It's not hard to consolidate your multiple super accounts and it could make a difference to your super balance by compounding the savings over time. It will definitely make it easier for you to keep track of your money and manage your accounts.
Generally it makes sense to rollover all your super accounts into one main account so you:
If you've ever changed jobs, chances are you have more than one super account. Every year, each of your super funds should send you a statement. You can also generally go online to see your account. If you need to find your super you can:
Once you've got all your super account details, it's time to compare and decide which will be your main account. You can do this yourself or engage the services of a professional. Fees may apply and should be quoted upfront.
For each of your accounts, compare fees, investment options, service, access to advice, as well as your insurance cover, cost, and level as the minimum part of your research. Then decide what's best for you.
Many super funds have their own transfer form but the ATO has a form that is accepted by virtually all super funds in Australia. Send your completed transfer form to your main super fund and they will generally track and follow up those funds you are rolling over.
For most super funds, you can call them and request a search for your super accounts, including any you have lost track of or forgotten about, find ATO held super and have them rolled over. Your super fund will need your TFN to conduct the search.
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This article may contain material provided by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. To the maximum extent permitted by law: no guarantee, representation or warranty is given that the information or advice in this newsletter is complete, accurate, up-to-date or fit for any purpose.
