Transferring Member Direct from super to your Choice Income account
Did you know you can now maintain your Member Direct investments when you retire and move your super balance with AustralianSuper* to a Choice Income account? By requesting a Seamless Transfer to Choice Income you don’t need to sell-down or re-purchase your investments, avoiding transaction/brokerage costs and market risk. More importantly, by using Seamless Transfer, you won’t trigger a tax event and you will remain invested in the market during the transfer process.
How does Seamless Transfer work?
When you open a Choice Income account and request a Seamless Transfer, we’ll move the balance of your Member Direct account from your super to your new Choice Income account. Your entire Member Direct balance must be transferred across— partial transfers are not possible. You’ll remain invested in shares, ETFs and LICs, if you hold these investments. Money in your cash account will also be transferred.
If you hold term deposits that have not matured, they will need to be broken prior to the transfer. If term deposits are redeemed prior to their maturity, a reduction in the interest rate and other penalties may be charged by the issuer. Refer to Member Direct fees and costs information.
What are the benefits of Seamless Transfer?
No brokerage costs
There are no brokerage costs and you won’t need to sell-down or re-purchase your investments.
You remain invested in the market throughout the transfer process.
It’s tax free as it doesn’t realise any capital gains or losses.
To open a Choice Income account and request a Seamless Transfer you must:
- Read the Choice Income Product Disclosure Statement
- Download the Seamless Transfer of your Member Direct account form to open a Choice Income account and request a Seamless Transfer.
- Complete the form and return to us by post or email. Return details are on the last page of the form.
Note: If you’re wanting to open a TTR Income account, you cannot use Seamless Transfer. Your Member Direct account must remain in super.
* Seamless Transfer cannot be used for members from other super funds who wish to transfer their investments into AustralianSuper.