Why consolidate multiple funds into one?
Every super fund charges their own set of administration fees, charges and sometimes life insurance premiums as well. Having multiple superannuation accounts may mean you end up paying more fees and charges than would otherwise be the case. Generally, maintaining one fund means you will only have to pay one set of fees so your super account might grow at a faster pace.
How much is the consolidation service?
There is no charge or obligation to find and track down all your lost, inactive and active superannuation accounts. If you decide to consolidate all your funds into one account using our service, we charge you a once-off administration fee that is deducted from the recovered superannuation funds itself. Our consultants will obtain your verbal and/or written consent and discuss options before proceeding to consolidate your funds. No action is taken nor any fee charged without your prior consent at any stage.
How far back will we search?
We will find all your past super funds you have held since 1992.
When can I access my super?
You can access your super when you turn 65 (even if you haven’t retired), or when you reach preservation age and retire, or under the transition to retirement rules, while continuing to work. There are very limited circumstances where you can access your super savings early. These circumstances are mainly related to specific medical conditions or severe financial hardship. Your preservation age is not the same as your pension age. Your preservation age is the age at which you can access your super if you are retired (or have started a transition to a retirement income stream).Your preservation age depends on when you were born.
What are Unclaimed Super Accounts?
If an individual becomes qualified for a superannuation benefit, as an overall principle, you must try to get in touch with them as soon as possible. Your superannuation entitlement will usually be deemed as “unclaimed super” if you have failed to contact your super fund.
Unclaimed superannuation falls into the categories listed below:
- member 65 years old or older
- deceased member
- non-member spouse
- small or insoluble lost member account
- former temporary resident
How do I find lost superannuation online?
People usually choose to track down their lost super if the answer to any of these questions is ‘Yes’:
- Do you have multiple super funds open?
- Have you changed jobs?
- Have you moved house?
- Have you changed your name?
- Have you received a letter that the Australian tax office or a roll over fund has taken your super?
- Are you are just curious to see if there might be lost super out there?If you have ever changed your name, job, address, or had part-time or casual jobs, then you may not have kept track of some your superannuation.You can check your superannuation by registering for the ATO’s myGov – an online service. This will let you:
- see information of all your superannuation accounts, including any accounts you may have forgotten about or lost.
- locate ATO-held superannuation, held for you when your employer, your fund, or the government could not find an account to contribute your super into.
- combine your super into one fund.
If you’ve just opened a superannuation account, then it may take up to six months to appear on the myGov account.
You can still combine your superannuation by filling out a balance transfer form for every superannuation account you wish to move from, and mailing it to your new superannuation fund. Check out “consolidating super funds” for more details.
How to check your superannuation statement?
When you get your yearly superannuation statement, check the information to make sure that it is still correct. If you want advice on this procedure, feel free to consult us at 1800 861 420
Consolidating superannuation funds – How to streamline your superannuation?
If you have numerous superannuation statements and find it difficult to monitor, you are not alone. You may even have unmonitored some of your superannuation over the years. Now, if this sounds like you, you can streamline your superannuation and save on fees.
The advantages of having your superannuation in a single account are as follows:
- saves super costs by paying a single set of fees
- lessens your paperwork
- makes it easier to monitor your super.
If you’re in a defined benefit fund, think carefully and get expert advice before leaving.
What details do you need to compare superannuation funds
Get the information of your existing super fund below, so you can compare and contrast when deciding which fund is perfect for you:
- Joint balance – Add up the balance of all your super funds and compare based on the balance. This will let you compare returns and fees accurately after you’ve combined.
- Investment option – By choosing how you like your superannuation invested, you can compare funds with a similar investment. This could be different from how your cash is presently invested.
- Fees – Look at the fees the funds charge you – some may be in dollars, other may vary according to the balance’s percentage. In the end, it is the net result that matters.
- Insurance – Choose how much insurance you’d like to have within superannuation so you can compare costs for your chosen insurance level in every fund.
Consolidate and compare your funds
- Compare funds – Utilize a superannuation comparison website to determine how the top performing superannuation funds compare with yours. Note that there numerous publicity available superannuation funds and the top performer last year still tops this year. Though previous does not assure future performance, any super fund that consistently makes it to the top 20 is likely doing fine.
- Decide – Choose a fund that suits your financial needs.
- Check your insurance cover – Ensure you can acquire a proper insurance level in your chosen fund.
- Open an account – If you’ve chosen a new superannuation fund, you’ll have to open a new account with the fund. Request them for all the information your employer will need to contribute your superannuation into that fund and ensure that you can get your desired insurance level before you change funds.
- Notify your employer – ensure that they know where to contribute your superannuation as well as how to identify you properly to the fund.
- Rollover superannuation to your selected fund – Do this online via myGov. For more details, visit the ATO’s monitoring of your superannuation page. You can also move your balance to your new super fund by contacting them via online or phone.