If you have decided to transfer funds, you have two options – a partial or a full rollover.
What is a partial rollover?
A partial rollover is when only a portion of the funds are transferred from one fund to another. This may be done for a variety of reasons:
- You have elected to hold a portion of your life insurance through super and are rolling over funds to help pay for your premiums
- You have death and disability benefits attached to a fund and do not wish to lose them by closing your existing fund.
What is a full rollover?
A full rollover is when all the funds in one account are transferred to another account, therefore closing the fund and losing any benefits attached to it.
You may elect to do this if you are changing super funds, consolidating super funds or you have death and disability benefits already set up in another fund and do not wish to keep any in your old or existing funds.