If you are rolling from ElectricSuper to an SMSF, there are steps you need to take to ensure your rollover is successful. You also need to make sure you’re aware of the process, potential for delays and your options regarding insurance.

  1. Make sure you have all the necessary documents and accurate and matching information about yourself and your SMSF
  2. Lodge your request
  3. Your request is processed – what happens?
  4. What happens if there is a delay
  5. Keeping your insurance with ElectricSuper
  6. Preventing fraud and theft.

We cover these points in more detail below:

1. What do I need?

  • Proof of identity documents. You will always be asked to provide:
    • Certified ID, such as driver’s license or birth certificate (see the Proof of ID page)
    • A bank statement (or similar verification) belonging to your SMSF.
    • We may also ask for additional documents, depending on your situation.
  • Check that details held by the Australian Taxation Office (ATO), by us and by your SMSF match exactly.
    • Member and fund details, including your name, need to be the identical (eg. if your SMSF has your name recorded as “Chris”, but we have you recorded as “Christopher”, or if you refer to your SMSF as “Chris and Sally SMSF”, but the ATO has it recorded as “Chris & Sally’s SMSF”, the rollover will fail).
You will also need the following from your SMSF:
  • Your SMSF’s ABN
  • Confirmation that your SMSF has a complying or registered status on Super Fund Lookup
  • A unique financial institution account for your SMSF recorded with the ATO (with matching names)
  • An Electronic Service Address (ESA)

2. How do I start a request?

Once you have all the documentation/evidence listed above, you can request a rollover through:

  • the form available from our website
    • either whole or part balance transfers can be done this way
  • ATO online services
    • only whole balance transfers can be done this way
  • Your SMSF messaging provider

Whichever way you choose to request your rollover to your SMSF, we conduct mandatory checks to verify that all the information provided matches exactly when we receive the request.

You will receive emails or texts from the ATO alerting you to the fact that a rollover has been requested. This will either reassure you that your request has been received or, if you didn’t make the request, will alert you to possible fraud. You must contact us immediately to stop the transfer if you receive an email or text about a transfer you haven’t requested.

3. What happens when my rollover is processed?

When the payment is made, we notify you through your SMSF messaging provider.

You need to check that the Payment Reference Number in the data matches the Payment Reference Number attached to the payment. You must confirm that your SMSF has received the rollover. Do this using an outcome response message through your SMSF messaging provider. You must do this within 3 business days.

There may be ATO or other reporting requirements on you and your SMSF as a result of the transfer. You should check with the ATO or your accountant regarding any reporting you need to do as a result of the rollover.

4. Why is my rollover delayed?

If your rollover isn’t received within a reasonable timeframe, there may be a number of reasons for the delay. These could include that you are rolling from a defined benefit product, which is more complex to calculate. (Before you request a rollover from a defined benefit product, we recommend you speak to us regarding the rules and we recommend that you seek financial advice.)

However, if you are not rolling from a defined benefit product, the delay is likely to be caused by a mismatch in some of the data or information.

If your rollover can’t be processed because of a mismatch of information, you will be asked to contact the ATO to discuss what was wrong. ElectricSuper can’t access details about which piece (or pieces) of data didn’t match, only that there was a mismatch.

5. What about keeping insurance with ElectricSuper?

If you wish to maintain your Death, Total and Permanent Disablement and Disability Income Benefit insurance with us, you will need to maintain a balance in your ElectricSuper account of at least $5,000.

A rollover of the whole balance will close your ElectricSuper account and cancel any associated insurance.

6. What can I do about fraud and theft?

If you receive a text or email from the ATO about a rollover you haven’t requested, contact us immediately to stop the transfer.

If we suspect possible illegal activity in any rollover request, we will report our suspicion to AUSTRAC (the Australian Transaction Reports and Analysis Centre) and relevant law enforcement authorities. The ATO will also report any possible illegal activity if they discover it.

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