Q: I’m drawing a pension from an account-based pension fund. Can that account be moved or switched to another better provider? If so, what is involved?
A: What we need to think about is that the super rules, the portability rules and general fund rules allow you to move money from one fund to another fund. We’re looking here at the superannuation rules allowing that. To do that, you would just need to follow any rules that are set out from fund one, your current fund, and then follow any required process set out by the second fund where you want the money to go to. The super rules allow it. You just need to check the fund-specific rules for both of those funds, the current fund and the receiving fund. What do they allow? What don’t they allow? Even though the super rules might allow something, the funds have their own specific rules which need to follow as well. They also might have their own specific process to initiate or to follow through with those rollovers. So do keep in mind that the super rules might allow it. What do the fund specific requirements include?
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