When you change jobs, it's easy to lose track of your super. Use the checklist below and consider talking to a licensed financial adviser about the best approach for you.
1. Make sure all your personal details are up to date
This will enable us to get in touch with you about your super benefit. Go to the Member Centre to update your details online.
2. Consider immediately whether you want to continue the insurance cover you had under this Fund as a personal policy
You have a limited timeframe to arrange this. Refer to the Information for Leaving Members Notice.
3. Decide where to transfer your preserved super
If your super is over $5,000 - you can leave all or part of it in the Retained Benefit Section of the Fund or transfer it to another fund. If your super is less than $5,000 - you must transfer it to another superannuation fund. If you're going to a new company, you may be able to arrange to roll your super into their fund when you start your new job or you may choose another super fund.
4. Consider whether you would like to take any of your non-preserved super in cash
If you cash out your non-preserved super, you may be liable for superannuation tax. Speak to a licensed financial adviser if you are unsure of the best approach for you.
5. If you're retiring, you need to decide whether to take your super as a lump sum, or use all or part of it to buy a pension
You need to tell the trustee where you want your money to be transferred or you can apply for an Account-Based Pension. You may want to talk to a licensed financial adviser to find out what's best for you.
What happens when I leave Dow?
When you leave Dow, your super is automatically transferred to the Retained Benefits section of the Fund, as long as you are under 65. Fees apply in the Retained Benefits section of the Fund. Refer to the Retained Benefits Section Notice.
If you leave Dow and have opened a Spouse Account in the Fund, your spouse must transfer their benefit to another complying superannuation fund or transfer it to the Fund's Retained Benefit Section or take their benefit as cash (subject to preservation rules). See more on preservation rules in the Spouse Super Guide. Spouse members cannot stay in the Fund as Retained Benefit members.
The Fund's Administrator will contact you. They will let you know how much super you have in the Fund and ask what you would like to do with your super benefit. If you have more than $5,000 - your benefit will stay in the Retained Benefits section of the Fund unless you provide alternative instructions to the Fund Administrator.
If you don't let them know within 90 days of leaving Dow, and your benefit is less than $5,000 it will be rolled over to an Eligible Rollover Fund (ERF).
You can withdraw or transfer your super to another fund at any time. You will be charged an exit fee every time you make a withdrawal from the Fund. See the latest Product Disclosure Statement for more information on the current exit fee that applies.
Whilst you are deciding what to do with your super, it will continue to be invested in the investment options you chose before you left. This means that the value of your super may go up or down until we receive your instructions and the benefit is paid. If you choose to leave your super in the Retained Benefits section, it will stay in your chosen investment option(s) unless you decide to change your investment choice.