinvest.com.au who will take it from there.
4. Check to ensure the correct details are sent to your employer
Once your new Super account is created, you will need to notify your employer (who look after your payroll) so they can make any future contributions to your new nominated Super fund. For example, with Raiz Invest Super, once the sign-up process is complete, we will email you all the required details to simply forward to your employer straight away.
5. Keep track of your Super!
Super is your money and part of your income, so although you may not be able to access much of it until retirement, you are able to make decisions on where your funds are invested throughout your life and watch your savings grow over time.
With Raiz Invest Super, you can view your balance, performance, statements, fees and more easily on the Raiz app or website. You are also able to make changes such as your portfolio, personal contribution or enable Raiz Rewards to supercharge more regular contributions towards your Super fund.
There are also schemes and incentives for first home buyers available in certain instances to be able to early access part of your super when buying your first home.
Summary
Well done if you have made the switch to a Super fund that better suits you! As our values and investment strategies change as we get older, be sure to check in on your Super fund as much as you can. The steps you take now, can make a lifetime of difference in the future.
If you would like to switch to Raiz Invest Super, you can do this directly through your Raiz App on the home page > Super or click here.
Raiz Invest Super is proud to have won the 2021 FinTech Award for Best Fintech Superannuation fintech/platform. To find out more about Raiz Invest Super, please read the PDS, and click here to see the fees.
Don’t have the Raiz App?
Download it for free in the App store or the Webapp below:
Important Information
If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person’s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.
You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.
We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing – sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on – again sorry.
A Product Disclosure Statement (PDS) for Raiz Invest and/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won’t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don’t read the PDS, it’s a bit like flying blind. Probably not a good idea.
The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes not even professionals in the financial services sector understand the ordinary risks of investing – because by their nature many risks are unknown – but you still need to give it a go and try to understand the risks set out in the PDS.
Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don’t, it is so true.
Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.
This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can’t promise that the information is accurate, or stays accurate.
Any opinions or information expressed are subject to change without notice; that’s just the way we roll.
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(ABN 26 604 402 815).
