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Leaving your employer

The choice of where your super goes is up to you

Starting a new job is an exciting time. It’s also a time to think about your super – do you go into your new employer’s plan or say with your existing super?

If you leave your employer, you can still remain with IOOF. Your account will automatically be transferred from your employer’s plan into IOOF Personal Super.

If you would like your new employer to pay contributions into your IOOF super account, please provide them with the following details:

Fund name: IOOF Personal Super

Unique Superannuation Identifier (USI): SMF0126AU

Fund Australian business number (ABN): 70 815 369 818

Things to consider before changing super funds

Tax implications

Transferring your account from IOOF to another super plan may trigger a capital gains tax liability. If your underlying investments are in a capital gain position, tax will be deducted from your super, which means your account balance may be lower in the new super plan.

Costs

There are transaction costs associated with selling and buying underlying investments, which you need to be mindful of when transferring to a new super plan.

Investment choice

The investment options you choose can have a significant impact on the growth of your super. IOOF Personal Super offers over 250 managed funds for you to choose from, as well as access to shares and term deposits. Your investment options may be more limited in a new super plan.

Insurance

Through TAL, Australia's largest independent insurer, IOOF Personal Super offers top quality group insurance benefits to our members. If you have an adviser, you also have access to our panel of retail insurers. It is important that you make sure your super plan offers you the best type of cover to suit your needs. Bear in mind that cheaper insurance may not necessarily offer the same level of benefits that you are currently eligible for as an IOOF Personal Super member.

Options for retirement

IOOF allows you to transfer your super to IOOF Pension with equivalent investment options without incurring any transition fees or capital gains tax. Many plans don't offer this seamless transfer, which can be a huge disadvantage – especially if you’re planning to retire soon.

Questions to ask yourself

  • What are the fees of the new super fund?
  • How much insurance cover do I currently have?
  • How does the performance of the default MySuper funds compare?
  • How many investment options does the new plan offer?
  • Does the new plan offer shares?
  • Does the new plan offer a seamless, tax-free transition to retirement option?

Your new employer can contribute to IOOF

If you’d like your employer to pay your super contributions into your with IOOF account, simply complete a Choice form and return it to your payroll department.