Leaving the Plan
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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 life insurance cover you had under this Plan as a personal policy
You have a limited timeframe to arrange this. Refer to the Information for Members Leaving Service flyer.

the Information for Members Leaving Service flyer

3. Decide where to transfer your preserved super
If your super is over $10,000 - you can leave all or part of it in the Retained Benefits section of the Plan or transfer it to another plan. If your super is less than $10,000 - you must transfer it to another superannuation plan. If you're going to a new company, you may be able to arrange to roll your super into their plan 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. You may want to talk to a licensed financial adviser to find out what's best for you.

What happens when I leave Oracle?

When you leave Oracle, your super is automatically transferred to the Retained Benefits section of the Plan, as long as you are under 65. Fees apply in the Retained Benefits section of the Plan. Refer to the Leaving Your Super in the Plan flyer.

If you leave Oracle and have opened a Spouse Account in the Plan, your spouse must transfer their benefit to another complying superannuation fund or take their benefit as cash (subject to preservation rules). See more on preservation rules in the How super works & insurance for Spouse members guide. Spouse members cannot stay in the Plan as Retained Benefit members.

the Leaving Your Super in the Plan flyer

How super works & insurance for Spouse members

The Plan Administrator will contact you. They will let you know exactly how much super you have in the Plan and ask what you would like to do with your super benefit. If you have more than $10,000 - your benefit will stay in the Retained Benefits section of the Plan unless you provide alternative instructions to the Plan Administrator.

If you don't let them know within 180 days of leaving Oracle, and your benefit is less than $10,000 it will be rolled over to an Eligible Rollover Fund (ERF).

You can withdraw or transfer your super to another fund at any time.

Whilst you are deciding what to do with your super, it will continue to be invested in the same way as the investment option 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 unless you decide to change your investment choice.

the Information for Members Leaving Service flyer

an Application for Benefit Payment form