I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Finding and Consolidating Super

Do You Understand The Number Of Super Funds You Have?

You probably also have super from previous employers that you've forgotten about. If so, handling your super may prove to be challenging to you.

Building up several super accounts is not the most effective method to accomplish your long-term financial goals. But with the Government's 'Choice of Fund' rules, it's very easy to consolidate your super accounts, minimizing the threat of losing track of important super money.

Carol Ann’s Case

For Carol-Ann, a 35-year-old specialist, she counted 14 super accounts during her career to this day. She’s been a service provider for years, and her super accounts were like weeds – she said they appeared to turn up almost everywhere. She’ receiving claims for three super accounts which she knows she have to roll over, yet she knows she have another four other accounts which she’s not receiving in claims.

Choose or Lose

With the Choice of Fund, employees could choose to have their super payments paid into their existing fund and at the same time offer their tax documents details to new companies. Or, they could decide to add to their new employer's super fund.

Yet sometimes it isn't really that simple and straightforward.

The Case of Sophie

Sophie, a contract visuals artist, said she could not use a former company's fund. She figured out that you cannot use a fund which was in a previous company's name. So she established funds with each of the companies she worked through. That's three companies and therefore three separate accounts, she claimed.

Sophie is in a typical position as numerous Australians are. She thinks she has about six funds open at the moment, and she also recognizes that she should do something with them. But she is not certain of what to do.

Although small, non-active super accounts under $1,000 will not be eroded by charges and costs, they won't earn a lot in the long-run either and they also most likely won't keep pace with the rising costs of living. For amounts over $1,000, costs and any kind of insurance coverage premiums are still subtracted which may erode the account balance.

Sophie's ideal course of action would be to open up a personal super account and also integrate all her superannuation into one account. Doing this will raise her earning power as well as guarantee that charges are only being required on the one account.

You can find locate and find lost super with the help of our service. Call us at 1300 252 167

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