Here's why consolidating makes super sense
- Save your money: you'll stop paying multiple fees and could save on insurance premiums
- Save time: you'll stop wasting time managing multiple accounts
- Save faster: you'll build your nest egg even quicker
How to consolidate your super
Here are the ways you can consolidate your super:
Online
Log in with your legalsuper member number on MemberAccess and select 'Consolidate Super'. We'll handle the rest.
Call us
Prefer a phone call? Call 1800 060 312, and we'll assist you.
Pen & paper
Download the 'Rollover request' form, complete and send to us online or send it by post.
Considerations before you consolidate
Before you consolidate, check these factors:
- Fees and Taxes: Ensure there are no fees or taxes when leaving your other super fund.
- Match your details: Make sure your name, date of birth, and tax file number match on all accounts you're consolidating, otherwise it may cause delays.
- Self-Employed? If you're self-employed and claim tax deductions for contributions, finalise your tax return before consolidating.
- Review other benefits: If you currently have insurance with another super fund you'd like to transfer, it's essential to check your coverage. Moving money out of a super fund can cancel your insurance and other benefits associated with that fund. If you have insurance with another super fund that you want to transfer to legalsuper, please download and complete the 'Insurance roll-in' form provided below. After submitting the form, wait for confirmation that your insurance has been successfully transferred before proceeding with the consolidation process. This ensures that you maintain your insurance coverage
Consider obtaining financial advice if you need clarification on what suits you best. Before deciding, you should compare the benefits, investment performance and costs of different super funds.
Important Numbers
Important identification numbers can be found here if you're filling in forms from another super fund or a new employer.
Transferring a UK Pension
legalsuper is currently unable to accept transfers from the UK due to recent changes in the United Kingdom's requirements, which affect Australian superannuation funds.
Should those requirements be amended, legalsuper may, in the future, be able to resume accepting transfers from the UK. For more information, please contact us.
Transferring an SMSF
If you're moving an SMSF, consider the following steps. We do recommend that you seek qualified professional advice prior to this, particularly for pension-related transfer's from SMSFs.
We do recommend that you seek qualified professional advice prior to this, particularly for pension-related transfer's from SMSFs.
- Step 1: The Trust Deed will outline procedures for winding up your SMSF or making a withdrawal(s). It is important to ensure that all decisions are minuted and members are notified.
- Step 2: You will need to convert your assets into cash. Assets cannot be transferred in-specie to legalsuper.
- Step 3: Depending on whether you are winding up your SMSF or only transferring a portion of the account, you will need to ensure that your actions are appropriately recorded and that you make allowance for the relevant tax liabilities and any professional fees that may be incurred for the accounting and auditing of your SMSF.
- Step 4: Once the SMSF has been terminated, the assets can be transferred via EFT or cash. A Rollover benefits statement (RBS) must be provided alongside the funds.
EFT:
Bank account name: legalsuper
Bank: Westpac Banking Corporation
BSB: 032021
Account number: 560011
SWIFT code (for overseas transfers): WPACCAU2S
Branch address: Corner of Pitt & Bridge Streets Sydney, NSW 2000
Please remember to include your membership number in the transaction description.
Email your Rollover Benefit Statement to mail@legalsuper.com.au
Cheque:
Draw a cheque payable to 'legalsuper', with your name and member number on the back. The cheque must be posted with an RBS, as we cannot allocate funds to your account without the RBS.
legalsuper
Locked Bag 5081
Parramatta, NSW, 2124
Rollover benefit statement
Download and complete a Rollover benefits statement.
Rollover benefits statement (302.59 KB)
For help completing the Rollover benefits statement, visit the ATO website.
- Step 5: To lodge final returns, you must advise various organisations of the winding up, such as your SMSF's bank and the Australian Taxation Office. You may also need to decide what to do with the company acting as your SMSF's trustee. The ATO offers help on their website.
Disclaimer:
This information is of a general nature and does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of the information and obtain and read the relevant legalsuper Product Disclosure Statement and Target Market Determination before making any decision. Past performance is not a guide to future performance.