If you have super elsewhere and are having your employer superannuation guarantee contributions paid into the PSSap, or are employed with an eligible employer as a PSSap Ancillary Member, you can rollover into your PSSap account. Combining super can save time and reduce the fees you pay as you have only one account to manage. Rolling into PSSap means that you will have access to a range of investment options which can help you get the most out of your benefit.
You will receive many benefits by combining multiple super accounts into PSSap, including:
- knowing exactly where your super is
- having less paperwork to keep track of
- taking more control over your investments.
What can I rollover?
If you are having your employer superannuation guarantee contributions paid into the PSSap, you can rollover any or all of the following amounts:
- your super balance from other super funds
- a directed termination payment
- a super guarantee amount from a previous employment payable under the Superannuation Guarantee (Administration) Act 1992
- a government super co-contribution entitlement payable under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003.
Contributing Ancillary Members can roll in amounts held in other super funds.
From 1 July 2014, PSSap Ancillary Members who are also PSS members, both currently and formerly employed by an eligible employer, can also roll in accumulated transfer amounts (post 1995) and accumulated additional contributions. Accumulated transfer amounts (post 1995) are amounts rolled into PSS from other super funds on or after 1 January 1996 (referred to as Transfer value (post 1995) on your Annual Benefit Statement) and any government co-contributions. Accumulated additional contributions are voluntary super contributions made before 1 July 2011 by members aged 70 or over at the time the contributions were made.
Scheme rules do not allow PSSap preserved benefit members, that is members who have ceased employment with an eligible employer and are no longer receiving employer contributions, to rollover any amounts.
Will it cost me to rollover?
No, we don't charge a fee to rollover your super, but you should check with your other funds to see if they charge fees for rolling amounts out.
You should however consider the impact that rolling out of other funds can have on your super, for example the impact of exit fees and insurance cover.
If you need help in determining your best options suitable for your personal objectives, financial situation and needs consider seeking financial advice.
What about tax?
No tax will be deducted from any amounts that you rollover with us if they have already been taxed.
We will deduct tax from any amount you rollover that is paid from an untaxed source. For example, amounts made on retirement, possibly to reward you for service or as part of a redundancy package and any other unfunded employer payment.
How do I rollover?
You can request a rollover online by logging into PSSap Member Online and selecting consolidation.
You can also complete our Transfers [PDF 843 KB] form and send it back to us; we will arrange the rest. You will need to complete a separate form for every rollover.
From 1 July 2014, PSSap Ancillary Members who are also PSS members, can roll in accumulated transfer amounts (post 1995) by logging into PSS Member Online.
How do I know when it is done?
We will write to you when your rollover has been completed.