If you have ever changed your name, changed jobs or changed your address you may be one of the many people like me who hold more than one super account. If you have more than one super account you may be paying multiple fees and charges and have greater difficulty in keeping track of your super.
My Dad has been at me for the last few years to roll over my super accounts into one fund. On the many past attempts to do this, the task appeared to be painstakingly difficult and required a lot of organising, memorising and calls to super funds for my member numbers and their fund names and numbers.
However, this afternoon while completing day 4 of my #40bags40days challenge, I got to organising all the documents and statements for my numerous super funds I had gathered over the past years. I was surprised by how much information I ACTUALLY had in my possession.
I sorted through the mass of paperwork, sorting it into relevant funds, then took a few minutes to recollect where I was working against the years of the statements. A few post-it notes later, I had compiled my super history into a timeline!
I then did a little bit of googling and compared a few of the funds I had open against each other and some new funds, to determine which one offered the lowest fees and best long term benefits. I settled on an existing fund I wanted to roll all the others into.
I checked out their website and found they had an automatic consolidation tool, that allowed me to enter in the fund names, and numbers. The tool compiled a portability form for each of the fund transfers, that I was able to print off and sign and send into the fund along with certified copies of proof of identity documents for them to do all the hard work of consolidating my super. An added bonus is that the fund I selected will also do a check for any other super accounts that I may not have remembered and on approval by me, roll into the fund as well.
Also before you decide to transfer your super, you may want to consider the following:
- Which account will you use for future employer contributions? If you wish to change the fund into which your current contributions are being paid, you will need to speak to your employer about super choice of fund or complete a Standard choice form.
- Will your existing entitlements cease or decrease, for example, insurance cover for death, illness or accident?
- Will you have to pay administration, exit, withdrawal or entry fees?
To make it an easier process, you will need:
- Full name
- Date of birth
- Tax File Number
- Contact telephone numbers
- Current address
- Previous address
- Details, including names and membership number(s) the fund(s) you want to leave/roll over
- Details,including names and membership number(s), of the fund, you wish to roll into
- Suitable ID - one of these documents: current Australian driver’s licence or passport, birth or citizenship certificate or Centrelink pension card. Plus one of these: Centrelink payment letter or government or local council rates notice
There is one more tool that I should mention when it comes to consolidating your super accounts. The Australian Taxation Office (ATO) has a portal called SuperSeeker that allows you to find lost super funds and unclaimed super that has been reported to the ATO.
SuperSeeker is a secure, convenient service designed to help you keep track of and manage your super. You can use it to see a list of:
- All the super accounts to which you have made a contribution in the previous two financial years (active accounts)
- All lost super accounts in your name that super funds have reported to us
-Any super money we hold for you
This search function didn't work for me as it was unable to find any lost super accounts, even though I new I had many, but that's not to say it won't for you. It is defiantly a worthwhile first step...
