The Super Money Eligible Rollover Fund (SMERF) was established as an Eligible Rollover Fund (ERF) under a trust deed, dated 1 July 2005, as amended from time to time. An ERF is a special type of Superannuation Fund designated by the Australian Prudential Regulation Authority to receive and invest the entitlements of superannuation members in certain circumstances.
Who manages the Fund?
The Fund’s Trustee is Diversa Trustees Limited (ABN 49 006 421 638, AFSL No. 235153). The Trustee is responsible for the operation of the Fund and is legally obliged to operate the Fund in accordance with the Trust Deed and relevant law. As required, the Trustee is authorised by the Australian Prudential Regulation Authority (APRA) to operate an ERF.
Primary purpose of an ERF?
The primary purpose of an ERF is to be a temporary repository for amounts transferred to it from regulated superannuation funds, as original or secondary rollovers. SMERF aims to reunite members with their lost super and encourages them to consolidate their super benefits into their nominated 'active' super account. As an ERF, SMERF cannot accept any form of contributions from members or spouses.
How do you become a Member of the Fund?
You will have become a Member of the Fund as a result of your superannuation benefits being automatically transferred to the Fund from another superannuation entity. Your benefit may have come from your previous employer’s superannuation fund, a superannuation fund selected by you or a Retirement Savings Account (“RSA”).
Your benefit will generally have been automatically transferred to the Fund, due to the fact that your account balance in your previous fund was low, you or your employer had not made a contribution to the fund for some time, or the fund lost contact with you.