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VIC Why Can't Superannuation be Rolled Over to SMSF?

Discussion in 'Superannuation Law Forum' started by Roybyn, 20 July 2016.

  1. Roybyn

    Roybyn Member

    20 July 2016
    Likes Received:
    We have recently been going through the process of establishing a SMFS. We have sought the services of a professional financial planner and liaised with our accountant and banker.

    We are planning to purchase land with our SMSF, reduce personal debt and then purchase further farming land. However when our financial planner went to facilitate rollover of my superannuation from PSS to SMSF, he was advised I was not eligible to do so!

    I am not longer a contributing member to PSS. I ceased employment in federal government in 2009. Why can I not roll this over? Can I appeal this?

    Why would my financial planner not have realised this at an earlier time? It is going to seriously affect how we were planning to utilise funds and I am very unhappy and feel we have been ill-advised.
  2. Victoria S

    Victoria S Well-Known Member

    9 April 2014
    Likes Received:
    This is what the Commonwealth Super Corporation website states:

    "Can members roll out to a self managed super fund (SMSF) or non-government/private super fund?

    It depends on the member type:

    Contributing member any age

    No. Contributing members cannot roll out any part of their PSS benefit.

    Preserved member under 55

    No. Preserved members of the PSS cannot roll out their benefit to a SMSF or non-government/private super fund.

    Preserved member over 55

    If the member is retired from the workforce or over 65 they can roll out their PSS benefit to a SMSF or non-government/private super fund.

    If the member is not retired from the workforce and under 65 they cannot roll out to SMSF or non-government/private super fund."

    I'm guessing your financial planner should have been aware of that.
  3. Jacqui Brauman

    Jacqui Brauman Well-Known Member

    15 January 2016
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