Defined Benefit Scheme - Portability for the Other Contributions Account
Portability for the Other Contributions Account
Portability refers to your statutory ability to rollover some, or all of your accumulated benefit in your Other Contributions Account only to another superannuation entity, regardless of your employment status. The only limitations to taking a rollover under portability provisions are that:
- If you elect to rollover only part of your accumulated benefit, you must have at least $5,000 remaining in your account after the rollover, otherwise your election will be invalid.
- You may only make one election in any 12 month period.
Importantly, you can continue to have contributions paid into your Other Contributions Account subsequent to a full or partial portability rollover.