Trying to cancel

AustralianSuper

? Avoid the runaround.

AustralianSuper members are free to cancel or exit the fund at any time with no penalties or lock-in contracts:

• Transfer to Another Fund:
  You can easily transfer part or all of your super balance to another super fund whenever you choose.
  
  
• Withdrawal Eligibility:
  Direct withdrawal to your bank account is allowed only under specific conditions like retirement, financial hardship, or permanent departure from Australia.
  
  
• Small Balances:
  If your account has less than $200 after leaving your employer, you may withdraw this small balance immediately by submitting a special form.
  
  

Insurance and Other Implications:
Closing your AustralianSuper account will terminate any insurance coverage and beneficiary nominations associated with it. If your account remains inactive for over 16 months with a balance below $6,000, the ATO may automatically close and transfer your balance.

Follow these straightforward steps to cancel your AustralianSuper membership:

1. Decide Transfer vs Withdrawal:
   Choose between transferring your balance to another super fund or withdrawing your super based on eligibility (e.g., retirement).
   
   
2. Initiate Rollover or Closure:
   
   
   • Online: Use AustralianSuper’s online portal or MyGov to request a rollover to another fund, processed typically within 3 business days.
     
     
   • Withdrawal: Complete the relevant withdrawal form available online, or via your AustralianSuper account under “Make a withdrawal”.
     
     
3. Contact AustralianSuper if Necessary:
   If you prefer assistance or encounter issues, contact AustralianSuper Customer Service at 1300 300 273 (Mon–Fri, 8am–8pm AEST/AEDT).
   
   
4. Confirm Completion:
   Check for final confirmation - either a zero-balance statement or receipt of funds at your new super account or bank.
   
   
5. Notify Your Employer:
   Update your employer about your new super fund details to avoid future contributions accidentally reopening your old account.
   
   

Important Note: Always transfer directly between super funds to avoid tax consequences. Withdrawals to your bank must meet strict conditions set by the ATO.

Cancellation timelines vary:

• Rollover Transfers: Typically processed within 3 business days of approval.
  
  
• Withdrawals: Usually take between 5–10 business days after providing all required documentation.
  

While no specific cancellation deadline exists, consider timing to minimise fees or insurance charges. Cancel early in a fee cycle to avoid unnecessary deductions. Also, synchronise your rollover with any pending employer contributions to streamline the transition.

AustralianSuper charges no exit fees or special cancellation charges. Standard fees apply only until your account is closed:

• Admin Fees: Approximately $1.50 weekly plus a small percentage of your balance, prorated until closure.
  
  
• Insurance Premiums: Deducted up until the cancellation date.
  
  
• Investment Fees and Taxes: Regular deductions apply proportionally to your active period.
  

When transferring your super, expect your final payout to reflect these routine deductions, but rest assured there are no penalties for leaving AustralianSuper.