Consolidating super funds
Reduce your super stress
How many super statements did you receive this year? Do you find
it hard to keep track of your super accounts? Have you lost some of
your super over the years?
You're not alone. Here are the steps to take to sort
The benefits of putting all your small super into one
- Saving costs by paying only one set of fees
- Reducing your paperwork
- Making it easier to keep track of your super
If you're in a defined benefit
fund, think very carefully and get advice before leaving.
How to consolidate your super
When consolidating your super, don't just choose the fund with
the highest balance. The best fund for you may be one of your small
accounts, or a completely new fund.
Before you decide to move funds
Before you consolidate your super funds here are some
things to check:
- Are there any termination fees
- Will you be able to get the same level
of insurance in your chosen fund
- That your employer can contribute to your chosen fund
Steps to move funds
- Choose one fund - Decide which super
fund is best for you.
- Check your insurance cover - Make sure you can
get an appropriate level of insurance in your chosen fund.
- Open an account - If you have chosen a new
super fund 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
- Tell your employer - Make sure they know where
to pay your super and how to correctly identify you to the
- 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.
Consolidating your super fund accounts takes a
bit of effort in the short term but will reward you in the long
term. Feel in control and watch your super grow.
Last updated: 02 Sep 2015