When your SMSF is set up, you can request that your retail Super Fund rolls your Superannuation balance over to your SMSF. To do this you’ll need to complete a “Benefit Rollover Request” form. In most cases, you can download the form from your retail fund’s website. If you can’t download it, you can always phone and ask them to send it to you. Alternatively, you can use a Rollover initiation request for SMSF in a standardised format to request the roll over.
The retail superannuation fund will ask you for your SMSF details and issue a cheque payable to your SMSF. They might also ask for your SMSF ABN (Australian Business Number) and confirmation of the SMSF’s Trustees and Members before rolling your funds over. If you need to send the retail fund this data, send them a copy of your SMSF Trust Deed .
When completing the Benefit Rollover Statement, you may come across a section asking you to provide a SPIN number. If you see this, write “N\A” in this section. SPIN numbers do not apply to SMSFs. A SPIN number is a reference number used between retail super funds for the electronic transfer of money and is short for Superannuation Product Identification Number. Retail Superannuation Funds never send money to SMSFs electronically. They always put your cheque in the post (further details below).
Please remember to keep the Rollover Statement that you receive from the retail fund. This sets out the components of the benefit received. Superannuation Warehouse will ask you for this information at the end of the financial year in order to complete your Member Benefit Statement.
Transferring Funds from an SMSF to a retail Super Fund
You can also send funds as a roll over from your SMSF back to a retail fund. The form you need to fill out and send (from your SMSF to the retail fund) is called a Rollover benefits statement.
Cheque Deposits
If your Fund has a Macquarie bank account, cheques can be deposited at any NAB branch. For other banks – deposit the cheque at the branch.
Practical Considerations
Retail superannuation funds may be reluctant to roll your money out of their Funds. Although the money is legally yours, some Funds make it extremely difficult for you to access it. This is because it earns them a commission; a commission they lose if they roll it over to your SMSF. So don’t be put off if they make you jump through hoops!!
Moreover, it’s no coincidence that you won’t find a single Retail Super Fund that will transfer your money to your SMSF bank account electronically. This is another way of deterring you from moving your money.
If you find it hard to believe that a retail superannuation fund would act in this way, phone any one of them and they’ll confirm it. Putting money into a retail superannuation fund is easy, but taking it out is a very different story – that’s why smart investors insist on controlling their own superannuation funds.
From what you’ve read above, you won’t be surprised to learn that the rollover process can take a few weeks, but, in the long run, it’s well worth it!