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ROLLING OVER SUPERANNUATION INTO LUMP SUM SCHEME LUMP SUM

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					                                                                                                            LUMP SUM
                                                                                                            ROLLING OVER
                                                                                                            SUPERANNUATION
                                                                                                            INTO LUMP SUM
                                                                                                            SCHEME
                                                                                                             Fact Sheet




   If you have not always been employed in the SA public sector, or if you have personal   The more super you have in
   super not linked to your current employment, you may have amounts of super with
   other super funds.                                                                      different funds, the more fees
   Most funds charge fees for administering your super, regardless of whether the          you are being charged.
   balance is large or small. The more super you have in different funds, the more fees    Combining all your separate
   you are being charged. Combining all your separate accounts will help to maximise
   the amount of super you will receive on retirement by reducing the fees that you pay.   accounts will help to maximise
   All members of the Lump Sum Scheme can roll over their super into the Scheme from
                                                                                           the amount of super you will
   other complying funds.                                                                  receive on retirement by
   Benefits of rolling your super into the Lump Sum Scheme
                                                                                           reducing the fees that you pay.
   – You are not charged any fees by Super SA to roll your super into the Lump Sum
     Scheme. However you should check with your other super fund(s) to find out
     whether they charge any fees for rolling your super out of those funds.
   – By rolling your super into the Lump Sum Scheme you can stop paying multiple fees
     and maximise the compounding effect of your investment earnings.

   Members of the Lump Sum Scheme also have the option of rolling over their super
   into Triple S, providing they have a Triple S account. For further details contact
   Super SA.

   How to roll over your super
   Contact the fund(s) where you have super and tell them that you want to roll it over
   to the Lump Sum Scheme. They will send you a form, which you must complete and
   return to them. You may also need to provide the fund(s) with a “compliance letter”
   from Super SA. Contact Super SA to have one posted to you.

   The compliance letter provides the following information:
   – The Lump Sum Scheme Australian Business Number (ABN), which is                        Disclaimer
     27 987 187 927.                                                                       This fact sheet provides a general summary to help you
   – All rollover cheques are to be made payable to Super SA.                              understand your entitlements in the Lump Sum Scheme.
                                                                                           Super SA does its best to make sure the information is
   – Other relevant information about the Lump Sum Scheme that the fund(s) require.        accurate and up-to-date. However, you need to be aware
                                                                                           that it may not include all the technical details relevant to
   Please note that the Lump Sum Scheme does not have an SFN or SPIN number.               the topic. For the complete rules of the Lump Sum Scheme,
                                                                                           please refer to the Superannuation Act 1988. The Act and
   You will need to provide the fund with Super SA’s postal address:                       accompanying Regulations set out the rules under which the
     Super SA                                                                              Lump Sum Scheme is administered and entitlements are
     PO Box 48                                                                             paid. You can access a copy from the Super SA website.
     Adelaide SA 5001                                                                      Super SA and the State Government disclaim all liability for
                                                                                           all claims, losses, damages, costs or expenses whatsoever
   Super SA will let you know when your funds have been rolled into the Lump Sum           (including consequential or incidental loss or damage),
   Scheme.                                                                                 which arise as a result of or in connection with any use of, or
                                                                                           reliance upon, any information in this fact sheet.



Telephone (08) 8207 2094 (for calls from within      Fax (08) 8226 0593                    Last updated
                                                                                                                                                        LSFS15




          the State Government Network)              Website www.supersa.sa.gov.au         August 2009
          or 1300 369 315                            Email supersa@sa.gov.au               Page 1 of 2
   Accessing your rollover                                                                   Your Commonwealth preservation age depends on
   Any part of your rollover that was subject to preservation before it was transferred to   your date of birth
   the Lump Sum Scheme will remain subject to the Commonwealth Government’s
                                                                                                      Date of birth        Preservation age
   preservation requirements. A non-preserved amount cannot be accessed until you
   leave the SA public sector. Preserved benefits are entitlements that can only be               Before 1 July 1960              55
   accessed when you have permanently retired and reached your preservation age.              1 July 1960 – 30 June 1961          56
                                                                                              1 July 1961 – 30 June 1962          57
   Preservation ages are set out in the table to the right.                                   1 July 1962 – 30 June 1963          58
                                                                                              1 July 1963 – 30 June 1964          59
   It is important to note that while you remain employed within the SA public sector              After 1 July 1964              60
   you cannot access any portion of your entitlement, either preserved or non-preserved,
   unless you meet a condition of release, eg resignation or retirement.

   There are no provisions within the current legislation for the early release of
   entitlements on compassionate or financial hardship grounds. Therefore Super SA
   cannot accept applications for release under these circumstances.

   Website secure member area
   You can view your Rollover Account, which is the account where any amounts you
   have rolled over are kept, in the secure member area of the Super SA website.

   Details of your Rollover Account are also shown on your Annual Statement.

   Further information
   Fact sheets on a range of topics relating to your super are available on the Super SA
   website and from Super SA. Alternatively, if you have any enquiries regarding rolling
   over super into the Lump Sum Scheme or any other matters raised in this fact sheet,
   please contact Super SA.




Telephone (08) 8207 2094 (for calls from within        Fax (08) 8226 0593                    Last updated
          the State Government Network)                Website www.supersa.sa.gov.au         August 2009
          or 1300 369 315                              Email supersa@sa.gov.au               Page 2 of 2

				
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Description: ROLLING OVER SUPERANNUATION INTO LUMP SUM SCHEME LUMP SUM