Use the Transfer Super event to move money between your existing super funds without taking it out as cash. People often use it to consolidate funds, to run different growth assumptions or risk buckets, or to roll between an accumulation fund and an account-based pension.
To take money out of super as cash, see the Lump Sum Withdrawal event instead.
How to add the event
Click Add New Event at the top right of the Planner.
Filter for Investing & super events.
Drag and drop Transfer Super onto a year in the plan.
Configure the event using the options below.
Settings
Transfer From: the fund the money leaves.
Transfer To: the fund the money goes into.
How much to transfer: Full Balance or a Specific Amount.
The summary and chart
The cards at the top show the source fund's balance before the transfer, the amount transferred out and in, and the target fund's balance after. The Super account balances chart shows each fund's balance, with the amount transferred out and in.
Transfers and your transfer balance cap
Transfers into an account-based pension count as a Transfer Balance Account credit, towards your transfer balance cap.
Transfers out of an account-based pension count as a debit, which can free up room under the cap.
Moves from one accumulation fund to another stay inside super and don't change your Transfer Balance Account.
In real life you usually can't add to an existing account-based pension. You'd start a new one. Canwi simplifies this by letting you move money into an existing pension and counting it towards your transfer balance cap.
Using Transfer Super with Retire
Transfer Super works well alongside the Retire event. Under Select roll over amount, choosing Fixed amount means only that amount moves into your pension when you retire. You can then add a Transfer Super event in a later year to move more from your accumulation fund into the pension.
FAQ
What's the difference between Transfer Super and Lump Sum Withdrawal?
A transfer moves money between super funds, and it stays in super. A lump sum withdrawal takes money out of super and into your household cashflow.
Why can I transfer into an existing account-based pension, when you can’t in real life?
It’s a simplification. In real life you can’t add to an existing account-based pension. You’d start a new one. Canwi lets you move money into the existing pension and counts it towards your transfer balance cap, which has the same effect on your cap and on tax-free earnings.
How does a transfer affect my drawdown in the transfer year?
Canwi works the drawdown out on the post-transfer balance, as if the money had been there since the start of the year.