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Consolidate your super! (lost super)

Have you moved between the jobs? Chances are that you have several superannuation accounts and don’t know what you should do about it… or in fact, you haven’t given it a second thought…there is also a very good chance, you have lost super that you are no longer aware of…

The thing is, the more superannuation accounts (funds) you have, the more sets of fees you pay. Paying these additional fees can reduce your superannuation balance when you are ready to retire.

So what do you need to do?

1.Look for your lost super via myGov account

2.Check whether there are any termination fees for any of the funds you are a member of

Steps to move funds

  1. Choose one fund – Decide which super fund is best for you.
  2. Check your insurance cover – Make sure you can get an appropriate level of insurance in your chosen fund.
  3. Open an account – If you have chosen a new superfund, rather than one of the existing funds, you will need to open an account with the fund. Ask them for all details your employer will need to pay your super into that fund.
  4. Tell your employer – Make sure they know where to pay your super and how to correctly identify you to the fund.
  5. Rollover super to your chosen fund  – You can do this online through myGov, for more information take a look at the ATO’s keeping track of your super page. Or you can transfer your super by using a form and sending it to your chosen fund. Some funds have an online process for combining your super, too.

 

When consolidating your super, don’t simply choose the fund with the highest balance. The best fund for you may be one of your small accounts, or a completely new fund.

There is $14 billion lost super in Australia, make sure to claim yours.

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